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You would issue the Form 1098 to the borrower, keep a copy, and send a copy to the IRS.

I'm not sure that the dealers are pulling the wool over peoples' eyes. The tax credit is yours, and up until 2024, you would have to wait until filing your tax return to claim the credit. Starting in 2024, the Internal Revenue Code *allows* the taxpayer to transfer the credit to the dealer for cash. Then the dealer can claim the credit on the dealership's tax return. But there's nothing in the code that *requires* dealerships to offer this deal. So if the dealership tries to 'price in' the credit, you can simply not complete the paperwork and keep the credit for yourself. And you can use the walkaway option to negotiate the price down with the dealership.

If you owe more in liabilities than your net worth, that falls under insolvency (Line 1b).

Incluso si es el mismo nombre, si se trata de una empresa diferente, debe solicitar un nuevo número de identificación de empleador.

No. It's a tax credit, which reduces your overall tax liability, dollar for dollar.

This amount comes from your records, based upon how much you purchased during the tax year, your income, and how many dependents you claimed on your tax return. This calculator is a rough estimate of how much you might have spent on state or local sales taxes based on where you live, income, and how many people live in your household.

This form is for a pension. If you have a job (with a Form W-2, not as a 1099 contractor), then you probably need to give your employer a Form W-4 so they can withhold the right amount of taxes. Below are links to an article and video on Form W-4. IRS Form W-4, Employee’s Withholding Certificate Article: www.teachmepersonalfinance.com/irs-form-w-4-instructions/ Video: th-cam.com/video/a7qxsGYLtkU/w-d-xo.html

According to the IRS, 'placed in service' means when you accepted delivery of the car (i.e. took it home). For example, if you purchased a vehicle in November, but you had to order it and it didn't arrive until January, then it would be considered 'placed in service' in January. For most people, this simply means when you drive it off the lot. www.irs.gov/newsroom/topic-c-frequently-asked-questions-about-when-the-new-requirements-apply-to-the-new-clean-vehicle-credit

Just as a side note we purchased the home in 2022 for 59000 (including closing cost)

Not sure that I can answer everything without looking at your actual tax situation, but I'll try. Box 2 shows $57,500, which are gross proceeds. According to the IRS, gross proceeds include cash and notes payable to you, notes assumed by the transferee (buyer), and any notes paid off at settlement. Selling expenses: IRS Publication states that selling expenses include the following: Determine your selling expenses. These are the costs directly associated with selling your home. a. Any sales commissions (for example, a real estate agent's sales commission) b. Any advertising fees c. Any legal fees d. Any mortgage points or other loan charges you paid that would normally have been the buyer's responsibility e. Any other fees or costs to sell your home

You would need to complete IRS Form 8863 (Education Credits) to verify that you qualify for the full amount of the American Opportunity Tax Credit. This tax credit has a nonrefundable portion and a refundable portion, that are reported on separate parts of the tax return. The nonrefundable portion of the tax credit (Part II of Form 8863) is reported on Line 7. The refundable portion (Part I) is reported on Line 15. If that's the only tax credit you're claiming, you *may* be able to report directly on the amended return. However, nonrefundable credits on Form 8863 are supposed to be reported on Schedule 3. From there, you could report that credit on Line 7. Below are resources we've created for both Form 8863 and Schedule 3, if you're interested: IRS Form 8863, Education Credits Article: www.teachmepersonalfinance.com/irs-form-8863-instructions/ Video: th-cam.com/video/ZHw6UqA4l0c/w-d-xo.html IRS Schedule 3, Additional Credits & Payments Article: www.teachmepersonalfinance.com/irs-schedule-3-instructions/ Video: th-cam.com/video/3SY1y9qowjA/w-d-xo.html

@teachmepersonalfinance Thank you!!!

You would check the box in Line 1 indicating: "If your last return was a joint return and you are now establishing a residence separate from the spouse with whom you filed that return, check here." If you check this box, according to the instructions, your spouse does not need to sign: "If your last return was a joint return, your spouse must also sign (unless you have indicated by checking the box on line 1 that you are establishing a separate residence)." However, you should enter your spouse's information.

What's your question?

You can use total gambling losses, *up to the total amount of gambling winnings* as an itemized deduction, as long as you: 1. Itemize on Schedule A 2. Keep records of your gambling winnings and losses However, you cannot claim more in expenses than you earned (i.e. claiming $50,000 in gambling losses in a year where you only made $20,000). Here are links to Schedule A for more detail. In the playlist, there is a video that goes over gambling losses specifically, and where to report them on Schedule A: IRS Schedule A, Itemized Deductions Article: www.teachmepersonalfinance.com/irs-schedule-a-instructions/ Video: th-cam.com/video/1jFCf_MU2P8/w-d-xo.html Playlist: th-cam.com/play/PLYHzJrFFCrpy1rgmUyp_4JMBnBvphyqB6.html

​@@teachmepersonalfinance Right but I'm saying my total amount won was $12601 the amount wagered was $13690 and total win loss is $-1088.24 so how much do I claim as itemized deductions? Thanks so much I'm so confused and I truly appreciate you 🙏

@@dottielawing4323 You can claim up to $12,601 in losses as an itemized expense. The remaining $1,088.24 is not eligible as a deduction.

You should check out this article, which goes through each line in order: IRS Form 1040-X, Amended U.S. Individual Income Tax Return Article: www.teachmepersonalfinance.com/irs-form-1040-x-instructions/ Video: th-cam.com/video/4WjwzGOL0kc/w-d-xo.html

@@teachmepersonalfinance Thank you

You would report it on your tax return, but I can't really tell without being able to look at it. You can read this article, which goes line by line, to determine where on your tax return you should report this: IRS Form 1099-INT, Interest Income Article: www.teachmepersonalfinance.com/irs-form-1099-int-instructions/ Video: th-cam.com/video/WBnysIIwrl0/w-d-xo.html

@teachmepersonalfinance thank you so much. I forgot to mention some things if you don't mind I'd like to hear about it. Im unemployed for the year and upcoming and i received a fairly matured bond with over a thousdand dollars of interest it said, plus $7 of interest pay on my savings account. How would this change things?

I cannot specifically tell you what to do, because I don't know what information is on your 1099-B. You can follow the steps in this article that will outline how you should report this information on your tax return: IRS Form 1099-B, Proceeds From Broker and Barter Exchange Transactions Article: www.teachmepersonalfinance.com/irs-form-1099-b-instructions/ Video: th-cam.com/video/s_ApKRPbSEg/w-d-xo.html

From the form instructions: : If more than one job has annual wages of more than $120,000 or there are more than three jobs, see Pub. 505 for additional tables; or, you can use the online withholding estimator at www.irs.gov/W4App.

From the form instructions: You can choose not to have federal income tax withheld from your payments by writing “No Withholding” on Form W-4P in the space below Step 4(c). Then, complete Steps 1(a), 1(b), and 5. Generally, if you are a U.S. citizen or a resident alien, you are not permitted to elect not to have federal income tax withheld on payments to be delivered outside the United States and its territories.

@teachmepersonalfinance Thank you. I remember you stating that on your video around on the 3min mark. My be I am over thinking this. But my concern is Step 2 (i) & (iii) for my wife's income. Will her income affect Step 4 (c) No Withholding if I fill in my wife's income too? Or it defeats the purpose if I include my wife's income?

@@iceman9956If you initially wanted $72,000 and no taxes withheld from your pension, then you would select 'No Withholding." If you included her income in the Step 2 box, then you would be sending a mixed message about how you want taxes withheld. It might help you think about this like your wife's income and your income are combined, instead of your income being separate from hers. That way, you can make adjustments to your withholdings with more accuracy.

@@teachmepersonalfinance thank you for the quick reply and for the clarification. U are awesome!

I don't see anything in the form instructions indicating that the previous owner has to do anything. Similarly, there don't appear to be any instructions requesting proof of ownership or other documentation. As the old owner, I don't believe that you need to do anything for this form, as far as the IRS is concerned. This simply is to inform the IRS of the new person being responsible for this entity for tax purposes, so it is in your best interest that the new owner completes the form and sends it to the IRS.

@@teachmepersonalfinance Thanks for answering! Another niche question: I haven't filed my Initial Return yet (Form 1120). Does this mean I have to file my Initial Return first before having the new owner file the Form 8822-B? Or can the new owner file a Form 8822-B and file Form 1120 himself? Really appreciate you sharing knowedge here.

That is correct--Line 4 is for contributions made before the tax filing deadline in the following year. Line 4 does not necessarily equal Line 1.

Here is a link to the video where we cover state and local tax deductions in more depth: th-cam.com/video/xnO9qa-Dkrg/w-d-xo.html You can also watch the Schedule A playlist, where we break down each type of itemized deduction: Playlist: th-cam.com/play/PLYHzJrFFCrpy1rgmUyp_4JMBnBvphyqB6.html

I would make sure that the IRS has a record of the name change before filing this form. Here is some more information on how to do that: www.irs.gov/filing/individuals/update-my-information

Su formulario de impuestos es correcto.

While you don't want to be subject to taxes on the total gross transaction amount on your Form 1099-K, you probably don't want to take this approach. There are multiple ways to handle this, based on your tax situation. Here is an example for Schedule C filers: *Schedule C filers*: Report the income on Line 1 (Gross income from sales). Report state taxes paid on Line 23 as an expense. Depending on your tax situation (partnership, S-corporation, sale of a personal item, etc.) there may be different ways to report the taxes that went along with your sales transaction. IRS Schedule C, Profit or Loss from Business Article: www.teachmepersonalfinance.com/irs-schedule-c-instructions/ Video: th-cam.com/video/T3KYF24chIg/w-d-xo.html

Most likely, you would not need to file this form unless you meet one of the following conditions: -You lend money in connection with your trade or business and, -In full or partial satisfaction of the debt, you acquire an interest in property that is security for the debt, or -You have reason to know that the property has been abandoned. If one of those happens, then you're supposed to send Copy A to the IRS, Copy B to the borrower, and keep Copy C for yourself as the lender. All three copies should report the same information.

You should have received one, but if you did not, you should report the income anyway. Here is a link to the IRS web page with more information: www.irs.gov/businesses/what-to-do-with-form-1099-k

You would file it with the rest of your income tax return.

I believe this form is designed so that both spouses can list the tax credits (such as dependent care credit, child tax credit, etc.) on their respective forms. However, do not confuse the tax credits with claiming dependents, or exemptions, which the old forms used to have spaces for. I'm not sure what happened with your husband's pay. That might be something he should discuss with his employer, and file an updated W-4, if necessary.

Question

@@ericacummings5202 If you received a Form 1099, you may have to file, if one of the following is true: -Your income is over the filing requirement -You have over $400 in net earnings from self-employment (side jobs or other independent work) -You had other situations that require you to file Here is a link to the IRS page with the filing requirement for 2024: www.irs.gov/individuals/check-if-you-need-to-file-a-tax-return I would also suggest that you file if you had taxes withheld on any payments. You may be eligible for a tax refund. Finally, the IRS offers a tax tool that you can walk through to determine whether or not you need to file. Below is a link to a video that I created to walk folks through that tool: Do I need to file a tax return?: th-cam.com/video/_Zw1ieTMJjs/w-d-xo.html

You have to certify all your mail

If you've already entered her pension amount on your Form W-4P, then you shouldn't have to enter her pension amount on her form.