Financial Words You Should Know: Over 1,000 Essential Investment, Accounting, Real Estate and Tax Words

By Michele Cagan; P.T. Shank | Go to book overview
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TAXES

1040

The standard federal income tax form used by individuals to report their annual income and calculate the amount of federal income tax due.

See also: Income Tax, Tax preparer, Taxable income

Filling out a1040is surprisingly easy if you are willing to go slowly and pay
close attention to each field
.


1099

The federal form used by the payer to report nonemployee income (i.e., not salary or wages), such as interest, dividends, and other miscellaneous earnings, to the payee and the IRS.

See also: Income tax, Unearned income

Anyone who wins the lottery will receive a1099stating his winnings.


Abusive tax shelter

A financial vehicle created for the purposes of avoiding taxation in a manner which the IRS has deemed illegal.

See also: IRS, Tax shelter

Al lost a client rather than abide by her wishes that he set up anabusive tax
shelter
for her.


Adjusted gross income (AGI)

A federal tax calculation, where specific deductions (such as alimony payments made and some IRA contributions) are taken from total earnings to arrive at an amount on which other tax computations will be based.

See also: Alimony, IRA

Ilona’sadjusted gross incomewas significantly less than her total income
due to the large alimony payments she made to her ex-husband
.


Adoption credit

A direct subtraction from income taxes due for each newly adopted child under the age of eighteen.

See also: Income tax, Tax credit

Adam and Teri were pleased to discover they were eligible for anadoption
credit
after adopting their baby girl.

-223-

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