How to File IRS Form 1099-Q: A Complete Walkthrough for Educational Distributions
Whether you’re managing a 529 college savings plan or a Coverdell ESA, accurate reporting is crucial. The IRS requires certain educational distributions to be reported using Form 1099-Q. If you’re the plan administrator or custodian, this form helps track how funds are used and whether taxes apply. In this guide, you’ll learn how to file […]
How to File IRS Form 5330: Step-by-Step Guide for Plan Sponsors
If you manage a retirement plan like a 401(k), compliance is critical. When errors happen—whether it’s a late deposit, prohibited transaction, or failure to meet plan minimums—the IRS expects you to make it right. That’s where Form 5330 comes in. In this guide, you’ll learn how to file Form 5330, including a detailed breakdown of […]
How to File Form 1040-X: Step-by-Step Guide to Amending Your Tax Return
We all make mistakes—especially during tax season. Whether you forgot to report some income, missed out on a deduction, or simply used the wrong filing status, the IRS gives you a second chance through Form 1040-X. This guide explains how to file Form 1040-X step by step. From understanding when to file to walking through […]
How to File Form 8606: A Step-by-Step Guide for Non-Deductible IRA Contributions
If you’ve made non-deductible contributions to a traditional IRA or converted a traditional IRA to a Roth IRA, you’ll need to file Form 8606 with your tax return. This form ensures that you don’t pay taxes twice on the same money when withdrawing funds from your IRA in the future. But if you miss this […]
How to File Form 8582: Step-by-Step Guide to Reporting Passive Activity Losses
If you’re involved in real estate or other passive income ventures, Form 8582 might apply to you. This IRS form helps taxpayers calculate and report passive activity losses that can’t be deducted due to IRS limitations. Passive losses often come from real estate rentals or business activities where you’re not actively involved. But just because […]
Form 8615: How to File the Tax for Children’s Unearned Income in 2025
When minors earn unearned income that exceeds a certain threshold, the IRS requires them to file Form 8615. This form ensures that children’s unearned income is taxed at their parents’ rate rather than the child’s lower tax rate. Filing Form 8615 correctly is crucial to avoid errors that might lead to penalties or audits. This […]
How to File IRS Form 1118: A Complete Step-by-Step Guide for 2024
If your U.S. corporation earns income from international sources and pays taxes abroad, you might be eligible to claim a foreign tax credit, and Form 1118 is how you do that. Filing this form helps reduce double taxation and ensures you aren’t overpaying on your U.S. tax obligations. This guide explains how to fill out […]
How to File IRS Form 1098: A Step-by-Step Guide for Mortgage and Education Interest Reporting
If you’re a lender, educational institution, or loan servicer, you may need to file Form 1098 to report interest payments received throughout the year. This IRS document helps taxpayers claim deductions on mortgage or student loan interest paid, which can significantly impact their tax returns. In this blog, we’ll explain how to file Form 1098, […]
How to File IRS Form 1116: A Step-by-Step Guide to Claiming Foreign Tax Credit
U.S. taxpayers who earn income abroad often face double taxation—once by the foreign country and again by the IRS. Luckily, the IRS offers a way to claim a credit for foreign taxes paid: Form 1116. Whether you’re an individual, trust, or estate with foreign income, this guide will show you exactly how to file Form […]
How to File IRS Form 6198: Step-by-Step Instructions for At-Risk Limitations
If you’re involved in a business or investment activity that resulted in a loss, the IRS doesn’t automatically let you deduct all of it—especially if you weren’t financially “at risk.” That’s where Form 6198 comes in. It calculates the portion of your loss that you’re actually allowed to claim under at-risk rules. This guide covers […]
