In Federal Income Tax
What is Federal Income Tax?
Federal income tax is a system overseen by the IRS which collects money based on your earned income - as you likely already know, your federal income tax return must generally be filed by April 15 of each year. For more information on Federal Income Tax, please select a QuizLaw topic below.
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Basics
- Do I have to file a tax return?
- Do students have to file a tax return?
- I am a dependent. Do I have to file a tax return?
- Do I have to file a tax return if I am retired?
- Does my child have to file a tax return?
- Which tax form should I use to file my taxes?
- Which filing status should I use?
- Which filing status has the best tax rates?
- How long do I have to be married before I can file as married filing jointly?
- When is it a better idea to use the married filing separately status over the married filing jointly status?
- What is the marriage penalty?
- What is the innocent spouse rule?
- How do I qualify as a widow/widower for tax purposes?
- What is head of household?
- What is a taxpayer identification number?
- What is backup withholding?
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Reporting Income
- Do I report salary & wages?
- When will I get my W-2 Form?
- If I didn’t earn very much, do I have to report the income?
- I received severance pay from my job. Do I have to pay taxes on it?
- Are my tips taxable?
- I receive disability pay from my employer. Is it taxable?
- What happens if I fail to report my tips?
- At the end of the day, I tip out to my co-workers. Am I taxed on those tips?
- My employer included allocated tips on my W-2. However, the allocated tips were actually higher than what I received. Do I have to pay taxes on this amount?
- I received a Form 1099-MISC. Do I have to pay taxes on the income?
- I received a Christmas Bonus. Do I have to pay taxes on it?
- I was unemployed for part of the year. Is unemployment compensation taxable?
- Do I have to pay taxes on workers compensation payments?
- I paid a $400 fine for breaking the law. Is that deductible?
- I’m a salesman. Are my commissions taxed?
- I took a lot of sick leave this year. Is my sick leave taxable?
- How do I report fringe benefits?
- What is a cafeteria plan?
- Am I taxed on the fringe benefits, such as health insurance, that I receive from my employer?
- Do I have to pay taxes on my Health Savings Account?
- My employer provides group life insurance. Do I have to pay taxes on the premiums?
- I have a company car. Do I have to pay taxes on the expenses on its use?
- My company pays for my commuter rail or parking. Are the benefits taxable?
- What is a flexible spending arrangement?
- My employer contributes to my retirement fund. Do I have to pay taxes on those contributions?
- How do I report dividends and interest income?
- I have a joint account. Who pays tax on the interest?
- I withdrew my Certificate of Deposit early and had to pay a penalty. Can I deduct the penalty?
- My child received interest income. Where do I report it?
- When do I pay interest on my U.S. Savings bond?
- Do I have to pay taxes on dividends?
- I receive dividends from my bank account. How do I report this income?
- I reinvest my dividends to buy more stock. Do I have to pay taxes on these dividends?
- How do I report rental income?
- I rent out part of my home. Are my mortgage and property taxes still fully deductible?
- Can I deduct private mortgage insurance premiums on rental property?
- I insist on a security deposit before renting out an apartment. Is the security deposit count as taxable income?
- Can I rent to a friend or family member at below fair market and still deduct rental expenses?
- Do I have to pay Medicare and Social Security taxes on rental income?
- What expenses qualify as rental deductions?
- How do I report Social Security and retirement benefits?
- I have a 401(k). How are my contributions taxed?
- I am receiving retirement benefits. Are they taxable?
- What are the tax consequences of cashing in my pension before retirement?
- How long do I have to roll over a retirement distribution?
- When do I qualify to receive Social Security benefits?
- Do I have to pay taxes on Social Security benefits?
- Is Social Security considered earned income for purposes of figuring the earned income credit?
- What is an IRA?
- What is a traditional IRA?
- What is a Roth IRA?
- What is a SIMPLE IRA?
- How do I report property and investment income?
- I sold my home for a substantial profit. How is it taxed?
- I sold my house for a loss. Can I deduct it?
- What are capital gains?
- What is the tax rate on capital gains?
- What’s the difference between a long-term and short-term investment?
- Can I offset my capital gains with capital losses?
- When does the holding period begin to determine long-term capital gains?
- How do I report loss on investments?
- I bought some stocks which are now worthless. Can I take a deduction on the loss?
- What is “other income”?
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Deductions
- What is a deduction?
- What is the standard deduction?
- What are itemized deductions?
- Should I take the standard deduction or itemize my deductions?
- Can I change the type of deduction I take after I file my return?
- How do I figure out my standard deduction?
- What is my standard deduction if I am single?
- What is my standard deduction if I am married and filing a separate return?
- What is my standard deduction if I am married and filing a joint return?
- What is my standard deduction if I am a widower?
- What is my standard deduction if I am the head of the household?
- What is my standard deduction if I am a dependent?
- What is my standard deduction if me and/or my spouse are 65 or older and/or blind?
- How is “blind” defined for the purposes of calculating my standard deduction?
- How do I figure out my itemized deductions?
- Can I deduct my moving expenses?
- What is the 50 mile distance test?
- What are the 39 week and 78 week tests?
- Can I deduct my moving expenses if I haven’t met the time test, but know I will?
- What moving expenses can I deduct?
- What moving expenses can’t I deduct?
- How do I claim and report deductible moving expenses?
- Can I deduct charitable donations?
- What organizations qualify for receiving deductible charitable donations?
- What types of contributions/donations can I deduct?
- What types of contributions/donations can’t I deduct?
- How much of my donations can I deduct?
- What are the limits to the contribution deduction?
- What types of records of my charitable donations should I keep?
- How do I claim and report deductible charitable donations?
- Is there a penalty for overvaluing donated property?
- Can I deduct interest expenses?
- What is interest expense?
- What is home mortgage interest?
- How much of my home mortgage interest can I deduct?
- What are points?
- What is investment interest?
- What are the limits to the interest expense deduction?
- How do I claim and report deductible interest expenses?
- Can I deduct tax payments?
- Can I deduct income tax?
- Can I deduct sales tax?
- Should I deduct income tax or sales tax?
- Can I deduct real estate tax?
- Can I deduct personal property tax?
- What are the limits to the taxes I can deduct?
- How do I claim and report deductible tax payments?
- Can I deduct medical and dental expenses?
- What are medical and dental expenses?
- Whose medical and dental expenses can I deduct?
- What medical and dental expenses can be included in the medical deduction?
- Can I deduct my health insurance?
- What medical and dental expenses can’t be included in the medical deduction?
- How much of my medical and dental expenses can I deduct?
- What do I do about reimbursements?
- How do I claim and report medical and dental expenses?
- Can I deduct casualty and theft losses?
- What is a casualty loss?
- What is a theft loss?
- What is a loss on deposits?
- What records do I need to prove a loss?
- How do I calculate the value of my loss?
- What is adjusted basis?
- How does insurance and reimbursement effect my deduction?
- What are the limits to the losses I can deduct?
- How do I claim and report deductible losses?
- Can I deduct job related expenses?
- Can I deduct dues and subscription fees?
- Can I deduct my uniforms and work clothes?
- Can I deduct my expenses for looking for a new job?
- Can I deduct my local transportation costs?
- What peripherals are deductible?
- What home office expenses are deductible?
- Can I deduct work-related education?
- What professional advice expenses are deductible?
- What are the limits to the job related expenses I can deduct?
- How do I claim and report deductible job expenses?
- Can I deduct travel and entertainment expenses?
- Can I deduct commuting and travel expenses?
- Can I deduct meal expenses?
- Can I deduct business trip expenses?
- Can I deduct meals and entertainment expenses?
- What records do I need for deducting travel and entertainment expenses?
- What are the limits to the travel and entertainment expenses I can deduct?
- How do I claim and report deductible travel and entertainment expenses?
- What miscellaneous expenses can I deduct?
- What are miscellaneous expenses?
- What is the 2% floor?
- How do I claim and report deductible miscellaneous expenses?
- Are there any deductions related to Hurricane Katrina relief?
- What deductions can I take if I provided housing to Hurricane Katrina evacuees?
- How much of my Katrina donations can I deduct?
- Deductions Definitions
- What is the 7.5% floor?
- What is a 50% limit organization?
- What is adjusted basis?
- What is adjusted gross income?
- What is AGI?
- What is basis?
- What is a cash contribution?
- What is a casualty loss?
- What is a deduction?
- What is a disclosure statement?
- What is the distance test?
- What is fair market value?
- What is Form 1098?
- What is grandfather debt?
- What is a home acquisition loan?
- What is a home equity loan?
- What is interest expense?
- What is an itemized deduction?
- What is the Katrina Emergency Tax Relief Act of 2005?
- What are medical and dental expenses?
- What is Publication 78?
- What is Publication 463?
- What is Publication 502?
- What is Publication 526?
- What is Publication 547?
- What is Publication 561?
- What is Publication 936?
- What is a qualified organization?
- What is the standard deduction?
- What is a theft loss?
- What is the three percent reduction?
- What is the time test?
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Credits
- What is a tax credit?
- What is the child tax credit?
- What is a qualifying child?
- How do I figure out what my child tax credit is?
- What is the phaseout for the child tax credit?
- Is the child tax credit refundable?
- What is the additional child tax credit?
- What is the child and dependent care credit?
- What are the requirements to claim the child and dependent care credit?
- Who qualifies as a child or dependent for the child and dependent care credit?
- What is the earned income test?
- How much can I claim for the child and dependent care credit?
- Is the child and dependent care credit refundable?
- How do I claim the child and dependent care credit?
- What is the earned income credit (the EIC)?
- What are the requirements to claim the earned income credit?
- How much can I claim for the earned income credit?
- What is the phaseout for the earned income credit?
- Is the earned income credit refundable?
- How do I claim the earned income credit?
- What is the adoption credit?
- How much can I claim for the adoption credit?
- What are qualifying expenses for the adoption credit?
- What is the phaseout for the adoption credit?
- Is the adoption credit refundable?
- How do I claim the adoption credit?
- What is the retirement savings contributions credit?
- What are the Hope credit and lifetime learning credit?
- What is the difference between the Hope credit and the lifetime learning credit?
- Who can claim the Hope credit or the lifetime learning credit?
- Can I claim the Hope credit or the lifetime learning credit for education expenses paid for by my child or dependent?
- What education expenses qualify for the Hope credit and lifetime learning credit?
- Can I claim the Hope credit and lifetime learning credit for the same student?
- How do I claim the Hope credit?
- How do I claim the lifetime learning credit?
- What is the phaseout for the Hope credit and the lifetime learning credit?
- What is the qualified electric vehicle credit?
- What is the alternative motor vehicle credit?
- What is the nonbusiness energy property credit?
- What is the residential energy efficient property credit?
- What is the Federal Excise Tax Refund Credit?
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Exemptions
- What is an exemption?
- What is a personal exemption?
- Can I claim a personal exemption for my spouse?
- Can I claim an exemption for my dependents?
- What is a qualifying child?
- What is the relationship test?
- What is the residence test?
- What is the age test?
- What is the support test?
- What if more than one person can claim a qualifying child?
- What is a qualifying relative?
- What is the exemption phaseout?
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Self-Employment
- What is self-employment tax?
- Who has to pay self-employment tax?
- How do I know if I am self-employed or an employee?
- If I am a partner in a partnership, do I have to pay self-employment tax?
- What is self-employment income?
- How do I calculate my self-employment tax?
- How do other wages affect self-employment tax?
- What is a Keogh plan?
- What is the 50% self-employment tax deduction?
- How do I file and pay my self-employment tax?
- Alternative Minimum Tax (AMT)
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Tax Law Changes
- What changes or additions have been made for the 2006 tax year?
- Why are my 2006 taxes due on April 17, 2007?
- What is the standard deduction for 2006?
- What is the one-time federal telephone excise tax credit?
- How much can I claim for the earned income credit for 2006?
- What are the earned income phaseout limits for 2006?
- What are the income limits for the Hope and Lifetime Learning credits in 2006?
- What is the maximum amount of the Hope credit for 2006?
- What amount can I claim for personal exemptions in 2006?
- How does the phaseout of personal exemptions work in 2006?
- What is the 2% reduction for itemized deductions?
- What is the 2006 exemption for the alternative minimum tax?
- What is the 2006 standard mileage rate for business use of a vehicle?
- For 2006, what types of charitable clothing and household item donations can I deduct?
- For 2006, what is the minimum earned income used in calculating the additional child tax credit?
- What is the new alternative motor vehicle credit?
- What is the maximum qualified electric vehicle credit for 2006?
- What is the new nonbusiness energy property credit?
- What is the new residential energy efficient property credit?