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an AVERAGE return. Reports income such as wages, unemployment, interest and dividends. Lists only the more common credits and adjustments such as child tax credits and educational credits. Cannot Itemize deductions with the 1040A...

Married Filing Separately

for filing separately: When using the married filing separately designation special rules apply that limit or eliminate tax deductions and credits. Generally this results in a higher combined tax liability verses filing married filing joint. Your...

Alternative Minimum Tax (AMT) for Individuals

The Alternative Minimum Tax also known as "AMT" was enacted by Congress to ensure that individuals who benefit from certain exclusions, deductions, or credits be required to pay at least a minimum amount of tax. The AMT is the excess...

Tips to Start Planning Next Year's Tax Return

to scramble for misplaced tax documents necessary to complete your return come tax time. Consider Itemizing Your Deductions : If you normally claim the Standard Deduction, you may be able to reduce your tax liability if you itemize instead...

Form W-2G: Gambling Winnings

gambling, you can generally list your losses as a deduction to help reduce your income and lower your tax bill. To enter your gambling losses in our program go to Deductions > Enter Myself > Itemized Deductions > Miscellaneous Deductions...

Can I take the Mortgage Interest Credit AND the deduction for mortgage interest that was reported on Form 1098 on the same return?

year. Enter your mortgage interest by selecting Federal Section > Deductions > Itemized Deductions > Mortgage Interest and Expenses. Enter your mortgage interest credit by selecting Federal Section > Deductions > Credit Menu > Mortgage...

Investment Interest Expense Deduction (Form 4952)

the Welcome Back screen after signing in, click on Federal Section located on the black navigation bar at the top of the screen. Next, click Deductions located on the white navigation bar just under Federal Section followed by Enter Myself...

Tax Tips for Newlyweds

which is most advantageous for you collectively. Change in Standard or Itemized Deductions: If you did not qualify to itemize deductions before you were married, that may have changed. You and your spouse may save money by itemizing rather...

Deduction for State and Local Income Taxes

return under: Deductions >> Enter Myself >> Itemized Deductions >> Taxes You Paid....

Colorado Additions to Income

STATE INCOME TAX DEDUCTION ADDBACK Individuals who itemize deductions on their federal return, must add back on the Colorado return any state income tax included in their federal deductions. If you do not itemize deductions on your federal...