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Tax News

Where’s My Amended Return?

on Mar 21, 2018

    Check the status of your Form 1040X, Amended U.S. Individual Income Tax Return, for this year and up to three prior years. 1. When to check… Your amended return will take up to 3 weeks after you mailed it to show up on our system. Processing it can take up to 16 weeks. 2. What you need… Social Security Number Date of birth Zip Code 3. How to find...

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Retired? Check Out the IRS Tax Center for Retirees

on Mar 19, 2018

  Don’t Fall for Scams We do not use unsolicited email, text messages or any social media to discuss your personal tax issue. Retirement Income Special Rules Social Security and Equivalent Railroad Retirement Benefits Retirement Savings Contributions Credit (Savers Credit) Distributions from Individual Retirement Arrangements IRA Distributions and Withdrawals...

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Turning 70½? You Must Take Your First Required Minimum Distribution for the Year in Which You Turn Age 70½

on Mar 16, 2018

You cannot keep retirement funds in your account indefinitely. You generally have to start taking withdrawals from your IRA, SIMPLE IRA, SEP IRA, or retirement plan account when you reach age 70½. Roth IRAs do not require withdrawals until after the death of the owner. Your required minimum distribution is the minimum amount you must withdraw from your account each...

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Interest on Home Equity Loans Often Still Deductible Under New Law

on Mar 14, 2018

WASHINGTON — The Internal Revenue Service today advised taxpayers that in many cases they can continue to deduct interest paid on home equity loans. Responding to many questions received from taxpayers and tax professionals, the IRS said that despite newly-enacted restrictions on home mortgages, taxpayers can often still deduct interest on a home equity loan, home...

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When using the IRS Interactive Tax Assistant, You Can Find Topics With a Search Feature or by Viewing a List of Categories

on Mar 13, 2018

The Interactive Tax Assistant (ITA) is a tool that provides answers to a number of tax law questions. It can determine if a type of income is taxable, if you’re eligible to claim certain credits, and if you can deduct expenses on your tax return. It also provides answers for general questions, such as determining your filing status, if you can claim...

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Don’t Lose Your Refund by Not Filing-2014 Deadline is April 17th

on Mar 9, 2018

Up to one million people a year may lose out on a tax refund simply because they did not file a federal income tax return. Many taxpayers may not file because they didn’t earn enough money to be required to do. However, taxpayers who had federal taxes withheld by their employer may be eligible for a refund of those taxes. Also, even if you aren’t required to file,...

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