TAX FORMS
This form is used by employers to show the number of wages that were paid to their employees and the amount of federal and state taxes withheld
What is form W2?
This form is attached to form 1040 To report Additional Income (from unemployment, Businesses, Rents, Farming or other)
What is Schedule 1?
This IRS Penalty is imposed when a taxpayer does not file a return by the due date (Tax Day)
What is Failure to File Penalty?
This income if the IRS definition of ALL sources of income before any deductions are taken out.
What is gross income?
This Credit is partially refundable and granted to taxpayers with dependent children under the age of 17.
What is Child Tax Credit?
This type of additional tax consisting of Social Security and Medicare Tax is calculated when a taxpayer works for themselves.
What is Self-Employment Tax?
This Tax Form is used to report Distributions From Pensions, Annuities, Retirement of Profit-sharing plans
What is Form 1099-R?
This Schedule is used to report Income from Gig work, freelancing and/or Sole Proprietorships.
What is Schedule C
This penalty is charged for substantially understating income as a result of negligence or disregard of rules.
What is Accuracy Related Penalty?
This type of income is a profit from selling investments like stocks, bonds, or real restate.
What is Capital Gains?
This partially refundable credit can be used if an eligible student had qualifying tuition and related expenses for the first four years of higher education.
What is American Opportunity Credit?
This additional tax must by reported if you have a household employee such as nannies, housekeepers, or gardeners. (You are responsible for withholding and paying Social Security and Medicare Tax)
What is Household Employment Taxes?
This Tax Form is used by taxpayers over the age of 65 as a Tax Return for Seniors
What is 1040-SR?
This Schedule is used when the taxpayer will not be taking the standard deduction and will choose to Itemize their deductions.
What is Schedule A?
This penalty is charged when taxes are not paid by the due date.
Failure to Pay Penalty?
This type of income is a profit from Freelance Work, gigs, or ones own business.
What is self-employment income?
This refundable tax credit is for low-to-moderate income workers. The amount may change if you have children, dependents, are disabled or meet other criteria.
What is Earned Income Credit (EITC)
This additional Tax was designed to ensure that higher income individuals and corporations pay at least a minimum amount of tax, regardless of deductions, credits or exemptions.
What is Alternative Minimum Tax?
This form is used by Payment Card and Third-Party Networks to report transactions that were processed on behalf of a taxpayer.
What is Form 1099-K?
This Schedule is used to report the taxpayer's capital gains and Losses.
What is Schedule D?
This Penalty of $25 is charged when a check for a tax payment is dishonored (declined)
What is Bad Check Penalty?
This type of taxable income is a benefit received if a taxpayer has lost his or her job.
What is unemployment compensation?
This Non-Refundable Credit can be used to report the amount of expenses paid for the care of dependents.
What is Child And Dependent Care Credit?
This additional tax is paid when there is an excess from form 8962 calculated when the taxpayer received an overpayment in premiums from the Marketplace.
What is Excess Advance Premium Tax Credit repayment?
This form is used when any debt is forgiven during the tax year by a lender (the amount of the canceled debt is viewed as taxable income)
What is Form 1099-C
This Schedule is used to report the taxpayer's Interest and Dividends
What is Schedule B?
This Penalty is calculated when the taxpayer does not pay enough taxes by making estimated payments or in the form of withholdings from their wages
What is Understatement of Estimated Tax Penalty?
This type of taxable income is characterized as payments received from divorces finalized before 2019.
What is alimony?
This Non-Refundable Credit can be used to report expenses paid for energy improvements made to homes.
What is Residential Energy Efficient Property Credit?
This additional Tax is reported when the taxpayer claimed a credit for a home purchased between April 09, 2008 and December 31, 2008 and either sold the home, moved out or not longer uses it as a main home.
What is First-Time Homebuyer Credit Repayment?
This informational form is used to report IRA Contribution Information.
What is form 5498?
This Schedule is attached to FTB Form 540 Amended return to explain the changes made to the taxpayer's California Return.
What is Schedule X?
This penalty is applied to tax return preparers who engage in misconduct, such as understating a client's tax liability or failing to keep proper records.
What is Tax Preparer Penalty?
This type of income is received from customers for services you provide. This includes cash, credit card charges, and any monies allocated from a tip pool.
What is Tip Income
This Credit is similar to the federal EITC, but for California Residents.
What is California Earned Income Tax Credit?
This additional tax is a 10% Penalty on early distributions from a retirement account (before 59 1/2) as is calculated on form 5329.
What is Additional Tax on IRA and other retirement plans?