Start For Free

Fast, Secure, and Always Accurate!
Help Categories

Articles
What is a Form 1099-MISC? (View a sample form)

is for and how to report it, click here. The two most common entries on Form 1099-MISC are Box 3, Other Income and Box 7, Nonemployee Compensation. Box 3 entries are generally just included on line 21 of your return as Other Income. However, for Box

Installment Agreement (Form 9465)

Purpose of the Form The purpose of form 9465 is to request a monthly installment plan if you cannot pay the full amount you owe shown on your tax return or any letter you may have received from the IRS requesting payment. The maximum

Application for an Extension (Form 4868)

requesting an extension. Completing Form 4868 You must make an accurate estimate of any tax due when you request an extension. You may also send a payment for the expected balance due, but this is not required to obtain the extension. All amounts

Form W-2G: Gambling Winnings

If you received a Form W-2G for winnings you received from gambling, you can enter this in your TaxSlayer account by selecting Income Menu > Enter Myself > Other Income > Gambling Winnings (W-2G). Enter the information requested from

Form 1099-R Box 10

rollover, you allocate the amount from your 2015 Form 1099-R, box 10, to the amounts, if any, you have rolled over into that designated Roth account. If you have not taken a distribution from your designated Roth account before 2015

Form W-2G: Gambling Winnings

If you received a Form W-2G for winnings from gambling, you can enter this in your TaxSlayer account by going to the Federal Section > Income > Enter Myself > Other Income > Gambling Winnings (W-2G) . If you happen to have lost money

Education Credit - Form 8863

There are two tax credits available to individuals who pay expenses for higher (post-secondary) education. They are: The American Opportunity Credit, and The Lifetime Learning Credit Can you claim more than one education credit this year? For each student, you can choose for any year only one of the credits. For example, if you choose to take the American Opportunity Credit for a child on your 2015 tax return, you cannot, for that same child, also claim the Lifetime Learning credit for 2015. If you are eligible to claim the American Opportunity Credit and you are also eligible to claim the Lifetime Learning Credit for the same student in the same year, you can choose to claim either credit, but not both. *Based on the information in your return, our program will recommend the better of the two education credits. If you pay qualified education expenses for more than one student in the same year, you can choose to take the American Opportunity and the Lifetime Learning credits on a per-student, per-year basis. This means you can claim the American Opportunity Credit for one student and the Lifetime Learning Credit for another student in the same year. Who Can Claim an Education Credit? You may be able to claim an education credit if you, your spouse, or a dependent you claim on your tax return was a student enrolled at or attending an eligible educational institution. The credits are based on the amount of qualified education expenses paid for the student in 2015 for academic periods beginning in 2015 and in the first 3 months of 2016. For example, if you paid $1,500 in December 2015 for qualified tuition for the spring 2016 semester beginning in January 2016, you may be able to use that $1,500 in figuring your 2015 education credit(s). Academic period: An academic period includes a semester, trimester, quarter, or other period of study (such as a summer school session) as reasonably determined by an educational institution. In the case of an educational institution that uses credit hours or clock hours and does not have academic terms, each payment period can be treated as an academic period. Eligible educational institution: An eligible educational institution is any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the U.S. Department of Education. It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. The educational institution should be able to tell you if it is an eligible educational institution. Certain educational institutions located outside the United States also participate in the U.S. Department of Education's Federal Student Aid (FSA) programs. Who can claim a dependent's expenses: Generally, qualified education expenses paid on behalf of the student by someone other than the student (such as a relative) are treated as paid by the student. However, qualified education expenses paid (or treated as paid) by a student who is claimed as a dependent on your tax return are treated as paid by you. Therefore, you are treated as having paid expenses that were paid from your dependent student's earnings, gifts, inheritances, savings, etc. If a student is claimed as a dependent on another person's tax return, only the person who claims the student as a dependent can claim a credit for the student's qualified education expenses. If a student is not claimed as a dependent on another person's tax return, only the student can claim a credit. What is covered? The tuition and fees deduction is based on qualified education expenses you pay for yourself, your spouse, or a dependent you claim an exemption for on your tax return. Generally, the deduction is allowed for qualified education expenses paid in 2015 in connection with enrollment at an institution of higher education during 2015 or for an academic period beginning in 2015 or in the first 3 months of 2016. For purposes of the tuition and fees deduction, qualified education expenses are tuition and certain related expenses required for enrollment or attendance at an eligible educational institution. Who cannot claim a credit? You cannot take an education credit if any of the following apply: You are claimed as a dependent on another person's tax return, such as your parent's return. Your filing status is married filing separately. You (or your spouse) were a nonresident alien for any part of 2015 and did not elect to be treated as a resident alien for tax purposes. Your Modified Adjusted Gross Income (MAGI) is one of the following: American opportunity credit : $180,000 or more if married filing jointly, or $90,000 or more if single, head of household, or qualifying widow(er). Lifetime learning credit : $130,000 or more if married filing jointly, or $65,000 or more if single, head of household, or qualifying widow(er). How do I enter this into my TaxSlayer account? To enter the education credit into your TaxSlayer account, Log in and go to the Federal Section > Deductions > Enter Myself > Credits Menu > Education Credits.

Massachusetts Form 1099 Miscellaneous

If you have a Federal 1099 Miscellaneous then you are required to fill out the 1099-Miscellaneous information within the state program for Massachusetts as well. You will find this information in the Income Subject to Tax section of the state program.

What is form 1095-A Obamacare or ACA?

You received Form 1095-A because you or a family member enrolled in health insurance through the Marketplace. The form should be sent by January 31, 2015 from the Marketplace where you enrolled. Use this form to complete Form 8962, Premium

Form 1065 Box 18 Information

Some items reported on your Schedule K-1 (Form 1065) may need to be entered directly into a specific form instead of the K-1 entry screen. Below is a list of items that are not entered directly into Form 1065, Schedule K-1 within