Some FAQs about income tax returns

1.    What is the income amount that does not require me to file an income tax return? If I made $14,000 that year, would I need to file an income tax return?

Yes, you have to file a return. If you are a dependent on your parents return you must file if your income is over $5,150.

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In case, if you are not a dependent, then you must file if your income is over $8,450.
You should file form 1040 EZ. If you are a dependent on your parents return make sure that you check the box on line 5 and fill out the worksheet on the back.

2.    I have a few hundred dollars in box 2 of my w-2 (federal income tax withheld). How can I file for my income tax return?

·    1 Go to the website IRS.gov
·    2 Click on the box- e-file
·    3 Or you can look for a company on their site which can provide free e-filing for you.
·    4 Go to the website through IRS.gov of the company that you will be using to file your tax return.
·    5 Set up an account with the tax preparation company you chose on their website
·    6 Follow the directions on their website to complete your return and e-file it.
·    7 wait for the check to either be mailed to you or direct deposited to your account if you get a refund

3.    I did my income tax return last month and got my refund I have not cashed it yet. However, I got a revised w2 in the mail that shows that I did not make any owed tips, and in the original w2 it says that I made 50 dollars of allocated tips. so I basically did my income tax 50 dollars over. What do I do now? Am I going to have to pay a penalty for this?

You are required to file a Form 1040X to modify what you filed by $50. When you finish the 1040X, it will indicate how much of a difference in your tax the $50 makes. After you send in the 1040X, the IRS will tell you if there is a penalty. If there is a penalty, it will probably be less than a dollar.

visit the site tax form assistance for more help..

June 08 2011 03:49 pm | How to file Taxes and Tax Form Questions

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