Taxable Income | The TurboTax Blog

Bonus Time: How Bonuses Are Taxed and Treated by the IRS

August 1, 2017August 1, 2017 / joshritchie

Bonuses are an excellent way to motivate employees and reward top performers. Yet, bonuses can quickly change one’s tax return and the amount of taxes initially withheld depending on the payout. Are bonuses treated as regular income or singled out...

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Income and Investments

What Is Supplemental Income and How Is It Taxed?

July 24, 2017July 24, 2017 / Ginita Wall, CPA, CFP®

An African American man working in a fish market. He is at the cash register, taking money out to make change.

Are you in line for a bonus at work? Lucky you! But don’t count on the entire bonus amount appearing in your paycheck. We all know that federal taxes will be taken out for part of your bonus, and your...

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Tax Planning

Studying Abroad This Fall? Make Sure You Know These Tax Implications

July 22, 2017July 22, 2017 / Ginita Wall, CPA, CFP®

If you are planning to study abroad this fall, you have a year of wonderful experiences and adventures ahead of you, and hopefully a little studying in as well. Many students also will be earning a stipend or have employment...

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Income and Investments

Real Talk: How Does Receiving Alimony Affect My Taxes?

June 16, 2017 / TurboTaxLisa

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We all know life can be complicated, and while taxes often touch upon the most joyful moments in life, many of our toughest times have tax implications as well. “Real Talk” is our monthly blog series that answers the tax...

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Income and Investments

How Are Gambling Winnings Taxed?

May 6, 2017May 6, 2017 / joshritchie

This weekend is the Kentucky Derby, one of the most popular sports gambling events of the year. Most people don’t think about taxes on their way to the track or casino, but what might seem like nothing more than the chance...

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Income and Investments

Tips for Tips: Employees Who Make Tips

March 31, 2017March 31, 2017 / Ginita Wall, CPA, CFP®

If you receive pay in the form of tips, those tips are taxable income, and don’t let anyone tell you otherwise. Here’s how tip reporting works. You report your tips to your employer. Your employer then includes those tips in...

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Taxes 101

Income Tax Filing Requirements

March 9, 2017March 9, 2017 / Elle Martinez

With the second half of tax season here, it’s time to get those gears in motion to start filing. Tax season means getting your paperwork and finances in order. While it may not seem exciting, filing taxes is manageable. Plus...

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401K, IRA, Stocks

What Does an IPO Mean for Employee Taxes?

March 2, 2017March 4, 2017 / TurboTaxBlogTeam

Snapchat (SNAP) went pubic today with its Initial Public Offering (IPO) on the New York Stock Exchange. An IPO is a big moment for many stakeholders in a company, including its own employees. When a company goes public, many employees get a...

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Income and Investments

Real Talk Series: Do I Have to Report a Home Foreclosure on My Taxes?

September 14, 2016October 7, 2016 / TurboTaxLisa

Q: Earlier this year, the bank foreclosed on my home. How do I report this on my taxes? A: Unfortunately financial crisis can happen in your life that can’t be avoided, but if you experienced a foreclosure, short sale, or...

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Income and Investments

How Do Game Show Winnings Affect Your Taxes?

August 31, 2016 / TurboTaxBlogTeam

Imagine this: you’ve made it to the final showcase of a popular game show. You have just guessed how much a 72” television, a red 2017 Chevrolet Camaro and a week-long trip to Thailand would cost. Suddenly, the host announces...

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