Sentences with phrase «on a federal income tax return»

It also applies to self - employed individuals who qualify for the self - employed health insurance deduction on their federal income tax return.

Your or your family's wages, salaries, interest, dividends, etc., minus certain deductions from income as reported on a federal income tax return.

Borrowers of qualified education loans may deduct up to $ 2,500 in interest on their federal income tax returns as an above - the - line exclusion from income.

Unlike the money that is used for rent, the property taxes and mortgage interest are deductible on federal income tax returns.

One option is to claim the Lifetime Learning credit on your federal income tax return.

The most significant is the personal credit, which is equal to $ 110 for every exemption claimed on your federal income tax return.

A taxpayer whose federal student loan is discharged under the closed school discharge process does not need to report the amount of the discharged loan in gross income on a federal income tax return.

The tax credit worth up to $ 8,000 can be deducted on federal income tax returns.

The refund would be per - person listed on federal income tax returns in the household.

Student loan borrowers may claim interest payments of up to $ 2,500 annually on their federal income tax return.

This category of income does not receive any special treatment on your federal income tax return but is exempt from state income tax.

As such, the dividends (interest) they generate is tax free on your federal income tax return.

It can be a bit tricky to find who might qualify as a dependent on a federal income tax return.

There's nothing special to do on your federal income tax return for this type of interest.

Now that you've done your due diligence, it's time to claim your charitable contribution on your federal income tax return.

Holding on to your cryptocurrency assets for another few months may save you — or cost you — thousands of dollars on your federal income tax returns.

For several years now the self - employed have been able to deduct their medical insurance premiums on their federal income tax return assuming the business was profitable.

You or your family's wages, salaries, interest, dividends, etc., minus certain deductions from income as reported on a federal income tax return.

Borrowers of qualified education loans may deduct up to $ 2,500 in interest on their federal income tax returns as an above - the - line exclusion from income.

You can claim the excess withholding as a credit on your federal income tax return.

There are a number of different education tax benefits that you may be able to claim on your Federal income tax return.

Taxpayers may be able to deduct several types of medical expenses on their federal income tax returns.

Having made it a point to carefully grow your retirement fund, when the value of your investments in a Roth IRA (Roth Individual Retirement Account) decreases, you might wonder if there's a way to write off those losses on your federal income tax return.

Though you can always deduct your mortgage interest on your federal income tax return if you itemize your deductions, you won't be able to deduct your mortgage interest payments when you do your Michigan state income taxes.

One way student loan borrowers can save some money during repayment is by deducting interest payments on their federal income tax returns.

Notwithstanding the exemption from taxes for interest on municipal bonds, taxpayers are still required to report such interest on their federal income tax returns pursuant to section 6012 (d) of the Code.

Married couples have the option to file jointly or separately on their federal income tax returns.

Enter the amount of total contributions to the Virginia Public School Construction Grants Program and Fund, provided that you have not claimed a deduction for this amount on your federal income tax return.

See instructions in IRS Publication 550 on how to report interest in this situation on your federal income tax return.

Whether you are reporting interest at the end of the bond's life or every year, you report the interest from your bonds on your federal income tax return on the same line with other interest income.

The Marketplace application asks you to provide income information that's reportable on your federal income tax return.

The 2015 short sale home owner will receive a 1099 IRS Form from their lender, and the amount on that 1099 will show the amount that will need to be declared on their federal income tax return because it is legally considered as income to them.

Maine Revenue Service records show that we issued you a refund or overpayment credit during the prior calendar year, and that you may have claimed itemized deductions on your federal income tax return for that year.

Your contributions to a traditional IRA may be tax deductible on your federal income tax return.

For many states, your state taxable income is based on your federal adjusted gross income (AGI) as reported on your federal income tax return for that tax year.

IRS rules prevent you from obtaining more than one tax benefit from the same expenses on your federal income tax return.

While you are allowed a deduction on your federal income tax returns for state and local taxes paid, Vermont does not allow this deduction.

This education tax deduction can be claimed on your federal income tax return to reduce your taxable income.

Separately, Cuomo called on Long Island's business leaders to support a repeal of the federal provision that caps at $ 10,000 the amount of state and local taxes that New Yorkers can deduct on their federal income tax returns, beginning with the 2018 tax year.

Your AGI is listed on your federal income tax return and is the number used to determine eligibility for income - driven repayment plans.

When the value of your investments in a Roth IRA (Roth Individual Retirement Account) decreases, you might wonder if there is a way to write off those losses on your federal income tax return.

Any refund of State (or local) income tax needs to be declared as income on your Federal income tax return, but you need to use a worksheet to determine how much of the refund is taxable income.

If you forgot to deduct your mortgage interest on your federal income tax return, you might be able to deduct it on your state return.

About one - third of tax filers opt to itemize deductions on their federal income tax returns (figure 1), and virtually all who do itemize claim a deduction for state and local taxes paid.