Taxes: Know your way around these issues to prevent problems | Money Matters
Last updated 4/1/2021 at 9:41am
Here are six tax topics that seem innocent but can cause problems if not handled correctly.
Gambling winnings: If you receive a tax form at a casino for your winnings, that information is sent to the tax authorities. Since the form typically only contains the amount you won, save copies and records of any gambling losses.
Maturing CDs: Be careful with maturing CD’s in a retirement account that are rolled over into new CDs. Your financial institution may provide you with tax forms showing the distribution, but not the rollover. You will need to account for this on your tax return. In this...