by Angie | Apr 16, 2022 | Itemize, Taxes
Now we come to the part where you must decide if you should take the standard deduction or itemize your deductions. Are you looking at the previous statement like a deer in headlights because you’re not quite sure what a deduction is? It’s ok. I got you. Basically, a...
by Angie | Apr 15, 2022 | Benefits, Taxes
If you received Social Security Benefits, then you should have received an SSA-1099 with the total amount paid to you in box 3 and any repaid amounts in box 4. You should receive an RRB-1099 if you received any railroad retirement benefits that were treated as social...
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....
