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What are the various types of interest? What are nominee and accrued interest? What is an OID adjustment?

Generally, you would know if any of these applied to you. If you are unsure, you should contact either the payer of the interest or the IRS for clarification. Nominee Interest: Nominee interest is interest that actually belongs to someone...

Non-Indiana Locality Earnings Deduction

You may be allowed a deduction if you have income being taxed by a locality (local governmental unit) located in another state. A "locality" could be a city, county, parish, etc. Example : You earned wages in Louisville, KY. Your employer...

Deduction for State and Local Income Taxes

applied to this year's state taxes would qualify for a deduction on your federal return. Mandatory contributions you made to the California, New Jersey, or New York Non occupational Disability Benefit Fund, Rhode Island Temporary Disability...

Limitations on your deduction for Charitable Contributions

If your charitable contributions meet one of the following conditions, the amount of your deduction may be limited: Your cash contributions of ordinary income property are more than 30% of your AGI. Your gifts of capital gain property...

What Personal Property Taxes qualify for a deduction?

The IRS will allow you to deduct certain state and local taxes you paid during the year on personal property ( such as a car or a boat ). To be deductible, the tax must be charged to you and must have been paid during the tax year. Deductible personal property taxes are...

Calculating my deduction for an Early Withdrawal Penalty

The Form 1099-INT or Form 1099-OID you received will show the amount of any penalty you were charged. You can locate your penalty on Form 1099-INT in box 2 and on Form 1099-OID located in box 3. If you have received more than one form you can add the different amounts t...

Illinois NonResident and Part Year Taxable Interest and Dividend Income

NonResidents: Only interest and dividends received as part of a business conducted in Illinois is taxable on your Illinois nonresident return. Use the IAF Worksheet below to calculate the amount of business interest and/or dividends...

What if I do not receive a 1099-INT, 1099-DIV, or a 1099-OID for my Interest or Dividends?

In some cases you will not receive a 1099-INT, 1099-DIV or a 1099-OID but you still have interest or dividends that need to be reported on your tax return. If you are not sure if you have interest or dividends to report, contact your bank...

Wisconsin Addition or Subtraction From Income - Differences in Federal and Wisconsin Basis of Partnership Interest

An addition or subtraction may be necessary if you sold your interest in a partnership and any increases or decreases were made to the federal basis of your partnership interest in taxable years prior to 1975, which resulted from...

Illinois NonResident and Part Year Domestic Production Activities Deduction

You are allowed a deduction on your Illinois nonresident or part year return for domestic production activities to the extent it is allowed on your Federal return and related to Illinois source income. If the income on which the deduction...