You can deduct certain vehicle expenses you paid in service to a charity. Go to this section in Credit Karma Tax: Gifts to Charity You can deduct the following as charitable contributions when they...
Charitable contributions only affect your return if you itemize deductions. If you’re using the standard deduction, you won’t see a difference in your estimated refund amount when you enter your ch...
At this time, we don’t offer the option to import your sales information from Form 1099-B directly into your tax return. You will need to enter sales from your brokerage statement directly into Cre...
When you exchange capital assets, like shares of stocks, bonds, or mutual funds, you may have capital gains or losses. Capital gains and losses are the difference between the adjusted basis of the ...
If your net capital loss is more than the limit you may be able to carry the loss forward to later tax years, this is called Capital loss carryover. Go to this section in Credit Karma Tax: Capital ...
Amortizable bond premium refers to the excess amount you’ve paid above the value of a bond. For example, you bought a bond for $1,100 and after the bond matured, it’s worth $1,000. The $100 premium...
The prior year minimum tax credit is a credit for alternative minimum tax (AMT) that you paid in a prior year. Go to this section in Credit Karma Tax: Alternative Minimum Tax Credit If you don’t o...
Alternative Minimum Tax (AMT) ensures that high income taxpayers who benefit from special tax deductions and credits pay at least a minimum amount of taxes. Go to this section in Credit Karma Tax:...
The Net Investment Income Tax (NIIT) is a 3.8% tax that applies to individuals, estates and trusts based on the lesser of: your net investment income, or your modified adjusted gross income (MAGI)...
Section 1256 contracts is a term used by the IRS to classify certain types of investments. Some examples of Section 1256 contracts are regulated futures contracts, foreign currency contracts, or ...