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Son is 19 years old. If taxes are figured at 19 years and 18 years old and it made a difference of 3000.00 on his return why?
Wiki User
∙ 16y ago
I assume that you are using some kind of software to prepare his tax return. The relevant age in respect to a tax return is one's age on December 31, the year the return is for. The software may assume that, at 18, he is your dependent and cannot deduct an amount for his personal exemption, and that at 19 this is no longer the case. Also, if, at 18, he has investment income, it may be taxed at his parents' rate rather than his. At 19, it is taxed at his rate. Beyond these preliminary suggestions, without more information, I cannot guess what the difference consists of. Maybe it's just some really bad software.
Wiki User
∙ 16y ago
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What is a Tax Return?
A tax return is the money you receive back from the government when they calculate that you over pad on your taxes throughout the year. If taxes are automatically deducted from each paycheck, your paycheck is your net income. The government often takes more than they are supposed to receive. If you file your tax return documents on time, you will typically receive a check in the mail of the difference that you are owed. If your paychecks are given without deducting taxes, you will owe the IRS money at the end of the year.
What type of tax is figured at a percent of the value that an assessor places on property or personal possession's This tax is used to support schools?
Property taxes, Real estate taxes, ad valorem or millage taxes
What type of tax is figured at a percent of the value that an assessor places on property or personal possessions This tax is used to support schools.?
Property taxes, real estate taxes, ad valorem or millage taxes
Do you send a copy of your Calif state taxes with federal taxes?
No you do not send a copy of the state income tax return with the federal income tax return.
What is the difference between deductions and contributions?
A deduction on your tax return can be your property taxes or mortgage interest. A contribution is money or property you've donated to a qualified charitable organization.
How much gross income is recommended for a 300000 dollar mortgage including principle interest taxes and insurance?
100,000
Would I need a tax return estimator when I have my taxes done?
You do not need a tax return estimator when you have your taxes done. You need to have it before you get the taxes done so you will know what the taxes will be when you have to pay them.
What happens if you receive a 1099 after Feb 28th?
If you haven't filed your taxes yet, just include it with all of your other 1099s. If you have filed your taxes and the 1099 makes a material difference, then you have to file an amended return.
What is a Tax Return?
A tax return is the money you receive back from the government when they calculate that you over pad on your taxes throughout the year. If taxes are automatically deducted from each paycheck, your paycheck is your net income. The government often takes more than they are supposed to receive. If you file your tax return documents on time, you will typically receive a check in the mail of the difference that you are owed. If your paychecks are given without deducting taxes, you will owe the IRS money at the end of the year.
Do you send a copy of your Calif state taxes with federal taxes?
No you do not send a copy of the state income tax return with the federal income tax return.
What type of tax is figured at a percent of the value that an assessor places on property or personal possession's This tax is used to support schools?
Property taxes, Real estate taxes, ad valorem or millage taxes
What type of tax is figured at a percent of the value that an assessor places on property or personal possessions This tax is used to support schools.?
Property taxes, real estate taxes, ad valorem or millage taxes
What is the difference between deductions and contributions?
A deduction on your tax return can be your property taxes or mortgage interest. A contribution is money or property you've donated to a qualified charitable organization.
Can you Claim state taxes on federal return?
Yes. And if you pay more in sales taxes than state income taxes, you can use that
How are estate taxes figured and who figures them?
That is one of the responsibilities of the Executor. The IRS and state provide the guidelines and forms to be filled out. It is pretty straight forward, and in many cases there are no estate taxes.
Can federal taxes withheld be tax deductible?
You cannot deduct withheld federal taxes on your federal income tax return. There are some states that allow the deduction of withheld federal taxes on the state income tax return.
I lied about the number of dependents i have on my taxes?
File an amended return before the IRS questions the return.
