Federal Taxes

More in Federal Taxes

Can a Short-Term Capital Loss Be a Tax Write-Off Against Ordinary Gains?

Not every investment goes the way you hoped, but you can take solace in the fact that the Internal Revenue Service lets you use your capital losses to offset your capital gains. In some cases, you can even use your losses to offset some of your ordinary income for the year.

How Much Can Be Claimed When Claiming a Stock Market Loss on Taxes?

Most investors suffer stock market losses from time to time. Knowing how the Internal Revenue Service treats the deductions can help you decide when to bite the bullet and sell your losing stocks to maximize the tax breaks. The losses that you can claim depend on the amount of ...

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, ...

Is Social Security Tax Refundable?

Social Security taxes make up part of the Federal Insurance Contributions Act, or FICA, taxes. Unless you’ve had Social Security tax erroneously withheld, you won’t receive a refund. If an error has occurred, how you get a refund of the excess Social Security tax withheld ...

Does a Trust Have a Federal Gift Tax Exemption?

A trust offers a way to set aside assets for heirs or to manage money for a beneficiary. If you bequeath money or property to heirs through a trust, your estate will avoid probate court, although the estate may still be subject to estate taxes at the federal and state levels. If ...

Tax Treatment of Dividends From Trusts

A trust is a financial entity set up to shelter assets from probate court, or to control the use of funds by a trustee for a specific purpose. The Internal Revenue Service normally taxes dividends received by individuals as either ordinary income, taxed at whatever the ...

How to Report a Stock Loss on an Income Tax Return

You report stock losses on your income taxes in the year that you actually sell the stock. For example, if the price of a stock you own tanks, but you hold it in hopes that it will rebound, you can't claim the loss on your taxes. However, once you sell the stock, you can use the ...

How Much of Federal Withholding Do I Get Back?

Under the federal tax system, your employer withholds money from each paycheck and sends it to the IRS, to pay the taxes that you owe for the current year. When you file a return in the next year, you calculate how much tax you owe for the entire year, using deductions, ...

Can I Get a Tax Refund if No Fed Taxes Were Taken out of My Paycheck During the Year?

Most people have a portion of their paycheck withheld to pay the federal income tax and, in some cases, a state tax as well. After deductions and tax credits are figured in, the amount paid often exceeds the actual amount owed, and a tax refund is issued. If you didn’t have any ...

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