Mwjconsultancy

The purpose of IRS Form 8960 is the calculation of total NII (net investment income). It then determines the amount of contribution that goes to Medicare contribution tax. The form is applicable to taxpayers in the high-income bracket. If you have investment income and your MAGI (Modified Adjusted Gross Income) is above the threshold, you are eligible for the net income investment tax (NIIT). Anyone who earns income from investments in a year may also have to pay net investment income tax.  The NIIT is a 3.8% tax on the net investment income or the MAGI exceeding the threshold income. As for the threshold, it is as follows: The modified adjusted gross income or MAGI for a joint filing return or by widow must be more than $250,000 For married individuals filing separate returns, the MAGI must be more than $125,000 If you are the head of a household or a single individual, your MAGI has to be $200,000 or less.

  Form 5498, IRA Contributions Information, is a document that reports your IRA contributions to the IRS. If you’re saving for retirement with an IRA (Individual Retirement arrangement), you will get Form 5498 annually. This form mentions all your contributions to the account during the current tax year, which is done by the institution managing your IRA. So, if you want to know where to enter form 5498 in TurboTax, this guide is for you. Source: form 5498 in TurboTax

  Form 1098-T was first introduced in the Taxpayer Relief Act of 1997. This form’s purpose was to help the taxpayers so they could pay for their higher education.The “T” in 1098-T implies the tuition statement, which you can find in the IRS records. It is a report of eligible educational institutions in the US to maintain the record of due and receiving payments from the students. Source: Form 1098-T In TurboTax

  TurboTax is a popular tax-preparation software that handles a big portion of e-filings of taxes. Many small and big organizations make use of this software to file taxes. 8915-F is a form that the IRS requires for reporting disaster-related retirement distribution and the funds’ repayment. This option became available after 2021; prior to that, 8915-E was the available form. The option for filling this form is also available in the TurboTax software. Source: turbotax 8915-f

  Form 1099-K displays the transaction value the PSE has issued for the last year for you. Furthermore, you can still receive a Form 1099-K even when you’re not self-employed or run a small business. So, this raises concerns regarding how to file the 1099-K on TurboTax if you have received Form 1099-k. Moreover, if you are not a business owner, you want to know how to report a 1099-k. Source: 1099-K on TurboTax

  The premium tax credit came into existence after the Affordable Care Act, which was introduced in 2009. However, to claim or get this refundable tax credit, there are a few requirements that you need to meet. TurboTax can help you file form 8962 so that you can lower the premiums for your health insurance or get the full credit when you file the tax return. Source: Form 8962 TurboTax

 QuickBooks Online is an accounting software with various benefits and advantages over the desktop. In fact, many people prefer using QuickBooks Online. You can also get cloud services to better manage payrolls, accounting, invoices, and expenses. There is not even a need for installation as you can access the program online with all its features and some extra. Source: Primary Admin in QuickBooks Online