Nov 14, 2014 | Individual Income Tax Returns, Taxable Income
Retirement plan distributions are generally taxable unless they are from a designated Roth or Roth IRA account. Early withdrawals of funds from a retirement plan are subject to tax, and you may also be hit with a 10 percent additional tax penalty; however there are...
Nov 14, 2014 | Individual Income Tax Returns, Taxable Income
Debt that is forgiven or cancelled by an official lender is deemed to be taxable income. For example, if you settle a $5,000 credit card debt for $2,000, you will owe income tax on the $3,000 that was forgiven. Get Professional Accounting Help! For further questions...
Nov 14, 2014 | Individual Income Tax Returns, Taxable Income
When you receive alimony from a spouse or former spouse, it is necessary to report it as income in the year you received it. Alimony payments you make are tax-deductible but only if they are made under an official divorce decree. Payments not made under an official...
Nov 14, 2014 | Individual Income Tax Returns, Taxable Income
Money gained through gambling is considered taxable income. All cash winnings must be included, along with the fair market value of non-cash prizes won through gambling. You can claim gambling losses as a deduction but will not be allowed to claim more than your...
Nov 14, 2014 | Individual Income Tax Returns, Taxable Income
Rental income is taxable, but not everything you collect from your tenants is taxed. You can lower your rental income by subtracting the expenses incurred when getting your property ready for rent and then keeping it maintained as a rental. Rental income and expenses...
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...
