To help sort through it, here is a list of some common types of nontaxable income. Of course, it's good to consult a trusted tax professional or financial adviser if you are uncertain about your ...

The IRS currently requires any third-party payment apps like Cash App and Venmo to send a 1099-K to the IRS and individuals if they earned more than $20,000 in commercial payments ...

leaving room for the taxable and nontaxable portions to be properly calculated while preparing your tax return. This calculation is done on IRS Form 8606. Failure to file Form 8606 could result in ...