Retirement Incomes
The form used to report exceptions to the 10% penalty for taking a withdrawal from an IRA prior to age 59 1/2.
What is a Form 5329?
Tax form used to report Capital Gains or losses on a tax return.
What is a Schedule D?
Gambling Winnings are usually reported by Lotteries or Cassinos on this form
What is a Form W-2 G?
Payments to this type of retirement account are often reported as an Adjustment to Income of a working taxpayer
What is a Traditional IRA?
The 2024 Standard Deduction for a Married Filing Jointly tax return.....not counting Blind or Over 65.
What is $29,200?
This tax form is received by people receiving RMDs and other distributions from retirement programs.
What is a Form 1099-R?
The amount of gain that a a MFJ taxpayer may usually exclude from income on the sale of a qualifying personal residence.
What is up to $500,000?
For Tax Aide, Gambling Losses can only be reported on this form
What is a Miscellaneous Itemized Deduction on Schedule A?
Payment into this type of retirement account are not deductible and amounts taken out are generally not taxable.
What is a Roth IRA?
The 2024 additional per person Standard Deduction for over 65 or blind.
What is $1,550 for MFJ, MFS, or QSS.....or $1,950 for HoH or S?
Tool used to calculate the non-taxable portion of a pension if the taxpayer made after-tax contributions to the plan.
What is the Simplified Method Tool? (Also known as a Bogart or CRT Tool)
Gain or loss on a capital asset held for more than one year.
What is a long-term capital gain or loss?
Alimony that is not taxable or deductible to either former spouse.
What is Alimony related to a post-2018 divorce?
An employee with a high deductible health plan may set aside pre-tax money for health costs with this type of account
What is a Health Savings Account (HSA)?
The maximum amount of State and Local Taxes that can be deducted on a Schedule A.
What is $10,000?
This form is used to report the non-taxable portion of an IRA distribution when the taxpayer made non-deductible contributions to the IRA.
What is a Form 8606?
The maximum amount of net capital losses that can be claimed in any year.
What is up to $3,000 per year?
The remainder may be carried over to the following years.
Payments by a divorced or separated parent to the other parent to offset the costs of raising a child that are never deductible
What is Child Support?
Qualified Teachers (K-12 and over 900 hours) may deduct this amount of qualifying expenses.
What is $300 in qualified Educator Expenses?
The amount of Medical Expense that can be claimed on a Schedule A.
What is Qualified Medical Expenses in excess of 7.5% of AGI?
A common means for a generous taxpayer to reduce the taxable portion of an RMD.
What is a Qualified Charitable Distribution (QCD) from an IRA?
Where information relating to Capital Gains or losses is usually provided to the taxpayer.
What is on a broker's year-end tax statement or a 1099-B?
Income that is reported on a Form 1099-C
What is Cancellation of Debt?
Deductible Student loan interest appears on this form.
What is form 1098-E?
Sales tax for these purchases may be added to the sales tax amount from the IRS Tables on Schedule A (within the $10,000 limitation)
What is Sales Tax on Motor Vehicles, Watercraft, Aircraft, and building materials for home construction or remodeling (if sales tax is identified separately)?