Start For Free

Fast, Secure, and Always Accurate!
Help Categories

Retirement Plan Income Previously Taxed by Another State

Enter the amount of retirement income received during the taxable year on which the contributions were taxed in another state, but were deductible from federal adjusted gross income during the same period. The total amount

Purchasing U.S. Savings Bonds with your Federal Refund

A feature has been added during the e-file process of your TaxSlayer account that enables you to purchase U.S. Savings Bonds using your anticipated Federal refund for yourself or another individual. This feature is located during the E

Who qualifies to have an HSA (Health Savings Account)?

qualifying for an HSA, please reference IRS Publication 969, Health Savings Accounts and Other Tax-Favored Health Plans .

Indiana Taxable Social Security and/or Railroad Retirement Benefits Deduction

Indiana does not tax Social Security income or the railroad retirement benefits that are issued by the U.S. Railroad Retirement Board. Taxable Social Security income from Federal 1040, line 20b, is automatically deducted from Indiana

Tier 2 and Other Railroad Retirement and Railroad Unemployment Benefits

Enter the amount of Tier 2 vested dual benefits and other Railroad Retirement Act Benefits and Railroad Unemployment Insurance Act Benefits included in federal adjusted gross income and reported on your federal return as a taxable pension

What are the benefits of a HSA (Health Savings Account)?

You may enjoy several benefits from having an HSA including: A tax deduction for contributions you, or someone other than your employer, make to your HSA even if you do not itemize your deductions on Form 1040. Contributions to your HSA made by your employer (including contributions made through a cafeteria plan) may be excluded from your gross income. The contributions remain in your account from year to year until you use them. The interest or other earnings on the assets in the account are tax free. Distributions may be tax free if you pay qualified medical expenses. An HSA is "portable" so it stays with you if you change employers or leave the work force. For more information on HSAs: What is an HSA? Who qualifies to have an HSA?

Kentucky Retirement Income (Schedule P - Part I Only)

Complete Schedule P, Part I, and file with Kentucky Form 740 if: 1. Your taxable pension and retirement income from all sources is greater than $41,110; and you are retired from the federal government, the Commonwealth of Kentucky

I was covered by a retirement plan at work. Will this affect the amount of my IRA deduction?

If you were covered by a retirement plan ( qualified pension, profit-sharing, 401(k), annuity, SEP, SIMPLE, etc .) at work or through self-employment, your IRA deduction may be reduced or eliminated. This depends on the level of your

What is a Medical Savings Account (MSA) and what are its benefits?

it stays with you if you change employers or leave the work force. To find out who qualifies to have a Medical Savings Account, click here .

Making Work Pay Credit Offers Tax Savings Up to $800

This credit is automatically calculated within your TaxSlayer account based on your filing status and earned income. For tax years 2009 & 2010, the Making Work Pay Credit helps millions of workers and self-employed individuals. Although income limits apply to this credit, it is refundable - meaning that those eligible can get it even if they owe no tax. Most eligible taxpayers qualify for the Making Work Pay Credit of $800 for a married couple filing a joint return or $400 for other taxpayers. The credit equals 6.2% of earned income up to the maximum amount. Thus, any eligible couple filing a joint return whose earned income in $12,903 or more qualifies for the $800 maximum credit. This is true even if the income is earned entirely by one spouse. Other taxpayers qualify for the $400 maximum if their earned income is $6,451 or more. For most workers, the credit is based on the taxable wages reported to them on Form W-2. Self-employed individuals figure the credit using the net profit or loss they receive from a business or farm. Additional calculations are necessary for some taxpayers, including those who have net business losses, or foreign earned income. Some taxpayers are not eligible for the making work pay credit, including: Joint filers whose modified adjusted gross income (MAGI) is $190,000 or more Other taxpayers whose MAGI is $95,000 or more Anyone who can be claimed as a dependent on someone else's return A taxpayer who doesn't have a valid Social Security Number ( SSN ) Joint filers, if neither spouse has a valid Social Security Number Nonresident aliens Other taxpayers qualify for the credit but must reduce the amount of the credit they claim, including: Joint filers whose MAGI is more than $150,000 but less than $190,000 Other taxpayers whose MAGI is more than $75,000 but less than $95,000 Note - After the filing year 2010 this credit was no longer available, however you may still claim this credit if you qualify on amended returns prior to 2010..