Investopedia6d
Form 5329: Additional Taxes on Qualified Plans and Other Tax-Favored Accounts
Form 5329 is an attachment to the federal income tax return that must be filed by taxpayers who owe a penalty related to their use of a tax-advantaged retirement savings plan such as an IRA or 401 ...
Money Digest on MSN2d
The IRS Can Flag Your Taxes For Audit If You Don't Submit These Forms
If you fail to include important income documentation forms with your tax return, the likelihood of an audit from the IRS ...
Are IRS Penalties Tax Deductible?
The U.S. tax code does not allow taxpayers to deduct penalties assessed by the Internal Revenue Service. However, they may ...
USA Today5d
Big problem emerges in IRS return-to-office mandate: Not enough desks
The Internal Revenue Service ordered most of its approximately 20,000 customer service employees back to the office this week, ending a long era of hybrid and remote work. There was just one pro ...
This retirement account is an ‘IOU to the IRS' — but here's when it makes sense, expert says
Your pre-tax IRA is subject to future income taxes, depending on your bracket. But it could offer planning opportunities, ...
Los Angeles Times5d
The IRS is sitting on $92 million in unclaimed California tax refunds. How to know if you qualify
A trove of cash could be forfeited if Californians fail to complete their 2021 tax returns by next month, according to the Internal Revenue Service. The IRS is currently sitting on about $92.3 ...
Explícame on MSN2d
IRS marks deadline for withdrawals from IRAs and 401(k)s
The IRS has announced a key deadline for retirees who turned 73 in 2024, requiring them to begin withdrawals from their ...
CNBC2d
The best tax software of 2025
Simple Form 1040 returns only (no schedules except for earned income tax credit, child tax credit and student loan interest). TurboTax reports that 37% of files qualify for the free edition.
Investopedia6d
Tax Liability: Definition, Calculation, and Example
This isn’t enough to meet your federal tax liability when you file your Form 1040 individual tax return, so you’d owe $7,001 in taxes: $14,501 - $7,500 = $7,001. The IRS would refund you $499 ...
CNET3d
The IRS Has Issued a Whopping $145 Billion in Tax Refunds so Far
Macy Meyer is a North Carolina native who graduated from UNC-Chapel Hill with a BA in English and a second BA in Journalism. Macy is a Writer on the CNET How-To team, covering a variety of topics ...
Business Insider5d
What is Tax Liability? Understanding Your Financial Obligations
Most people who work a traditional job get help from their employer to manage their tax liability. When you start a new job, you'll fill out Form W-4. This tells your employer how much to withhold ...
Washington Examiner6d
White House mum on External Revenue Service launch as Trump mounts trade war
President Donald Trump’s plan to build an “External Revenue Service” is stuck in limbo even as the White House mounts an aggressive trade war with Canada and other countries. On his first ...