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.
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.
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
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.
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
creditafter adopting their baby girl.