Ines Zemelman

An ITIN is a 9-digit tax processing number issued by the IRS to individuals who have a US tax filing or payment obligation but are not eligible for a Social Security Number. The IRS issues ITINs through Form W-7. Processing typically takes about seven weeks, but applicants should allow 9–11 weeks during peak filing season or when ...

Canceled debt is generally taxable income for the year the debt was forgiven, unless a specific IRS exclusion applies. If a lender discharged $600 or more of your debt in 2025 after a reportable identifiable event, it generally must file Form 1099-C and send you a copy. The IRS received a copy too, so the amount in Box 2 has to be accou...

The BEAT tax – formally the base erosion and anti-abuse tax – is a US corporate minimum tax that targets large C corporations making deductible payments to foreign related parties. It applies only to corporations with average annual gross receipts of $500 million or more over the prior three tax years, so most small and mid-...

Holding two passports does not remove US filing duties. As a US citizen, you generally file Form 1040 every year on worldwide income, whatever the second country. Most dual citizens avoid double taxation on income through the ...

Form 8960 is the IRS tax form used to calculate the 3.8% Net Investment Income Tax (NIIT) for individuals, estates, and trusts with investment income above fixed income thresholds. For the 2025 tax year filed in 2026, the individual thresholds remain $200,000 for single and head of household filers, $250,000 for married filing jointly, and $125,0...

Modified adjusted gross income, or MAGI, can decide whether a US taxpayer qualifies for a Roth IRA contribution, a Traditional IRA deduction, Premium Tax Credit, Medicare premium tier, or the 3.8% Net Investment Income Tax...