Gambling winnings and prizes are taxable income even if there were no tax withholdings when you were paid or received your prize. Go to this section in Credit Karma Tax: Gambling Income The IRS req...
The IRS considers alimony you received taxable income while you may be able to deduct alimony you paid to someone else. As a result of the Tax Cuts and Jobs Act of 2017 (2017 tax reform): any alimo...
An installment sale is a sale of property where you’ll receive at least one payment after the tax year in which the sale occurs. For example, if you sell your car in November and agree that the buy...
If you’re an employee who earns tips, it’s important to keep track of all the tips you received. The IRS considers all tips you receive to be taxable income. When calculating your tips for the day,...
If you exchanged business property for business property of a like-kind, you don’t have to pay tax on any of the gain until you actually sell or dispose of the property you received. Go to this sec...
If your employer didn’t withhold the correct amount of taxes from your wages and they remain unpaid, it could affect the amount of Social Security, Medicare, or unemployment benefits you receive in...
In certain situations, your employer may consider you to be an independent contractor and issue you a 1099-MISC while the IRS may determine that you should have received a W-2. In situations like t...
If you provide care in your home to an eligible person under your state’s Medicaid program and receive Medicaid payments for that care, you may be able to exclude some of those payments from your t...
Workfare payments come from state or local agencies that administer public assistance programs funded under the federal Temporary Assistance for Needy Families (TANF) program. Even though they are ...
If you are carrying forward Net Operating Loss from a previous tax year, you need to list your Net Operating Loss deduction as a negative figure under Other income. Go to this section in Credit Kar...