Purpose of IRS Form 6252 Form 6252 helps you figure out how much of the money you received during a given tax year was a return of capital, how much was a gain and how much was interest. You can then report the
An EIN is necessary for certain businesses, as it allows the IRS to identify your business for tax purposes when it is not appropriate to use your Social Security number. The EIN can be used in various business activities such as opening business bank accounts an...
To renounce your US citizenship, you must file a variety of forms. One of the most important is IRS Form 8854. Until you’ve filed this form, you will still be considered a citizen by the Internal Revenue Service. But what is Form 8854—and how do you complete it? Here’s what you ...
Investing in businessescan be another source of passive income. For example, if you buy shares in a publicly traded company, you can earn passive income in the form of dividends. You’re not actively involved in the day-to-day operations of the company, but as a shareholder, you’re enti...
To put it simply, Form W-2 is a document used annually by individuals, the IRS, and the Social Security Administration (or SSA). It’s used for two main reasons. For one, the IRS and SSA use W-2 forms to keep track of the wages, salary, commission, and tips individuals receive th...
Full-time tuition at Bridgewater, for example, will increase by 3.47%, to $38,800, the school reported. "We do try to keep in mind that students still have to be able to afford college," North says. "I know our board has the students' best interest in mind, but just like every...
There is also a penalty for paying late, but it's less punitive than that for not filing. That penalty for late payments also depends on how much tax you still owe relative to what you've already paid. "If you did underpay, the IRS is going to want interest," said Davidoff. Current...
A tax Form 1099-INT is a type of Form 1099 issued by US payors to a customer who is a US person that received at least $10 USD in interest during the calendar year. The Form 1099-INT is reported to the US Internal Revenue Service (IRS) and should be used by the individual customer...
Important: If you e-file your return and do not add Form 8962 reporting the Premium Tax Credit as someone who had health insurance through the marketplace, the IRS will reject your return. On eFile.com, you can re-efile your return by retrieving and including your 1095-A to let the ...
IRS Form for Sale of Home To report the sale of your home and any capital gains to theIRS, includeSchedule Dwith your1040tax return andForm 8949. Use Schedule D to report any gains or a loss from the sale. Use Form 8949 to report the date you purchased and sold the home, the origin...