Monthly Archives: June 2015

If you are self-employed or a contract employee you will have likely received a Form 1099-MISC at some point. Even if you are not self-employed for the whole year you will still receive a 1099-MISC for any client or company who paid you more than $600. In simple terms this form is like a W-2 […]

You will receive a 1099-B if you have sold any stock, bonds, mutual fund or securities in the tax year. You should receive this form from the financial institution or broker you used to make the deals. This form can be sent separately or may also be combined into a statement with other tax information […]

If you purchased a health plan through the Health Insurance Marketplace you can expect to receive a Form 1095-A Health Insurance Marketplace Statement by January 31, 2015. Many have decided to take a premium tax credit in advance that helps subsidize their monthly health insurance premiums. The credit you receive will be reported on 1095-A, […]

If you received any income from stocks, capital gains or mutual funds during the tax year you can expect to receive a Form 1099-DIV. Below is a listing of what each box on Form 1099-DIV represents. Box 1a: This box will include the fully amount of ordinary dividend payouts. Box 1b: This box will include […]

Often times when people consider itemizing it is for the three big deductions; home mortgage interest, state and local taxes and charitable donations. Although there are numerous more deductions in addition to the big three. These types of deductions are generally considered miscellaneous itemized deductions and are claimable if they exceed 2% of your adjusted […]

If you paid tuition at a qualifying college or other higher education institution you will received a Form 1098-T: Tuition Statement. If you go to a college, university or vocational school that participates in the Department of Education programs for student aid they are qualified institutions. Form 1098-T will listed any expenses related to your […]

Certain federal tax guidelines allows you claim children as dependents up to 23 years old. Generally you can claim children 19 years and younger, but there are a few different guidelines for full-time students. Any child that is 23 years old or younger and is a full-time student may be claimed as a dependent if […]