Nov 14, 2014 | Individual Income Tax Returns, Taxable Income
All or some of the amounts you receive could be taxable if you get retirement benefits from annuity or pension payments. They are fully taxable if you have no investment in the contract because you didn’t contribute anything for the pension or annuity, your employer...
Nov 14, 2014 | Individual Income Tax Returns, Taxable Income
If you lose your home through foreclosure or have restructured your mortgage loan, you could qualify for tax relief under the Mortgage Forgiveness Debt Relief Act. You can exclude up to $2 million of debt forgiven by or cancelled by a lender on your personal...
Nov 14, 2014 | Individual Income Tax Returns, Taxable Income
If you receive either of these benefits, you will receive a Form SSA-1099, which will let you know how much money you received in benefits. Social Security benefits include disability, retirement, and survivor benefits. If your only form of income is Social Security,...
Nov 14, 2014 | Arizona Individual Tax Credits, Individual Income Tax Returns, Tax Credits
These include the American Opportunity Credit and Lifetime Learning Credit. The full value of education credits is available to single taxpayers with a modified AGI of $63,000 a year or less and to married couples filing jointly with an income of $127,000 a year or...
Nov 14, 2014 | Arizona Individual Tax Credits, Individual Income Tax Returns, Tax Credits
Depending on your income, the child tax credit can be worth up to $1,000 per qualifying child under the age of 17. There are various criteria you need to meet: The child has to be claimed as a dependent on your tax return.The child must be a U.S. citizen.The child...
Nov 14, 2014 | Deductions, Individual Deductions, Individual Income Tax Returns
The amount of the standard deduction you will receive depends on the filing status you qualify for. In 2014, single taxpayers who file separate returns can claim a standard deduction of $6,200; this amount also applies to married couples who file separately. If you...
