How to Fill Out IRS Form 1099-B

IRS Form 1099-B is sent to those taxpayers who received proceeds from broker and barter exchange transactions. This article is written from the point of view of the entity filling out the 1099-B, not the person receiving it. Have a question? Get an answer from tax advisor now!

Instructions

1 - Call (800) TAX-FORM or visit the IRS online form ordering website (see resources below) to obtain acceptable copies of Form 1099-B to send to recipients. Although Form 1099-B is available for viewing online, the e-version of the form is unacceptable to send to taxpayers or the Internal Revenue Service.

2 - Check the "Void" or "Corrected" box at the top of the 1099 form if applicable. Enter the Payer's name, street address, city, state, ZIP code and telephone number in the first box. The Payer is the organization or entity that distributed the broker or barter proceeds.

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3 - Enter the Payer's Federal Tax ID number and the recipient's identification number (usually a Social Security number or an EIN) in the two boxes beneath the first box. Below this, list the recipient's name, street address (including apartment number), city, state and ZIP code. Enter the corporation's name from which stock was exchanged or bartered. If applicable, enter the account number that is associated with this transaction. Check the box if the payee has a second tax identification number.

4 - List the trade date of the transaction in Box 1a. In Box 1b, show the CUSIP (Committee on Uniform Security Identification Procedures) number for broker transactions. In Box 2, show any aggregate proceeds from transactions involving bonds, stocks, other debt obligations, commodities or forward contracts. Indicate cash received by the recipient, the fair market value of any property or services the taxpayer received and the fair market value of any scrip or trade credits posted to the recipient's account as a result of a barter exchange. Check the applicable box to indicate if the amount reported to the IRS in Box 2 represents Gross Proceeds or Gross Proceeds minus commissions and option premiums.

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5 - Note any income tax that was withheld as a backup by you, the payer, in Box 4. If the recipient did not provide you with a Tax ID number, you are required to list a 28% withholding of the proceeds paid to the recipient. In Box 5, show the number of shares of the corporation's stock the recipient held which were exchanged during the change in control or substantial change in capital structure. Similarly, Box 6 shows the classes of the corporation's stock that were exchanged during the change in control or substantial change in capital structure.
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6 - Show a brief description of the item or service for which the proceeds or bartering income is being reported in Box 7. In Box 8, indicate the profit or loss realized on regulated futures or foreign currency contracts closed during the current year. Box 9 shows any year-end adjustment to the profit or loss shown in box 8 due to open contracts at the end of the tax year. Box 10 reveals the unrealized profit or loss on open contracts held in the recipient's account as of December 31 of the current year. Based on the amounts in Boxes 8, 9 and 10 figure the aggregate profit or loss and display this number in Box 11. If the recipient cannot take a loss on the amount in Box 2, check off Box 12.

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7 - File Form 1099-B with the IRS; also send a copy to the recipient. Check the IRS official website (see Resources below) for specific instructions as to the filing deadline for Form 1099-B; it changes annually.

How to Report Form 1099-Q on Form 1040

Form 1099-Q is the form for payments from qualified education programs. This form is sent to anyone with qualifying payments from an educational program and must be reported to the Internal Revenue Service on the recipient's individual income-tax return. The information reported on Form 1099Q is considered income, and you report it in the income section of individual federal income-tax returns. Have a question? Get an answer from tax adviser now!

Instructions

How to Get Fast Tax Refund

1 - Obtain a federal income tax Form 1040 from the Internal Revenue Service. Locate and print the form online or pick up a copy at your local post office or tax office. The IRS mails income-tax forms to taxpayers at the beginning of the year as well.

2 - Report the income from Form 1099-Q on your federal form 1040. Only report the amount in box two of your form 1099-Q. Enter it as "Other Income" on line 21 of your Form 1040.

3 - Complete your federal income-tax return with the remainder of your tax information for the tax year. Attach copy A of your 1099-Q to your Form 1040 before sending it to the Internal Revenue Service.

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How to Fill Out IRS Form 1099-INT

IRS Form 1099-INT is sent to those taxpayers who received interest income during the current tax year, such as that from a savings account. This article is written from the point of view of the entity filling out the 1099-INT, not the person receiving it. Have a question? Get an answer from tax advisor now!

Instructions

1 - Call (800) TAX-FORM or visit the IRS online form ordering website (see resources below) to obtain acceptable copies of Form 1099-INT to send to recipients. Although Form 1099-INT is available for viewing online, the e-version of the form is unacceptable to send to the Internal Revenue Service or tax recipients.

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2 - Check the "Void" or "Corrected" box at the top of the 1099 form if applicable. Enter the Payer's name, street address, city, state, ZIP code and telephone number in the first box. The Payer is the organization or entity that paid out the interest income.

3 - Enter the Payer's Federal Tax ID number and the recipient's ID number (usually a Social Security number or an EIN) in the two boxes beneath the first box. Below this, list the recipient's name, street address (including apartment number), city, state and ZIP code. If applicable, enter the account number that is associated with this interest payment. Check the box if the payee has a second tax identification number. Note the payer's RTN (routing transit number) if applicable.
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4 - List any taxable interest paid to the recipient during the year including any credits from Gulf tax bonds or clean renewable energy bonds in Box 1. In Box 2, indicate any penalty or lost interest because of early withdrawal of funds. In Box 3 show any taxable interest received for United States Savings Bonds, Treasury bonds, Treasury bills or Treasury notes.

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5 - Note any income tax that was withheld as a backup by you, the payer, in Box 4. If the recipient did not provide you with a Tax ID number, you are required to list a 28% withholding of the interest paid to the recipient. In Box 5, enter the taxpayer's share of investment expenses from a single-class REMIC (real estate mortgage investment conduit).

6 - Report any foreign tax paid by the payee in Box 6; list the applicable foreign entity in Box 7. In Box 8, show any tax-exempt interest, including exempt-interest dividends from a regulated investment company, paid to the payee. Indicate the applicable interest that is subject to the alternative minimum tax (AMT) in Box 9.

7 - File Form 1099-INT with the IRS; also send a copy to the recipient. Check the IRS official website (see Resources below) for specific instructions as to the filing deadline for Form 1099-INT; it changes annually.

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IRS Form 8332 Instructions

If you are a custodial parent and want your former spouse or another guardian to claim your child on his tax return, you will need to complete Internal Revenue Service Form 8332. Also, if you previously completed this form and you now want to begin claiming your child again, you will need to complete a new Form 8332. If you do not complete this form before tax returns are filed, you can delay the noncustodial parents, and your own, tax return. Have a question? Get an answer from a lawyer now!

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Instructions

1 - Read the requirements to file Form 8332 to determine if you can file the form. To be a qualifying child of the noncustodial parent, the child must have received more than 50 percent of his financial support from one or both parents and have been in the custody of one of the parents for more than half the year.

2 - Complete part 1 of the form if you want to release your right to claim your child as a dependent for one year. Fill in the name of your child beside the statement “I agree not to claim an exemption for.” Fill in the tax year. Sign in the signature location. Fill in your Social Security number on the document where it states “Custodial parent’s SSN.” Date the document.

3 - Complete part 2 of the document if you will be releasing your claim for multiple years. Fill in the name of your child, your Social Security number and the date, then sign the form. Write the specific years you agree to release your claim on the blank line following the words “For the tax year(s).” For example, write 2012-2014. You may also write the phrase “For all future years” if you do not plan on claiming your child on your tax return again.

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4 - Complete part 3 of the document if you want to revoke your previous agreement not to claim your child. Fill in your child’s name, your Social Security number and the date, then sign the document. Write the specific years you want to revoke your previous agreement or the phrase “For all future years.”

5 - Attach a copy of your divorce decree or other agreement in lieu of Form 8332 if the decree is dated 2008 or earlier. The document should state that the noncustodial parent has the right to claim his child as a dependent; the custodial parent has no intent to claim the child as a dependent and specify the number of years this agreement is in effect. Include the cover page of your decree, being sure to list the custodial parent’s Social Security number, the pages that dictate the agreement and the signature page.

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6 - Attach Form 8332 with your other tax forms. Submit to the Internal Revenue Service before April 15.

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IRS Refund Cycle

The IRS website states that “The IRS issued more than 9 out of 10 refunds to taxpayers in less than 21 days last year. The same results are expected in 2013.” This means that you will probably receive your federal tax refund within three weeks of e-filing your tax return.

If you file a paper tax return by postal mail, however, the IRS will likely issue your tax refund within six to eight weeks after receiving your return. If you file your tax return electronically online (also known as “e-file”), it will be processed faster in the IRS system, which means you can expect to receive your tax refund faster as well — usually within three weeks.

Expect delays if you filed your tax return late or if the IRS finds mistakes on your tax forms. But keep in mind that the IRS has millions of tax returns to process; therefore some delays may just be a result of high volume.

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You can receive an immediate tax refund by getting a tax refund advance. This is also sometimes referred to as an “instant refund”. A tax refund advance is essentially a loan that you get from the tax preparation service you use to file your income tax return. Many taxpayers like to request a tax refund advance because it’s fast — you can receive the money as soon as your tax return is accepted by the IRS. Afterwards, you don’t really have to do any work in repaying the loan because the IRS will send your actual tax refund check to the tax preparation service that gave you the tax refund advance.

Refund Anticipation Loan

Obtaining a refund anticipation loan (another term for a “tax refund advance”) is an affordable way to speed up the process of getting your money from your tax refund. By getting refund anticipation loan, you won’t be left asking “where’s my refund?” weeks after you file your return. Tax refund advance loans provide cash equal to the amount of your actual tax refund, and they do so in a very short amount of time.

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IRS announce thousands of payouts on or before February 6th 2014

I.R.S. have finally updated their Where’s My Refund tool. They will be unloading millions of dollars over the next few days to taxpayers.

We have received news that the I.R.S. updated their Where’s My Refund webpage last night at 12 A.M.. Thousands of people have their Direct Deposit date sets to “on or before February 6th, 2014″. This means that the February 5th payout date is still correct. They will send the funds to the bank on Monday and the funds will be set to be direct deposited on Wednesday February 5th 2014. This will give your bank time to handle the huge load of all of the transfer they receive of millions of dollars over a day period.

Please check the I.R.S. Where’s My Refund webpage and then be watching your bank account for the direct deposit. We strive to keep our schedule as accurate as possible and hope that you have enjoyed reading.

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We are compiling a list of refund dates for 2014, so please visit this post and comment when you were accepted versus when you actually received your refund. Please like us on Facebook, follow us on Twitter, tell your friends

IRS Warns of Tax Scams

IRS Warns of Tax Scams in 2014.

The IRS is warning Americans of tax scams. This year identity theft and phone scams top the agency’s “Dirty Dozen” list of worst schemes taxpayers could encounter.

In a news release, the IRS announced Americans could see these scams at any point in the year, but many of the schemes peak during tax season.

“Scams can be sophisticated and take many different forms. We urge people to protect themselves and use caution when viewing emails, receiving phone calls or getting advice on tax issues,” IRS Commissioner John Koskinen said in a news release.

Below are the top three scams taxpayers should be on the lookout this year. IRS Warns of Tax Scams!

Identity Theft

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The IRS said tax fraud through identity theft tops this year’s list. Fraudsters like to get taxpayers Social Security Number and other bits of information. They then use it to fraudulently file a tax return and claim the refund.

The IRS suggests taxpayers be alert to possible identity theft if they receive an IRS notice that states:

More than one tax return for you was filed.

You have a balance due, refund offset or have had collection actions taken against you for a year you did not file a tax return.

IRS records indicated you received wages from an employer unknown to you.

If you believe you were a victim of identity theft the IRS suggests you notify the agency as soon as possible.

Telephone Scams

The IRS said it has seen an increase in local phone scams across the United States. Callers pretned to be from the IRS. The goal is to steal money or identities from victims.

According to the IRS, these scams come in many variations. Some callers will say the victim owes money or is entitled to a larg refund. Others might threaten arrest or driver’s license revocation.

Common characteristics of these scams include:

Scammers use fake names and IRS badge numbers.

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Callers might be able to recite the last four digits of a victims Social Security Number.

Con artists may imitate the IRS toll-free number to make it seems like it’s the IRS calling.

Scammers sometimes send falsified IRS emails to victims to support their bogus calls.

False Promises of “Free Money”

It is common for scam artists to pose as tax preparers during tax season. The IRS said scammers lure victims in by promising large federal tax refunds. They use flyers, phony store fronts and word of mouth to attract as many victims as possible. The IRS said these scammers prey on people who do have a filing requirement like low-income individuals and the elderly.