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What is the minimum income requirement in order to file an income tax return individually and not as a dependent?
Everyone is allowed to file an individual tax return, whether they are a dependent or not. Even if you are a dependent, you are required to file your own tax return if you have sufficient income to require the filing of a tax return. There is one exception: If a child under 18 (24 if a fulltime student) has income ONLY from interest and dividends and has income under $9500 (in 2009), the parents may report the dividends and interest on Form 8814 instead of filing a return for the child if they wish. And even if you are not required to file a return, you are allowed to file a return, whether you are a dependent or not. You would want to file a return if you had tax withheld from your salary or from other payments or are eligible for a refundable tax credit. If you choose not to file, you will eventually forfeit your refund. With the one exception noted above, your parents (or whoever is claiming you as a dependent) are not allowed to claim your income or your refund on their tax return.
Is interest income reportable?
Earned interest is reported as income.
What are deductions allowed when calculating federal income taxes?
The deductions allowed whe calculating federal income taxes are as follow: Mortgage interest, charitable contributions, job expense, miscellanoous expense, medical expense in excess of 7.5 of income, and payment of state and local property taxes.
What is the journal entry to record accrued interest income?
debit interest receivablecredit interest income
Who should create the journal entry for interest income?
debit interest receivablecredit interest income
Can you claim mortgage interest on income taxes on your NY home and live in Florida?
On your federal income taxes, you are allowed to claim a mortgage interest deduction for your principal residence and one other residence of your choice. It does not have to be in the same state. In addition, you are allowed to claim the interest on all rental or business properties.
What is the difference between interest coverage ratio and debt coverage ratio?
Interest coverage ratio, is net operating income + accrual/ interest That is whether the company can cater for the interest portion.
File taxes didn't work the previous year?
Whether you need to file taxes does not depend on whether you worked. It depends on whether you had income. Unemployment compensation, pensions, interest, dividends, rents, royalties, investment income are all types of income that needs to be reported on a tax return.
Is interest income reportable?
Earned interest is reported as income.
What is the minimum income requirement in order to file an income tax return individually and not as a dependent?
Everyone is allowed to file an individual tax return, whether they are a dependent or not. Even if you are a dependent, you are required to file your own tax return if you have sufficient income to require the filing of a tax return. There is one exception: If a child under 18 (24 if a fulltime student) has income ONLY from interest and dividends and has income under $9500 (in 2009), the parents may report the dividends and interest on Form 8814 instead of filing a return for the child if they wish. And even if you are not required to file a return, you are allowed to file a return, whether you are a dependent or not. You would want to file a return if you had tax withheld from your salary or from other payments or are eligible for a refundable tax credit. If you choose not to file, you will eventually forfeit your refund. With the one exception noted above, your parents (or whoever is claiming you as a dependent) are not allowed to claim your income or your refund on their tax return.
How do you record interest earned?
To record interest earned, you typically make a journal entry that credits an interest income account and debits an asset account, such as cash or accounts receivable, depending on whether the interest has been received or is accrued. For example, if you earned $100 in interest, you would debit the cash account and credit the interest income account. This ensures that your financial statements accurately reflect the income earned during the accounting period.
What are deductions allowed when calculating federal income taxes?
The deductions allowed whe calculating federal income taxes are as follow: Mortgage interest, charitable contributions, job expense, miscellanoous expense, medical expense in excess of 7.5 of income, and payment of state and local property taxes.
When cashing mature E bonds, can federal income tax be withheld from the interest paid on those bonds.?
The earned interest will be taxed the year they mature whether you cash them in or not
How to calculate Historical debt service coverage ratio?
Net operating Income/Total debt service Total debt servide-cash reuired to pay out interest as well as principal on a debt Net operating Income/Total debt service Total debt servide-cash reuired to pay out interest as well as principal on a debt
What is the journal entry to record accrued interest income?
debit interest receivablecredit interest income
What is the journal entry for accrued interest income from an investment?
Debit interest receivableCredit interest income
Who should create the journal entry for interest income?
debit interest receivablecredit interest income
