Tax Preparation

How to Read a 1099-R
How to Read a 1099-R

At the start of tax-filing season, the managers of profit-sharing plans, IRAs, pensions, annuities and insurance contracts report the payments they made to you the previous year on IRS Form 1099-R. To transfer the information to your tax return correctly, you need to understand ...

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More in Tax Preparation

How to Report Dividends From a Partnership Stock on a Tax Return
How to Report Dividends From a Partnership Stock on a Tax Return

A partnership is an association of two or more people that pursues some business or financial operation and divides profits among its members. Partnerships are different from C corporations, in that ...Read More

Formula for Calculating Federal Taxable Income
Formula for Calculating Federal Taxable Income

Not all earnings are taxed. If you claim deductions, these can lower your taxable income, and the adjusted number after you've claimed all of your deductions is your federal taxable income. There's ...Read More

Can You File as a Dependent and Independent in the Same Tax Year?
Can You File as a Dependent and Independent in the Same Tax Year?

One of the first things you have to decide when filing a tax return, after selecting a filing status, is whether you should file as someone else's dependent or independently. Although you can be ...Read More

Where Do I Put My 1099 Miscellaneous Income on My Tax Return?
Where Do I Put My 1099 Miscellaneous Income on My Tax Return?

If you work for an entity as a non-employee and earn more than $600 in income, you receive an Internal Revenue Service Form 1099-MISC typically by the end of January of the following year. The IRS ...Read More

How to Report FOREX Profits & Losses
How to Report FOREX Profits & Losses

Understanding the fine details of FOREX tax reporting is an absolute must for anyone who plans on trading in this dynamic marketplace. Depending upon your particular trading methods, you will be ...Read More

How to Fill Out Line 3 on Tax Schedule D Form
How to Fill Out Line 3 on Tax Schedule D Form

Taxpayers must report their capital gains and losses on IRS Schedule D on their federal income tax return. Brokerage firms normally send 1099-Bs to their clients and the IRS for each closed trade, ...Read More

What Form Is Used to Re-Do a Previous Year's Tax Return?
What Form Is Used to Re-Do a Previous Year's Tax Return?

If you need to revise a previous tax year's tax return for any reason, the Internal Revenue Service requires that you file an amended return. You must also amend your return if your filing status or ...Read More

Do I Need to Save the Original Receipt for Tax Purposes or Will a Scanned Document Suffice?
Do I Need to Save the Original Receipt for Tax Purposes or Will a Scanned Document Suffice?

Keeping receipts for your taxes is not only necessary to deducting the correct amount, but also ensures your deduction holds up under examination. The U.S. tax system works largely on the honor ...Read More

Married Filing Jointly Vs. Separated
Married Filing Jointly Vs. Separated

The Internal Revenue Service recognizes five income tax filing statuses. Each filing status is determined, at least in part, by your marital status. You might qualify for more than one filing status. ...Read More

How to Estimate the Income Tax for FAFSA Before Reporting Tax
How to Estimate the Income Tax for FAFSA Before Reporting Tax

Whether it's Feb. 15 or March 1, your school should have a priority filing deadline for the Free Application for Federal Student Aid. This deadline looms up to two months before taxes must be filed, ...Read More

How to File Put & Call Options on Tax Returns
How to File Put & Call Options on Tax Returns

The laws around tax on options trading aren't too different from those involving trading other securities like stocks and bonds. Calculate long and short term capital gains using the appropriate ...Read More

IRS Mileage Log Requirements
IRS Mileage Log Requirements

The Internal Revenue Service allows you to deduct expenses you incur while conducting business, including any vehicle expenses you run up. Because fraud is common in vehicle expense claims, the IRS ...Read More

5 Things Not to Do With Your Tax Return
5 Things Not to Do With Your Tax Return

Few people enjoy dealing with the Internal Revenue Service, especially regarding a tax return audit. Preparing your tax return correctly and on time helps you avoid audits and paying unnecessary ...Read More

A Tax To-Do List
A Tax To-Do List

Many people dread the late winter and spring for one reason: it's tax season. The good news is that you can make your tax planning easier, less stressful and potentially less costly by doing a little ...Read More