What INFORMATION RETURNS means: These are returns, such as Form W-2 and the various 1099 forms, which report to the IRS income and property transactions. The payer, broker, or other designated person is required to file these returns and is subject to penalties for noncompliance.
- Definition Investment Interest:
- Dictionary Investment interest is interest paid on money borrowed to purchase or hold investment property. Investment interest is deductible as an itemized deduction to the extent of net investment income information returns.
- Definition Individual Retirement Arrangement (IRA):
- Dictionary retirement arrangement is a trust set up to receive retirement contributions of individuals. The arrangement may be in the form of an individual retirement account or individual retirement annuity information returns.
- Definition Itemized Deductions:
- Dictionary expenditures allowed by the tax Code as deductions from adjusted gross income. Examples are certain medical expenses, qualified interest on home mortgages, and charitable contributions. Itemized information returns.
- Definition Insolvency:
- Dictionary condition in which a taxpayer's total liabilities (debts owed) exceed the total fair market value of all his or her assets (cash and other property). A taxpayer is insolvent to the extent his or information returns.
How works Information Returns meaning in Tah definition I .