Sentences with phrase «on federal tax returns»

This is a significant development in family law, because during 2015, approximately 600,000 couples used the alimony deduction on their federal tax returns.

That interest must be reported as interest income on federal tax returns.

Though contributions to 529 plans aren't deductible on your federal tax return, they might be deductible on your state return.

Additionally, many states allow you to claim state tax benefits each time you contribute to your 529 plan, and your contributions do not have to be reported on your federal tax return.

Homeowners insurance premiums for policies that cover a rental property can be deducted on a federal tax return.

Depending on where you live, you could potentially deduct contributions from your state income tax forms (note: you can not deduct contributions on federal tax returns).

You will calculate and pay your fee on your federal tax return for the year in which you don't have coverage.

If you don't, you'll have to pay a fee on your federal tax return.

And because it's a type of mortgage, you may be able to deduct the interest payments on your federal tax return.

You may be eligible to deduct a portion of the student loan interest you paid on your federal tax return.

Answer: It is possible to claim a same - sex spouse as a dependent on a federal tax return, although it's difficult if the spouse is working.

Since income - based repayment plans are based on your income as stated on your federal tax return, a larger household income can impact your monthly payment obligation.

Your basic state tax return forms will be automatically populated with the data you entered on your federal tax return.

If the income comes from another country, it must be included on federal tax returns to count toward qualifying income.

They claim their college - aged son as a dependent and take a $ 2,000 deduction for their son's tuition on their federal tax return.

In other words, can the value of your time and services while providing pro bono legal services qualify as a charitable contribution that is deductible from gross income on your federal tax return?

Though contributions to 529 plans aren't deductible on your federal tax return, they might be deductible on your state return.

Depending on where you live, you could potentially deduct contributions from your state income tax forms (note: you can not deduct contributions on federal tax returns).

Homeowners insurance premiums for policies that cover a rental property can be deducted on a federal tax return.

Further, the child must be claimed as a dependent on your federal tax return.

If you don't have qualifying health coverage for more than three or more consecutive months, you will have to pay a fee on your federal tax return.

In avoiding the double taxation, any dividend ADR investor should claim a foreign - tax credit on their federal tax return.

His son, Matthew Libous, was convicted in January of three counts of subscribing to false tax returns after he under - reported his income on his federal tax returns from 2007 through 2009.

Social Security retirement benefits that are taxable on your federal tax return will also be taxable on your West Virginia state tax return.

Taxpayers who prepay their 2018 - 2019 property taxes in 2017 can't deduct the prepayment on their federal tax returns because the county won't assess the property tax for the 2018 - 2019 tax year until July 1, 2018.

Itemized deductions in Delaware adhere to federal itemized deductions, and you can only claim itemized deductions if you did so on your federal tax return.

This information was of importance to the IRS as just 800 to 900 taxpayers per year between 2013 and 2015 had reported cryptocurrency capital gains on their federal tax return.

Taxpayers who prepay their 2018 - 2019 property taxes in 2017 will not be allowed to deduct the prepayment on their federal tax returns because the county will not assess the property tax for the 2018 - 2019 tax year until July 1, 2018.»

The IRS offers a variety of education tax benefits that you may be able to take advantage of on your Federal tax return.

Find out what documents are needed to itemize deductions on your federal tax return with advice from the tax experts at H&R Block.

But taxpayers would, the argument goes, be allowed to fully deduct the amount on their federal tax returns because the new law still allows most charitable giving to be deducted for federal tax purposes.

Your eligibility to claim a deduction for your Traditional IRA contribution on your federal tax return depends on whether you are an active participant of an employer - sponsored plan in the year to which your deduction applies.

Come April, people who have bought and sold Bitcoin — or any of the other digital currencies that have quickly sprouted across the web — will be expected to report any profits on their federal tax returns.

The business owner looks at expenses from prior tax years that were not amortized on federal tax returns and also considers depreciation.

To complete your state tax return in California, you must use information found on your federal tax return.

Background On federal tax returns, taxpayers who itemize deductions can take a deduction for mileage driven for charitable purposes.

An itemized tax deduction is a qualified expense by which a US taxpayer can claim on their Federal tax returns in order to lower their taxable income.

The interest you earn on munis is generally exempt from federal income tax, although you might have to pay state or local taxes or include capital appreciation on your federal tax return from purchasing discounted munis.

Reminder: this deduction is only available on the Iowa tax return; it is NOT available on the federal tax return.

The MAGI is derived by taking your adjusted gross income figure and adding certain deductions or adjustments to this number on your federal tax return.

Learn more about claiming dental expenses on your federal tax return with advice from the tax experts at H&R Block.

This story from April 2012 reminds Iowans that the deduction on an Iowa tax return for college tuition expenses can only be taken if the same deduction was taken on the federal tax return.

You need to calculate Federal AMT only, and that's the credit you use on your Federal tax returns.

Because of the Defense of Marriage Act, Angie and Alice can not file as a married couple on their federal tax returns.

When couples in a same - sex marriage live in a community property state, they must follow community property laws on their federal tax return, even though the federal government doesn't recognize their marriage.

The amount computed on the federal tax return is generally the starting point for computing Vermont taxable income.

Life insurance is a personal expense in the eyes of the IRS, so you won't be able to deduct your premiums on your Federal tax return.