Individual Returns/ExtensionsThe deadline for submitting individual income tax returns and extensions is generally midnight on April 15 of the year following the tax year. If the deadline falls on a Saturday or Sunday, returns are generally due the following Monday. If the following Monday is April ...
Schedule K-1 (Form 1120S) is a source document that is prepared by a corporation as part of the filing of their tax return (Form 1120S). After filing Form 1120S, each shareholder is provided a Schedule K-1 by the corporation. The K-1 reflects a shareholder's share of income, deductions, credits and ...
Schedule K-1 (Form 1041) is a source document that is prepared by the fiduciary to an estate or trust as part of the filing of their tax return (Form 1041). After filing Form 1041, the fiduciary may provide a beneficiary a Schedule K-1 that reflects the beneficiary’s share of income, deductions, cre...
Schedule K-1 (Form 1065) is a source document that is prepared by a Partnership as part of the filing of their tax return (Form 1065). After filing Form 1065, each partner is provided a Schedule K-1 by the Partnership. The K-1 reflects a partner’s share of income, deductions, credits and other items...
Are you filing a Form 1099-R for your client? Find the explanation for box 7 codes here.2020 1099-R Box 7 Distribution Codes:Are you filing a Form 1099-R for your client? Find the explanation for box 7 codes here.2020 1099-R Box 7 Distribution Codes: 1 (1) Early distribution, no known exception (in...
A taxpayer may qualify to exclude from their income all or part of any gain from the sale of their main home. A main home is the one in which the taxpayer lives most of the time. Fill out the Sale of Main Home Worksheet in the Schedule D Menu to see if any of the gain from the sale of their main ho...
Form 1099-OID is used to report original issue discount (OID) and certain other item related to debt instruments that were sold at a discount to investor/taxpayers. Original Issue Discount (OID) is the difference between the face amount of a debt instrument (typically a bond) and the price that an i...
In 2008, Congress passed legislation requiring brokers to report the adjusted cost basis for taxable accounts to the IRS and taxpayers via Form 1099-B starting with tax year 2011 for some securities. This legislation also required that a 1099-B indicate if the gain or loss is short-term or long-term...