Topic 308 – Amended Returns
If you discover an error after filing your return, you may need to amend your return. The IRS may correct mathematical or clerical errors on a return and may accept returns without certain required forms or schedules. In these instances, there’s no need to amend your return. However, do file an amended return if there’s…[Read more]

Topic 309 – Roth IRA Contributions
A Roth individual retirement arrangement (Roth IRA) is a tax-favored account or annuity set up in the United States solely for the benefit of you and your beneficiaries. You can contribute to a Roth IRA if you have taxable compensation and your modified adjusted gross income is within certain limitations.…[Read more]

Topic 310 – Coverdell Education Savings Accounts
A Coverdell education savings account (Coverdell ESA) is a trust or custodial account set up in the United States solely for paying qualified education expenses for the designated beneficiary of the account. There are certain requirements to set up a Coverdell ESA:

When you establish the account,…[Read more]

Topic 311 – Power of Attorney Information
You have the right to represent yourself before the IRS. You may also authorize someone to represent you before the IRS in connection with a federal tax matter. If you choose to have someone represent you, your representative must be an individual authorized to practice before the IRS. Submit a power of…[Read more]

Topic 312 – Disclosure Authorizations
You can allow the IRS to discuss your tax return information with a third party by completing the Third Party Designee section of your tax return, often referred to as “Checkbox Authority.” This will allow the IRS to discuss the processing of your current tax return, including the status of tax refunds, with…[Read more]

Topic 313 – Qualified Tuition Programs (QTPs)
A qualified tuition program (QTP), also referred to as a section 529 plan, is a program established and maintained by a state, or an agency or instrumentality of a state, that allows a contributor either to prepay a beneficiary’s qualified higher education expenses at an eligible educational…[Read more]

Topic 352 – Which Form – 1040, 1040A, or 1040EZ?
The three forms U.S. citizens and resident aliens use for filing individual federal income tax returns are Form 1040EZ (PDF), Income Tax Return for Single and Joint Filers With No Dependents, Form 1040A (PDF), U.S. Individual Income Tax Return, and Form 1040 (PDF), U.S. Individual Income Tax R…[Read more]

Topic 356 – Decedents
The personal representative of an estate is an executor, administrator, or anyone else in charge of the decedent’s property. The personal representative is responsible for filing any final individual income tax return(s) and the estate tax return of the decedent when due. For more information on personal representative…[Read more]

Topic 356 – Decedents
The personal representative of an estate is an executor, administrator, or anyone else in charge of the decedent’s property. The personal representative is responsible for filing any final individual income tax return(s) and the estate tax return of the decedent when due. For more information on personal representative…[Read more]

Topic 401 – Wages and Salaries
All wages, salaries, and tips you received for performing services as an employee of an employer must be included in your gross income. Amounts withheld for taxes, including but not limited to income tax, social security and Medicare taxes, are considered “received” and must be included in gross income in the year…[Read more]

Topic 403 – Interest Received
Most interest that you either receive or is credited to an account that you can withdraw without penalty is taxable income in the year it becomes available to you. However, some interest you receive may be tax-exempt. You should receive Copy B of Form 1099-INT (PDF) or Form 1099-OID (PDF), generally with respect to…[Read more]

Topic 404 – Dividends
Dividends are distributions of property a corporation may pay you if you own stock in that corporation. Corporations pay most dividends in cash. However, they may also pay them as stock of another corporation or as any other property. You also may receive distributions through your interest in a partnership, an estate, a…[Read more]

Topic 404 – Dividends
Dividends are distributions of property a corporation may pay you if you own stock in that corporation. Corporations pay most dividends in cash. However, they may also pay them as stock of another corporation or as any other property. You also may receive distributions through your interest in a partnership, an estate, a…[Read more]

Topic 407 – Business Income
Business income may include income received from the sale of products or services. For example, fees received by a person from the regular practice of a profession are business income. Rents received by a person in the real estate business are business income. A business must include in income payments received in the…[Read more]

Topic 409 – Capital Gains and Losses
Almost everything you own and use for personal or investment purposes is a capital asset. Examples include a home, personal-use items like household furnishings, and stocks or bonds held as investments. When you sell a capital asset, the difference between the adjusted basis in the asset and the amount you…[Read more]

Topic 410 – Pensions and Annuities
If you receive retirement benefits in the form of pension or annuity payments from a qualified employer retirement plan, all or some portion of the amounts you receive may be taxable.

This topic doesn’t cover the taxation of social security and equivalent railroad retirement benefits. For information about tax…[Read more]

Topic 411 – Pensions – the General Rule and the Simplified Method
If some contributions to your pension or annuity plan were previously included in gross income, you can exclude part of the distributions from income. You must figure the tax-free part when the payments first begin. The tax-free part generally remains the same each year, even if t…[Read more]

Topic 412 – Lump-Sum Distributions
If you receive a lump-sum distribution from a qualified retirement plan or a qualified retirement annuity and you were born before January 2, 1936, you may be able to elect optional methods of figuring the tax on the distribution. These optional methods can be elected only once after 1986 for any eligible plan…[Read more]

Topic 413 – Rollovers from Retirement Plans
A rollover occurs when you withdraw cash or other assets from one eligible retirement plan and contribute all or part of it, within 60 days, to another eligible retirement plan. This rollover transaction isn’t taxable, unless the rollover is to a Roth IRA, but it is reportable on your federal tax return.…[Read more]

Topic 414 – Rental Income and Expenses
Cash or the fair market value of property or services you receive for the use of real estate or personal property is taxable to you as rental income. In general, you can deduct expenses of renting property from your rental income.

Real Estate Rentals
You can generally use Form 1040, Schedule E (PDF),…[Read more]