global affairs
Who is subject to PFIC?
A foreign corporation (the tested foreign corporation) is a PFIC if, for its tax year: (1) at least 75% of its gross income is passive income (Income Test...
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health and wellbeing
Is SSN required for child tax credit?
The child must have an SSN to be a qualifying child eligible for the child tax credit (CTC) or the additional child tax credit (ACTC). To be a qualifying ...
education and learning
Is TurboTax free for Social Security?
Yes, the Free edition supports Form 1040A so that you can use the Free edition to enter Social Security benefits paid from a Form SSA-1099. And pension in...
culture and society
How do you find net total income?
To calculate net income for a business, start with a company’s total revenue. From this figure, subtract the business’s expenses and operating costs to ca...
civics and society
Can a married couple sponsor a US citizen?
Married couples can sponsor each other, so that if one spouse is a US citizen or permanent resident, he or she can sponsor their husband or wife to enter ...
environment and climate
Do I get a 1099 for a lawsuit settlement?
If you receive a court settlement in a lawsuit, then the IRS requires that the payor send the receiving party an IRS Form 1099-MISC for taxable legal sett...
science and technology
What are the standard deductions for Married Filing Jointly?
The standard deduction for the married filing jointly status is the largest available. As of tax year 2020, the return you’d file in 2021, the standard de...
health and wellbeing
What are my rights as an investor in a company?
The right to vote to elect a board of directors; The right to vote on all major business decisions; The right to be informed about all significant busines...
science and technology
What benefits can you get if your child has autism?
Benefits for autistic children Disability Living Allowance. Carer’s Allowance. Child Tax Credit and Working Tax Credit. Housing Benefit and help with Coun...
civics and society
What does it mean for a school to be credited?
Credits are one of the primary methods used to determine and document that students have met academic requirements, generally at the high school level. Cr...
science and technology
Do you need original W-2 to file taxes?
You don’t need to send your Forms W-2 to the IRS and should keep them in a safe place with a copy of your tax return. Use Form 8453, U.S. Individual Incom...
health and wellbeing
Can you have dual citizenship in the US and Switzerland?
This means that citizenship is acquired if born to a Swiss parent. Switzerland has permitted dual citizenship without restriction since January 1, 1992. D...
news
How long is change of address effective?
The majority of your mail will be forwarded for 12 months, including First Class Mail, Priority Mail, and First-Class Package services. This gives you a y...