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Tax Forms
Various forms used by the IRS in conjunction with income taxes such as W-2, W-4, W-9, 1040, 1098, and 1099
3,047 Questions
Who can be claimed as a dependent for federal tax?
Children, typically minors
While the above may be one type of dependent (and also may not), it is by no means the only type. Broadly there are 2 forms, each with different qualifications. Your dependent children & relatives, (which has a surprisingly broad definition). For example, certainly a parent, grandparent, sibling, etc. may be a dependent
Exemptions reduce your taxable income. There are two types of exemptions: personal exemptions and exemptions for dependents. For each exemption you can deduct $3,650 on your 2010 tax return.
- Your spouse is never considered your dependent. On a joint return, you may claim one exemption for yourself and one for your spouse. If you're filing a separate return, you may claim the exemption for your spouse only if they had no gross income, are not filing a joint return, and were not the dependent of another taxpayer.
- Exemptions for dependents. You generally can take an exemption for each of your dependents. A dependent is your qualifying child or qualifying relative. You must list the social security number of any dependent for whom you claim an exemption.
- If someone else claims you as a dependent, you may still be required to file your own tax return. Whether you must file a return depends on several factors including the amount of your unearned, earned or gross income, your marital status, any special taxes you owe and any advance Earned Income Tax Credit payments you received.
- If you are a dependent, you may not claim an exemption.If someone else - such as your parent - claims you as a dependent, you may not claim your personal exemption on your own tax return.
- Some people cannot be claimed as your dependent.Generally, you may not claim a married person as a dependent if they file a joint return with their spouse. Also, to claim someone as a dependent, that person must be a U.S. citizen, U.S. resident alien, U.S. national or resident of Canada or Mexico for some part of the year. There is an exception to this rule for certain adopted children. See IRS Publication 501, Exemptions, Standard Deduction, and Filing Information for additional tests to determine who can be claimed as a dependent.
For more information on exemptions, dependents and whether you or your dependent needs to file a tax return, see IRS Publication 501.The publication is available at http://www.irs.gov or can be ordered by calling 800-TAX-FORM (800-829-3676). You can also use theInteractive Tax Assistant at http://www.irs.gov to determine who you can claim as a dependent and how much you can deduct for each exemption you claim. The ITA tool is a tax law resource on the IRS website that takes you through a series of questions and provides you with responses to tax law questions
http://www.irs.gov/publications/p501/index.html
Can you claim a live in girlfriend as a dependent if she doesn't claim herself?
Maybe. In order to claim her as a dependent, she will need to qualify under the Qualifying Relative rules. That means she has to meet all four of these criteria:
1. Relationship Test: must be your child, sibling, step-sibling, grandchild, parent, step-parent, grandparent, niece, nephew, in-law, or a member of your household (lived with you the entire year).
2. Gross Income Test: must have earned less than $3,650 of income for the year.
3. Support Test: You must have provided more than half of their support for the year.
4. Dependency Test: They cannot qualify as a dependent as a Qualifying Child for someone else.
If she meets all four tests, then you can claim her as a dependent. Make sure that she does not also claim herself if she files a return, though.
How do you claim a demutualization membership payment?
From the IRS Tax Topic 430:
If you elected to receive cash instead of stock in the tax-free reorganization, you are deemed to have received shares and then to have sold them back to the corporation (i.e., redeemed your shares). Generally this results in capital gain or loss reportable on Form 1040, Schedule D, Capital Gains and Losses. If you owned the policy for more than one year as of the date of the demutualization, the gain or loss is treated as long-term capital gain or loss. If you owned the policy for a year or less, the gain or loss is short-term capital gain or loss.
So basically, you'll report the payment on Schedule D either as long- or short-term depending on how long you'd owned the original policy.
When will the Wendy's W-2 be available online?
The exact date that the Wendy's W-2 forms will be available is not yet listed. Employers have until January 31st to mail these forms. Usually, it is available by the second paycheck of the new year, and can be accessed by simply logging on to adpipay and selecting W2.
How can taxes be shifted backward?
You can either income average over multiple years ( which is best utilized if you have large swings in income from consecutive years.) or you can apply Net Operating Losses forward or backward with the Form 1065 to reduce your taxes in a certain year. You can only do this if you had a net operating loss in one or more years.
Sorry, income averaging hasn't been available for about 20 years.
You may be confused with how Net Operating Losses work and obviously, they would NOT be available to an individual.
Is an LLC required to file tax return if no income?
In certain states, all corporation are required to file a tax return regardless of income. This is also to pay their annual dues or fees to the state.
Where do you send the 1099 misc copy 1 for state of Utah?
Utah State Tax Commission
210 North 1950 West
SLC, UT 84134
Do you have to file a separate federal or state tax return for an LLC?
It depends on how you have elected your LLC to be taxed. An LLC does not have its own tax return per se; it is taxed as either a sole proprietor, a partnership, or a corporation.
If you have not made any election on how you want the LLC to be taxed, there are default rules:
A Single-Member LLC (one owner): by default, is taxed as a sole proprietorship. In this case, the LLC would not have its own tax return -- its income and expenses would be reported on Schedule C of the owner's individual tax return (Form 1040).
A Multi-Member LLC (more than one owner): by default, is taxed as a partnership. If this is the case, the LLC will file Form 1065 Partnership tax return.
If the LLC does not want to fall into one of these two default classifications, they can also elect to be taxed as a corporation by filing Form 8832 "Entity Classification Election" with the IRS. If the LLC does this, they will file a corporate income tax return, Form 1120.
The LLC can also elect to be taxed as a Subchapter-S Corporation by filing Form 2553 "Election by a Small Business Corporation" with the IRS. If the LLC does this, they will file an S-Corporation tax return, Form 1120-S.
Most states do not require you to make an election on how you will be taxed, they simply say that they will follow whatever election that you make with the IRS. So, the first step is to determine which form you are required to file with the IRS and then you should do the same with the State.
If you have not already done so, it would probably be wise for you to sit down with an Attorney or Accountant who can explain the pros and cons of each of these choices. Each tax structure has subtle differences and one may be preferable for you over the others.
How can you get your w-2s if you never received them in the mail?
I dont know what happen, but I did not get my w2s in the mail.
What do you do with 1099 MISC forms that was undeliverable?
IRS agent at 866-455-7438 told me to keep undeliverable 1099-MISC in my files and be able to produce it for three years.
FEDERAL income tax is governed by FEDERAL law and regulations- same everywhere. Different STATES may have different STATEtaxes.
Do 941 forms have to be filed electronically in 2011?
No. Most payments must be made electronically using EFTPS, but you may still file paper forms.
What to do if you get a w2 form after you have already filed your taxes?
If you receive a W-2 that you had forgotten about, and you've already filed your tax return, you have two options:
1. File an amended return (Form 1040-X) with the correct figures. If the new W-2 increases your refund, you will claim the additional refund due to you on this form. If the new W-2 decreases the refund you would have received, you will have to pay back some of the refund that was already sent to you.
As long as you file the amended return and pay back any difference by April 15 (or April 18 this year), there should be no penalties involved.
2. Eventually (around August) the IRS will receive copies of everyone's W-2's from the Social Security Administration. Once they receive this information, they will compare it to the income that you reported on your return. If it doesn't match (because you omitted a W-2), they will adjust your return through their Automated Under-Reporting Unit. If you owe them money as a result of this, they will send you a bill.
Option #1 is the best way to fix this. Under Option #2, the IRS can sometimes take over a year to catch the error and correct your mistake. If you owe them money, they will charge you penalty and interest from April 15 until the date that you pay it, so delaying the correction is certainly not in your favor.
Is your tax federal government wiped out after ten years?
In general, an IRS debt has a statute of limitations of 10 years. If the government cannot collect the debt within ten years, they write it off and it is no longer a valid debt.
There are several things that can "toll" the statute of limitations, or temporarily stop it from running. These can include, but are not limited to,:
1. Filing an Offer in Compromise -- the statute of limitations does not run for the entire time that an Offer in Compromise is under review.
2. Filing a lawsuit against the IRS -- the statute of limitations does not run for the entire time litigation against the IRS is pending.
3. Filing for bankruptcy -- the statute of limitations does not run while you are under the protection of the bankruptcy courts, and it does not begin running again until six months after the bankruptcy is discharged or dismissed.
4. Filing a Collection Due Process (CDP) Appeal: a CDP Appeal is an administrative appeal that can be filed to protest proposed levies and seizures of property. The statute of limitations does not run while this Appeal is pending.
5. Military members serving in combat zones: the statute of limitations does not run if you are a member of the military serving in a combat zone.
There are other small things that stop the statute of limitations from running as well. As a general rule, whenever the IRS is legally prohibited from attempting to collect the debt the statute of limitations is not running.
Because many people will take one or more of these actions throughout the course of a ten year period, in practice the IRS usually ends up having 11-12 years to collect a debt, but that depends on each individual situation. 10 years is the baseline that everyone starts with.
When will the 1099 tax forms be mailed?
Ordinarily by January 31, but an EDWARD JONES note says February 15, so it must have been delayed due to late legislation.
What if you file your taxes and then receive another W-2?
If you receive a W-2 that you had forgotten about, and you've already filed your tax return, you have two options:
1. File an amended return (Form 1040-X) with the correct figures. If the new W-2 increases your refund, you will claim the additional refund due to you on this form. If the new W-2 decreases the refund you would have received, you will have to pay back some of the refund that was already sent to you.
As long as you file the amended return and pay back any difference by April 15 (or April 18 this year), there should be no penalties involved.
2. Eventually (around August) the IRS will receive copies of everyone's W-2's from the Social Security Administration. Once they receive this information, they will compare it to the income that you reported on your return. If it doesn't match (because you omitted a W-2), they will adjust your return through their Automated Under-Reporting Unit. If you owe them money as a result of this, they will send you a bill.
Option #1 is the best way to fix this. Under Option #2, the IRS can sometimes take over a year to catch the error and correct your mistake. If you owe them money, they will charge you penalty and interest from April 15 until the date that you pay it, so delaying the correction is certainly not in your favor.
What does 1041 K-1 final year deductions mean?
Expenses in excess of taxable income at the Estate or Trust level may be passed out pro rata to the Beneficiaries. The amount shown on K-1 Part III Line 11 carries to the beneficiary individual return, Schedule A. This may yield a tax benefit, subject to a reduction by 2% of AGI, and further subject to whether total itemized deductions exceed the Standard Deduction. It is worth going through the exercise, unless there are no other itemized deductons.
What is tax code cc-HIRE exempt on W-2 box 12?
The HIRE Act encourages companies to hire unemployed workers from Feb. 4, 2010 to Dec. 31, 2010, by exempting certain wages received by the workers from the employer's 6.2% share of Social Security taxes (payroll tax exemption).
That means that this is the amount that that your employer is claiming to the government so that they can be exempt for a portion of the ss tax.
What is a form IRS Form 1098T?
IRS Form 1098-T is a Tuition Statement information return. Form 1098-T is used by eligible educational institutions, such as a college or university, to report information about their students to the IRS as required by the Taxpayer Relief Act of 1997. The student or person who can claim the student as a dependent may be able to claim an education credit of Form 1040 for the qualified tuition and related expenses that were paid.
What do you do if your employer doesnt give you your w2 on January 31?
Obviously its your employer and you should first inquire about whats up and give him a chance to make it right...very possible some other employee or system screwed up and a few days or so is needed. But otherwise, the steps officially are:
If you do not receive your Form W-2 or Form 1099-R by January 31st, or your information is incorrect, contact your employer/payer.
If you do not receive the missing or corrected form by February 14th from your employer/payer, you may call the IRS at 800-829-1040 for assistance. You must provide your name, address (including zip code), phone number, Social Security Number, dates of employment, your employer/payer's name, address (including zip code), and phone number. The IRS will contact the employer/payer for you and request the missing form. IRS will also send you a Form 4852 (PDF), Substitute for Form W-2 or Form 1099-R.
If you do not receive the missing form in sufficient time to file your tax return timely, you may use the Form 4852. If you receive the missing or corrected Form W-2 or Form 1099 after you file your return and a correction is needed, use Form 1040X (PDF), Amended U.S. Individual Income Tax Return. For additional information on filing an amended return, refer to Topic 308, Amended Returns.
