Form 8606 – Nondeductible IRAs
Form 8606 is an IRS tax form used to report nondeductible contributions made to a traditional IRA. It helps track the portion of your IRA that wasn't tax-deductible to prevent you from paying taxes twice on the same money.
Form 5498 – IRA Contribution Information
Form 5498 reports contributions made to your Individual Retirement Arrangement (IRA). It's an informational form, not something you file yourself, but it's crucial for your tax records.
Form 8889 – Health Savings Accounts (HSAs)
Form 8889 is the IRS tax form used to report contributions, deductions, and distributions related to your Health Savings Account (HSA). Understanding this form is crucial for maximizing your HSA benefits and avoiding tax issues.
Form 8917 – Tuition and Fees Deduction
Form 8917 allows eligible taxpayers to deduct qualified tuition and fees paid for higher education. This deduction helps reduce taxable income, potentially saving money on your taxes.
Form 8863 – Education Credits (American Opportunity and Lifetime Learning Credits)
Form 8863 is the IRS tax form you'll use to claim education tax credits, which can lower your overall tax bill. These credits help offset the cost of higher education.
Form 990-N – Electronic Notice (e-Postcard) for Tax-Exempt Organizations
Form 990-N is a simplified annual information return that many small, tax-exempt organizations must file with the IRS. It’s often called the “e-Postcard” because it’s filed electronically and has a minimal number of questions.
Form 990-PF – Return of Private Foundation
Form 990-PF is an annual tax return that private foundations in the U.S. must file with the IRS. It provides transparency about their finances and activities.
Form 990-EZ – Short Form Return of Organization Exempt From Income Tax
Form 990-EZ is a shorter version of the Form 990 tax return, used by smaller tax-exempt organizations to report their financial information to the IRS. It helps maintain transparency and accountability for these groups.
Form 990 – Return of Organization Exempt From Income Tax
Form 990 is an annual information return that tax-exempt organizations, like charities and nonprofits, must file with the IRS. It provides transparency about their finances and operations to the public.
Form 8689 – Allocation of Individual Income Tax to the U.S. Virgin Islands
Form 8689 helps individuals who have income related to the U.S. Virgin Islands properly allocate their income tax liability between the U.S. and the USVI. It ensures the correct jurisdiction receives the tax revenue.