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Forms 1040-PR and 1040-SS
Residents of Puerto Rico with self-employment income who are not required to file a U.S. income tax return generally must file Form 1040-PR (Spanish Form) or Form 1040-SS (English Form) to report self-employment income derived from a trade or ...
Form 6781 - Contracts and Straddles
Form 6781, Gains and Losses From Section 1256 Contracts and Straddles, is used to report: Any gain or loss on IRC Section 1256 contracts under the mark-to-market rules, and Gains and losses under IRC Section 1092 from straddle positions. A Section ...
Mark an Asset as Listed Property?
Vehicles, photographic equipment, audio, and video equipment, and other types of property that are often used for both personal and business purposes, also referred to as listed property are subject to special recordkeeping requirements and ...
Form 8949 - Sales and Dispositions of Capital Assets
Form 8949 is used to report the following information: The sale or exchange of a capital asset not reported elsewhere in the tax return. Gain from involuntary conversion (other than from casualty or theft) of a nonbusiness capital asset. Nonbusiness ...
Form 4137 - Social Security & Medicare Tax on Unreported Tips
Taxpayers who work in an industry in which a portion of their income is earned from customer tips along with their hourly wages need to pay Social Security and Medicare taxes on those earnings. There are two requirements for tipped employees: Keep a ...
Prisoner Income
Prisoners are required to file a federal income tax return according to the same criteria as those not in prison. If in doubt as to whether a particular incarcerated individual needs to file, refer to IRS Publication 501. A prisoner may receive ...
Form 8606 - Nondeductible Contributions to a Traditional IRA
Form 8606 is a multi-purpose form for reporting IRA transactions, specifically, Nondeductible contributions made to traditional IRAs; Distributions from traditional, SEP, or SIMPLE IRAs, if the taxpayer has basis in these IRAs; Conversions from ...
Form 8606 - Back-Door Roth Conversion
Among the purposes of Form 8606 is reporting a "backdoor Roth IRA" conversion, the non-IRS term for converting funds from a traditional IRA or 401(k) plan into a Roth IRA. The money rolled into the IRA is taxable to the extent it hasn't already been ...
Form 7202 - Credits for Sick Leave and Family Leave for Certain Self-Employed Individuals
Note: This form is for individuals with self-employment income who are unable to work for reasons related to COVID-19. Before starting Form 7202, complete the forms that include net earnings from self-employment: Schedule C Schedule F Schedule K-1 ...
Prior Year Loss on Real Estate Rental Property
Rental activity is normally considered a passive activity. Because of this, any losses on rental property that cannot be offset by rental property income are disallowed (“unallowed”). Unallowed losses are not deductible in the current year but can be ...
Form 8863 - Education Credits
Form 8863 is used to figure and claim education credits, either the American Opportunity Credit or the Lifetime Learning Credit. These credits are based on adjusted qualified education expenses paid to an eligible postsecondary educational ...
Prior Year Net Operating Loss (NOL)
Depending on the source of the prior year loss, it may be entered in different menus in the tax program: Entering a prior year net operating loss on Form 1040 From the Main Menu of the Tax Return (Form 1040 / Tax Return Summary) select: Federal ...
Identity Protection PIN
IRS Notice CP01A is sent to taxpayers who are registered to receive an Identity Protection PIN. The taxpayer should receive the notice the last week of December or the first week of January. The IP PIN changes each year and must be included on any ...
Form 1099-R-RRB- Railroad Retirement Benefits
To enter benefits reported on Form RRB-1099-R into TaxSlayer ProWeb, from the Federal Section of the tax return (Form 1040) select: Income Form 1099R, RRB, SSA RRB-1099-R - If filing MFJ, indicate if the form is for the taxpayer or spouse. Payer ...
Form 1099-R - Rollovers of Retirement Plans and IRA Distributions
Certain retirement payments or distributions a taxpayer receives from a retirement plan or IRA can be “rolled over” by depositing the payment into another retirement plan or IRA within 60 days of the date of distribution. By rolling over the ...
Form 1099-INT - Interest Income
Form 1099-INT is used to report interest paid in the course of a trade or business. For interest related to securities transactions, the information provided may be different for covered or non-covered transactions: For covered securities that were ...
Form RRB-1099-R Railroad Retirement Benefits
To enter benefits reported on Form RRB-1099-R into TaxSlayer ProWeb, from the Federal Section of the tax return (Form 1040) select: Income Form 1099R, RRB, SSA RRB-1099-R - If filing MFJ, indicate if the form is for the taxpayer or spouse. Payer ...
Form 1099-R Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts
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 ...
Form 1099-Misc and Schedule C
Form 1099-MISC is used to report a variety of miscellaneous payments to an individual. The form name was changed from Miscellaneous Income to Miscellaneous Information in 2021. Certain payments reported on Form 1099-MISC need to be included on ...
Form 1099-R - Distributions Due to Death or Disability
Distribution Due to Death of Plan Participant When an individual taxpayer inherits a traditional IRA from anyone other than their spouse, the taxpayer cannot treat the inherited IRA in the same manner as they can treat an IRA that they own otherwise. ...
Form 1099-Q - Payments from Qualified Education Programs
A taxpayer will receive Form 1099-Q if they received a distribution from a qualified tuition program (QTP) under section 529 or a Coverdell education savings account (CESA). It's up to the taxpayer to determine if any of the distribution is ...
Retired Public Safety Officer Pension Exclusion
If the taxpayer is an eligible retired public safety officer (law enforcement officer, firefighter, chaplain, or member of a rescue squad or ambulance crew), they can elect to exclude from income distributions made from an eligible retirement plan ...
Form 1099-DIV - Dividends and Distribution
Dividends are distributions of property by a corporation to a shareholder or owner of the corporation out of the earnings or profits of the corporation. Dividends are typically paid in the form of cash but may also be paid in other types of property. ...