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What is tax topic 1241?

Updated: 9/27/2023
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Q: What is tax topic 1241?
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If you receive money from your grandparents do you have to pay tax?

No. They may have to pay gift tax. See discussions under that topic.


How do you find out if you filed a tax return for 2005?

Call the IRS at 1-800-829-1040. Or you can file Form 4506-T (Request for Transcript of Tax Return). A transcript is a computer printout of the information on your tax return. Transcripts generally are available for the current year plus the previous three years. The IRS doesn't charge for this service. It takes about 10-30 to process this request. For more information, go to www.irs.gov/taxtopics for Topic 153: What to Do if You Haven't Filed Your Tax Return and Topic 156: Copy of Your Tax Return - How to Get One.


Where can one who is interested in Tax Classes find information on this topic?

If one is interested in Tax Classes, one can take courses in taxation certification at any Canada Taxation college, university or vocational school. One can find more information about this when one goes to the site CanadaUniversities.


Who must file income tax?

Go to the IRS gov website and use the search box for Do You Need to File a Federal Income Tax Return?You can also go to the Do You Have to File section of the Form 1040 Instructions, Form 1040A Instructions, and Form 1040EZ Instructions to determine if you are required to file a tax return.You must file a tax return if you had net earnings from self-employment of $400 or more. This is your total self-employment income less the expenses paid in operating your trade or business, multiplied by 92.35%. For more details, refer to Topic 554, Self-Employment Tax.If you are an individual who may be claimed as a dependent on another person's return, you are subject to specific filing requirements. Refer to the instructions in your tax package or refer to Publication 929, Tax Rules for Children and Dependents, or Publication 501, Exemptions, Standard Deduction, and Filing Information, for the filing requirements for dependents.You must file a tax return if you received any amount of advance earned income credit payments from your employer during the year, or if you owe any taxes, such as:social security tax and Medicare tax on tips or group life insurance,alternative minimum tax,tax on qualified retirement plans including an Individual Retirement Account, or other tax-favored account,tax from recapture of an education credit, investment credit, low income housing credit, federal mortgage subsidy, qualified electric vehicle credit, or the native American employment credit.Special filing requirements may apply to U.S. citizens who are residents of Puerto Rico or who have income from U.S. possessions. Refer to Publication 570 for additional information. Residents of Puerto Rico should select Topic 901.Generally, you must file a tax return if you are a nonresident alien with income from sources in the United States. For more information on nonresident aliens, select Topic 851.Even if you are not required to file a tax return, file a return if you are due a refund, because tax was withheld from any earnings..... AND BECAUSE MANY, LOW INCOME PEOPLE HAVE MANY BENEFITS COMING.If you did not file a return for a previous year and you were required to do so, refer to Topic 153. If you need help determining which form to file, refer to Topic 352


When is the deadline for taxes if you do not owe?

Generally you have three years in which to file a tax return for a refund. After three years, the IRS refund statute doesn't allow for issuing a refund. The three years starts on the due date of the original return for the particular tax year.For more information, go to www.irs.gov/taxtopics for Topic 153 (What to Do if You Haven't Filed Your Tax Return).