You can expect to receive a Form 1099-DIV if you’ve been paid dividends on stocks, or had capital gains distributions on mutual fund investments during the tax year. The different boxes on the Form 1099-DIV are: Box 1a: reports the full amount of ordinary dividends paid Box 1b: reports the amount of the sum listed […]
— Read moreIf you’ve sold any stocks, bonds, mutual funds, or securities during the tax year, it will be reported on a Form 1099-B which you will receive from your broker or financial institution. It can be a separate form, or may be combined into a statement listing other relevant tax information, such as interest and dividends. […]
— Read moreThe IRS Form 1098-T: Tuition Statement is sent to students who pay tuition at a qualifying college or similar higher education institutions. Any college, university, or vocational school that participates in the Department of Education programs for student aid are qualified institutions. The Form 1098-T lists expenses related to education, and can help determine the […]
— Read moreIf you’ve paid $600 or more a year in interest on a loan, the lender must provide you with Form 1098-E. You aren’t required to itemize deductions in order to claim a student loan interest deduction. Instead, student loan interest is subtracted when totaling your adjusted gross income (AGI) for the year. Interest paid on […]
— Read moreAt tax time, if you have a mortgage loan on your home you should expect to receive a Form 1098 (Mortgage Interest Statement) from your lender. The Form 1098 reports the amount of interest you paid throughout the year. You aren’t required to file this form with your taxes, because a copy will automatically be […]
— Read moreAny individual who bought a health care plan through the Health Insurance Marketplace can expect to find a Health Insurance Marketplace Statement, also known as a Form 1095-A, in their mailbox by January 31,2015. Many Americans have chosen to take a premium tax credit in advance, which will help subsidize their monthly premiums. This credit […]
— Read moreIf you’ve been awarded money or damages through a court of law, it’s important to note whether the funds are subject to taxation as income. In order to determine if settlements or judgments need to be included in your income, you have to look at the individual item that the money is taking the place […]
— Read moreAs far as the IRS is concerned, same-sex couples who are lawfully married are thereby considered “married” for all tax reasons, regardless of the law where you currently reside. Effective for the 2013 tax year, all same-sex married couples were subject to the same tax implications as other married couples. The IRS recognizes same-sex marriages […]
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