Federal Taxes

    More in Federal Taxes

    529 Plan Tax Reporting

    To help save for college, states and some educational institutions offer 529 plans, which have both state and federal income tax benefits. These plans come in two varieties: prepaid tuition plans, which allow you to buy credits for future education, and 529 savings plans, which ...

    The Advantages of Paying Estimated Taxes

    We all prefer to pay later rather than earlier, especially if the money is going to the taxman. However, many filers are obligated to make estimated tax payments before the April 15 deadline. It's an unpleasant surprise to find out in the spring that not only do you owe a big ...

    How to Amend Your Tax Return to Add Alimony

    Alimony is taxed differently than child support. It's important to understand the difference when you are filing income tax returns. Alimony is taxable as ordinary income to the recipient, but money paid as alimony is not subject to income tax on the part of the payer. For ...

    How to Calculate Taxes on the Sale of Personal Residences

    When you sell your home, taxes probably aren't on the front of your mind. However, if the value of your home has gone up, you could find yourself with a hefty tax bill. If you qualify the primary residence exclusion, you might be able to exclude all of the gain from your primary ...

    How Often Can You Change Your Payroll Exemptions?

    Payroll exemptions are allowances that apply to federal income tax withholding. The Internal Revenue Service allows you a specific sum for each allowance you claim on your W-4 form. Your employer is supposed to give you a W-4 to complete when you are first hired. As an existing ...

    Can You Deduct a Child's College Dorm Room Costs?

    Paying for college can be a major financial burden for students and their parents, but tax credits and deductions may make higher education more affordable. In some cases, education deductions allow parents to write off the money they spend on a child's tuition and fees. ...

    Can I File Gains and Losses From My Stock on My Tax Returns?

    Investing in the stock market can boost your income, but it can also boost your tax bill. Whether you have gains or losses, you must report them on your income tax return. If your losses exceed your gains, you're limited to a $3,000 deduction -- $1,500 if married and filing ...

    What Can the IRS Do if I Don't File?

    If you simply forget to file your return and miss your due date, the IRS won’t do much if you go ahead and file. If you’re due a refund on the return, you won’t even get hit with late filing penalties or interest. However, if the IRS notices you didn’t ...

    Can a Short Form Filer Deduct Property Taxes?

    Owning a home or car comes with a lot of extra expenses that can make your wallet lighter during the year. However, the Internal Revenue Service offers a number of tax deductions that can make your wallet feel a little heavier come tax time, but filing your taxes will take a ...

    Can a Tax Credit Result in Negative Tax Liability?

    Keeping the amount of taxes you owe as low as possible is just good financial sense. When you take advantage of tax deductions and tax credits, you may be able to reduce your tax liability to zero, meaning you don’t owe any federal income tax for the year. In some ...

    Can I Have Two 401(k) Plans at the Same Time?

    If you hold two jobs with separate employers or worked for more than one employer during the tax year, you can be in a tax-deferred 401(k) retirement plan with each of your employers. There are no rules or laws preventing you from having two or more 401(k) plans at the same ...

    Can I Work Out a Payment Plan for a Tax Lien?

    The Internal Revenue Service collects tax debt from taxpayers on behalf of the federal government. The agency may place a tax lien against you if you fail to pay a tax debt. A paid tax lien can appear on your credit report for seven years. An unpaid tax lien can remain there ...

    Capital Gains Rules Regarding Residence Exclusions

    If you've owned your home for a long time, it may have appreciated significantly by the time you're ready to sell it. If you've owned your home for more than a year, any gain from the sale is taxed at capital gains rates, which are generally lower than ordinary income tax rates. ...

    How to Deal With Difficult IRS Agents

    The Internal Revenue Service is a large agency with thousands of employees. Many IRS agents are pleasant and helpful to work with, but some may be difficult. If you find it hard to deal with your agent, feel your case is being handled unfairly or find yourself in a financial ...

    How to Determine Capital Loss From Stocks in the Short-Term Vs. Long-Term Carry Forward

    If you've had a rough year selling stocks, tax relief is in sight. Not only can you use your losses to offset any gains, you can also take a limited tax deduction. In addition, you can carry forward the excess loss into future years when, hopefully, you will have more gains to ...

    How Will a 1099-C Affect Our Income Taxes?

    When a creditor decides not to pursue – or can’t pursue -- you on a debt, it will send you a Form 1099-C. By doing so, the creditor triggers various tax consequences. The creditor writes off the uncollectible debt to avoid paying taxes on money it will never see. The ...

    How Does a Distribution From a 529 Plan Get Reported?

    States maintain 529 plans to help save for college. Contributions to such plans aren’t deductible, but the money grows tax-free while it remains in the plan, and if you use the money for qualified educational expenses, the earnings remain tax-free. When it comes time to ...

    How Are 1099-R Forms Coded for Roth Conversions?

    You must pay taxes on a conversion to a Roth retirement plan if the funds you converted were originally set in a pre-tax retirement plan, and you must report the conversion on your tax return. You’ll receive an Internal Revenue Service Form 1099-R from your IRA custodian, ...

    How to Get an EIN for a Revocable Trust

    All trusts may have an EIN for tax purposes, although most revocable trusts aren’t required to have one until the grantor dies. When a grantor passes on, a revocable trust automatically becomes irrevocable, and irrevocable trusts must have an EIN issued by the Internal ...

    Does 1099-R Mean Reported Earnings?

    A 1099 is an Internal Revenue Service form used to report income not covered in a W-2 wage statement. It reports such things as dividends, interest, miscellaneous pay from freelance work or self-employment, or distributions from retirement accounts. An administrator of any ...

    Zacks Investment Research

    is an A+ Rated BBB

    Accredited Business.