health and wellbeing
Do I have to report 1095-B on my tax return?
Use Form 1095-B for information on whether you and your family members had health coverage that satisfies the individual shared responsibility provision. ...
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science and technology
How does child custody work in a divorce?
Child custody can refer to where your children will live after divorce (physical custody), or who has the legal right to make decisions about their upbrin...
media and communication
Who qualified for a 1099?
Anyone your business paid $600 or more in non-employee compensation over the year must be issued a Form 1099-MISC. According to IRS guidance, a form 1099-...
health and wellbeing
Do independent graduate students get more financial aid?
FAFSA for graduate school: Grad students are typically considered independent students. Less financial aid for graduate school. Interest rates for graduat...
news
What is considered high income for tax purposes?
most returns with positive income of $250,000 or more can reasonably be classified as “high income.” For 1983, 260,000 tax returns (or 0.25 percent of all...
culture and society
Are closing costs tax deductible on rental property?
Only loan interest and real estate taxes are deductible closing costs for a rental property. Other settlement fees and closing costs for buying the proper...
education and learning
How does giving a rental property as a gift work?
There are two ways to handle this is “your” tax return. 1) your mother gifts you her original cost basis in the property along with all the prior deprecia...
data and analysis
What happens if I forgot to file one of my 1099s?
Generally, you can expect the IRS to impose a late payment penalty of 0.5 percent per month or partial month that late taxes remain unpaid. If the 1099 in...
education and learning
What happens if my employer does not withhold federal tax?
If your employer didn’t withhold the correct amount of federal tax, contact your employer to have the correct amount withheld for the future. When you fil...
health and wellbeing
Why would I need a copy of my tax return?
The IRS recommends that taxpayers keep a copy of tax returns for at least three years. Doing so can help taxpayers prepare future tax returns or even assi...
data and analysis
How do you determine the taxable portion of a Social Security distribution?
The Quick Answer. According to the IRS, the quick way to see if you will pay taxes on your Social Social Security income is to take one half of your Socia...
environment and climate
What additional taxes do 1099 employees pay?
1099 Contractors and Freelancers The IRS taxes 1099 contractors as self-employed. If you made more than $400, you need to pay self-employment tax. Self-em...
environment and climate
How do I file a RRB 1099-R?
Entering Form RRB-1099-R Railroad Retirement Board Benefits Go to the Input Return tab. Select Income. Select Pensions, IRAs (1099-R). Enter the Name of p...