Forms Capital Items
Schedule D, 4797, 8949 are the most common used forms.
Name three Tax Form(s) used to report Sales of capital gain items?
Phase out is $105,000 - 125,000 for MFJ IN a retirement plan
$198,000-208,000 for MFJ filer who is not a retirement plan participant
$66,000-76,000 for a single or HOH filer And
$0 - 10,000 for MFS
(MFJ married filing joint, HOH head of household, MFS married filing separate)
What is the MAGI (modified Adjusted Gross Income) phase out limits for a traditional IRA contribution when someone is participating in a retirement plan at work?
TurboTax Online (Free Edition, Deluxe, Premier, Self-Employed) is free for enlisted active duty military and reserve personnel.
Is there a military discount to use Turbo Tax online?
Prepare the non-resident state first since, in most cases your resident state allows you to take a credit for the taxes you have to pay to the non-resident state.
How do I file returns in multiple states?
Tuition and fees required for the enrollment or attendance of the taxpayer, the taxpayer's spouse, or any dependent of the taxpayer at an eligible educational institution for courses of instruction.
What are qualified education expenses to claim an education credit?
What form is used to report sales of capital stock?
$7000.00 contribution limit for 2021.
What is the base contribution limit plus catch up limit (for those over 50) in 2021?
The Military Spouse Residency Relief Act allows military spouses to maintain legal residence in the state where they lived before a permanent change of station move with their active-duty service member.
What is MSRRA?
You did not live in a state at any time during the tax year, but you did receive income that is sourced from that state because you:
What is a non-resident tax filer?
Half the total child tax credit amount is being paid in advance monthly payments. The balance is credited on the taxpayers 2021 tax return.
What is an advance child tax credit payment.
Form 6252.
What form is used to report installment sales?
Phase out is $198,000 - 208,000 for MFJ
$125,000 - 140,000 for single or HOH
$0- 10,000 for MFS
(MFJ married filing joint, HOH head of household, MFS married filing separate)
What is the MAGI (Modified Adjusted Gross income) Phase out limit for a Roth IRA Contribution?
A second amendment to the SCRA (servicemember civil relief act), called the Veterans Benefits and Transition Act of 2018, provides additional protections and benefits to military spouses.
What act allows Spouses to vote and pay taxes in their active-duty spouse’s state of legal residence, according to the Veterans Benefits and Transition Act of 2018?
You meet either the green card test or the substantial presence test for the calendar year.
What is a resident alien?
The maximum eligibility age of 65 years old was eliminated for tax returns filed in 2021.
Is there a maximum eligibility age for the earned income tax credit in 2021?
What form is used to report like kind exchanges?
Taxable Roth earnings distribution taken before age 59 1/2 from an account set up for only 3 years.
What is a non-qualified roth distribution?
Taxpayers can elect to include their non taxable combat pay in income but must include all nontaxable combat pay they received. They can't choose to include only a part of the nontaxable combat pay in earned income.
How can a military member earning non-taxable combat pay receive an earned income credit?
If you file a federal tax return separately from your spouse, you must report half of all community income and all of your separate income.
If you are Married, how do you file your taxes separately (MFS) in a community property state?
AGI of $39,500 or lower if MFJ, $29,625 or lower if HOH, and AGI of not more than $19,750 (in tax year 2021) allows a credit of 50% of your contribution.
What is the retirement savers credit?
Form 982.
What form is used to report reduction of tax attributes due to a discharge of indebtedness?
Recipients of a MDG (military death gratuity) or a SGLI (service members group life insurance) program.
What beneficiaries can rollover death benefits to a Roth IRA?
The period of suspension can’t last more than 10 years. Together, the 10-year suspension period and the 5-year test period can be as long as, but no more than, 15 years. You can’t suspend the 5-year period for more than one property at a time. You can revoke your choice to suspend the 5-year period at any time.
What is the period of primary residence home sale suspension if you are an active military member?
An agreement between two states that allows residents of one state to request exemption from tax withholding in the other (reciprocal) state. This can save you the trouble of having to file multiple state returns.
What is a A reciprocal agreement, also called reciprocity ?
Form 8867
What is the paid preparers due diligence checklist?