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May 5, 2017 8:51 am

Because you are married, you cannot be treated as single. You can file a joint return, or you can opt to file as "married filing separately." However, if spouses live apart and meet certain tests, one...

May 5, 2017 8:45 am

The American opportunity and lifetime learning credits apply only for qualified expenses required for an enrollment at an "eligible education institution." This is a school eligible to participate in ...

April 21, 2017 8:56 am

If the replacement doors constitute an energy-saving improvement, you may qualify for a tax credit (not a deduction) of up to $500. This dollar limit is lifetime, so if you've already used up the full...

April 21, 2017 8:49 am

Sorry for your loss, but unfortunately, funeral expenses cannot be claimed as an income tax deduction. If the value of your husband's estate was large enough to require the filing of a federal estate ...

April 21, 2017 8:48 am

If the distribution is a qualified charitable distribution (QCD), enter the total distribution on line 15a of Form 1040. Then, if the total amount distributed is a QCD, enter -0- on line 15b. If only ...

April 7, 2017 8:42 am

Gambling losses (referred to as wagering losses) are deductible only to the extent of gambling winnings. However, the deduction for these losses is not one of the enumerated deductions that can be cla...

April 7, 2017 8:39 am

Roth IRA contributions must be based on earnings as an employee or from self-employment. Executor fees, while included in gross income, are not treated as self-employment income for someone who is not...

April 7, 2017 8:36 am

No. Opting to claim the standard deduction is in lieu of any itemized deductions. The five-year carryover for charitable contributions applies only to amounts that were claimed as itemized deductions ...

March 24, 2017 8:41 am

The Home Affordable Foreclosure Alternatives (HAFA) Program is a federal program to help distressed homeowners retain their homes. Payments received under the program usually are not taxable. They are...

March 24, 2017 8:38 am

Usually, a distribution from a qualified retirement plan is treated as ordinary income in the year in which it is received. However, for someone born before 1936, there is a special 10-year averaging ...

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