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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

What was Stock Symbol for Avaya INC IN 2000?

The stock symbol for Avaya in 2000 was AV. The stock traded on the NYSE.

Where do you send your W-2 forms?

If you're a taxpayer who's filing a paper return, you attach the federal copy of each W-2 form to the income section of the return. There's a note to the left stating that on the tax return. If you're filing electronically, you don't send your W-2 forms. But you're expected to keep them in your possession along with all of your other tax records for that year.

If you're an employer, you must mail Copy A of Form W-2 to the Social Security Administration, Data Operations Center, Wilkes-Barre, PA 18769-0001 by March 1, 2010. But if you're an employer, you also can file Copy A electronically by visiting www.socialsecurity.gov/employer and selecting 'Business Services Online'. Then it isn't due until March 31, 2010.

If you're an employer, you must provide W-2 forms to all of your employees by February 1, 2010, either by mailing to their addresses on file with you, distributing them at the workplace, or by making them available online for your employees to download.

Your employer refuses to give you a 1099 what should you do?

You should be able to obtain a copy from the Internal Revenue Service.

Do you enter the amount on Form 1098 for mortgage taxes in both the itemized deductions and rental section of Turbotax if you lived there for only 9 months and then rented the place?

Form 1098 (Mortgage Interest Statement) gives the total amount that you paid in mortgage interest on your property. If you lived there for part of the year and then rented it, you need to allocate the amount to two different forms. Nine months is three-fourths of the year. So you enter 75 percent of the total mortgage interest in the "Interest you paid" section of Schedule A (Itemized Deductions). You enter 25 percent of the total mortgage interest on line 12 of Schedule E (Supplemental Income and Loss) for the three months that you rented it.

What is the depreciation percentage for your home used for child care business since January 1993?

You figure the depreciation percentage for business use of your home based upon two percentages.

One, find the Business Use Percentage by figuring the size of the child care area versus the size of your house. There are two common ways to figure this area: (a) divide actual square footage of the child care area by the total area of your home, or (b) if rooms are almost equal in size, divide the number of rooms used for child care by the total number of rooms in your home.

Two, find the percentage of time using the area if it isn't used exclusively for child care by figuring time used versus total time. For example, the child care area is used 10 hours/day for 5 days/week for 50 weeks, which totals 2,500 hours for the year. Divide 2,500 by total number of hours in the year (24 x 366) for the Time Used Percentage (28.46 percent). If the area is used exclusively for child care, then the use percentage is 100 percent.

Two types of expenses are deductible: direct and indirect. The Business Use Percentage is applied to direct expenses (expenses only for the child care area). Business Use Percentage (multiplied by Time Use Percentage if area not exclusively used for child care) is applied to Indirect expenses (expenses to upkeep/run your home such as insurance, utilities,etc.). This information is entered on Form 8829 (Expenses for Business Use of Your Home).

For more information, go to www.irs.gov/taxtopics for Topic 509: Business Use of Home). Also go to www.irs.gov/formspubs for Publication 587: Business Use of Your Home (Including Use by Daycare Providers). Publication 587 includes Worksheet to Figure the Deduction for Business Use of Your Home.

Do you need to file a copy of Schedule K-1 when you file your federal income tax forms?

No. The Schedule K-1 [Form 1065] is used to report each partner's share of the partnership's income, deductions, credits, etc. The individual partners don't file a copy of Schedule K-1 with their return. The partnership files a copy with the IRS.

What is the salvage value of a car for depreciation purposes?

Salvage value is an estimate of the value of property at the end of its usefulness. It's the price that you'd get for it when you can't use it productively. How you use the property and for how long affect salvage value. If you let go of property while it's still in good operating condition, then the salvage value might be high. If you let go of property when it's not usable, its salvage value is its junk value.

For more information, go to www.irs.gov/formspubs for Publication 534 (Depreciating Property Placed in Service Before 1987).

When should someone receive a W-2 form and why?

Employers are required by Section 6051 of the IRS Tax Code to provide Form W-2 to each employee by January 31st. If January 31st falls on the weekend, then the deadline is extended to the following Monday. For example, the deadline in 2010 is Monday, February 1st, because January 31st falls on a Sunday.

Are New York State Star real estate tax rebates considered income on federal income tax forms?

STAR isn't considered income. STAR is School Tax Relief program. It includes a school property tax rebate program and a partial property tax exemption from school taxes. You apply for the exemption through your local assessor's office.

For more information, go to the website of the State of New York Office of Real Property Services, www.orps.state.ny.us for their brochure, STAR School Property Tax Exemption Questions & Answers. Or call 1-877-6-STAR-NY (1-877-678-2769).

However, if you itemized deductions and deducted NY state real estate taxes, and the STAR rebate is a refund of a deduction claimed in a previous year, it does have to be reported on your Federal Income Tax return as "other income" (1040 line 21). If you receive the rebate on RE taxes in the same year you paid the taxes, you have to reduce your itemized deduction by the amount of the rebate. -JPD

Do college students need to file an income tax return?

If you have earned income over $900 you do. If you have any w-2's or 1099's you have to file.

Do corporations have to sign a W-9 form?

Your question should be:

To whom, if anyone, MUST a corporation, provide a W9, and if so,

who may or must sign on behalf of the Corporation.

What documents are needed to fill out a W-2 tax form?

When a person is hired, they are required to fill out a W-4 form and whatever State equivalent there may be. These forms have all the information needed to complete the W-2 form with the addition of the payroll data for the calendar year.

Should you file a US tax return if you are still claimed as a dependent on your parent's US tax return?

Yes, you must file a tax return, even if someone else claims you as a dependent, if you had earned income or interest. Most taxpayers who are claimed as dependents on someone else's return use form 1040EZ, especially if they claim the standard deduction and do not need to itemize deductions.

Who is required to file a SR1 report with the DMV?

Every person who was driving a vehicle involved in an collision on public/private property. It has to be filed within 10 days of collision.

How is accrued interest income treated on your tax return?

Accrued interest paid on a bond bought between interest payment dates is shown on Form 1099-INT (Interest Income). Include the amount of interest in Part I (Interest) line 1 (List name of payer) of Schedule B (Interest and Ordinary Dividends). Under your last entry, subtotal all the interest listed, write 'Accrued Interest' with the amount paid to the seller. That amount isn't taxable to you. Subtract it from the subtotal and enter the result on line 2 and also on line 8a of Form 1040.

For more information, go to www.irs.gov/formspubs for Publication 550 (Investment Income and Expenses).

How many years can you go without filing taxes?

Until you get caught. Then it's big trouble bud!! Vote for Ron Paul. He wants to do away with income tax!

Are state and federal taxes taken out of your paycheck in the state of Georgia?

Yes. Of course.

Why would you possibly think the State you live in has any control over federal, or even more, that it wouldn't want the money on it's own state taxes collected?

Is 24000 gift tax exempt to married couple?

Generally, the one giving a gift pays the gift tax. Not the recepient.

Who pays the gift tax?

The donor is generally responsible for paying the gift tax. Under special arrangements the donee may agree to pay the tax instead. Please visit with your tax professional if you are considering this type of arrangement. What is considered a gift?

Any transfer to an individual, either directly or indirectly, where full consideration (measured in money or money's worth) is not received in return. What can be excluded from gifts?

The general rule is that any gift is a taxable gift. However, there are many exceptions to this rule. Generally, the following gifts are not taxable gifts. # Gifts that are not more than the annual exclusion for the calendar year. # Tuition or medical expenses you pay for someone (the educational and medical exclusions). # Gifts to your spouse. # Gifts to a political organization for its use. In addition to this, gifts to qualifying charities are deductible from the value of the gift(s) made.

Where are your w2's?

Your employer has until January 31st to get them to you. They are either mailed to your address or handed to you at work.

You bought your house with a seller-financed loan from your father in law Do you need to send him a tax form stating how much you paid him for the year?

laws vary from state to state. The buyer DEFINITELY should record the agreement at the courthouse, The seller should charge interest, The seller should provide A itemized list of total payments, Payment amount to principle, Payment received to them as interest, and any misc. charges like late fees. TAKE A NICKLE WORTH OF FREE ADVISE,,,,,,,,DO THIS BY THE BOOK,,,YOU DO NOT WANT TO TRUST SOMEONE AND WISH YOU HADEN'T.

Presumably, your both individuals, so the reporting requirements are minimal.

For you to claim the interest deduction, you will need to show (on your return, where indicated), his SS number and the amount of interest you paid him.

How to get out of auto lease?

There is not easy way to get out of a auto lease after you have driven the car off the lot. Read the auto lease before signing for the options to return the vehicle, rolling the payments into a New Vehicle if found defected under warranty, voluntary repossession due to income or health changes, bank refinancing for new ownership or for someone else to assure the payments.

Do monetary gifts received need to be reported to IRS?

Really, it depends on whom it's from and even a bit of the circumstances involving it.

But, remember the Oprah thing...with the cars....and they had to be reported as income (and tax paid) by the recipient? And the givor has to provide a 1099...etc.

Basically, if it's over 600$, there is going to be a reporting requirement, and if it isn't from a family member, there will be a tax requirement...sometimes on the one giivng it a gift tax is imposed.

And to be certain, if its from an employer, regardless of the reason claimed, it's taxable as payroll.

What I'm trying to say (and relevant to the below), is while gifts (especially between family members) can be structured to be not taxable (or only taxable under gift tax rules to the givor), to either the givor or recipients, I have frequently seen what was considered a gift by the recipient isn't really considered so (and is deemed to be income) under IRS rules. what you call it isn't the thing....what it actually is carries.

You can gift up to $11,000 to someone without any tax consequences. If you gift more than that, the giftor must file a Gift Tax Return and pay a gift tax. The tax is typically paid by the giftor, not the receipient.