Glossary

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1040
1040A
1040EZ
1099-DIV
1099-INT
401(k) plan

 
A Ability to pay
Accelerated cost recovery system (ACRS)
Accelerated depreciation
Accountable reimbursement plan
Accounting method
Accrual method
Accrued interest adjustment
Acquisition debt
Active income
Active participation
Adjusted basis
Adjusted gross income (AGI)
Adjustment
Adoption credit
Adoption taxpayer identification number (ATIN)
Adverse living conditions
Alien
Alimony
Alternative minimum tax (AMT)
Amended return
Amortizable bond premium
Amortization
Amount realized
Annualized income installment method
Annuity
Applicable federal rate
Appreciation in value
Asset
Assignment
At-risk rules
Attorneys' fee awards
Audit
Away from home

 
B Backup withholding
Balloon payment
Bargain sale to a charitable organization
Basis
Blind
Bona fide foreign resident
Bond
Boot
Business asset
Business interest expense

 
C Calendar quarter
Calendar year
Cancellation of debt
Capital
Capital asset
Capital expenditure
Capital gain
Capital gain distribution
Capital loss
Capital loss carryover
Capitalize
Carry back
Carry forward
Cash liquidation distribution
Cash method
Cash wages
Casualty and theft loss
CCC
Certificate of deposit (CD)
Certified public accountant (CPA)
CFR
Charitable contribution deduction
Charitable organization
Child
Child and dependent care credit
Child support
Citizenship test
COBRA
Collectible
Combat zone
Community income
Commuting expense
Condemnation
Construction interest expense
Constructive receipt
Consumer interest expense
Corporation
Cost of goods sold
Cost-of-living allowance
Credit
Crop method

 
D Decedent
Deductions
Deferred compensation
Deferred gain on sale of home
Deficiency
Defined-benefit pension plan
Dependency exemption
Dependent
Dependent care credit
Dependent child credit
Depletion
Depreciable property
Depreciation
Direct deposit
Direct tax
Disaster loss
Disposition
Dividends
Dual-status taxpayer

 
E Early withdrawal penalty
Earned income
Earned income credit (EIC)
Economic Stimulus Act of 2008
Education IRA
Electronic filing
Employee stock ownership plan (ESOP)
Employer identification number (EIN)
Employer parking
Estate tax
Estimated tax payments
Excess accelerated depreciation
Excise tax
Exemption

 
F Fair market value
Farm
Federal Insurance Contributions Act (FICA)
Fiduciary
Filing extension
Filing status
Final return for decedent
First-in, first-out inventory valuation method (FIFO)
First-year expensing
Fiscal year
Fixing-up expenses
Flexible spending account
FMS
Foreign child
Foreign earned income exclusion
Foreign housing exclusion and deduction
Foreign tax credit
Form 1040, U.S. Individual Income Tax Return
Form 1040A, U.S. Individual Income Tax Return
Form 1040EZ, U.S. Individual Income Tax Return
Form 1099-DIV
Form 1099-INT
Form W-2
Form W-4
Fringe benefit

 
G Gain or loss
Gambling income and losses
Garnishment
General partner
Gift tax
Golden parachute arrangement
Grantor trust
Gross dividends
Gross income
Gross income test
Gross profit percentage
Gross receipts
Group life insurance
Guaranteed payments to partners

 
H Head of household
HIPAA
Hobby loss
Holding period
Home equity debt
Home office
Hope Scholarship tax credit
Household employee
Housing and Economy Recovery Act of 2008

 
I Improvements
Imputed interest
Incentive stock option
Inclusion amount
Income in respect of a decedent
Income tax
Independent contractor
Indirect tax
Individual Retirement Arrangement (IRA)
Individual taxpayer identification number (ITIN)
Innocent spouse rule
Installment sale
Intangible asset
Intangible property
Inter Vivos trust
Interest expense
Interest income
Internal Revenue Service (IRS)
Inventory
Investment in the contract
Investment interest expense
Involuntary conversion
Itemized deductions

 
J Joint return
Joint return test
Joint tenants

 
K Keogh plan
Kiddie tax

 
L Land
Last-in, first-out inventory valuation method (LIFO)
Legally separated
Lifetime learning credit
Like-kind exchange
Limited partner
Listed property
Local tax
Long-term capital gain or loss
Lump-sum distribution
Luxury automobile limits

 
M Marital deduction
Market discount
Marketable securities
Married filing jointly
Married filing separately
Material participation
Meals and entertainment
Medical expenses
Medical savings account (MSA)
Medicare
Miscellaneous itemized deductions
Modified accelerated cost recovery system (MACRS)
Mortgage interest expense
Moving expenses
Multiple support agreement
Municipal bond

 
N Net operating loss
Nominee dividends
Nominee interest
Nonpassive income
Nonperiodic distributions
Nonrecourse financing
Nonresident alien
Nontaxable distribution

 
O Ordinary and necessary business expenses
Ordinary dividends
Ordinary income
Ordinary loss
Original issue discount (OID)
Out of the country

 
P Parsonage allowance
Partnership
Passive activity
Passive income
Passive loss
Patronage dividend
Payment-in-kind (PIK) wages
Payroll tax
Penalty
Pension
Percentage depletion
Personal exemptions
Personal interest expense
Personal property
Personal representative
Personal service activity
Personal-use property
Physical presence test
Placed in service
Points
Portfolio income
Power of attorney
Premature distribution
Principal
Principal place of business
Principal residence
Probate estate
Profit-sharing plan
Progressive tax
Property tax
Provisional income
Publicly traded partnership
Publicly traded security

 
Q Qualified adoption expenses
Qualified retirement plan
Qualifying widow(er)

 
R Real estate investment trust (REIT)
Real estate professional
Real property
Recapture
Recapture of depreciation
Recognized gain or loss
Recovery property
Refund
Refundable credit
Related persons
Relationship or member of household test
Resident alien
Residential rental property
Restricted stock
Return of capital
Revocable trust
Rollover
Roth IRA
Royalty income

 
S S corporation
Sales tax
Salvage value
Scholarship
Section 1231 property
Section 1245
Section 1250
Section 179 expense deduction
Section 457 plan
Self-employed person
Self-employment tax
Separate return
Series EE bonds
Severance pay
Short sale
Short tax year
Short-term capital gain or loss
SIMPLE (Savings Incentive Match Plan for Employees)
Simplified Employee Pension plan (SEP)
Single
Social Security benefits
Social Security number (SSN)
Special needs child
Specific identification inventory valuation method
Specific use
Standard deduction
Standard mileage rate
State income tax
Statutory employee
Stock
Stock dividend
Stock option
Straddle
Straight-line depreciation method
Support test

 
T Tangible personal property
Targeted group
Tariff
Tax deferral
Tax home
Tax liability
Tax preference items
Tax rate schedules
Tax return preparer
Tax shelter
Tax tables
Tax year
Tax-exempt interest
Tax-sheltered annuity
Taxable income
Taxpayer identification number
TeleTax
Tenancy by the entirety
Tenants in common
Terminally ill
Testamentary trust
Total tax
Transportation and storage costs
Travel and lodging expenses
Trust

 
U U.S. savings bonds adjustment
Underpayment penalty
Unearned income
Unstated interest
Useful life

 
V Vacation home
Voluntary compliance

 
W W-2
W-4
Wash sale
Withholding
Withholding allowance

 
X No glossary terms for this letter.

 
Y No glossary terms for this letter.

 
Z Zero-coupon bond
 
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