Form 5329 reports a taxpayer's use of a tax-advantaged savings plan that is subject to an IRS penalty. The form is filled out and submitted by the taxpayer with an annual Form 1040 or Form 1040-SR.

Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia. Lea Uradu, J.D., is a Maryland state registered tax preparer, state-certified notary ...

As long as you make some sort of effort to report and pay your taxes, you're not likely to get into criminal trouble.

An IRS Form 1095 will give you proof of health insurance for your taxes. No, you no longer need to prove you have health insurance on your federal tax returns. This change happened in 2019 when ...

The IRS is currently sitting on about $92.3 million, ready to be dispersed among 116,300 state taxpayers who have yet to file their returns for that tax year, the agency said in a news release ...

If you owe a lot in taxes each year, the IRS notes, you can ask your employer to withhold more tax from your earnings. You'd file a new Form W-4 with your employer. You can use a special line on ...

Use the IRS’s EFTPS (Electronic Federal Tax Payment ... using the Online Payment Agreement application and completing Form 9465, Installment Agreement Request. Qualifying is harder than for ...

Failing to comply can lead to even more severe enforcement actions. Set up a monthly payment plan with the IRS (Form 9465) to stop further collection action. Collection Due Process (CDP ...

The phishing scam contains a fake link that mimics an official IRS website. Clicking on it could lead to malware or a fraudulent form asking for personal or financial information. Be aware that ...