What is student loan interest paid?
Student loan interest is interest you paid during the year on a qualified student loan. It includes both required and voluntarily pre-paid interest paymen...
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Can I set up my own opportunity zone fund?
A: Any taxpaying individual or entity can create an Opportunity Fund, through a self-certification process. A form (expected to be released in the summer ...
What does a 501 c3 represent and do?
Section 501(c)(3) is a portion of the U.S. Internal Revenue Code (IRC) and a specific tax category for nonprofit organizations. Organizations that meet th...
Do you have to file Form 982 if you file bankruptcy?
If a debt is discharged in bankruptcy, it is not treated as cancellation of indebtedness income, and it is not taxable. The IRS has provided a simple fix ...
What happens if you receive an incorrect 1099-MISC?
The 1099-MISC form has a special box that should be checked to show that the it is correcting a prior 1099 form. It is not unusual for clients to fail to ...
Can a husband and wife file as MFJ?
Even if one spouse has income and the other does not still a husband and wife can file their filing status as MFJ. When married filing jointly tax return ...
When a non spouse is the sole beneficiary of IRA?
Non-spouse beneficiaries cannot roll the inherited IRA into their own IRA, nor can they contribute to an inherited IRA. After January 1, 2020, most non-sp...
What does it mean when TurboTax says accepted?
Accepted means your tax return is now in the government’s hands and has passed the initial inspection (your verification info is correct, dependents haven...
What is box1 W-2?
Box 1 “Wages, tips, other compensation”: This is federal, taxable income for payments in the calendar year. The amount is calculated as YTD earnings minus...
Do I have to report 1095-B on my tax return?
Use Form 1095-B for information on whether you and your family members had health coverage that satisfies the individual shared responsibility provision. ...
