Schedule K-1 (Form 1041) – Beneficiary’s Share of Income, Deductions, and Credits (noted under estate forms earlier)
Schedule K-1 (Form 1041) reports a beneficiary's share of income, deductions, and credits from an estate or trust. It's crucial for beneficiaries to accurately report their share on their personal tax returns.
Form 5227 – Split-Interest Trust Information Return
Form 5227 is an IRS information return used by split-interest trusts to report their financial activity. Understanding it is crucial for proper trust management and tax compliance.
Form 4506-T – Request for Transcript of Tax Return (helpful for disaster recovery documentation)
Form 4506-T is how you request a copy of your tax return information directly from the IRS. This is often needed for things like loans or proving income, and it can be super helpful after a disaster for documentation.
Form 8822 – Change of Address
Form 8822 is the official IRS form used to notify the IRS of an address change. It's crucial for receiving important tax-related communications.
Form 4684 – Casualties and Thefts (previously listed under real estate but fits here as well)
Form 4684 is the IRS form you use to report losses from casualties (like natural disasters) and thefts, which can potentially reduce your tax burden. This form helps you calculate your deductible loss.
Form 8801 – Credit for Prior Year Minimum Tax
Form 8801 allows you to recover some of the alternative minimum tax (AMT) you may have paid in a previous year. It's a way to get back some of that tax money you might have overpaid.
Form 6251 – Alternative Minimum Tax – Individuals
Form 6251 is used to calculate the Alternative Minimum Tax (AMT), which is a separate tax system designed to ensure that higher-income taxpayers pay at least a minimum amount of tax. It's essentially a parallel tax system.
Form 8853 – Archer MSAs and Long-Term Care Insurance Contracts
Form 8853 is used to report tax information related to Archer Medical Savings Accounts (MSAs) and certain long-term care insurance contracts. This form helps determine deductions or income related to these specific healthcare-related financial tools.
Form 1099-SA – Distributions From an HSA, Archer MSA, or Medicare Advantage MSA
Form 1099-SA reports money taken out of a Health Savings Account (HSA), Archer Medical Savings Account (MSA), or Medicare Advantage MSA. Understanding this form is key to properly managing these accounts and avoiding tax issues.
Form 8889 – Health Savings Accounts (HSAs)
Form 8889 is the IRS tax form you use to report your Health Savings Account (HSA) contributions, deductions, and distributions. Understanding this form is key to correctly using your HSA and getting the most out of its tax advantages.