Taxes
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Latest Articles
How to Fill in Schedule B of Form 1116 for Foreign Tax Credit Carryovers
The Form 1116 is included with a taxpayer's Form 1040 to calculate their foreign tax credit. This example looks at the FTC carryovers for unused amounts.
How to File IRS Form 1116 for Foreign Qualified Dividend Adjustments
The Form 1116 is included with a taxpayer's Form 1040 to calculate their foreign tax credit. This example looks at potential adjustments required for foreign qualified dividend income.
How to File IRS Form 1116 (Foreign Tax Credit) for Foreign Taxes Paid on Foreign Investment Income
The Form 1116 is included with a taxpayer's Form 1040 to calculate their foreign tax credit. This example looks at a taxpayer claiming an FTC for foreign taxes paid on foreign investment income.
How to File IRS Form 6251 for AMT Adjustments of Private Activity Bond Interest Income
Some individual taxpayers may be subject to the alternative minimum tax (AMT) when they file their Form 1040. This example looks at an AMT adjustment for private activity bond interest income.
IRS Form 1099-DIV with Foreign Taxes Paid – Foreign Tax Credit on Form 1116
Some investors may have foreign taxes withheld on their dividend income. These foreign taxes can generally be claimed as a foreign tax credit on IRS Form 1116.
IRS Form 1099-DIV with Section 199A Dividend Distributions
Section 199A provides taxpayers a deduction for qualified business income (QBI). QBI can be distributed to an investor through dividend income. This example looks at the QBI deduction available as reported on Form 1099-DIV.
How to File IRS Form 8283 for Donated Clothing and Furniture
The IRS Form 8283 is included with a taxpayer's Form 1040 when they donate noncash property to a charity during the tax year.
How to File IRS Form 8283 for Contributions of Publicly Traded Stock to a Private Foundation
IRS Form 8283 is included with a taxpayer's Form 1040 to report noncash charitable donations to a charity. In this example, we cover the donation of publicly traded stock to a private foundation.
How to File IRS Form 1116 for a Foreign Tax Credit on Compensation
Form 1116 is used by taxpayers to claim a foreign tax credit on their Form 1040 individual tax returns. This example covers a Form 1116 filing for foreign tax credits on foreign compensation.
How to Complete IRS Form 4797 for Section 475(f) Mark-to-Market (MTM) Stock Traders
Certain day traders that qualify for trader tax status (TTS) may be eligible to make a Section 475 MTM election. If the election is made, the taxpayer reports their stock trades on Form 4797.
Form 1099-DIV with Federal Income Taxes Withheld
Form 1099-DIV reports dividend income paid to the recipient during the year. If the recipient had any federal income taxes withheld on their distributions, they can claim the withholding as a credit on Form 1040.
How to File IRS Form 8283 for Donating a Vehicle to Charity
Taxpayers can attach Form 8283 to their Form 1040 when they make a charitable donation of noncash property during the year. This example looks at Form 8283 for a used vehicle.
IRS Form 1099-DIV for Liquidating Distributions from a Corporation
Corporations that wind up operations and liquidate the company's assets may make final distributions to shareholders. Those distributions are generally reported on Form 1099-DIV as a liquidating distribution.
IRS Form 6251 Alternative Minimum Tax (AMT) for Incentive Stock Options (ISO)
Some individual taxpayers may be subject to AMT when they file their Form 1040. If a taxpayer receives ISOs, it may have a Form 6251 filing requirement.
IRS Form 1099-INT Explained: Early Withdrawal Penalties on CD’s
If an individual makes an early withdrawal from certain savings accounts, they may be assessed a penalty. The penalty is generally tax deductible on their Form 1040.