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Are Annuities reported on 1099-R?
Form 1099-R is used to report distributions from annuities, profit-sharing plans, retirement plans, IRAs, insurance contracts, or pensions. Anyone who rec...
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Is the IRS running behind on returns?
The IRS finished the 2021 tax filing season with a major backlog of tax returns.The National Taxpayer Advocate said that at the end of May, there were 35 ...
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What percent of child care expenses are tax deductible?
How it works. Take 20 to 35 percent of qualifying dependent care costs as a credit on your tax return (up to a limit). This credit applies on up to $3,000...
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What constitutes a gift for gift tax purposes?
The gift tax is a tax on the transfer of property by one individual to another while receiving nothing, or less than full value, in return. You make a gif...
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Can a parent claim a 23 year old on taxes?
Can I claim him as a dependent? Answer: No, because your child would not meet the age test, which says your “qualifying child” must be under age 19 or 24 ...
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Is Cancellation of Debt taxable to estate?
The credit card companies report the forgiveness of deceased debt to the IRS by using a 1099-C – Cancellation of Debt form. Even if the credit card compan...
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How does VA survivor benefits work?
The program provides lifetime benefits ranging from about $1,280 a month to $2,940 a month to eligible surviving spouses, depending on the deceased vetera...
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Are people with bipolar more prone to addiction?
In a study of people with bipolar disorder, approximately 60 percent had some history of substance abuse. Although it’s not fully understood why, bipolar ...
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How much interest can you charge on a promissory note?
Pursuant to California law, the maximum interest rate an individual may charge on a loan primarily for personal, family or household purposes is 10% per y...
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Is leasing a vehicle better than purchasing?
On the surface, leasing can be more appealing than buying. Monthly payments are usually lower because you’re not paying back any principal. Instead, you’r...
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