What is the purpose of the form 8949?

Are you looking for an easy guide to understand the purpose of form 8949 and how you can submit your form 8949 and report it with your annual transaction? If yes then this blog will highlight all about form 8949 and what is the purpose of form 8949. So, let us get started!

What is form 8949?

According to the form 8949, this procedure is used to report all the transaction which you want to report annually regarding your sales and income on it. Any individual who will be using form 8949 can use this to report the exchange and capital sales asset which you made around the year. Form 8949 and IRS will let you Resolve the amounts stated to you and the IRS on Forms 1099-B or 1099-S (or alternative accounts) with the expenses you report on your return.

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According to form 8949 and who can submit it? Well, you need to report this in a particular year when your capital asset business and profit. Then you need to fill the schedule D except an allowance applies. You will need to enter all the detailed information of your assets on form 8949.

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Who Can submit form 8949?

According to form 8949, anyone who comes under the category of land selling, stock seller to an artwork selling individual. You must need to submit form 8949 to report your annual earning. It is required to write all short-term to long-term business earnings on the form 8949. This information is used to learn better about the earnings you made on all the investments, to any kind of sale which comes under this category which we have mentioned above. You need to attach the statement with form 8949 to show the proof after you have received form 8949.

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Robinhood tax forms Guideline

Are you looking for the robinhood tax forms guideline? Want to know who can fill robinhood tax forms and how to submit the robinhood tax forms? If yes then this blog will help you to answer your questions regarding the robinhood tax forms. So, let’s get started with the robinhood tax forms Ultimate Guide.

What are robinhood tax forms?

With the robinhood tax forms, you will be provided by the Robinhood Securities IRS Form 1099. This forum is required if you had a taxable event in 2020 including dividend payments. For instance, if the business or event you held had sold stock for profit, or exercising an option. Furthermore, in case you had to sell some of the Crypto then you may need to fill the robinhood tax forms IRS 1099 form if you sell more than $10 of cryptocurrency in 2020.

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While, the due date to submit the forum from Robinhood is starting from mid-February, and you can submit if you come under the category. You may receive more than 1099 if you place trades through Robinhood Securities and Robinhood Crypto throughout the year.

Do I have to report the robinhood tax forms on my income?

According to the rules in the United States of America. You are only eligible if you have sold any assets such as stock share or crypto and bitcoin etc. But you not eligible to fill the form if you haven’t made any earning on it and don’t have to report to the IRS. Only if you have gained $10 or more on any of the assets then you should file the robinhood tax forms to IRS.

Can I log into robinhood tax forms app from mobile?

Yes, you can access the Robinhood tax mobile application on your phone which comes in the section of 1099 in your phone app, after downloading you need to follow these steps:

  • Download the application
  • Then you need to click on the account after logging into the app
  • Click on data and history
  • Click on Tax Documents
  • Note: For large documents, downloading through our web system may be the best way to download.

While, if you are facing any issue to download the tax information forum or anything related to the robinhood tax forms then you may need to visit our help centre and learn more about your problems regarding robinhood tax forms and how to troubleshoot common tax document issues.

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IRS form 1040 Ultimate Guide

Are you looking for the IRS form 1040 guideline? Want to learn who can submit and how to submit the IRS form 1040? If yes then this blog will help you to answer your questions regarding IRS form 1040. So, let’s get started with the IRS form 1040 ultimate Guide.

What is IRS form 1040?

According to the United States rules, IRS form 1040 is the official taxpayer information that all the users fill for their annual income tax statistics. While IRS form 1040 is divided into two parts as one part is for the exact report and amount of the annual tax on your income and how much you have to pay.

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Another reason IRS form 1040 fills the forum is that you want to deduct the income or amount which you pay on tax through IRS form 1040. You can refund by submitting this form if you have deducted not the correct amount on tax. You can check the chart below if you are an independent contractor, salaried person or working hourly wages. You need to submit the forum.

Your filing status is.At the end of 2019, you were And your gross income was at least
SingleUnder 65

65 or older

$12,200

$13,850

Married filing jointlyUnder 65 (both spouses)

65 or older (one spouse)

65 or older (both spouses)

$24,400

$25,700

$27,000

Married filing separatelyAny age$5
Head of householdUnder 65

65 or older

$18,350

$20,000

Qualifying widow(er)Under 65

65 or older

$24,400

$25,700

How to submit IRS form 1040?

Now, you must be thinking about how you can submit IRS form 1040 and what category you should choose. Well, it’s quite easy as we have mentioned above, if you have a certain amount and you want to pay the tax you choose the IRS to form 1040 for annual report tax. They will deduct a certain amount from your salary or wages etc. While, on the other hand, if you had a loss or the calculated amount comes in the refund section then you need to submit the form again.

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The easiest method to submit your form is to download thought pdf and manually write on and enter all the required information. Another option is to use the official software for tax filler. It will automatically do the math and calculate the amount you need to pay and submit your form.

Furthermore, if you want to submit a form to deduct the tax then you may need the following tax information:

  • Alimony
  • Business income (in which case you’ll also need to complete Schedule C)
  • Gains or losses from sales of business property
  • Rental real estate, royalties, or income from a partnership, C corporation or trust (in which case you’ll also need to complete Schedule E)
  • Farm income
  • Unemployment compensation

Make sure you submit your request before the due date otherwise you can request for the date extended approval.

Do you need to file IRS form 1040 for pension individuals?

No, only wages, salary induvial are required to fill the IRS form 1040. Please note that all Pension, annuity, and interest or dividend payments persons are not eligible. While it comes in your savings and reserves are not pays for Social Security purposes. You may need to pay income tax, but you do not pay Social Security duties.

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