TurboTax Tip: If you’re a professional gambler, you can file Schedule C as a self-employed individual. This allows you to deduct costs associated with your gambling activity, including meals and travel expenses. However, it also means you’ll have to pay self-employment tax on your...
The IRS offers certain kinds of tax relief aimed at people who are or have become disabled. Get IRS tax relief for the disabled with help from TurboTax in this video on tax tips.
you should amend your tax return and add it to your income. If it’s zero in all years, maybe you don’t have to amend. Just hang on to the 1099-Rs in case you get a letter from the IRS.
When you convert from a Traditional IRA to a Roth IRA, you will receive a1099-Rform.Complete this section only if you converted *during* 2024. If you only converted during 2025, you won’t have a 1099-R until next January. Please followSplit-Year Backdoor Roth IRA in TurboTax, 1st Ye...
How to Estimate Utility Costs Most energy costs have gone down, but it's still smart to make room in your budget for heating and electricity. Geoff WilliamsDec. 27, 2024 How Bonuses Are Taxed Understanding how bonuses are taxed can be confusing due to the withholding laws. ...
The IRS offers a series of directions on its website to help US citizens figure out their taxes. Here’s a rundown of what’s available and where you can find it.
There are numerous ways tofile your taxesfor free, especially if you meet certain income requirements or have asimple tax return. Some programs are directly offered by the IRS, while others are through partnerships withtop tax software companiesor offered by nonprofit organizations. ...
TurboTax Tip:The IRS might waive penalties for late filing or late payment if you can show reasonable cause, including a natural disaster, a house fire, illness, or an immediate family member's death. Failure to pay proper estimated tax The IRS has a "pay as you go" system, which means...
Using the IRS's EFTPS.gov While many taxpayers choose to use theElectronic Federal Tax Payment System(EFTPS) site to make their estimated tax payments throughout the year, it can also be used to pay any balance due on your federal tax form. If you don't already have an account, you'll...
The complexity of your tax situation—and how much you are willing to spend—are two key factors in whether you should rely on tax software or pay for a tax preparer to handle your income tax returns. If you meet the income qualifications, you can get free software through the IRS. Other...