How do I Claim Foreign Earned Income Exclusion?

Purpose of Form-If you are a U.S. citizen or a U.S. resident alien living in a foreign country, you are subject to the same U.S. income tax laws that apply to citizens and resident aliens living in the United States. But if you qualify, use Form 2555 to exclude a limited amount of your foreign earned income. Also, use it to claim the housing exclusion or deduction. You cannot exclude or deduct [...]

Connecticut Filing Status

Generally, your filing status on your Connecticut return must match your federal income tax filing status. If you are not certain of your filing status for 2021, consult the information in your federal income tax booklet or call the IRS at 800‑829‑1040. There are certain situations where you and your spouse may be required to file separate Connecticut returns even though you file jointly for [...]

Form 982 - Reduction of Tax Attributes Due to Discharge of Indebtedness

Purpose of the form Generally, the amount by which you benefit from the discharge of indebtedness is included in your gross income. However, under certain circumstances described in section 108, you may exclude the amount of discharged indebtedness from your gross income. You must file Form 982 to report the exclusion and the reduction of certain tax attributes either dollar for dollar or 33 [...]

Annuities

Worksheet for Partially Taxable Pensions, Annuities, and IRA Distributions Use the worksheet to report distributions from profit-sharing plans, retirement plans, employee savings plans, and individual retirement arrangements not fully taxable. Also, use this worksheet to report pension and annuity income not fully taxable. If the income or distribution is fully taxable you do NOT need to [...]

1099 A or 1099 C

General Information on Cancellation of Dept of Abandonment of Property: If you borrow money from a commercial lender and the lender later cancels or forgives the debt, you may have to include the canceled amount in income for tax purposes, depending on the circumstances. When you borrowed the money you were not required to include the loan proceeds in income because you had an obligation to [...]