science and technology
Can I use my daughters 1098-T?
Do both me and my child enter information from 1098-T (scholarship/college expenses)? Yes, both of you would enter the information but only you can claim ...
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data and analysis
Does Square report cash transactions to IRS?
The IRS requires Payment Settlement Entities, such as Square, to report the payment volume received by U.S. account holders. A Form 1099-K is the informat...
culture and society
Why do I get error message when uploading income tax return?
a) ‘Validate’, ‘Calculate Tax’, ‘Generate’ buttons in ITR not work b) While making data entry in some fields in the utility provided by the Department, th...
data and analysis
How do I file if I worked in two states?
If both states collect income taxes and don’t have a reciprocity agreement, you’ll have to pay taxes on your earnings in both states: First, file a nonres...
culture and society
Are school taxes frozen at 65 in Texas?
Age 65 or older and disabled exemptions: Individuals age 65 or older or disabled residence homestead owners qualify for a $10,000 homestead exemption for ...
health and wellbeing
Do I have to pay taxes on class action lawsuit settlement?
The tax liability for recipients of lawsuit settlements depends on the type of settlement. In general, damages from a physical injury are not considered t...
education and learning
When I sell a house when do I get the money?
If you choose a wire transfer, your closing agent will send the money directly to your bank within 24–48 hours of closing. While you may have to wait a da...
culture and society
What is the most Social Security disability will pay?
SSDI payments range on average between $800 and $1,800 per month. The maximum benefit you could receive in 2020 is $3,011 per month. The SSA has an online...
global affairs
Where do I report fair market value to an IRA?
The FMV of every IRA in the United States is reported to the IRS using form 5498. For most people, the investment provider files this form every year on y...
culture and society
Is solar hot water worth it in Victoria?
Is it worth the upfront cost and will it really save you money in the long run? The short answer is: probably yes. A well chosen solar hot water system (H...
education and learning
How can I help with my tax question?
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education and learning
What is the standard deduction for a single file over 65?
If you are age 65 or older, your standard deduction increases by $1,650 if you file as Single or Head of Household. If you are legally blind, your standar...
health and wellbeing
Can I still contribute to 401k after taking a loan?
First, some plans don’t allow participants to make plan contributions while they have an outstanding loan. Loan repayments aren’t considered contributions...