updates

Is Schedule 1 the same as Schedule 3?

Initially, there were six new schedules, but the IRS has since consolidated these down to three: Schedule 1 for additional income and “above the line” ded...

Aug 03, 2026 • 1 READS

updates

What are some costs of solar energy?

What range of costs should you expect to see in quotes for a solar panel system? Solar panel costs for a 10 kilowatt (kW) installation in the U.S. range f...

Aug 03, 2026 • 1 READS

updates

Does bankruptcy affect investments?

Declaring bankruptcy is a complex decision. You can eliminate your debt, but you could lose many of your assets, including any stocks that you own. You’ll...

Aug 03, 2026 • 0 READS

updates

When to report a K-1 statement on a 1040 Form?

January 20, 2011 The Schedule K-1, also known as Form 1041, is used to report a beneficiary’s share of current-year income, credits, deductions and other ...

Aug 03, 2026 • 1 READS

updates

Are there any tax deductions for closing costs?

1 Points paid on a home improvement cash-out refinance. If you took out a new home loan for home improvements, the refinance points may be deductible. 2 M...

Aug 03, 2026 • 1 READS

updates

What does refer to question mean?

“Referring” a question to someone means asking that person the question. For example: Please refer any questions you may have to J. Martin Forrester, Publ...

Aug 03, 2026 • 0 READS

updates

Why did I get a 1099-int from the state?

Why you got this You received this form because both of the following happened: You claimed state income tax payments as an itemized deduction on Schedule...

Aug 03, 2026 • 1 READS

updates

Why is my state refund being mailed instead of direct deposit?

Once your return has been accepted (or mailed), it’s too late to change your bank account for direct deposit. If the info you provided is for a closed or ...

Aug 03, 2026 • 1 READS

updates

Can I claim my granddaughter?

To be claimed as a dependent, your grandchild must pass the test to be a “qualifying child.” Generally. to be a qualifying child: The child must not have ...

Aug 03, 2026 • 1 READS

updates

Can you claim insolvency on credit card debt?

Once you’ve determined that you’re insolvent, you can claim insolvency by filling out IRS Forms 1099-C and 982. The creditor who canceled your debt should...

Aug 03, 2026 • 1 READS