IRS Schedule 3 of Form 1040 – Line-by-Line Instruction
Schedule 3 is included with Form 1040 to report additional credits and payments. Part 1 reports nonrefundable credits while Part II reports other payments and refundable tax credits.
Form 8889 – Contributions to an HSA for 2023 – Step-by-Step Guide
Form 8889 is completed with a Form 1040 (US Individual Income Tax Return) to report contributions and distributions to a health savings account (HSA). This sample video covers a Form 8889 tutorial for the 2023 tax year.
Form 1040-X Filing for Changes to IRA Contributions
Form 1040-X is filed to amend a previously filed income tax return. This scenario covers a Form 1040-X filed to correct the amount of IRA contributions reported on a previously filed Form 1040.
IRS Form 3520 – Gifts from Non-U.S. Persons
The IRS Form 3520 is filed to report interests in foreign trusts, as well as gifts from foreign persons. This sample Form 3520 covers gift reporting from a non-U.S. citizen to a U.S. person.
IRS Form 8582 – Rental Real Estate Special Allowance for Losses up to $25,000
Rental real estate investors must generally treat their investment as a passive activity subject to the passive activity loss rules. There is a special allowance for owners that actively participate in the rental operation.
IRS Form 8582 – Sale of Investments with Suspended Losses
The IRS Form 8582 is used to report losses related to passive activity investments. When an investment is sold that has suspended passive activity losses, those losses can generally be released and used to offset active income.
Unclaimed Form 1040 Tax Refunds – Over 1$ Billion of Unclaimed Refunds from 2020
The IRS estimates that over $1 billion of federal tax refunds are left unclaimed from the 2020 tax year.
Schedule A Itemized Deductions – Real Estate Property Tax Deductions
Individual taxpayers can generally claim an itemized tax deduction for real property taxes paid on their main or second homes. The property taxes are deducted on Schedule A with Form 1040.
IRS Form 8582 for Publicly Traded Partnership (PTP) Income
Publicly traded partnership (PTP) income is reported to investors on a Schedule K-1. Individual investors complete Form 8582 to reconcile income and passive activity losses from these activities.
Schedule A Form 1040 – Itemized Tax Deductions for Mortgage Interest Expense
Itemized tax deductions can be reported on Schedule A of a taxpayer's Form 1040 income tax return. This article and video tutorial cover the mortgage interest tax deduction for homeowners.