retirement plan, orindividual retirement account(IRA). Also, certainannuitiesand life insurance contracts may issue a 1099-R.9However, not all retirement distributions are taxable, and a tax professional should be consulted if you're unsure whether you should pay taxes on a distribution. ...
Making extra payments on your mortgage can be a great way to save money over the long term. Because so much of your payment on a long-term note goes to pay off the interest, reducing the principal can have an exponential effect over the life of the loan. Even an extra payment or tw...
If you’re getting a 1099 or W-2 for work and are over 19 years of age… you will need to file taxes. Some couples are still able to claim their child up to age 24 as a dependent on their taxes, but only if the child is a full-time student. So if you’re over 24 and fini...
Though most home-sale profit is now tax-free, there are still steps you can take to maximize the tax benefits of selling your home. Learn how to figure your gain, factoring in your cost basis, home improvements and more.
as Qualified Charitable Distributions. Then they take care of the rest of it. You’ll need to make sure you keep record of the QCD so that you can properly prepare your taxes – currently the 1099R forms don’t reflect whether your distribution was a QCD – so this is really important!