by Angie | Jun 7, 2022 | 1040, Dependent, Taxes
The finish line is finally here…. Line 29 is for the American Opportunity Credit. This is an education credit that can be taken for students in college. It helps reduce the amount of taxes owed or may even increase your refund. You will need to fill out Form 8863,...
by Angie | Apr 12, 2022 | 1040, Taxes
Lines 3a and 3b refer to Dividends you receive from stock. Qualified dividends are entered in box 3a and are eligible for a lower tax rate than other ordinary income. Generally, these dividends are shown on box 1b of Form(s) 1099-DIV. Some dividends reported aren’t...
by Angie | Apr 8, 2022 | 1040, Taxes
So, let’s look at 2a and 2b. If these don’t apply to you, then you can skip over these. If these apply to you then you should receive 1099’s (1099-INT, 1099-DIV, or 1099-OID) reporting what you’ve received. INT stands for interest. DIV stands for dividends such as...
by Angie | Mar 30, 2022 | 1040, Taxes
So, now we must discuss the most important part of a 1040. Line 1. Yes, the dreaded line 1. Wages, salaries, tips, etc. What’s etc. anyway? Really? We as citizens must decipher what etc. is? Well, if you want a basic summary of what all that means, here ya’ go....
