While the name is singular, the general business credit form consists of numerous credits that may be taken by an individual who qualifies for the credit. Credits are aggregated according to several criteria: Passive or nonpassive current year credits Credit carryforwards or carrybacks Thus, depending on the number and categorization…

Form 1099-R – Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc., is a source document that is sent to each person that receives a distribution of $10 or more from any profit-sharing or retirement plans, any individual retirement arrangements (IRAs), annuities, pensions, insurance contracts, survivor income…

There are several different type of education tax credits available to taxpayers and/or their dependents. See Education Credits and Tuition and Fees Deduction. However, when a taxpayer (or dependent) receives a refund of qualified education expenses, it reduces the adjusted qualified education expenses that the taxpayer has in a specific…

If you are unfamiliar with the Qualified Business Income Deduction (QBID), click here for more information. Forms 8995 and 8995-A are used to calculate the QBID. Form 8995 is the simplified form and is used if all of the following are true: the individual has qualified business income (QBI), qualified…

The last revision year for this form was 2014. The information is still relevant for 2018 tax returns. Charitable contributions are deductible only if you itemize deductions on Schedule A, Form 1040. To be deductible, charitable contributions must be made to qualified organizations. Refer to Publication 526. If your contribution…

To electronically file a state only return, the federal return must also be marked for electronic filing. These state-only e-files “piggyback” with the federal return. The IRS doesn’t process the federal return and forwards the state return(s) to the state(s). To electronically file a state-only return, from within the return…

For tax years 2018 and later: The deduction for moving expenses has been eliminated, except for certain members of the Armed Forces. For tax years beginning after 2017, moving expenses can no longer be deducted unless the taxpayer is a member of the Armed Forces on active duty and moved…

Form 1099-INT is used to report interest and the information provided may be different for covered/non-covered transactions. For covered securities that were acquired at a discount or premium the payer must (unless certain notices were provided by the investor to the payer) either report the net interest amount or separately…

For information about Excluding Sale of Main Home, click here. To access the Sale of Main Home Worksheet in the tax program: From the Main Menu of the Tax Return (Form 1040) select: Federal Section Income Menu Capital Gain and Losses (Schedule D) Sale of Main Home Worksheet Completing the…

Archer Medical Savings Accounts are similar to Health Savings Accounts in that they allow eligible individuals to save for, and pay, health care expenses on a tax-free basis. An Archer MSA is a tax-exempt trust or custodial account that you set up with a U.S. financial institution, such as a…