Tax return

New Simplified 1040-SR for Seniors

The IRS has released a draft of Form 2019 1040-SR.  This is a U.S. tax return for seniors (individuals age 65 or older).  This is a simplified form (similar to the former 1040-EZ, but will be for seniors only). However, unlike the 1040-EZ, Social Security and distributions from qualified retirement plans, annuities or similar deferred-payment arrangements […]

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Tax Transcripts

Do you need prior year tax information and you cannot seem to find a copy of your tax return?  Don’t worry.  You can request a tax transcript from the IRS.  There are two types of transcripts available: 1) Tax return transcript – this shows most line items on a tax return as originally filed 2) […]

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Kids as dependents

Your kids qualify as dependents (as a qualifying child dependent) on your tax return when ……. They are EITHER under 19 OR they are under 24 and a full time student for some part of 5 months during the tax year OR they are permanently & totally disabled AND They live with you over 6 […]

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Where’s your refund ?

Have the following info in order to do the search….Social security number, filing status (page 1 of your Form 1040) and your exact refund amount (page 2 of your Form 1040) Federal “Where’s My Refund?”   Check about 2 weeks after filing. Federal “Where’s My Amended Return Refund?”  Need your date of birth and zip code. […]

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Your IRS Online account

You can look up various info on yourself on your online IRS account. Use this link Info you can see includes: -Key info from your current tax year return as originally filed -Your payoff amount, updated for the current calendar day -The balance for each tax year for which you owe -Up to 18 months […]

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Is Your Scholarship or Pell Grant Taxable?

      Typically, a scholarship or Pell Grant is tax-free if you are a degree candidate and the funds are used to pay for tuition, fees and books, supplies and equipment that are REQUIRED for enrollment or attendance at a qualified institution. However, there are instances where some or all of the scholarship or […]

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Owe Back Taxes?

If so, don’t ignore the tax bill.  A delay may cost more in the end.  The penalties and interest can continue to grow. There are several ways to make payments to the IRS: On-line using Direct Pay – This web-based system allows you to make payments directly from your checking or savings account. Electronic Funds Withdrawal […]

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Are You Thinking You Need to Amend Your Return?

Mistakes happen and tax returns are no exception. Filing an amended tax return corrects information that changes tax calculations. This includes making changes to filing status and dependents, or correcting income credits or deductions. Don’t file an amended return to fix math errors because the IRS will correct those. The IRS offers tips on how […]

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Planning to work after you start receiving Social Security?

You are able to work after starting to receive social security benefits. However, if you have not reached the full retirement age when you start receiving social security, there is a limit on the amount you can earn without affecting your social security benefits.   If you are under full retirement age for the entire year, […]

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Divorce & Taxes

Here are some key issues that may affect you if dealing with divorce or separation: Alimony received must be included as taxable income Alimony paid is a deduction for the person paying it Child support is not a taxable event Let the IRS know about your address change on Form 8822 Report any name change When […]

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