Start For Free

Fast, Secure, and Always Accurate!
Help Categories

Articles
Georgia Disaster Assistance Credit

Georgia provides for a credit for a taxpayer who receives disaster assistance during a taxable year from the Georgia Emergency Management Agency or the Federal Emergency Management Agency. The amount of the credit is equal to $500

What is a W-2G? Gambling Winnings and Losses and How to Report

The Form W-2G reports income and withholdings related to gambling. Generally, you will receive a Form W-2G if you receive: $600 or more in gambling winnings and the payout is at least 300 times the amount of the wager ( except winnings

Out-of-state losses

If you incurred losses from the operation of an out-of-state business, or from the rental or sale of out-of-state property, any such losses must be added back to Federal Adjusted Gross Income. This includes partnership losses and losses

Capital Gains and Losses

Capital gains and losses occur when a taxpayer sells a capital asset such as stocks, bonds, or the sale of your main home. Capital gains and losses are classified as long term or short term.

Overview of Casualties and Losses

of all necessary facts. For more information regarding casualty losses of personal-use property and how to deduct them, refer to Publication 547 , Casualties, Disasters, and Thefts . If your business or income-producing property

Examples of other Job related expenses:

Examples of other job related expenses may include the following: Safety equipment, small tools, and supplies needed for your job. Uniforms required by your employer that are not suitable for ordinary wear. Protective clothing required

Wisconsin Addition to Income - Farm Losses

An Addition to Income may be required if farm losses were deducted on your federal tax return and you were NOT actively engaged (explained later) in the farming operations that produced those losses AND your nonfarm Wisconsin adjusted

Please explain deductions that are available related to Medical Expenses.

Medical and dental expenses, such as doctor visits, health insurance, glasses, etc.: Generally, you are allowed a deduction for most of the medical expenses that you paid during the tax year. However, you cannot include any part of the expenses that were paid by an insurance company or other source. You can generally include the qualifying expenses that you paid for yourself, your spouse, and all dependents that are being claimed on your return. Common expenses include: Medical and dental insurance Amounts paid to doctors and dentists Prescriptions Medical aids such as eyeglasses, hearing aids, crutches, and wheelchairs If you used your own car, you can even claim certain vehicle expenses that you paid to go to and from the place you received the care. For additional information, click here . Health Savings Account: A Health Savings Account (HSA) is a tax-exempt trust or custodial account that you can set up to help pay for medical expenses that you may incur throughout the year. Any contributions that you make to an HSA during the year are generally deductible. If you made contributions to an HSA, you should receive a Form 5498-SA listing your contribution information. You will know it is for an HSA because the HSA box will be checked in box 6. The IRS also requires that you report any distributions that you received from your HSA during the year. If you withdrew money from your HSA, you should receive a Form 1099-SA with the amount of your withdrawals. You will know it is for an HSA because the HSA box will be checked in box 5. Medical Savings Account: A Medical Savings Account (MSA) is another type of tax-exempt account that you can set up to help pay medical expenses that you may incur throughout the year. It is similar to an HSA. Any contributions that you make to an MSA during the year are generally deductible. If you made contributions to an MSA, you should receive a Form 5498-SA listing your contribution information. You will know it is for an MSA because the Archer MSA box or the MA MSA box will be checked in Box 6. The IRS also requires that you report any distributions that you received from your MSA during the year. If you withdrew money from your MSA, you should receive a Form 1099-SA with the amount of your withdrawals. You will know it is for an MSA because the Archer MSA box or the MA MSA box will be checked in box 5. Health Insurance for Self-Employed Individuals: If you were self-employed, you may be able to deduct any amounts that you paid to provide health insurance for yourself, your spouse, and/or your dependents. To qualify for the deduction: Your business must have had a net profit for the year and The insurance plan must be established under your business.

Please explain deductions and credits that are available related to Education.

Interest you have paid on student loans: If you attended a college, university, or vocational school after high school, you may have taken out student loans to help cover all the costs. If those loans are now being repaid, chances are that you are paying interest. If so, you can generally use this interest as an additional deduction on your return. You can claim the interest deduction if all of the following apply: You paid interest on qualified student loan in tax year 2015 You are legally obligated to pay interest on a qualified student loan Your filing status is not married filing separately Your modified adjusted gross income is less than a specified amount which is set annually, and You and your spouse, if filing jointly, cannot be claimed as dependents on someone else's return Generally, you should receive a Form 1098-E that reports any student loan interest that you have paid. The amount that you are eligible to deduct is usually the amount in Box 1. Expenses you have paid for higher education (such as tuition): There are a lot of costs that go along with attending a college, university, or vocational school. The good news is that many of these costs can be used to help reduce your tax bill. Generally, you can use expenses that you paid for yourself, your spouse, or any dependent that you are claiming on your return. As long as the school that you paid the expenses to is eligible to participate in a student aid program administered by the Department of Education (which covers virtually all post-secondary institutions), the expenses will generally qualify. You should receive a Form 1098-T from your school listing your qualifying tuition and fees. For more information: Tax Benefits for Education Claiming Education Credits vs. Deductions How do I report qualifying education expenses that I paid with a 1099-Q distribution?

Enter Other Gains/Losses from Form 4797 attributable to Virginia

Other gains and losses occurring from the sale of an asset is taxable to Virginia if the asset is located in Virginia or the business or venture is based or located in the state. Enter the portion included on your Federal return