Account Balance
The balance due amount for the tax year.
Account Balance Plus Accruals
The total of the Account Balance, Accrued Interest, and Accrued Penalties. This amount may not be the payoff amount. To verify call the IRS at 800-829-1040 for the exact amount.
Accrued Interest
The total interest accrued on the Account Balance for that Tax Year.
Accrued Penalty
The total amount of any penalties on the unpaid balance for that Tax Year.
Acct Method
Each taxpayer must use a consistent accounting method, which is a set of rules for determining when to report income and expenses. The most commonly used accounting methods are the cash method and an accrual method. Under the cash method, you generally report income in the tax year you receive it and deduct expenses in the tax year you pay them. Under an accrual method, you generally report income in the tax year you earn it, regardless of when payment is received, and deduct expenses in the tax year you incur them, regardless of when payment is made.
Additional Standard Deduction
The additional standard deduction amount for age, blindness, or both is specified by law and varies based on your filing status. Additionally, If you are married, file a separate return, and your spouse has no gross income, you will be allowed any additional amounts that apply to you or your spouse, provided your spouse is not the dependent of another taxpayer.
Additional Standard Itemized Deduction
The additional standard deduction amount for age (over age 65), blindness, or both is specified by law and varies based on your filing status.
Additional Tax Amount (Form 8814)
Use this form if you elect to report your child’s income on your return. If you do, your child will not have to file a return.
Adjusted Gross Income (AGI)
Adjusted gross income is defined as gross income minus adjustments to income.
Adjustments to Income
Adjustments are certain expenses which directly reduce your total income. Basically these are tax deductions. You do not need to itemize your deductions in order to claim these expenses. Instead, adjustments are considered ""above-the-line"" tax deductions. You claim these deductions directly on Form 1040 page one.
Adoption Credit (Form 8839)
You may be able to take a tax credit up to $12,150 (Tax Year 2009) for qualifying expenses paid to adopt an eligible child (including a child with special needs). The adoption credit is an amount subtracted from your tax liability.
AGI Percentage Limitation
The amount that your expenses must exceed in order to be a qualified deduction.
Alimony Paid
The amount of deductible alimony or separate maintenance paid to spouse or former spouse.
Alimony Paid SSN
The Social Security Number to which alimony was paid.
Alternative Minimum Tax (Form 6251)
The AMT came into being with the Tax Reform Act of 1969. Its purpose was to target a small number of high-income taxpayers who could claim so many deductions they owed little or no income tax. A growing number of middle-income taxpayers are discovering they are subject to the AMT.
Amount Paid with Form 4868
Filing this form grants the taxpayer an extension to file their return. Although you are not required to make a payment of the tax you estimate as due, Form 4868 does not extend the time to pay taxes. If you do not pay the amount due by the regular due date, you will owe interest. You may also be charged penalties.
Amount You Owe
This is the amount of your tax liability that you should have paid the IRS. It is the sum of Total Tax Liability and Total Payments when the outcome results in a negative balance.
Archer Medical Savings Account Deduction
A tax exempt trust or custodial account that is set up with a United States bank or insurance company to allow money to be set aside to pay future medical expenses.
As of
The date the amounts were current.
At Risk Amount (Form 6198)
A taxpayer is ""at risk"" to the extent of cash and the adjusted basis of property contributed to the business activity, as well as to the extent of loans on which he or she is personally liable or has provided collateral. The amount of deductible loss is limited by the amount at risk.
At Risk CD
On Schedule C this entry indicates whether or not the taxpayer’s investment in the business is all at risk or only partially at risk.
Business Name
The business name.
Capital Gain Distribution (PR)
Definition needed
Capital Gains 28% Rate Gain
Collectibles are currently subject to one of the highest rates of federal taxation on investment property. Capital gain from the sale of a collectible is taxed at 28 percent.
Capital Gains Less Investment Income
Definition needed
Car and Truck Expenses
The total expenses for vehicle use reported on Form 2106.
Carryover from Prior Year
Any charitable donation amounts from preceding years that were disallowed due to the AGI limitation. It may be possible to claim this amount as a deduction in the current tax year.
Cash Contributions
The sum of charitable contributions reported on the return.
Casualty or Theft Loss
Generally you may deduct casualty and theft losses to your home, household items and vehicles on your Federal income tax return. You may not deduct casualty and theft losses covered by insurance unless you file a timely claim for reimbursement and you must reduce the loss by the amount of the reimbursement.
Child & Dependent Care Credit
If you paid someone to care for a qualifying individual so that you (or your spouse if you are married) could work or look for work, you may be able to claim the credit for child and dependent care expenses. If you are married, both you and your spouse must have earned income, unless one spouse was either a full-time student or was physically or mentally incapable of self-care.
Child Tax Credit
Taxpayers can claim a child tax credit (CTC) of up to $1,000 per child under age 17. The credit is reduced by 5 percent of adjusted gross income over $110,000 for married couples ($75,000 for single parents).
Cobra Premium Subsidy
The Recovery Act provides eligible workers who have lost their jobs with a 65 percent subsidy for COBRA continuation premiums for themselves and their families for up to 15 months.
Conservation Reserve Program Payments
Under the Conservation Reserve Program (CRP), if you own or operate highly erodible or other specified cropland, you may enter into a long-term contract with the USDA, agreeing to convert to a less intensive use of that cropland. You must include the annual rental payments and any one-time incentive payment you receive under the program on Schedule F, lines 6a and 6b. Certain Conservation Reserve Program payments may be excluded from self-employment tax.
Cost of Goods Sold
Generally, businesses that make or buy goods to sell may deduct the cost of goods sold from their gross receipts in computing business income. This information applies if the business is a manufacturer, wholesaler or retailer, or if engaged in any business that makes, buys or sells goods to produce income.
Credit for Elderly and Disabled
You may be able to claim this credit if you are 65 or older or if you are under 65 and you retired on permanent and total disability. The maximum credit is $1,125.
Credit for Federal Tax on Fuels (Form 4136)
A credit for certain nontaxable sales or uses of fuel. This form is also used to claim a credit for alternative fuel use.
DC 1st Time Homebuyers Credit (Form 8859)
Generally, the DC Tax Credit can be claimed in the year that the principal residence has been purchased as long as the purchaser(s) did not own another principal residence in the District of Columbia during the one year period ending on the date of purchase.
Deductible Investment Interest
If you borrow money to buy property you hold for investment, the interest you pay is investment interest. You can deduct investment interest subject to the limit discussed later. However, you cannot deduct interest you incurred to produce tax-exempt income.
Deductible Loss
The amount of loss that can be deducted after applying the At Risk Rules.
Deductible Points
You generally cannot deduct the full amount of points in the year paid. Because they are prepaid interest, you generally deduct them ratably over the life (term) of the mortgage. However if certain tests are met, points may be deductible in the year paid.
Depreciation
If property you acquire to use in your business is expected to last more than one year, you generally cannot deduct the entire cost as a business expense in the year you acquire it. You must spread the cost over more than one tax year and deduct part of it each year on Schedule C. This method of deducting the cost of business property is called depreciation. In most cases, your depreciation deductions will be entered on IRS Form 4562, Depreciation and Amortization, and then the total amount will be carried over to Line 13 of your Schedule C if you are a sole proprietor.
Description of Business/Profession
The primary business activity carried out by the business.
Dividend Income
The total of qualified and non-qualified dividend income.
Domestic Production Activities Deduction
The deduction or adjustment to gross income equal to the lesser of 3 percent of your taxable income, or your so-called qualified production activities income (QPAI). The rate of the deduction increases to 6 percent for the 2007 to 2009 tax years, and 9 percent thereafter.
Early Withdrawal of Savings Penalty
The entire penalty from an early withdrawal from a CD that is deductible from Gross Income.
Earned Income Credit (EITC)
A refundable credit for low to moderate income individuals and families. To qualify the taxpayer must have earned income. The credit is further based on the number of dependents the taxpayer claims and is subject to income limitations.
Education Credit
There are two types of education credits, the Hope Credit and the Lifetime Learning Credit. The Hope Credit applies to first and second year postsecondary students, with certain restrictions. The Lifetime Learning Credit applies to all students at the undergraduate or graduate level. You cannot claim both the Hope and Lifetime Learning Credits for the same student in the same year.
Educator Expenses
If you are an eligible educator, you can deduct up to $250 ($500 if married filing joint and both spouses are educators, but not more than $250 each) of any unreimbursed expenses [otherwise deductible as a trade or business expense] you paid or incurred for books, supplies, computer equipment (including related software and services), other equipment, and supplementary materials that you use in the classroom.
Elect Itemized Deduction Indicator
A taxpayer may choose to take the standard deduction or their itemized deductions.
Elected Qualified Cash Contributions
Under KETRA, the deduction for these elected qualified contributions is allowed up to the amount by which the taxpayer’s contribution base (AGI) exceeds the allowable deduction for other charitable contributions. Elected contributions are not treated as an itemized deduction for purposes of the overall limitation on itemized deductions.
Employer ID
The Employer Identification Number of the business. An EIN is required if you have employees, or operate your businesses a corporation or partnership, withhold taxes on income, other than wages, paid to a non-resident alien or have a Keogh plan.
Empowerment Zone Credit (Form 8844)
The empowerment zone employment credit provides businesses with an incentive to hire individuals who both live and work in an empowerment zone. (An exception applies to the Washington, DC empowerment zone. Individuals who work in the Washington, DC empowerment zone may live anywhere in the District of Columbia.) You can claim the credit if you pay or incur ""qualified zone wages"" to a ""qualified zone employee."" The credit is 20% of the qualified zone wages paid or incurred during a calendar year. The amount of qualified zone wages you can use to figure the credit cannot be more than $15,000 for each employee for each calendar year. As a result, the credit can be as much as $3,000 (20% of $15,000) per qualified zone employee each year.
Estate and Trust Income
The total income of the Estate or Trust.
Estate and Trust Loss
The amount of loss realized by the Estate or Trust.
Estate/Trust Passive Income
The amount of passive income reported by the Estate or Trust that will be subject to the passive activity rules (PAL).
Estate/Trust Passive Loss
Estates and trusts are subject to the same passive activity loss (PAL) deduction restrictions as are individual taxpayers. Beginning in 1991, no deduction is allowed for a net PAL against any other type of income - active (non-passive) trade or business income or portfolio income. Such PALs that are disallowed currently are trapped in the estate or trust and are ""suspended"" and generally carried forward (on a separate activity by activity basis) as PALs to future years. This provision requires taxpayers, including fiduciaries, to maintain complete records for each activity for all suspended losses.
Estimated Tax Payments
Estimated tax is the method used to pay tax on income that is not subject to withholding. This includes income from self-employment, interest, dividends, alimony, rent, and gains from the sale of assets, prizes and awards. You also may have to pay estimated tax if the amount of income tax being withheld from your salary, pension, or other income is not enough.
Excludable Savings From Bond Int
Interest on Series EE and Series I U.S. Savings Bonds generally does not have to be reported until redeemed or they mature. Interest from these bonds may be excluded from income if used to pay for qualified higher educational expenses during the year and other requirements are met. Interest on state and municipal debt obligations (Municipal Bonds), which is generally excludable from federal Taxable Income, is not taxable. Qualified scholarship funding bonds and qualified fire department bonds may also be treated as state or municipal debt obligations. Interest on certain Private Activity Bonds that qualify for tax exemption is nontaxable.
Exemption Amount
Exemptions reduce your taxable income. There are two types of exemptions you may be able to take; Personal exemptions for yourself and your spouse, and exemptions for dependents.
Exemptions
Exemptions reduce your taxable income. There are two types of exemptions; Personal exemptions for yourself and your spouse, and exemptions for dependents. Exemptions can be reduced or eliminated at certain income levels.
Expense for Business Use of Home
If gross income from the business use of your home equals or exceeds your total business expenses (including depreciation), you can deduct all your business expenses related to the use of your home. If your gross income from the business use is less than your total business expenses, your deduction for certain expenses for the business use of your home is limited.
Federal Income Tax Withheld
Employers are required to withhold a portion of each employee's income and pay it directly to the IRS. These withholdings act as a prepayment of tax the taxpayer will owe at the end of the year, as well as a direct payment of certain other taxes.
Filing Status
Your federal tax filing status defines the type of tax return form an individual will use. Filing status is based on marital status and family situation. A taxpayer will fall into one of five possible filing status categories; Single, Married Filing Jointly, Married Filing Separately, Head of Household, or Surviving Spouse with Qualifying Child.
First Time Homebuyer Credit
This credit applies to homebuyers who bought homes in 2008, 2009, 2010. If the home is used as a primary residence, the taxpayers did not own a residence 2 years preceding the home purchase and meet other qualifications a refundable credit of up to $8,000 was allowable. The 2008 first incarnation of the credit called for a $7,500 credit that must be paid back over the following 10 years. A related credit allowed taxpayers who had lived in their homes for 5 consecutive years of the 8 years preceding the purchase of a new home to claim a refundable credit of up to $6,500.
First Time Schedule C Filed
If this is the first year the business is in operation.
Foreign Accounts Ind
This shows whether the taxpayer or spouse received income form an account held in a foreign country.
Foreign Income Exclusion
If you meet certain requirements, you may qualify for the foreign earned income and foreign housing exclusions and the foreign housing deduction. If you are a U.S. citizen or a resident alien of the United States and you live abroad, you are taxed on your worldwide income. However, you may qualify to exclude from income up to $91,400 (2009) of your foreign earnings. In addition, you can exclude or deduct certain foreign housing amounts.
Foreign Income Exclusion Tax
Definition needed
Foreign Tax Credit
The foreign tax credit is intended to reduce the double tax burden that would otherwise arise when foreign source income is taxed by both the United States and the foreign country from which the income is derived. You can choose to take the amount of any qualified foreign taxes paid or accrued during the year as a foreign tax credit or as an itemized deduction.
Form 1040C Credit
Definition Needed
Form 2349, 4136, 8801 and 8885 Credit Total Amount
Definition Needed
Form 2439 Regulated Investment Company Credit
A tax form distributed by the Internal Revenue Service (IRS) that notifies a shareholder of undistributed long-term capital gains, un-recaptured section 1250 gains and small business stock (section 1202) gains. Form 2439 is completed by a real estate investment trust (REIT) or a regulated investment company (RIC).
General Business Credits (Form 3800)
The General Business Credit is actually a group of individual credits, each with its own requirements, qualifications, tax benefits and tax schedule or form. The credits are summarized as the General Business Credit.
Gross Farming & Fishing Income
The total of all income derived from farm and fishing operations.
Gross or Total Income
Total Income is Wages, Salaries, and Tips plus Schedule B, C, D, E, & F income and/or losses, and Other Income.
Gross Receipts or Sales
The gross income of the business before expenses.
Gross Schedule B Dividends
The sum of all dividends qualified and non-qualified, reported on Schedule B of the return.
Gross Schedule B Interest
The sum of all interest reported on Schedule B.
Health Coverage Tax Credit (Form 8885)
The HCTC makes health insurance more affordable for trade-affected workers, Pension Benefit Guaranty Corporation (PBGC) payees, and their families by paying 80% of health insurance premiums.  The HCTC is available on a monthly basis to help you pay for health insurance as incurred or on a yearly basis when you file your federal tax return.
Health Savings Account Deduction
You can claim a tax deduction for contributions you, or someone other than your employer, make to your HSA even if you do not itemize your deductions on Form 1040. Contributions to your HSA made by your employer (including contributions made through a cafeteria plan) may be excluded from your gross income.
Income or Loss From Rental Real Estate and Royalties
1Definition Needed
Income Tax
Federal Tax owed on income.
Income Tax After Credits
The amounts of tax after adjusting for tax credits and before other taxes are applied.
Income Tax or General Sales Tax
Generally, sales taxes are not deductible on Schedule A. However, for Tax Years 2005, 2006, 2007, 2008, and 2009 if you file a Form 1040 and itemize deductions on Schedule A, you have the option of claiming either state and local income taxes or state and local sales taxes (you can't claim both).
Insurance (Other than Health)
The amount deducted for insurance premiums relating to the business, examples would be business liability insurance, malpractice insurance and even business auto insurance only if the actual expense method is used and then only in proportion to the business use portion of the vehicle.
Interest Income or Loss (Schedule B)
Definition Needed
Inventory at Beginning of Year
The value of inventory at the beginning of the tax year.
Inventory at End of Year
The value of inventory at the close of the tax year.
IRA Deduction
The deductible portion of IRA Contributions.
Keough/SEP Contribution Deduction
Qualified contributions for self-employed partners, sole proprietors, and ministers.
Legal and Professional Services
Legal and professional fees, such as fees charged by accountants, that are ordinary and necessary expenses directly related to operating your business are deductible on Schedule C.
Making Work Pay and Government Retirement Credit
The Making Work Pay Credit and the Government Retiree Credits are refundable tax credits provided by the American Recovery and Reinvestment Act of 2009. If you earned income as an employee or were self-employed, you're probably eligible for the Making Work Pay Credit. This refundable credit is worth up to $400 per person ($800 for a married couple filing jointly). If you did not have earned income from wages or self-employment, as with many who are retired or disabled, you may have received a U.S. Treasury economic stimulus payment of $250 in May or June of 2009. If neither of the above applies to you, and you are a government retiree, you may qualify for the Government Retiree credit, which provides $250 per eligible person.
Meals and Entertainment
You can deduct 50% of ordinary and necessary expenses to entertain a client, customer, or employee if the expenses meet the directly-related test or the associated test.
Medical and Dental Expenses
If you itemize your deductions on Form 1040, Schedule A, you may be able to deduct expenses you paid that year for medical care (including dental) for yourself, your spouse, and your dependents. A deduction is allowed only for expenses primarily paid for the prevention or alleviation of a physical or mental defect or illness. The deduction is equal to the amount of your expenses that exceed 7.5% of your Adjusted Gross Income.
Mortgage Interest
Generally, home mortgage interest is any interest you pay on a loan secured by your home (main home or a second home). The loan may be a mortgage to buy your home, a second mortgage, a line of credit, or a home equity loan.
Mortgage Interest (Financial)
The amount of interest paid to a financial institution and reported by that institution to the IRS on Form 1098.
Mortgage Interest (Individual)
The amount of interest reported on the return as paid by you to an individual and not reported to the IRS on Form 1098.
Mortgage Interest Credit (Form 8396)
Under special state and local programs, you may obtain a mortgage credit certification. This is a governmental program to provide taxpayers with financing to help them buy a principal residence. This certificate must be used in regards to the purchase, rehabilitation or home improvement of your main home.
Mortgage Interest Paid
Mortgage interest paid for the rental property.
Moving Expenses (Form 3903)
You may be able to deduct the reasonable and necessary expenses of moving your household goods and personal effects and of traveling from your old home to your new home. Reasonable expenses can include the cost of lodging (but not meals) while traveling to your new home. See Form 3903 for details.
NAICS Code
The North American Industry Classification System (NAICS) is the standard used by the Federal government to classify business establishments for the purpose of government contracting and statistical analysis.
Net Farm Rent Income/Loss
The gain or loss (both monetary and non-monetary) to farm operators for their labor, management and capital, after all production expenses have been paid (that is, gross farm income minus production expenses). It includes net income from farm production as well as net income attributed to the rental value of farm dwellings, the value of commodities consumed on the farm, depreciation, and inventory changes.
Net Farm Rent Income/Loss
The computed gain or loss from farm rental.
Net Gross Receipts
Net receipts are computed by subtracting any returns and allowances from gross receipts. Returns and allowances include cash or credit refunds you make to customers, rebates, and other allowances off the actual sales price.
Net Limited Misc Deductions
The total of all miscellaneous deductions after the 2% AGI limitation has been applied.
Net Medical Deduction
The amount allowed as a medical deduction after the 7.5% of AGI limitation is applied to the gross amount of medical expenses claimed.
Net Nonfarm Profit or Loss
You may be able to use this method to figure your net earnings from nonfarm self-employment if your net nonfarm profits were less than $4,721 and also less than 72.189% of your gross nonfarm income.
Net Short-Term Gain/Loss
The term ""net capital gain"" means the amount by which your net long-term capital gain for the year is more than the sum of your net short-term capital loss and any long-term capital loss carried over from the previous year.
New Motor Vehicle Taxes
You may be able to deduct state and local sales or excise taxes you paid after February 16, 2009, for the purchase of any new motor vehicles(s). You may deduct these taxes on Form 1040, either as an addition to your standard deduction, or on Schedule A, if you elect to itemize your deductions.
No Record of Return Filed or No Return Filed
The IRS does not have any record of a tax return being filed for that tax year for the corresponding SSN.
Nontaxable Combat Pay Election (Form 8812)
You can elect to include your nontaxable combat pay in earned income for the earned income credit. If you make the election, you must include in earned income all nontaxable combat pay you received. If you are filing a joint return and both you and your spouse received nontaxable combat pay, you can each make your own election.
Office Expense Amount
Sum of office supplies expenses of the business.
Other Adjustments
The total of Other Adjustments to Income which consists of the following
Other Expenses
You may also be able to deduct additional expenses. See Publication 535 to find out whether an expense can be deducted.
Other Income
The sum of all income not specifically listed on the 1040. For greater insight refer to IRS Publication 17.
Other Taxes
Other taxes include the self-employment tax, additional taxes on unreported tips, additional taxes on the early withdrawal of retirement funds, the advance earned income credit, and household employment taxes.
Other Than Cash (Form 8283)
The amount of contributions claimed that were non-cash contributions such as donations to Goodwill of clothing, household goods or other items.
Other Than Gambling Amount
The total of all miscellaneous deductions less any amount of gambling losses.
Partnership Income
The gross income received by the S-Corporation.
Partnership Loss
The total loss reported by the S-Corporation.
Partnership/Corporation Non-Passive Income
The income reported by the S-Corporation from activities not considered to be passive in nature.
Partnership/Corporation Non-Passive Loss
A loss reported by the S-Corporation from activities not considered to be passive. Thus, they are not subject to the passive activity loss limitations.
Partnership/Corporation Passive Income
Reported income of the S-Corporation that is considered passive in nature.
Partnership/Corporation Passive Loss
Beginning in 1991, no deduction is allowed for a net PAL against any other type of income - active (non-passive) trade or business income or portfolio income. Such PALs that are disallowed are ""suspended"" and generally carried forward (on a separate activity by activity basis) as PALs to future years. This provision requires taxpayers to maintain complete records for each activity for all suspended losses.
Passive Loss not Reported on Form 8582
Any loss not allowed in the current year is suspended and carried over indefinitely. Upon complete disposition of the activity, all passive carryovers are allowed. In the year of complete disposition, to determine the treatment of the activity, gain or loss from the disposition is combined with current year income or loss, and prior year un-allowed loss. If the result of this is a positive number, then the activity is reported on Form 8582 so the excess passive income can free up passive losses from other activities. If the result is negative, then the activity is left off of Form 8582 and all current and prior year losses from the activity are allowed in full.
Personal Use of rental Vacation Property
You are considered to use a dwelling unit as a home if you use it for personal purposes during the tax year for more than the greater of: 14 days or 10% of the total days it is rented to others at a fair rental price. It is possible that you will use more than one dwelling unit as a home during the year. If you use the dwelling unit for both rental and personal purposes, you generally must divide your total expenses between the rental use and the personal use based on the number of days used for each purpose. However, you will not be able to deduct your rental expense in excess of your gross rental income. If you itemize your deductions on Form 1040, Schedule A, you may still be able to deduct mortgage interest, property taxes, and casualty losses on that schedule. Refer to Publication 527, Residential Rental Property (Including Rental of Vacation Homes).
Phone Excise Credit (Form 8913)
The telephone tax refund is a one-time payment available on your 2006 federal income tax return, designed to refund previously collected federal excise taxes on long-distance or bundled service. It is available to anyone who paid such taxes on landline, wireless, or Voice over Internet Protocol (VoIP) service.
Prior Year Earned Income
The amount of earned income from the previous tax year.
Prior Year Minimum Tax Credit (Form 8801)
If you paid Alternative Minimum Tax (AMT) last year, or you had a minimum tax credit carry forward from last year, you may be able to claim a tax credit.
Qualified Mortgage Insurance Premiums
You can treat amounts you paid for qualified mortgage insurance as home mortgage interest. The insurance must be in connection with home acquisition debt, and the insurance contract must have been issued after 2006.
Real Estate Mortgage Income/Loss
Reports the amount of gain or loss from investment in REMICs. These are a type of special purpose vehicle used for the pooling of mortgage loans and issuance of mortgage-backed securities. They are defined under the United States Internal Revenue Code (Tax Reform Act of 1986), and are the typical vehicle of choice for the securitization of residential mortgages in the US.
Real Estate Taxes
Deductible real estate taxes are generally any state, local, or foreign taxes on real property. They must be charged uniformly against all property in the jurisdiction and must be based on the assessed value.
Recovery Rebate Credit
The recovery rebate credit is a one-time benefit for people who didn't receive the full economic stimulus payment last year and whose circumstances may have changed, making them eligible now for some or the entire unpaid portion.
Refund Amount
The amount that should have received as a refund. It is the sum of Total Tax Liability and Total Payments. If this is a negative number see Amount You Owe.
Refundable Credit for Prior Year Minimum Tax (Form 8801)
A refundable credit allowed if you paid Alternative Minimum Tax (AMT) last year, or you had a minimum tax credit carry forward from last year, you may be able to claim a tax credit.
Refundable Education Credit
The American Opportunity credit is refundable and can help offset the alternative minimum tax and the self-employment tax. The American Opportunity credit also features an expanded definition of qualifying expenses to include supplies and course materials, whereas other credits are limited just to tuition.
Rent & Royalty Income
The sum of income from rents and income of royalties.
Rent & Royalty Losses
The profit or loss of the rental property once the allowable expenses have been deducted.
Rental Depreciation Expense or Depletion
The amount of depreciation taken for the property for the year.
Repairs and Maintenance
Schedule C filers can deduct amounts spent to repair or maintain business property.
Repairs Expense Column A
Repair expenses claimed for property #1.
Repairs Expense Column B
Repair expenses claimed for property #2.
Repairs Expense Column C
Repair expenses claimed for property #3.
Reservist and Other Business Expenses
Certain business expenses of reservists, performing artists, and fee-basis government officials. See Form 2106 or 2106-EZ.
Residential Energy Credit
This credit, which expired after 2007, was reinstated in 2009. You may be able to claim a non-business energy property credit of 30% of the cost of certain energy-efficient property or improvements you placed in service in 2009. This property can include high-efficiency heat pumps, air conditioners, and water heaters. It also may include energy-efficient windows, doors, insulation materials, and certain roofs. The credit has been expanded to include certain asphalt roofs and stoves that burn biomass fuel. The total amount of credit you can claim in 2009 and 2010 is limited to $1,500. Beginning in 2009, there is no limitation on the credit amount for qualified solar electric property costs, qualified solar water heating property costs, qualified small wind energy property costs, and qualified geothermal heat pump property costs. The limitation on the credit amount for qualified fuel cell property costs remains the same.
Return Filed
Indicates a return was filed.
Returns and Allowances
Returns and allowances include cash or credit refunds you make to customers, rebates, and other allowances off the actual sales price.
Sch A Itemized
The total of all itemized deductions as calculated by the IRS.
Sch A Tax Deductions
The total of all itemized deductions from Schedule A.
Sch A Total Contributions
The sum of all allowable deductions for donations including cash, non-cash and disallowed carryovers form the preceding year.
Sch D 15% Computer
The majority of people now only have two capital gains tax rates to worry about - 5 percent and 15 percent. Long-term capital gains are taxed at 5 percent for taxpayers in the 10 or 15 percent income tax bracket overall and 15 percent if taxpayers are in any other tax bracket.
Sch D 5% Computer
The 5% and 0% long-term capital gains rates apply only when the total taxable income of the taxpayer(s), including the capital gain income, does not exceed the maximum income to qualify for the 15% income tax bracket, with any gain exceeding that threshold taxed at 15%.
Schedule B Interest and Dividends
The total of income from interest and dividends as reported.
Schedule B, C, D, E, & F Income Loss
Schedule B, C, D, E, & F includes but is not limited to income or losses of interest, dividends, self-employment, investments, rents, royalties, partnerships, farm and/or fishing.
Schedule C Net Profit or Loss
After figuring your business income and expenses, you are ready to figure the net profit or net loss from your business. You do this by subtracting business expenses from business income. If your expenses are less than your income, the difference is net profit and becomes part of your income on page 1 of Form 1040. If your expenses are more than your income, the difference is a net loss. You usually can deduct it from gross income on page 1 of Form 1040. But in some situations your loss is limited.
Schedule F Net Farm Profit/Loss
This is your net farm income or loss. This should include both the net farm profit and loss from Schedule F along with any income from farm partnerships. Please note that if your gross farm income is $2,400 or less and your net farm income is $1,733 or less there is a ""Farm Optional Method"" for calculating income subject to self employment taxes. If you qualify for this optional method it may produce a slightly lower income subject to self employment taxes.
Schedule K1 ES Payment Indicator
If a pass through entity (S-Corporation, LLC) pays estimated taxes, the credit for these taxes paid if reported on schedule K-1 allowing the shareholder/partner to deduct the amount for the taxes paid on their individual return.
SE Farm Option Used
There are three ways to determine net earnings from self employment: The Regular Method, The Farm Optional Method, The Non Farm Optional Method.
SE Income
The self employment income used in the calculation of self employment tax.
SE Medicare Income
Self-employment tax is the social security and Medicare taxes for individuals who are self-employed. This entry reflects the income amount used to calculate the portion of corresponding self employment tax attributable to Medicare.
SE Medicare Tax
This entry reflects potion of self employment tax attributable to Medicare.
SE Optional Method Income
If actual net earnings are less than $400, earnings can still count for Social Security under an optional method of reporting. The optional method can be used if gross earnings are $600 or more or when ­profit is less than $1,600. The optional method can only be used five times in a taxpayer’s life. The actual net must have been $400 or more in at least two of the last three years, and net earnings must be less than two-thirds of your gross income.
SE Quarters Covered
When a short period return is filed, determine the number of quarters covered by the short period return when Schedule SE is attached. The SE Quarters Covered Code is edited on Schedule SE based on the number of quarters reported on the short period return.
SE SS Tax Computer
The Social Security portion of self-employment tax as computed by the IRS.
Self-Employment Health Insurance Deduction
Qualified self-employment health insurance payments.
Self-Employment Tax Deduction
You may deduct half of your SE tax in figuring your adjusted gross income. This deduction only affects your income tax. It does not affect either your net earnings from self-employment or your SE tax.
SFR (Substitute For Return)
Substitute for Return. If you do not file a tax return the IRS will file a substitute return for you. But this return is based only on information the IRS has from other sources. Thus, if the IRS prepares this substitute return, it will not include any additional exemptions or expenses you may be entitled to and may overstate your real tax liability. Once the tax is assessed the IRS will start the collection process, which can include placing a levy on wages or bank accounts or filing a federal tax lien against your property. Even if the IRS has already filed a substitute return, it is advisable to file your own return to make sure you take advantage of all the exemptions, credits, and deductions you are allowed. The IRS will generally adjust your account to reflect the correct figures.
SSN of Self-Employed Taxpayer
Social Security Number of the taxpayer.
Standard Deduction
The standard deduction reduces the amount of income on which you are taxed. You cannot take the standard deduction if you claim itemized deductions. Your standard deduction can consist of the basic standard deduction and additional standard deduction amounts for age and blindness. For the 2009 tax year you may also include state or local real estate taxes of up to $500 ($1,000 for married filing jointly) and net disaster losses that occurred before January 1, 2010 as part of your standard deduction.
Standard Deduction - 65 or Over
There is an additional standard deduction amount for taxpayers and/or their spouse age 65 or older.
Standard Deduction - Blind
There is an additional standard deduction amount for taxpayers and/or their spouse who are blind.
State and Local Income Tax
State and local income taxes withheld from your wages during the year appear on your Form W-2
Statutory Employee Ind
If the taxpayer is a statutory employee this field in used.
Student Loan Interest Deduction
The interest paid on a qualified student loan.
Tax Computation Using Maximum Capital Gains Rates
Definition Needed
Tax on Income Less Social Security Income
How much, if any, of your Social Security benefits are taxable depends on your total income and marital status. Generally, if Social Security benefits were your only income, your benefits are not taxable and you probably do not need to file a federal income tax return. This figure represents the amount of tax on all income excluding any income from Social Security.
Tax Per Return
The amounts of tax after adjusting for credits and before other taxes are applied.
Tax Rate
The percent of income paid as tax.
Tax Year
The 12-month reporting period for which you are filing your tax return.
Taxable Income
Taxable Income is Adjusted Gross Income minus standard or itemized deduction, additional standard deduction, and exemptions. This is the amount applied to the tax table to determine the Tentative Tax.
Taxable Interest Income
Most interest received that can be withdrawn, is taxable income." "Examples of taxable interest are interest on bank accounts, money market accuracy certificates, and deposited insurance dividends.
Taxes Paid
The total deduction for state and local income taxes reported on the return.
Tentative Church Earnings
Definition Needed
Tentative Tax
This is the tax amount prior to adjusting for tax credits.
Total Adjustments
Total Adjustments includes Individual Retirement Arrangements (IRAs), Alimony Paid, Bad Debt Deduction, Moving Expenses, Student Loan Interest Deduction, Tuition and Fees Deduction, and Educator Expense Deduction.
Total Credits
A tax credit reduces the amount owed. Non-Refundable tax credits allow a taxpayer to reduce their tax liability to zero, but not below zero. A Refundable tax credit allows a taxpayer to reduce their tax liability to zero and the remaining excess of the credit can be received as a refund.
Total Expenses
The sum of all expenses reported on Schedule C.
Total Income
Total Income is Wages, Salaries, and Tips plus Schedule B, C, D, E, & F income and/or losses, and Other Income.
Total Interest Deduction
The total of all interest paid and deducted on the return.
Total Itemized Deduction
Expenses that can be deducted to reduce your income after your adjusted gross income (AGI) and before your income tax calculation. Itemized deductions include medical expenses, taxes, deductible interest, charitable contributions, casualty and theft losses, unreimbursed employee expenses and miscellaneous deductions.
Total Limited Misc Expenses
The total of all miscellaneous deductions subject to the 2% AGI limitation.
Total Long-Term Sales Price
Definition Needed
Total Payments
Payments include Federal Withholding, Estimated Tax Payments and Refundable Tax Credits such as Earned Income Tax Credit, First Time Home Buyer Credit and Additional Child Tax Credit.
Total Rental Expense Deduction
The sum of all deductible expenses of the rental property.
Total Rental Expense Deduction
The sum of all expenses for all properties listed on Schedule E.
Total Rents Received
The gross income from the rental property.
Total Retirement Savings Contribution (Form 8880)
Retirement Savings Contribution Credit, or the Saver's Credit for short, is a federal tax credit designed to encourage low- and modest-income individuals to save for retirement. The tax credit is calculated based on a percentage of your retirement contributions. The maximum credit is $1,000 for unmarried filers and $2,000 for married filers. The percentage is determined by your adjusted gross income and your filing status. The percentage of contributions you get as a tax credit is 10%, 20%, or 50%, depending on your adjusted gross income.
Total Royalties Received
Royalties from copyrights, patents, and oil, gas, and mineral properties are taxable as ordinary income. You generally report royalties in Part I of Schedule E (Form 1040), Supplemental Income and Loss. However, if you hold an operating oil, gas, or mineral interest or are in business as a self-employed writer, inventor, artist, etc., report your income and expenses on Schedule C or Schedule C-EZ (Form 1040).
Total SE Income
Most earnings from self-employment are subject to SE tax.  Some earnings from employment (certain earnings that are not subject to social security and Medicare taxes) are subject to SE tax.
Total SE Tax
The amount of Self employment tax calculated on the return.
Total Self Employment Tax
Self-employment tax (SE tax) is a social security and Medicare tax primarily for self employed individuals. It is similar to the social security and Medicare taxes withheld from the pay of most wage earners.
Total Short Term Sales Price
Defintion Needed
Total Soc Sec & RR Wages
The amount of benefits received from social security or railroad retirement.
Total Tax Liability
Total Tax Liability is Income Tax after Credits plus Other Taxes.
Travel
These are the ordinary and necessary expenses of traveling away from home for your business. You are traveling away from home if both the following conditions are met.
Tuition and Fees Deduction
The deduction amount for qualified tuition and related expenses paid for yourself, your spouse, or a dependent.
Unknown if Return Filed
No transcript was returned from the IRS - unable to verify if a return was filed for the tax year in question. This may occur if the Social Security Number used to request the transcript was the secondary or spouse’s SSN. We will do our best to obtain your transcripts if available.
Unrecaptured Sect 1250 Gain
Unrecaptured Section 1250 income is taxed at a 25% maximum capital-gains rate (or less in some cases). Unrecaptured Section 1250 gains are only realized when there is a net Section 1231 gain that is not subject to recapture as ordinary income.
Unreimbursed Employee Expenses
The total expenses of an employee who does not receive reimbursement for amounts spent that are considered ordinary and necessary. An expense is ordinary if it is common and accepted in your trade, business, or profession. An expense is necessary if it is appropriate and helpful to your business. An expense does not have to be required to be considered necessary.
Utilities Expense Amount
The sum of utilities expenses of the business.
Wages
You can generally deduct on Schedule C the pay you give your employees for the services they perform for your business. The pay may be in cash, property, or services.
Wages, Salaries, Tips, Etc
Wages, salaries, and tips received by an employee for performing services for an employer must be included in your gross income.