Call the IRS With Your Tax Questions Live assistance is available Monday through Friday, typically from 7 AM to 7 PM local time. Individuals: 1-800-829-1040. Businesses: 1-800-829-4933. Automated assistance is available 24/7. Individuals can call 1-800-829-1040 to contact the IRS toll free. Contact Your Local IRS Office IRS Taxpayer Assistance Centers (TACs) provide in-person help […]
What to Know What is a Trump Account? A Trump Account is a federal savings account for a child under 18. You set it up by making an election on your federal tax return. The account is administered by the U.S. Treasury. What is the $1,000 government deposit? Some children may qualify for a one-time […]
For more general information about Trump Accounts, see the Trump Account Elections – Form 4547 (IRC 530A) FAQ. If you are ready to add Form 4547 to your return, follow the steps below. Make sure you have entered dependent information in your return before proceeding. You are prompted to complete the questionnaire for each child […]
The IRS will begin accepting individual returns on January 26, 2026. The official filing season start dates are posted each year on the IRS website. The IRS accepts returns on a first-come, first-served basis. Because of this, we strive to have our product ready in time for you to be first in line! Our Federal […]
What changed in 2025: The cap on the state and local tax (SALT) deduction increases: From $10,000 to $40,000, if you’re filing jointly (MFJ) or as head of household (HOH) From $10,000 to $20,000, if you’re married filing separately (MFS) NOTE The limit increases by 1% each year through 2029 You can claim this higher deduction […]
What’s new in 2025: From 2025 through 2028, there’s a new deduction of $6,000 per person age 65 or older. You can still claim this on top of the regular senior standard deduction. That’s up to $12,000, if both spouses qualify on a joint return. You can claim this deduction whether you take the standard deduction or itemize. You can claim this […]
What’s new in 2025: The maximum Child Tax Credit (CTC) increases from $2,000 to $2,200 per qualifying child. Up to $1,700 of the credit may be refundable as the Additional Child Tax Credit (ACTC). Both the credit amount and refundable portion will be adjusted for inflation, so it may increase over time. The enhanced credit […]
You may need to allocate amounts of the Form 1095-A to another individual at zero percent. For more information, see IRS Instructions for Form 8962. To indicate zero allocation in the TaxAct program, follow the instructions in FAQ Form 1095-A – Entering Health Insurance Marketplace Statement in Program. During the interview, when entering the recipient’s […]
Per the Form 8962 Instructions: “If an individual in your tax family was enrolled in a policy with an individual in another tax family and you are not taking the PTC, the taxpayer who is claiming the individual not in your tax family may agree to reconcile all APTC paid for the policy.” For more […]
Per the Form 8962 Instructions: “You need to allocate policy amounts (enrollment premiums, SLCSP premiums, and/or APTC) on a Form 1095-A between your tax family and another tax family if: The policy covered at least one individual in your tax family and at least one individual in another tax family; and Either: a. You received a […]
The new tax bill was signed into law on July 4, 2025. This is a major tax law change that extends many benefits from the 2017 Tax Cuts and Jobs Act, while adding new deductions and incentives for specific groups of taxpayers (seniors, tipped workers, overtime recipients, etc.). It offers opportunities for both individuals and […]
What changed in 2025? New deduction for interest that you pay on a qualifying vehicle loan. Maximum annual deduction is $10,000. You can claim it even if you take the standard deduction. Verify final assembly in the U.S. Use the NHTSA VIN Decoder to confirm final assembly location. https://www.nhtsa.gov/vin-decoder Have your 17-character VIN ready. You […]
What changed in 2025? A new tax law allows a deduction for qualified overtime income. You can claim a deduction of up to $12,500 (single) or $25,000 (married filing jointly). Both itemizing and non-itemizing taxpayers are eligible to take this deduction. IMPORTANT: Social Security and Medicare taxes still apply (this only affects income tax). What […]
What changes in 2025? A new tax law allows a deduction for qualified tip income. You can deduct up to $25,000 per return. Tips are still subject to Social Security and Medicare tax. What counts as “qualified tips”? For an amount to be considered a tip (and therefore “qualified”), it must meet all four conditions: […]
If your dependent received an Identity Protection PIN (IP PIN), you will need to enter this PIN on your tax return. To enter your dependent’s IP PIN, follow the steps below. Online Dashboards From within your TaxAct return, click Taxes & Miscellaneous. On smaller devices, click the menu at the top left corner of your […]
TaxAct® automatically calculates the Earned Income Credit (EIC) based on the information in your return. If you have a dependent that is a qualifying child, enter your dependent information (including name, SSN, relationship to you, year of birth, number of months lived with you, and student status). TaxAct will then use dependent information in the […]
The information included below is to assist you in researching your specific tax question. On the right side of any screen in the TaxAct program, there is an IRS Instructions or State Instructions link to provide additional information specific to the screen you are viewing. Our FAQs are available on our Most Popular Help Topics […]
The due date for U.S. Individual Income Tax Returns (Forms 1040) is April 15 (filing and extension deadlines for other return types are available on the e-Filing – Return Due Dates and Deadlines FAQ). Note. If your area has been declared a federal disaster area, check the IRS Tax Relief in Disaster Situations webpage for more […]
Deadlines for federal returns vary by return type. Most states comply with the federal filing deadline, but we recommend that you check with your individual state taxing authority to confirm. See State Return Due Dates for details. Note: If your area has been declared a federal disaster area, check the IRS Tax Relief in Disaster Situations webpage for more […]
If you claimed the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC), the IRS shows your refund will be released mid-February. Refunds should be available in your account by the first week of March if you chose direct deposit and there are no other issues with your tax return. The IRS […]
During enrollment through the Marketplace, the Marketplace will determine if you are eligible for advance payments of the premium tax credit, also called “advance credit payments.” If you enrolled in Marketplace coverage last year, you will receive Form 1095-A detailing the coverage. You must enter the details of Form 1095-A on your tax return. To […]
Form W-2 Deadline: January 31, 2026 Return Type Filing Deadline Extension Deadline Individual (Form 1040) April 15, 2026 October 15, 2026 Estates & Trusts (Form 1041) April 15, 2026 September 30, 2026 Partnerships (Form 1065) March 16, 2026 September 15, 2026 Corporations (Form 1120) April 15, 2026 October 15, 2026 S Corporations (Form 1120-S) March […]
Once the IRS accepts an e-filed return, they do not provide us further information regarding when the refunds are mailed or direct deposited. See Refunds – IRS Questions and Answers for details. Note that any link in the information above is updated each year automatically and will take you to the most recent version of […]
The due date for the U.S. Individual Income Tax Return is April 15. See the e-Filing – Return Due Dates and Deadlines FAQ for details. Related Links When are quarterly estimated tax payments due? When to File
State Tax Return To obtain a copy of your tax return from a state taxing agency, visit the Request a Copy of a State Return or Transcript page for links to the websites and/or forms for each state to request a copy of your return or transcript. Federal Tax Return If you need a transcript […]
The IRS and state tax agencies have implemented policies to protect you from fraud. Many agencies have changed their approval process in order to prevent those trying to steal your refund from succeeding. As a result, some refunds may be issued later than others. Refunds are not controlled by TaxAct, so you can still complete […]
Taxpayers who receive certain notices requiring them to send information to the IRS may now upload their documents online through IRS.gov, rather than mail them in. Please note that taxpayers may securely respond to these notices regardless of having an IRS Online Account. The following notices are currently available for electronic upload: CP04, relating to […]
Prior year Net Operating Loss (NOL) amounts are entered on the Net Operating Loss Worksheet. To access the worksheet Net Operating Loss Worksheet: 1. From within your TaxAct return (Online or Desktop), click Federal (on smaller devices, click in the top left corner of your screen, then click Federal). 2. Click Business Deductions dropdown, then […]
On 12/22/2017, the Tax Cuts and Jobs Act was signed into law. The provisions in this bill generally affect tax years 2018-2025. A summary of the bill’s tax provisions are provided below. The full bill, titled H.R.1 – An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on […]
The statute of limitations for saving Federal returns is generally three years after the date the return is filed. Returns filed before the federal filing deadline (typically April 15) are considered filed on the due date of the return (here are some exceptions to this rule). For more information, go to our Record Retention – […]
Some IRS forms haven’t been released and are currently unavailable for printing or e-filing in the TaxAct program. See the TaxAct Forms Availability webpage for more information.
For tax information for members of the military, please see the following: Military Family Tax Benefits Tax Information for Members of the U.S. Armed Forces Publication 3 Armed Forces’ Tax Guide Note that any link in the information above is updated each year automatically and will take you to the most recent version of the […]
The IRS Tax Information for Businesses webpage contains a wealth of information for the small business owner. Another good source of information for the small business owner is the IRS Internal Revenue Bulletins (IRBs) webpage, which is published weekly. The IRB is the authoritative instrument of the Commissioner of Internal Revenue for announcing official rulings […]
Call 1-800-772-1213 (the national Social Security Administration number) to contact the Social Security Administration toll free, or go to the Social Security Office Locator to find the phone number of your local office. Alternatively, go to the SSA Frequently Asked Questions webpage.
IRS Publication 938 Real Estate Mortgage Investment Conduits (REMICs) Reporting Information has information regarding reporting REMICs. You can use the directory in the publication to find the representative of the REMIC, then request information from that representative by telephone or mail. Your request must specify the calendar quarters and the classes of REMIC regular interests […]
Go to the IRS Where to File Paper Tax Returns With or Without a Payment webpage for a list of addresses for filing. Note that any link in the information above is updated each year automatically and will take you to the most recent version of the webpage or document at the time it is […]
Per the IRS How EINs are Assigned and Valid EIN Prefixes webpage: The EIN prefix now only indicates which campus assigned the EIN. Each campus has certain prefixes available for use, as well as prefixes that are solely for use by the online application and the Small Business Administration. The prefix breakdown is shown in […]
Go to the IRS Contact My Local Office Internationally webpage to learn about international taxpayer service centers. Note that any link in the information above is updated each year automatically and will take you to the most recent version of the webpage or document at the time it is accessed.
See IRS Publication 4681 Canceled Debts, Foreclosures, Repossessions, and Abandonments (for Individuals) for information regarding canceled debts, foreclosures, repossessions, and abandonments. Note that any link in the information above is updated each year automatically and will take you to the most recent version of the webpage or document at the time it is accessed.
The statute of limitations for saving Federal returns is generally three years after the date the return is filed. Returns filed before the federal filing deadline are considered filed on the due date of the return. Per the IRS How long should I keep records? webpage: The length of time you should keep a document […]
We appreciate customer comments and suggestions, and use your feedback to update our TaxAct programs each year. We compile your feedback each season and review it before we start development for next year’s product. We add and maintain forms based on the number of requests and how many customers use them. Submit your feedback to […]
Per IRS Publication 936, page 8: Refinancing. Generally, points you pay to refinance a mortgage aren’t deductible in full in the year you pay them. This is true even if the new mortgage is secured by your main home. However, if you use part of the refinanced mortgage proceeds to substantially improve your main home […]
An Employer Identification Number (EIN) is a nine-digit number issued by the IRS. An EIN identifies the tax accounts of employers and certain other taxpayers, and determines the type of business tax return they must file. An EIN is typically issued using the XX-XXXXXXX format. Sometimes, a letter or an employee plan number (for example, […]
Identity theft occurs when someone uses your personal information to file a fraudulent tax return. Usually, the tax return is filed with your name, Social Security Number (SSN), and other identifying information in an attempt to obtain a fraudulent refund. Be alert to possible identity theft if you receive an IRS notice or letter that […]
Before you file your current year’s tax return, you should make sure you have all necessary documents including Form W-2 Wage and Tax Statement. You should receive a Form W-2 from each of your employers. Employers have until January 31, 2025, to send you a 2024 Form W-2 earnings statement. If you haven’t received your W-2, […]
Wondering what’s changed in the tax world from last year? We put together the top six 2022 federal tax changes that taxpayers like you should know about before filing your income tax return in 2023. Tax year 2021 saw major tax changes due to the coronavirus pandemic, but many of those changes went away in […]
The IRS has advised that many people should expect smaller tax refunds for 2022. Here’s why your refund may not be as big as last year’s and some tips on what you can do to maximize your refund amount. Why do you get a tax refund from the IRS? Let’s review why we get a […]
If you received advance Child Tax Credit (CTC) monthly payments last year, you should be getting Letter 6419 from the IRS. This letter details the total advance payments you received last year and lets you know how much of the credit you can still expect to claim when filing your 2021 tax return. However, the […]
How does the IRS get my bank information for any 2021 stimulus payments? If the IRS issues additional stimulus payments in 2021, direct deposit will be the fastest way to get your money. The IRS will obtain your direct deposit bank account information from the most recent tax return filed. So, if you are getting […]
On February 9, 2018, President Trump signed the Bipartisan Budget Act of 2018. Division D, Title I of this Act details the extension of expiring provisions. Although these are federal provisions, they may have an impact on your state filing. We will release updates to all states affected in a timely manner once the IRS […]
The Bipartisan Budget Act of 2018 includes the following key provisions: Extension of exclusion from gross income of discharge of qualified principal residence indebtedness Extension of mortgage insurance premiums treated as qualified residence interest Extension of above-the-line deduction for qualified tuition and related expenses Extension of Indian employment tax credit Extension of railroad track maintenance […]
The Earned Income Credit amounts have increased slightly for the 2018 tax year. The maximum amount of earned income and adjusted gross income (AGI) must be less than: $49,194 ($54,484 if married filing jointly) with three or more qualifying children $45,802 ($51,492 if married filing jointly) with two qualifying children $40,320 ($46,010 if married filing […]
Understanding commonly used terms and their acronyms can make it easier to prepare and file your tax return. Taxpayer Identification Number (TIN): Refers to the number issued by the IRS or Social Security Administration to identify taxpayers. For individual filers, TIN is usually the taxpayer’s Social Security Number (SSN) or individual taxpayer identification number (ITIN). […]
Alternative Minimum Tax (Video)
The IRS developed the “Did I Receive an Economic Recovery Payment?” look up tool which gives taxpayers an easy way to determine if they received the one-time ERP payment and which agency made the payment. Beginning March 8, 2010, taxpayers can call 866-234-2942 to access the phone application. The Web application will be available March […]
NEW LEGISLATION On November 6, 2009, President Obama signed into law, “The Worker, Homeownership, and Business Assistance Act of 2009”. The new law: 1. Extends deadlines for purchasing and closing on a home. 2. Authorizes the credit for long-time homeowners buying a replacement principal residence. 3. Raises the income limitations for homeowners claiming the credit. […]
