Social Security Benefits and Your Taxes

Posted on October 2, 2019 by FCA Admin

Issue Number:    IRS Tax Tip 2013-24

Inside This Issue

Some people must pay taxes on their Social Security benefits. If you get Social Security, you should receive a Form SSA-1099, Social Security Benefit Statement, by early February. The form shows the amount of benefits you received in 2012.

Here are five tips from the IRS to help you determine if your benefits are taxable:

1. The amount of your income and your filing status affect whether you must pay taxes on your Social Security.

2. If Social Security was your only income in 2012, your benefits are probably not taxable. You also may not need to file a federal income tax return.

3. If you received income from other sources, then you may have to pay taxes on your benefits.

4. You can follow these two quick steps to see if your benefits are taxable:

• Add one-half of the Social Security benefits you received to all your other income, including tax-exempt interest. Tax-exempt interest includes interest from state and municipal bonds.

• Next, compare this total to the ‘base amount’ for your filing status. If the total is more than your base amount, then some of your benefits may be taxable.

The three 2012 base amounts are:

$25,000 for single, head of household, qualifying widow or widower with a dependent child or married individuals filing separately who did not live with their spouse at any time during the year;

$32,000 for married couples filing jointly; and

$0 for married persons filing separately who lived together at any time during the year.

5. If you use IRS e-file to prepare and file your tax return, the tax software will figure your taxable benefits for you. If you file a paper return, you can use the Interactive Tax Assistant tool on the IRS website to check if your benefits are taxable. The ITA is a resource that can help answer tax law questions. There also is a worksheet in the instructions for Form 1040 or 1040A that you can use to figure your taxable benefits.

For more information on the taxability of Social Security benefits, see IRS Publication 915, Social Security and Equivalent Railroad Retirement Benefits. You can get a copy of this booklet on IRS.gov or by calling 800-TAX-FORM (800-829-3676).
Additional IRS Resources:

IRS YouTube Videos:

 

Note. From Issue Number: IRS Tax Tip 2013-24. Copyright 2013 by Copyright Holder. Reprinted with permission.

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Avoid Summertime Tax Scams

Posted on September 12, 2019 by FCA Admin

Issue Number:    IRS Summertime Tax Tip 2014-04

Inside This Issue

 

Ah, summertime! Warm days, rest and recreation and…tax scams. Thieves don’t stop victimizing unsuspecting taxpayers with their scams after April 15. Identity theft, phone and phishing scams happen year-round. Those three top the IRS’s ‘Dirty Dozen’ list of tax scams this year. Here’s some important information you should know about these common tax scams:

1. Identity Theft.  Identity thieves steal personal and financial information to commit fraud or other crimes. This can include your Social Security number or bank information. An identity thief may file a phony tax return to claim a fraudulent refund.

The IRS has a special identity protection page on IRS.gov. It has many resources you can use to reduce your risk of becoming a victim. The page can also tell you what steps to take if you are a victim of identity theft and need help. This includes how and when you should contact the IRS Identity Protection Specialized Unit.

2. Phone Scams.  In these scams, thieves pose as the IRS and call would-be victims with one goal in mind: to steal their money. Callers will tell you that you owe taxes and demand immediate payment. They will tell you that you must pay the bogus tax bill with a pre-loaded debit card or wire transfer. The callers are often abusive and threaten arrest or deportation. They may know the last four digits of your Social Security number. They also rig caller ID to falsely show that the call is from the IRS.

Keep in mind that if a person owes taxes, the IRS will first contact them by mail, not by phone. The IRS doesn’t ask for payment with a pre-paid debit card or wire transfer. If you owe, or think you might owe federal taxes and you get one of these calls, hang up. Call the IRS at 800-829-1040. The IRS will work with you to pay what you owe. If you don’t owe taxes, call and report the incident to the Treasury Inspector General for Tax Administration at 800-366-4484.

3. Phishing Scams.  Criminals use the IRS as bait in a phishing scam. Scammers typically send emails that purport to come from the IRS. They often lure their targets with a false promise of a refund or the threat of an audit. They may also set up a phony website that looks like the real IRS.gov. These phony sites often have the IRS seal and other graphics to make them appear official. Their goal is to get their victim to reveal personal and financial information. They use the information they get to steal identities and commit fraud.

The IRS doesn’t contact people by email about their tax account. Nor does the agency use email, social media, texting or fax to initiate contact or ask for personal or financial information. If you get an email like this, do not click on a link or open any attachments. You should instead forward it to the IRS at phishing@irs.gov. For more on this topic visit IRS.gov and select the ‘Reporting Phishing’ link at the bottom of the page.

Don’t let tax scams take the fun out of your summer. Be alert to phone and phishing email scams that use the IRS as a lure. Visit the genuine IRS website, IRS.gov, for more on what you can do to avoid becoming a victim and how to report tax fraud.

IRS YouTube Videos:

IRS Podcasts

 

Note. From Issue Number: IRS Tax Tip 2014-04.  Copyright 2014 by Copyright Holder. Reprinted with permission.

 

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IRS Intensifies National Crackdown on Identity Theft

Posted on August 6, 2019 by FCA Admin

Issue Number:    IR-2013-17

Inside This Issue

WASHINGTON – Continuing a year-long enforcement push against refund fraud and identity theft, the Internal Revenue Service today announced the results of a massive national sweep in recent weeks targeting identity theft suspects in 32 states and Puerto Rico, which involved 215 cities and surrounding areas.

The coast-to-coast effort against 389 identity theft suspects led to 734 enforcement actions in January, including indictments, informations, complaints and arrests. The effort comes on top of a growing identity theft effort that led to 2,400 other enforcement actions against identity thieves during fiscal year 2012.

The January crackdown, a joint effort with the Department of Justice and local U.S. Attorneys offices, unfolded as the IRS opened the 2013 tax season. IRS Criminal Investigation expanded its efforts during January, pushing the total number of identity theft investigations to more than 1,460 since the start of the federal 2012 fiscal year on Oct. 1, 2011.

“As tax season begins this year, we want to be clear that there is a heavy price to pay for perpetrators of refund fraud and identity theft,” said IRS Acting Commissioner Steven T. Miller. “We have aggressively stepped up our efforts to pursue and prevent refund fraud and identity theft, and we will continue to intensely focus on this area. This is part of a much wider effort underway for the 2013 tax season to stop fraud.”

The national effort with the Justice Department and other federal, state and local agencies is part of a larger, comprehensive identity theft strategy the IRS has embarked on that is focused on preventing, detecting and resolving identity theft cases as soon as possible.

The identity theft effort – which intensified in January as the 2013 filing season opened – involved 734 enforcement actions related to identity theft and refund fraud. The effort led to actions taking place throughout the country involving 389 individuals. The effort included 109 arrests, 189 indictments, informations and complaints, as well as 47 search warrants.

In addition to the criminal actions, IRS auditors and criminal investigators conducted a special compliance effort starting on Jan. 28 to visit 197 money service businesses to help make sure these businesses are not assisting identity theft or refund fraud when they cash checks.  The compliance visits occurred in 17 high-risk places identified by the IRS covering areas in and surrounding New York, Philadelphia, Atlanta, Tampa, Miami, Chicago, Houston, Phoenix, Los Angeles, San Diego, El Paso, Tucson, Birmingham, Detroit, San Francisco, Oakland and San Jose.

A map of the locations and additional details on the January enforcement actions and compliance visits are available on IRS.gov. The latest updates on the identity theft enforcement efforts and individual cases are available on a special Identity Theft Schemes page on IRS.gov. More information on enforcement actions can be found on a DOJ Tax Division page.

The identity theft push over the last several weeks reflects a wider effort underway at the IRS. Among the highlights:

  • The number of IRS criminal investigations into identity theft issues more than tripled in fiscal year 2012. The IRS started 276 investigations in fiscal year 2011, a number that jumped to 898 in fiscal year 2012. So far in fiscal year 2013, there have been more than 560 criminal identity theft investigations opened.
  • Total enforcement actions continue to rapidly increase against identity thieves. This category covers actions ranging from indictments and arrests to search warrants. In fiscal year 2012, enforcement actions totaled 2,400 against 1,310 suspects. After just four months in fiscal 2013, enforcement actions totaled 1,703 against 907 suspects.
  • Sentencings of convicted identity thieves continue to increase. There were 80 sentencings in fiscal year 2011, which increased to 223 in fiscal year 2012.
  • Jail time is increasing for identity thieves. The average sentence in fiscal year 2012 was four years or 48 months – a four-month increase from the average in fiscal year 2011. So far this fiscal year, sentences have ranged from 4 to 300 months.

More information on IRS Criminal Investigation efforts is available on IRS fact sheet FS-2013-12.

In addition to the national “sweeps” effort announced today, IRS work on identity theft and refund fraud continues to grow. For the 2013 filing season, the IRS has expanded these efforts to better protect taxpayers and help victims.

To stop identity thieves up front, the IRS has made a significant increase for the 2013 tax season in the number and quality of identity theft screening filters that spot fraudulent tax returns before refunds are issued. The IRS has dozens of identity theft screens now in place to protect tax refunds.

These efforts helped the IRS in 2012 protect $20 billion of fraudulent refunds, including those related to identity theft, compared with $14 billion in 2011.

By late 2012, the IRS assigned more than 3,000 IRS employees — over double from 2011 — to work on identity theft-related issues. IRS employees are working to prevent refund fraud, investigate identity theft-related crimes and help taxpayers who have been victimized by identity thieves. In addition, the IRS has trained 35,000 employees who work with taxpayers to recognize identity theft indicators and help people victimized by identity theft.

“We are strengthening our processing systems to watch for identity theft and detect refund fraud before it occurs,” Miller said. “And we continue to put more resources on helping people who are victims of identity theft and resolve these complex cases as quickly as possible.”

Taxpayers can encounter identity theft involving their tax returns in several ways. One instance is where identity thieves try filing fraudulent refund claims using another person’s identifying information, which has been stolen. Innocent taxpayers are victimized because their refunds are delayed.

To help taxpayers, the IRS has a special section on IRS.gov dedicated to identity theft issues, including YouTube videos, tips for taxpayers and a special guide to assistance. For victims, the information includes how to contact the IRS Identity Protection Specialized Unit. For other taxpayers, there are tips on how taxpayers can protect themselves against identity theft.

If a taxpayer receives a notice from the IRS indicating identity theft, they should follow the instructions in that notice. A taxpayer who believes they are at risk of identity theft due to lost or stolen personal information should contact the IRS immediately so the agency can take action to secure their tax account. The taxpayer should contact the IRS Identity Protection Specialized Unit at 800-908-4490.  The taxpayer will be asked to complete the IRS Identity Theft Affidavit, Form 14039, and follow the instructions on the back of the form based on their situation.

Taxpayers looking for additional information can consult the special identity protection page on IRS.gov.

Note. From Issue Number: IRS Tax Tip 2013-17. Copyright 2013 by Copyright Holder. Reprinted with permission.

 

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Affordable Summer Vacations

Posted on May 18, 2019 by FCA Admin

 

Summer is upon us and many have already planned their vacations.  Others are contemplating if and how they can afford a summer vacation.  Although, the economy is in a slump, a well deserved vacation can still be affordable with the right planning strategy.  So how can you afford that vacation?

  1. Use the web:  Search online for affordable vacation deals.  The web has great websites with easy functionality to help you find the best deals.  Try using Yahoo Travel.
  2. Use your membership benefits:  If you’re a member of AAA or your local Sam’s Club, call them for the latest travel deals.
  3. Travel within your home state:  Many local attractions such as Disney and Busch Gardens offer discounts to Florida residents.  Busch Gardens even has a pass that you can use for the whole year.
  4. Visit relatives:  This is another great way to save on vacations.  By visiting relatives you will most likely save on lodging and maybe even food.
  5. Don’t travel during the peak season: Travel agencies offer great deals to those willing to travel during the fall.  This helps them to compensate after the busy Summer Travel Season.  If you’re flexible enough you will be able to get great deals on fall travel.

 

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Top Ten Tax Facts if You Sell Your Home

Posted on April 18, 2019 by FCA Admin

Issue Number:    IRS Summertime Tax Tip 2014-08

Inside This Issue

Do you know that if you sell your home and make a profit, the gain may not be taxable? That’s just one key tax rule that you should know. Here are ten facts to keep in mind if you sell your home this year.

1. If you have a capital gain on the sale of your home, you may be able to exclude your gain from tax. This rule may apply if you owned and used it as your main home for at least two out of the five years before the date of sale.

2. There are exceptions to the ownership and use rules. Some exceptions apply to persons with a disability. Some apply to certain members of the military and certain government and Peace Corps workers. For details see Publication 523, Selling Your Home.

3. The most gain you can exclude is $250,000. This limit is $500,000 for joint returns. The Net Investment Income Tax will not apply to the excluded gain.

4. If the gain is not taxable, you may not need to report the sale to the IRS on your tax return.

5. You must report the sale on your tax return if you can’t exclude all or part of the gain. And you must report the sale if you choose not to claim the exclusion. That’s also true if you get Form 1099-S, Proceeds From Real Estate Transactions. If you report the sale you should review the Questions and Answers on the Net Investment Income Tax on IRS.gov.

6. Generally, you can exclude the gain from the sale of your main home only once every two years.

7. If you own more than one home, you may only exclude the gain on the sale of your main home. Your main home usually is the home that you live in most of the time.

8. If you claimed the first-time homebuyer credit when you bought the home, special rules apply to the sale. For more on those rules see Publication 523.

9. If you sell your main home at a loss, you can’t deduct it.

10. After you sell your home and move, be sure to give your new address to the IRS. You can send the IRS a completed Form 8822, Change of Address, to do this.

Important note about the Premium Tax Credit. If you receive advance payment of the Premium Tax Credit in 2014 it is important that you report changes in circumstances, such as changes in your income or family size, to your Health Insurance Marketplace. You should also notify the Marketplace when you move out of the area covered by your current Marketplace plan. Advance payments of the premium tax credit provide financial assistance to help you pay for the insurance you buy through the Health Insurance Marketplace. Reporting changes will help you get the proper type and amount of financial assistance so you can avoid getting too much or too little in advance.

If you still need to do your 2013 taxes, use IRS e-file to prepare and file your tax return. The tax software will do most of the hard work for you. You can use IRS e-file through Oct. 15. If you file a paper return, you may use the worksheets in Publication 523 to help you file.

For more on the sale of a home see Publication 523 on IRS.gov. You can call 800-TAX-FORM (800-829-3676) to get it by mail.

Additional IRS Resources:

  • Publication 5152: Report changes to the Marketplace as they happen  English | Spanish

IRS YouTube Videos:

IRS Podcasts:

 

 

Note. From Issue Number: IRS Tax Tip 2014-08.  Copyright 2014 by Copyright Holder. Reprinted with permission.

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New IRS Tumblr Site Helps with Tax Season

Posted on February 21, 2019 by FCA Admin

Issue Number:    Special Edition Tax Tip 2013-04

Inside This Issue

Tax issues can touch a wide range of people who need information in many different ways. For that reason, the IRS has added Tumblr to its list of social media platforms it is using to share IRS news and information. The new Tumblr platform at www.internalrevenueservice.tumblr.com provides another way for taxpayers to get current tax information when and where they want it.   Tumblr is a micro-blogging site where users can access and share text, photos, videos and other information from their browser, smartphone, tablet or desktop.

The new site shares information about important programs to help taxpayers, such as tax law changes, the Earned Income Tax Credit and Free File. The Tumblr site also makes it easier for IRS partners and others to share tax information they receive from the IRS.

In addition to Tumblr, check out these other IRS Social Media sites:

  • YouTube – The IRS YouTube channels offer short, informative videos in English, American Sign Language and Spanish. IRS currently has more than 100 videos with more than 3.1 million views. For more information, watch the YouTube video “IRS Social Media.”
  • Twitter – More than 61,000 people follow the IRS twitter feeds. The latest tax information is available at @IRSnews or @IRSenEspanol. @IRStaxpros covers news for tax professionals; @RecruitmentIRS provides updates for job seekers. The Taxpayer Advocate Service has information available @YourVoiceAtIRS.

Remember, to protect taxpayer privacy, the IRS only uses social media tools to share public information. IRS does not answer personal tax or account questions. You should never post confidential information, like a Social Security number, on social media sites.

For more information on IRS’s use of social media, go to IRS.gov/socialmedia.

Note. From Issue Number: IRS Tax Tip 2013-04.  Copyright 2014 by Copyright Holder. Reprinted with permission.

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Automated IRS System Helps College-Bound Students with Financial Aid Application Process

Posted on November 22, 2018 by FCA Admin

Issue Number:    Special Edition Tax Tip 2012-12

Inside This Issue

College-bound students and their parents sometimes face last minute requests to complete or provide additional information for financial aid applications.

The Internal Revenue wants to help by minimizing time spent on the completion of the Department of Education’s Free Application for Federal Student Aid (FAFSA). By using the IRS Data Retrieval Tool, applicants can automatically transfer required tax data from their federal tax returns directly to their FAFSA form.

This IRS tool is a free, easy and secure way to access and transfer tax return information onto the FAFSA form. Using the tool saves time, improves accuracy and may reduce the likelihood of the school’s financial aid office requesting that you verify the information.

Here are some tips on using the IRS DRT:

  • Eligibility Criteria  To use the IRS DRT  to complete their  2012 -2013 FAFSA form, taxpayers must:

o          have filed a federal 2011 tax return,
o          possess a valid Social Security Number,
o          have a Federal Student Aid PIN (individuals who don’t have a PIN will be given the option to apply for one through the FAFSA application process), and
o          have not changed marital status since Dec. 31, 2011.

  • Exceptions  If any of the following conditions apply to the student or parents, the IRS Data Retrieval Tool cannot be used for the 2012 FAFSA application:

o          an amended tax return was filed for 2011,
o          no federal tax return was filed for 2011,
o          the federal tax filing status on the 2011 return is married filing separately or
o          a Puerto Rican or other foreign tax return has been filed.

Applicants who cannot use the IRS DRT to meet college requests for verification, may need to obtain an official transcript from the IRS. Transcripts are not available until the IRS has processed the related tax return. To order tax return or tax account transcripts, visit IRS.gov and select “Order a Transcript” or call the toll-free Transcript line at 1-800-908-9946.

In addition, the IRS offers money-saving information for college students and their parents about tax credits and deductions for qualifying tuition, materials and fees.

Links:

Note. From Issue Number: Special Edition Tax Tip 2012-12 . Copyright 2012 by Copyright Holder. Reprinted with permission.

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Tax Help ‘en Español’

Posted on September 21, 2018 by FCA Admin

Issue Number:    IRS Tax Tip 2013-14

Inside This Issue

Tax information can be tough to understand in any language. It may be more difficult to understand if it is not in your first language. The IRS offers a wide range of free and easy-to-use products and services for Spanish-speaking taxpayers. Here are some tips if you need federal tax assistance from the IRS in Spanish.

  • Get answers 24 hours a day seven days a week. IRS.gov/espanol has a wealth of information accessible every day for individuals and businesses. You will find links to tax-related information and warnings about common tax scams that can victimize taxpayers. You can also check the status of your tax refund through the improved online tool “¿Dónde está mi reembolso?” Using the Asistente EITC, you can find out if you qualify for the Earned Income Tax Credit, a refundable tax credit for many people who earned less than $50,270.
  • Use Free File to prepare and e-file your taxes for free. IRS Free File offers free tax preparation and e-file options for all taxpayers. The Free File program is a partnership between the IRS and the Free File Alliance. The Alliance is a group of private-sector software companies. If your 2012 income was $57,000 or less, you qualify to use free tax software. If your income was higher, or you are comfortable preparing your own tax return, there’s Free File Fillable Forms, the electronic versions of IRS paper forms. Visit IRS.gov/freefile and select ‘En Español’ to review your options.
  • Try IRS e-file to file your return. IRS e-file is the safe, easy and most common way to file a tax return. The IRS has processed more than 1 billion returns safely and securely. If you owe taxes, you have payment options to file early and pay by the April 15 tax deadline. Visit IRS.gov/espanol and select Opciones Electrónicas to review your options.
  • Get up-to-date at the Multimedia Center. Watch YouTube video tax tips and listen to podcasts on various IRS topics in Spanish and English. Enter the keywords “Centro Multimediático” into the search box of the IRS.gov website.
  • TeleTax gives you tax and refund information. TeleTax is a toll-free, automated telephone service. It provides helpful pre-recorded tax topic messages and refund information. You can find a list of more than 125 TeleTax topics available in Spanish and English in the instructions for Form 1040, 1040A or 1040EZ. When you call to check your refund status, have a copy of your tax return handy. This will help you respond to the system prompts. TeleTax is available 24 hours a day, seven days a week at 800-829-4477.
  • Get tax forms and publications. You can view and download several tax forms and publications in Spanish directly from IRS.gov/espanol at any hour of the day or night.
  • Visit the IRS Spanish Newsroom. Find the agency’s most recent announcements, tips and information on new tax laws that could affect you. Avoid missing any benefits and keep up to date by typing the keywords “Noticias en Espanol” into the search box of the IRS.gov website.
  • Call the IRS for free tax help in Spanish. The IRS’ toll-free telephone number offers service from Spanish-speaking IRS representatives. Call the IRS customer service line at 800-829-1040 and then press the number 8.
  • Stay connected through Twitter en Español. Get all the newest information and helpful tax tips in Spanish by following the IRS on Twitter @IRSenEspanol.
  • Get Multilingual Assistance at IRS Taxpayer Assistance Centers. Visitors can get help at IRS Taxpayer Assistance Centers in more than 150 languages, including Spanish, either in person or through an Over-the-Phone Interpreter. Before you visit, it’s always a good idea to check TAC locations, hours and available services by visiting IRS.gov and clicking on ‘Help & Resources’ and then on ‘Contact Your Local IRS Office.’

Additional IRS Resources:

  • Note. From Issue Number: IRS Tax Tip 2013-14.  Copyright 2014 by Copyright Holder. Reprinted with permission.
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Get Ready…Get Set…SaveUp.com!

Posted on August 11, 2018 by FCA Admin

Are you ready for a new financial revolution?  If so, then SaveUp is for you. Save up is a new rewards program. Best of all, the goal of SaveUp is to encourage financial literacy and financial independence. So how does SaveUp accomplish this?  SaveUp rewards good financial behaviors by giving people the opportunity to win prizes.

In order to play, users must register their accounts with SaveUp. Credits are earned for good financial habits such as depositing money into a savings account or paying down debt. These credits then turn into valuable prizes. Examples of accounts that can be registered with SaveUp include savings, IRAs, mortgages, and even credit cards. Best of all, SaveUp is completely free and completely secure. 

So get ready…get set… and SaveUp in 2012! Users can register for SaveUp at SaveUp.com.

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A Summer Adjustment Can Prevent a Tax-Time Surprise

Posted on July 18, 2017 by FCA Admin

Issue Number:    IRS Summertime Tax Tip 2014-10

Inside This Issue

 

When it comes to filing a federal tax return, many people discover that they either get a larger refund or owe more tax than they expected. But this type of tax surprise doesn’t have to happen to you. One way to prevent it is to change the amount of tax withheld from your wages. You can also change the amount of estimated tax you pay. Here are some tips to help you bring the amount of tax that you pay in during the year closer to what you’ll actually owe:

  • New Job.   When you start a new job, you must fill out a Form W-4, Employee’s Withholding Allowance Certificate. Your employer will use the form to figure the amount of federal income tax to withhold from your pay. Use the IRS Withholding Calculator on IRS.gov to help you fill out the form. This tool is easy to use and it’s available 24/7. •    Estimated Tax.  If you get income that’s not subject to withholding you may need to pay estimated tax. This may include income such as self-employment, interest, dividends or rent. If you expect to owe a thousand dollars or more in tax, and meet other conditions, you may need to pay this tax. You normally pay it four times a year. Use the worksheet in Form 1040-ES, Estimated Tax for Individuals, to figure the tax. •    Life Events.  Make sure you change your Form W-4 or change the amount of estimated tax you pay when certain life events take place. A change in your marital status, the birth of a child or buying a new home can change the amount of taxes you owe. You can usually submit a new Form W–4 anytime. •    Changes in Circumstances.  If you receive advance payment of the premium tax credit in 2014 it is important that you report changes in circumstances, such as changes in your income or family size, to your Health Insurance Marketplace. You should also notify the Marketplace when you move out of the area covered by your current Marketplace plan. Advance payments of the premium tax credit provide financial assistance to help you pay for the insurance you buy through the Health Insurance Marketplace. Reporting changes will help you get the proper type and amount of financial assistance so you can avoid getting too much or too little in advance.

For more see Publication 505, Tax Withholding and Estimated Tax. You can get it on IRS.gov, or call 800-TAX-FORM (800-829-3676) to get it by mail.

Additional IRS Resources:

  • Publication 5152: Report changes to the Marketplace as they happen  English | Spanish

IRS YouTube Videos:  

 

IRS Podcasts:

 

 

 

Note. From Issue Number: IRS Tax Tip 2014-10.  Copyright 2014 by Copyright Holder. Reprinted with permission.

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