Received a 1099-C form? Find out when canceled debt is considered taxable income, the exceptions that apply, and how to accurately report it to the IRS. Learn the implications of debt forgiveness on your overall tax situation.
Written by a TurboTax Expert • Reviewed by a TurboTax CPAUpdated for Tax Year 2024 • October 16, 2024 1:16 AMOVERVIEWDo you operate a trade or business? If the answer is yes, you may want to learn about your potential 1099-MISC filing requirements. Watch this video to...
Discover the uses of a 1099-NEC, including its filing requirements and important deadlines, to ensure compliance and avoid penalties for your business. Reviewed by Liz Farr.
No matter what moves you made last year,TurboTaxwill make them count on your taxes. Whether you want to do your taxes yourself or have aTurboTax expertfile for you, we’ll make sure you get every dollar you deserve and your biggest possible refund – guaranteed. ...
payments to the Internal Revenue Service (IRS). There is a threshold for when a W-9 is required. When a company pays non-employee compensation of $600 or more within a year to any individual or company, it must complete a1099-NEC formand needs the information in the W-9 to do that...
If either spouse dies and the surviving spouse has not remarried prior to the date the home is sold, the surviving spouse can count the period the deceased spouse owned and used the property toward the ownership-and-use test. TurboTax Tip: If you sell your house bec...
This information can be used when completing Form 4137. Form 4137 is a one-page form that calculates the additional Social Security and Medicare taxes owed on unreported tip income. Taxable tips If you work in an industry where it’s customary to receive a portion of your income ...
is determined at the time of print or electronic filing and may vary based on your actual tax situation, forms used to prepare your return, and forms or schedules included in your individual return. Prices are subject to change without notice and may impact your final price. If you decide ...
Complete Form 8283 if your car donation deduction is more than $500. If your deduction is greater than $5,000, you'll need a written appraisal as documentation of its value. Step 3: Claiming the deduction In order to claim a deduction for your donated car, you need to ha...
You'll need to have a designated space in your home which is used exclusively for work, and that space must be your main place of business. Notself-employed? You can still qualify for the deduction. However, you won’t be eligible if your employer offers you work space ...