1099-R: Distributions From Retirement Plans
Form 1099-R is an informational form used by financial institutions to report distributions of more than $10 to account holders from a variety of sources including: Pensions and annuities Profit sharing and retirement plans IRA’s Insurance contracts Most of these distributions are from some type of retirement plan or fund, and there are differences in […]
CA-592: Non-Resident Income Withholding
Non-Resident Income Withholding on CA-592 refers to the process of withholding taxes on income earned by non-residents in California. The CA-592 form is specifically used to report and pay the withheld tax for payments made to non-residents, such as individuals, partnerships, and corporations that do not reside in California but earn income from California sources. […]
Form 1099-C: Cancellation of Debt Income
Taxpayers who have any type of debt cancellation or forgiveness will have to report that amount as taxable income. The lender will file this form if there was more than $600 worth of cancelled debt for the tax year. There are a few instances where this type of debt cancellation can occur, including: A […]
