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NY Long Term Care Insurance Credit – IT-249

If you paid premiums for qualified long-term care insurance, you may claim a credit against your personal income tax equal to 20% of the premiums paid during the tax year for the purchase of or for continuing coverage under a qualifying...

Minnesota Long Term Care Insurance Credit (M1LTI)

You may be able to claim a credit against tax based on any premiums you paid in 2014 for a qualified long-term care insurance policy for which you did not receive a federal tax benefit. To qualify, your long-term care insurance policy must...

What is Minimum Essential Coverage (Obamacare/Affordable Care Act)?

Under the Affordable Care Act, people must have health care coverage that meets a minimum standard called minimum essential coverage; otherwise, they must qualify for an exemption. Minimum essential coverage includes all Government and job...

What are the qualifications for claiming a person as a Dependent or a Qualifying Child on my return?

Individuals who rely on you for support and reside in your house generally qualify for dependent tax exemptions. However, there are situations when a child's exemption status is more complicated. The IRS has special rules...

Which boxes should I check when entering my dependent's information?

of the checkboxes should be marked when you are entering your dependent information into your account with TaxSlayer. Check if this person was a FULL-TIME STUDENT: The IRS defines a full-time student as a student who is enrolled for the number......

What if I am claimed as a dependent on someone else's return?

If you are claimed as a dependent on another tax return, you are required to report to the IRS that you can be claimed as a dependent on another tax return. To accomplish this, from the Basic Information of the return, select Personal...

Form 8332 - Claiming a dependent who did not live with you

Generally, to claim a child as a dependent, that child had to live with you for over half the year. If the child did not live with you at all during the year, it is typically the case that someone else (usually the custodial parent...

Form 8853 - Long Term Care (LTC) Insurance Contracts: What is "Qualified"?

Qualified LTC Contracts A qualified long-term care (LTC) contract is a contract issued: After December 31, 1996 that meets the requirements of section 7702B (see below), including the requirement that the insured must be a chronically ill...

What is the Second Lowest Cost Silver Plan (SLCSP) and the Affordable Care Act /Obamacare?

There are four types of plans sold on the insurance exchange- bronze, silver, gold and platinum. Each plan offers a different level of health coverage available at different costs. The Second Lowest Cost Silver Plan, is the silver plan with the second lowest cost and av...

What do I do if either I or my spouse is claimed as a dependent on someone else's return?

If someone else intends or has claimed the Taxpayer as a dependent, the Taxpayer must check the box marked " Check here if the Taxpayer can be claimed as a dependent on someone else's return ". This check box can be found in the Personal...