Q: I just sold my house and moved into a 55-plus community. I paid an entrance fee to the community and now pay rent on my ...

Keep records of those qualified expenses in your tax files. Similarly, you'll receive Form 1099-Q for distributions from 529 plans, but money you used for qualified education expenses aren't taxable.

Amy Fontinelle has more than 15 years of experience covering personal finance, corporate finance and investing. Lea Uradu, J.D. is a Maryland State Registered Tax Preparer, State Certified Notary ...

This is where Form 2848: Power of Attorney and Declaration of Representative comes into play. By signing this form, you grant an authorized representative, such as a tax attorney, CPA, or enrolled ...

Typically, this information gets reported using an IRS tax form called the 1099-K. The Form 1099-K is a reporting form meant specifically for transactions made through third-party network ...

Settlement agreement wording is important and can help avoid tax trouble. It does not bind the IRS, but helpful tax language in a settlement agreement can resolve audits.

New bank account bonuses often come with their own set of terms and conditions, as well as tax implications, as one redditor has learned. Let's take a closer look. Overall, the consensus among ...

Q. We don’t need all the ... $50,000 gross distribution from the 1099-R on line 4a, but report taxable portion as just $40,000 on Line 4b, and included a notation “QCD.” To make donating more ...

You'll receive tax form 1099-K if you earned more than $5,000 in untaxed income in 2024 and were paid via a third-party payment app. This rule has been delayed two years in a row, and 2024 serves ...

“The tax benefits of a 529 plan vary by state. Many states offer a tax deduction for contributions made within the year, ...