Forms Feed

Broad City image via Giphy.com Do you have to file a return? Sorry to be the bearer of bad news, but the answer usually is yes. Believe it or not, some people make it through tax-filing season without any hassle. That's because the Internal Revenue Service doesn't require them to file taxes. Unfortunately, most of us aren't that lucky. So just who has to file a tax return? Generally, if you are a U.S. citizen or resident you must consider three things when determining whether you have to file a tax return: your age, your filing status and your income.... Read more →


Taxpayers got their first experience with new filing forms with last year's 2018 returns. There are more changes to the 1040 for 2019 taxes, too, but the revisions actually could be helpful. Tax season is about to start in a less than two weeks. Jan. 27, in case you forgot. Many of us are already working on our 2019 returns, either by working with a tax preparer or filling out our forms on our own. Doing taxes has never been a fun job for most folks. But filing under the Tax Cuts and Jobs Act (TCJA) has made that job... Read more →


Ready to file your taxes? Ready to do so for free? The Internal Revenue Service is ready, too. Its Free File tax preparation and electronic filing option is open for business. As usual, the online no-cost way for millions to complete and electronically file their taxes is available before the IRS actually starts accepting and processing returns. That won't happen until Jan 27. But you can still get a jump on your annual tax filing obligation. The Free File program you select will simply hold your return until Jan. 27 and then submit as soon as the IRS officially kicks... Read more →


The individual tax filing season doesn't officially open until Jan. 27, but you're ready to file your taxes. Or are you? Tax filing, whether you do it yourself via tax software that you buy, use online or access via Free File or hand off the annual task to a tax pro, requires its own specific preparation. You've got to have all your tax-related documentation before you can start filling out that Form 1040. Here's a checklist of forms and documents you'll need to complete your taxes, as well as a look at tax situations you need to consider before filing.... Read more →


Last year, some tax software companies allegedly hid their Free File option on their corporate websites, instead sending otherwise eligible free filers to paid products. That won't happen again, says the IRS, under a new Free File agreement that was just signed and takes effect for the upcoming 2020 tax-filing season. The only thing people like more than getting their annual tax refunds is getting things for free. The IRS says that this coming tax-filing season, its new agreement with tax software companies will help ensure that eligible taxpayers will know that they can combine those loves via Free File.... Read more →


It's that time of year again. Actually, that time was at 2 a.m. today (Sunday, Nov. 3, 2019). That's when most of us said goodbye to Daylight Saving Time and hello to the return of Standard Time. As we deal with the timepiece trickery, a lot of us (me!) suffer a sort of jet lag as our body clocks adjust to the new time and impending earlier arrival of sunsets. But the fall back to Standard Time also is a good reminder that standard is a good thing for millions of taxpayers. A couple of tax standards, the standard deduction... Read more →


Around 2 million Individual Tax Identification Numbers (ITINs) must be renewed by year's end. Here's a look at these special tax identification numbers, who uses them and how to renew or get one if you're not eligible for a Social Security number. Numbers obviously are what the Internal Revenue Service is all about. There are special identification numbers for a variety of tax circumstances. There are earnings amounts and tax code references and line numbers on forms and of, course, identification numbers of both tax professionals and taxpayers that must go on returns. For most individual filers, a Social Security... Read more →


The Internal Revenue Service's form revision process isn't quite the red-pencil technique used on text documents, but it gets the job done. The latest group of revised tax forms will affect corporate taxpayers. (Photo via pxhere) Many business taxpayers and their tax advisers are working this week on the Form 1120 returns that that they extended until Oct. 15. Next year, though, these corporate filers will be looking at a new return. The Internal Revenue Service is continuing to tweak a wide variety of returns, many in response the changes made by the Tax Cuts and Jobs Act (TCJA). The... Read more →


The Internal Revenue Service is continuing to tweak tax forms, releasing yet another version of the document workers use to figure out their paycheck withholding. The new draft of Form W-4, updated as of Aug. 8 and shown below, incorporated suggestions that Treasury and the IRS got on the version it made public at the end of May. The changes are being made (again) to ensure that taxpayers adjust their withholding to most accurately reflect the tax code changes made by the Tax Cuts and Jobs Act (TCJA). Click image to see the full Aug. 8, 2019, draft 2020 Form... Read more →


U.S. Navy photo by Mass Communication Specialist 1st Class Patrick Gordon A year ago, the Internal Revenue Service alerted combat-injured veterans that some of them might be due tax refunds. This is the case for eligible service members who received disability severance payments after 1991 and then claimed that money as income on their tax returns. That was a mistake. The Combat-Injured Veterans Tax Fairness Act of 2016 says that most veterans who received a one-time, lump-sum disability severance payment when they left the military are entitled to a refund if that payment was claimed as income. To qualify for... Read more →


You don't have to have this many candles on your birthday cake to use Form 1040-SR. Hitting age 65 qualifies you to use file this new form starting next filing season. It's lose three, add one for the Internal Revenue Service when it comes to 2019 tax year forms. Uncle Sam's tax collector is proposing tweaks to the Form 1040 and elimination of three of the six schedules created to go with that annual individual return that was redesigned last year in the wake of the Tax Cuts and Jobs Act (TCJA) changes. But the net result of forms available... Read more →


If the changes to Form 1040 this filing season frustrated you, there's some good news and some bad news. The good news is that the Internal Revenue Service is revising the Form 1040 to be used for 2019 tax filings. No, it's still not quite a postcard. But there will be fewer schedules to file — three instead of six — if your taxes are a bit more complicated. The bad news is that many of us still have to fill out those schedules (and the accompanying forms for additional tax break claims that remained) instead of having things on... Read more →


Backup withholding basically is the tax collector's knuckleball mitt. The over-sized baseball glove helps a catcher handle, he hopes, the hard to predict (and hold onto!) pitches. The IRS uses backup withholding to catch potentially errant income amounts. (Baltimore Orioles' Gus Triandos showed how the mitt at left, which he used when Hall of Fame knuckleballer Hoyt Wilhelm was on the mound, compared to his regular one. Photo courtesy Tom's Old Days via Twitter) In most income earning instances, the Internal Revenue Service finds out how much we make and owe taxes on thanks to reports from those who pay... Read more →


Updated Dec. 20, 2019 The Tax Cuts and Jobs Act (TCJA) has meant not only changes to the Internal Revenue Code, but also multiple revisions to various tax forms. The annual tax return most of us must file each year obviously got a lot of attention. Now instead of three versions, there's only one Form 1040 for all of us to use. The Internal Revenue Service tweaked it even more in advance of the coming filing season. But just as important is the Form W-4. This form, officially titled Employee's Withholding Allowance Certificate, is what we give to our bosses... Read more →


If you filed your taxes before May 16 and your earnings included investment income, you might want to take another look at your return. The Internal Revenue Service announced on its website yesterday, May 16, that the 2018 Schedule D tax worksheet in that form's instructions contained an error. "The tax calculation did not work correctly with the new TCJA [Tax Cuts and Jobs Act] regular tax rates and brackets for certain Schedule D filers who had 28% rate gain (taxed at a maximum rate of 28%) reported on line 18 of Schedule D or unrecaptured section 1250 gain (taxed... Read more →


Uh oh. How did that 1099-MISC end up that desk drawer instead of with all your other tax documents you used to file your annual tax return? That mystery might never be solved, but an X filing can help you get the truth about your taxes to the Internal Revenue Service. I'm talking about IRS Form 1040X. It's the document you use to correct filing mistakes. It's known as the amended tax return form and it's really not that puzzling. Basically, Form 1040X lets you tell the IRS what you originally reported, what your revised numbers are and why you... Read more →


The time left until Tax Day is tick, tick, ticking away. If you're feeling like silent movie legend Harold Lloyd (pictured above), hanging on by your fingernails as you try to get your tax filing act together, I have some good news and some bad news. The bad news is that there's no way to stop the tax deadline clock. The good news is you can get an extension to file your 1040. By filing for an extension, the Internal Revenue Service will give you six more months, up to Oct. 15, to submit your return. You still have to... Read more →


Thanks to much larger standard deduction amounts under the Tax Cuts and Jobs Act (TCJA), fewer filers are itemizing deductions. But that doesn't mean they aren't still writing off some tax-deductible expenses. During this first filing season after the many changes wrought by the latest tax reform law, taxpayers are still claiming what used to be called above-the-line deductions. Technically, they are and always have been adjustments to income. They got the above-the-line moniker because they previously appeared in the last section of the old long Form 1040, just above the last line of that form's first page where your... Read more →


It's official. House Democrats have formally requested copies of the last six years of Donald J. Trump's personal and business federal tax returns. Trump has steadfastly refused to make public his taxes, breaking a modern-day tradition set by presidential candidates — and in-office presidents (and vice presidents) — of letting the public have a glimpse of White House 1040s. The main reason Trump has given for keeping his taxes private is that his personal and business filings are under audit. Tax experts throughout the media agree that no sane person would give their tax returns during an audit. After the... Read more →


The Patient Protection and Affordable Care Act became law on March 23, 2010. During the almost nine years since President Barack Obama signed the health care bill, which usually is shortened to the Affordable Care Act (ACA) or Obamacare, opponents of the law have been working to repeal, maybe replace and definitely weaken it. Republicans succeeded in late 2017 in eliminating a key component of the ACA. Under the GOP's Tax Cuts and Jobs Act (TCJA), the ACA's individual health insurance mandate. This is the requirement that you obtain at least minimum essential coverage, or MEC, for yourself and dependents... Read more →