Tax Tips

DDD February 23rd WMR Refunds are Showing up Early

Tax_Refund_Statistics_Tavorro_Jobs

If you have a DDD of February 23rd and are a netspend, AMEX Serve or AMEX Bluebird user, you most likely got your refund a few days earlier than those with regular bank accounts.  Users are reporting they started receiving their income tax refund for DDD February 23, 2017 on Friday the 17th and even more reported waking up to find their refunds credited to their account today! Bank of America, Wells Fargo, Chase, Compass and others are reporting that refunds will be posted early on the exact DDD! Comment below if you have received your refund early, on time or if the funds are pending.  Please include your method of filing, date accepted, DDD Date or Tax Cycle Code.    

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Early Retirement Distributions and Your Taxes

Many people find it necessary to take out money early from their IRA or retirement plan. Doing so, however, can trigger an additional tax on top of the income tax you may have to pay. Here are a few key points to know about taking an early distribution: Early Withdrawals An early withdrawal normally means taking the money out of your retirement plan before you reach age 59½. Additional Tax If you took an early withdrawal from a plan last year, you must report it to the IRS. You may have to pay income tax on the amount you took out. If it was an early withdrawal, you may have to pay an additional 10 percent tax. Nontaxable Withdrawals The additional 10 percent tax does not apply to nontaxable withdrawals. They include withdrawals of your cost to participate in the plan. Your cost includes contributions that you paid tax on before you put them into the plan. A rollover is a type of nontaxable withdrawal. A rollover occurs when you take cash or other assets from one plan and contribute the amount to another plan. You normally have 60 days to complete a rollover to make it tax-free. Check Exceptions …

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How to Request your Tax Transcript Updated for 2016

Tax Transcript Tavorro Jobs

The IRS reminds taxpayers to plan ahead and take advantage of other options to obtain a tax transcript while work continues to bring the viewable/printable functionality of the Get Transcript application back online in the near future with enhanced identity protection security features. In the meantime, taxpayers don’t have to wait. They can order their transcript online, over the phone or by mail — the quickest options available. If they plan ahead, they should receive their transcript within five to 10 days from the time the IRS receives the request online.

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How to Determine if You Can Claim the Premium Tax Credit

1095A Health Insurance Marketplace IRS Form

Premium Tax Credit The premium tax credit is a credit for certain people who enroll, or whose family member enrolls, in a qualified health plan offered through a Marketplace. Claiming the premium tax credit may increase your refund or lower the amount of tax that you would otherwise owe. If you did not get advance credit payments in 2015, you can claim the full benefit of the premium tax credit that you are allowed when you file your tax return. You must file Form 8962 to claim the PTC on your tax return. You can take the PTC for 2015 if you meet all of these conditions. For at least one month of the year, all of the following were true: An individual in your tax family was enrolled in a qualified health plan offered through the Marketplace. The individual was not eligible for minimum essential coverage, other than coverage in the individual market. The portion of the enrollment premiums for the month for which you are responsible was paid by the due date of your tax return. To be an applicable taxpayer, you must meet all of the following requirements: For 2015, your household income is at least 100 …

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Free Tax Preparation: Ten Tips from the IRS

Tax Season 2016 Tavorro Jobs

2016 Tax Tips Each year, millions of people have their taxes prepared for free by IRS volunteers. The Volunteer Income Tax Assistance and Tax Counseling for the Elderly programs have helped people for more than 40 years. Here are 10 tips from the IRS about VITA and TCE: Trained and Certified. The IRS works with local community groups to train and certify VITA and TCE volunteers. VITA Program. For the most part, VITA offers free tax return preparation to people who earn $54,000 or less. TCE Program. TCE is mainly for people age 60 or older. The program focuses on tax issues unique to seniors. AARP participates in the TCE program through AARP Tax-Aide. Free E-file. VITA and TCE provide free electronic filing. E-filing is the safest, most accurate way to file your tax return. If you combine e-file with direct deposit, you can get your refund faster. Tax Benefits. Using VITA and TCE can help you get the tax benefits for which you are eligible. For example, you may qualify for the Earned Income Tax Credit or the Credit for the Elderly. You can also get help with the tax provisions of the Affordable Care Act. Bilingual Help. There are …

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