Tax Filing

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Is a 401(k) Loan Reportable on Your IRS Income Taxes?

me 401(k) plans permit participants to borrow directly from their funds. If plan participants may take out loans, the written plan description states that borrowing is allowed. Although withdrawals from a 401(k) by participants younger than 59 1/2 usually result in a penalty, ...

How to Add a 1099 to a Previous Tax Return

e Internal Revenue Service requires taxpayers to file federal tax forms each year. You are expected to include all income sources on your federal tax return, but sometimes you might forget to include the income from one of the 1099s you receive, or you might get a 1099 in the ...

Adjustment for Federal Tax After Taxes Have Been Filed

you make an error on your tax return, you may file an amended return, or the IRS may correct the error for you. If your error resulted in an underpayment, penalties and interest will accrue. If it resulted in overpayment, you are probably entitled to a refund. Sometimes -- for ...

The Advantage of Filing Your Income Taxes as Single Instead of Married Jointly

ur tax filing status can affect your standard deduction -- both when you file your taxes and when you fill out your W-4. If you're married, you can't file as a single person. Instead, you'll file as married filing separately, but the standard deduction for single people is the ...

The Advantages of Filing Taxes Married With Two Incomes

e former so-called "marriage penalty" has been minimized since 2001, when tax changes eliminated some inequalities in the IRS code. While married couples with roughly equal incomes could land in a higher tax bracket, those couples with one spouse having significantly ...

How to Amend a Return to Increase Deductions & Claim Dependents

eryone makes mistakes, and with the complexities of the U.S. federal income tax code, it's not unlikely they could occur when filing your taxes. If you discover you've made a mistake that resulted in you paying more taxes than you actually owe -- for example, you discovered ...

How to Amend Tax Returns to Close on a Mortgage

ce you've reached the closing stage of the mortgage process, the loan terms are pretty much set in stone. However, filing an amended tax return can slow the process way down, and any financial changes reflected in the amendment may disqualify you for the loan. Lenders usually ...

How to Apply My Form 1099R on My Tax Return

rm 1099R is a tax information form you'll receive if you've taken a distribution from a retirement plan. The IRS requires the custodian of the plan issuing you the distribution to forward a copy of the 1099R to both you and the IRS. Most distributions from IRAs, 401(k) plans and ...

How to Avoid IRS Tax Penalties for a 401(k) Early Withdrawal

saving consistently over the long term, you probably will accumulate a large sum of money in your 401(k) plan at work. This money is designed to be a nest egg for your retirement, and to discourage tapping into the funds, the Internal Revenue Service assesses a 10 percent ...

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