Tax articles
395 plain-English guides to U.S. federal taxes, newest first.
All articles
How to Make Sure You Get All Your Stimulus Money, Using Form 6475
Well, this could be a fun letter to get!
Found IRS Code 570 on Your IRS Transcript? Here's What Not to Do
If you hear about Code 570, always follow the Hitchhiker’s Guide… “Don’t Panic!”
Can I Deduct My 529 Contributions on My Federal Tax Returns?
I think I might start a 529 just for the tax benefit!
How Old Do I Have to Be to Withdraw Funds from my 401k?
59 and a half is gonna be a big year! Or will it be?
Required Reading for Anyone Worried About Their 401k RMDs (Required Minimum Distributions)
The dreaded RMD of 401ks.
Power of Attorney and When to Use Form 2848 With the IRS
I didn't realize there was a form for this!
Get to Know Form 1099, How Independent Contractors Talk to the IRS
Form 1099 is a tax form used to report income from independent contractors. It is sent to the contractor by the client and also to the IRS at the beginning of tax season every year. The form lists all…
Making Sense of Tax Form 1042-S for Reporting Income Paid
When filling out a 1042-S form, it's important to provide information about the source of the income being paid and the type of income being paid. Additionally, you'll need to include an income code w…
The Ins and Outs of 1040-NR for Nonresident Aliens and U.S. Expatriates
I hear Canada's nice this time of the election cycle.
Capital Gains Taxes and the Key Inside the 28% Rate Gain Worksheet
The capital gains tax is a tax on profits from selling a capital asset. It applies to a range of investments, including stocks, bonds, mutual funds, real estate, and other tangible assets.
The Major Deadlines for 1099s: When Your 1099 Forms Are Due
The due date for 1099 forms depends on the type of 1099 you are filing. Generally, Form 1099-MISC is due to the IRS and to the recipient by January 31 of each year. For 1099-NEC, which replaces Form 1…
What Every Senior Should Know About the 1040-SR Tax Form
The 1040-SR is a special tax form designed to help seniors file their taxes more easily. It was created as part of the Bipartisan Budget Act of 2018 and has larger text and less shading than the regul…
The Bright Spot in Your Taxes: How Form 5695 Lets You Claim the Solar Tax Credit
Filling out Form 5695 of the Internal Revenue Service (IRS) to claim the Solar Tax Credit is an easy process, but there are a few important details that you need to know in order to make sure your cla…
Taking Control of Your International Taxation with Form 5471
Are you a U.S. citizen or resident alien that owns or is involved in a foreign corporation? If so, then you may be subject to filing Form 5471 with the IRS. Form 5471 can seem like a daunting task to…
What HOAs Need to Know About Form 1120-H
Homeowners associations and timeshare associations use Form 1120-H is a United for income tax returns. Taxable income is determined by subtracting deductible expenses from the sum of both exempt funct…
Get to Know Form 1116: Your Key to Foreign Income Taxation and Credits
Form 1116 is a tax form that is used to report and claim a foreign tax credit. The form is filed with the Internal Revenue Service (IRS) when the taxpayer has income from sources in a foreign country…
1095-A vs 1095-C: A Healthy Understanding of Tax Forms about Health Insurance
These two forms I love scrambling for because I'm still not used to sticking them with my W-2s: The 1095s…
Form 1040: The Flagship Form of the IRS
Form 1040 is the flagship form of the Internal Revenue Service (IRS). It is used to report an individual's income and calculate their federal income taxes. This form is used by all citizens and perman…
Your 411 on Tax Code 150: Transcripts, Codes and More
Tax Code 150 "Tax Return Filed" is a code used by the Internal Revenue Service (IRS) to identify transactions related to federal taxes. This code can be found on the tax return, tax liability, transac…
Form 8919 Helps You Patch Up Social Security and Medicare Payments
Form 8919 is a form issued by the Internal Revenue Service (IRS) to help individuals who were treated as independent contractors by their employers to figure and report their share of uncollected Soci…
Making Common Sense of Form 8858
Form 8858 is a form used by taxpayers that own foreign entities and are required to report income from these entities on their U.S. tax returns. It is important to note that filing Form 8858 does not…
Reporting your Child's Capital Gains and Dividends on Your Taxes: Form 8814
Are you the parent of a full-time student and unsure of your tax filing requirements? Form 8814, Parent's Election to Report Child's Interest and Dividends, is a helpful tool that can assist you in ma…
How Long Can You Claim a Child as a Dependent?
Claiming your child as a dependent can provide significant financial benefits, including tax credits and deductions. However, as your children grow older and start to become financially independent, y…
Is Alimony Tax Deductible?
The financial struggles of a divorce can be overwhelming, but there may be some relief in the form of tax deductions. Alimony payments are often deductible from taxes, providing an opportunity to less…