Archive for the 'Tax Form Questions' Category

Some FAQs about income tax returns

June 8th, 2011 -- Posted in How to file Taxes, Tax Form Questions | No Comments »

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.


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
·    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 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..

When to File Form 1040A

December 21st, 2008 -- Posted in Tax Form Questions | No Comments »

There are three types of form that you should consider when you set out to file your tax return. These forms are Form 1040, Form 1040EZ, and Form 1040A. This article gives you tax form assistance by telling you when you can file Form 1040A. If you don’t wish to use Form 1040EZ, which is used in filing simple tax returns, you can turn to Form 1040A and use it only if every circumstances listed below are true.

You can file Form 1040A if your income comes only from wages; salaries; tips; Alaska Fund dividends; any dividends; IRA pensions, distributions, and annuities; mutual fund capital gain distributions; taxable railroad retirement benefits; taxable social security benefits;  pay from jury duty; interest aside from exempt private activity bonds; or unemployment compensation. Moreover, the adjustments to your income must only come from IRA deduction; penalty from early withdrawal of your savings; tuition and feeds deduction; student loan interest deduction; or pay from duty pay given to your employer, if any.

Aside from these, you also have to check if the tax credits you claim are child tax credit; additional child tax credit; education credit; childcare and dependent care expense credit; earned income credit; or retirement savings contribution credit. Plus, your taxes should only be from the tax table; advanced earned income credit payments; alternative minimum tax; recapture of education credits; qualified dividends tax worksheet; capital gain tax worksheet; and Form 8615.

When to File Form 1040

December 20th, 2008 -- Posted in Tax Form Questions | No Comments »

In filing tax returns, three types of forms are offered to taxpayers. Each of these forms is to be used only when all the requirements for using them are satisfied. Basically, there’s Form 1040, Form 1040A, and Form 1040EZ. Tax form assistance is given to taxpayers who are confused and do not know which type of form they can file. This article provides information about Form 1040 and when you can use it when you file your tax return.

Form 1040EZ is the simplest type of form there is and can be used when filing simple tax returns. Form 1040A primarily takes into consideration the income source of the taxpayer, as well as his or her credits, deductions, etc. If you are not eligible for Form 1040EZ and Form 1040A, your only option is to use Form 1040 in filing your tax return. However, any of the following circumstances must be true: that your taxable income amounts to at least $100,000 or more; that you are itemizing your deductions; that you received the amount of $20 or more in tips in any single month but did not employ such to your employer; that your form W-2, box12, shows a code A; that your form w-2, box12, shows some uncollected tax on group term life insurance or tips; that you are in debt on excise tax made on insider stock compensation from a corporation that has been expatriated; or that you are considered a debtor in a Chapter-11 bankruptcy case (filed after the date of October 16, 2005).

Different Tax Statuses

December 19th, 2008 -- Posted in Tax Form Questions | No Comments »

The only sure things in life are death and taxes, so the old adage says. Of the two, many would rather meet the first one than comply with the second one. This is because filing tax returns can be such a hassle, not to mention a burden on your finances. When you file tax returns, one of the things that need tax form assistance is your tax status. What status are you going to put on your tax form? You can file as single, married filing jointly, married filing separately, or head of household. This article talks about the first three possible tax statuses.

Filing singly needs no long explanation. You can file as single if you are not married or considered not married for the entire duration of the year. If you have dependents who you can claim as exemptions, you may be qualified to file your tax return as head of household, which can lead to a lower tax. Filing as married is more complicated and needs further explanation. Basically, there are two types of married statuses available for your choosing. You can either file as married filing jointly or married filing separately. If you are married or can be considered married, you and your spouse may both agree on using the married filing jointly status. Compared to married filing separately, married filing jointly is a status that results in a lower tax. You and your spouse can be held responsible (separately or together as a couple) for the tax, as well as any penalty or interest due on your tax return. However, you and your spouse may also agree on using the married filing separately status. By doing so, you each file a separate return and report only your own income, exemptions, credits, and deductions. This usually leads to a higher combined tax.

Who Qualifies as Head of Household?

December 17th, 2008 -- Posted in Tax Form Questions | 1 Comment »

Many people wish to file as head of household; filing as such typically results in a lower tax compared to filing singly or filing separately even though married. Not all taxpayers can file as head of household, of course. There are requirements to be satisfied. People seeking tax form assistance usually wonder what these requirements are and try to see if they can somehow become qualified as the head of their household.
If you are single or unmarried, you can file as head of household if you pay more than half of the cost needed to maintain a home, had a qualifying child or relative that lived with you in said home for more than half of the year, except when the qualifying relative is your parent, in which case he or she does not have to have lived with you for any period at all. If you are married, you can only file as head of household if you can somehow be considered unmarried, such as when all of the following circumstances prove true: that you and your spouse file separately; that you pay over fifty percent of the expenses needed to maintain your household; that your spouse did not – for at least the past six months of the year – live in the home; that your household is the principal home of a qualifying child or person; and that you have the option to claim an exemption for that qualifying child or person. If you meet these requirements, you can file as head of household and enjoy a lower tax.