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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
If an employer never sends a W-2 form to you are you responsible for filing it?
Yes. You must file your tax return on time even if you don't receive your W-2 form. Form W-2 is Wage and Tax Statement. It's an IRS form that your employer is required to provide or send to you by January 31st. If January 31st falls on a weekend, then the deadline is extended to the next business day. For 2008 W-2 forms, the deadline was February 2, 2009. For 2009 W-2 forms, the deadline is Monday, February 1, 2010.
If you don't receive your W-2 form by the deadline, contact your employer. If you still haven't received your W-2 by mid-February, contact the IRS at 1-800-TAX-FORM(1-800-829-1040) to report this situation. If you have your last paystub, refer to it in filling out Form 4852(Substitute for Form W-2, Wage and Tax Statement) and attach it to your return.
What does the phrase 'local wages tips etc' mean?
On 2009 W-2 (Wage and Tax Statement) forms, 'local wages, tips, etc.' are entered by your employer on line 18. The phrase 'Local wages, tips, etc.' refers to income from which local or city tax was withheld. The amount that was withheld is listed on line 19 'Local income tax'. In some states, certain cities withhold local taxes from wages/salaries/tips in addition to federal and state income tax withholding. For example, New York City withholds a local income tax.
What is IRS form 1040ez used for?
Form 1040EZ is Income Tax Return for Single and Joint Filers with No Dependents. It's only one page. It's the simplest of the three forms in the 1040 series. It's used only by Single or Married Filing Jointly filers who have no dependents. Income is under $100,000 and is only from certain sources (wages/salaries/tips; unemployment compensation, Alaska Permanent Fund dividends). Taxable interest, if any, is $1,500 or less. No adjustments to income are being claimed, and only certain credits (earned income, making work pay) are being claimed.
Why is paying taxes important?
to pay for schools, roads, the services of sfirefighters, polices, etc
If you lost your W-2 forms can you get another?
Yes. You need to contact your employer to request a replacement. Form W-2 is Wage and Tax Statement. It's an IRS form that the employer is required to complete to report income, social security, and Medicare taxes withheld from employees. Your employer is expected to write the words 'REISSUED STATEMENT' on the new copy. Also, the IRS Code doesn't prohibit employers from charging a fee for issuing a duplicate Form W-2. Some employers charge, some don't.
For 2008 tax returns, the Married Filing Jointly standard deduction of $10,900 and three exemptions at $10,500 would be subtracted from your salary. That makes your taxable income $13,600. The Married Filing Jointly tax is $1,363. Your tax is further reduced by any credits for which you're eligible (earned income, etc.) and any income tax withheld by your employer.
Do colleges send out a tax form?
There are two forms that are sent out by colleges. One, Form 1098-E (Student Loan Interest Statement). Any person or entity (college, educational institution, financial institution, etc.) receiving $600 or more in student loan interest from an individual is required to file Form 1098-E.
Two, Form 1098-T (Tuition Statement). Eligible educational institutions are required to file Form 1098-T to report qualified tuition/related expenses paid by a student enrolled in their institutions.
Eligible educational institutions are colleges, universities, vocational schools, or post-secondary educational institutions described in section 481 of the Higher Education Act of 1965.
Both Form 1098-E and Form 1098-T are required to be provided/sent to the recipient (student or payer of student loan interest) by January 31st. If January 31st falls on a weekend, then the deadline is extended to the next business day. The deadline for 2008 forms is February 2, 2009. The deadline for 2009 forms is February 1, 2010.
For more information on educational expenses, go to www.irs.gov/formspubs. Select Publication Number. Then enter 970 in the Find Box to print a copy of Publication 970 (Tax Benefits for Education).
What is the difference between 1040 and 1040A tax forms?
Form 1040A is easier than Form 1040. You use Form 1040A if the following apply. One, your taxable income is less than $100,000. Two, your income is only from certain sources (wages/salaries/tips; taxable scholarship/fellowship; interest or ordinary dividends; capital gain distributions; pensions/annuities/IRAs; unemployment compensation; taxable social security/railroad retirement benefits; Alaska Permanent Fund dividends). Three, you're taking the standard deduction (i.e., you're not itemizing with Schedule A). Four, your only adjustments, if any, are IRA and education expenses (student loan interest, tuition/fees, educator expenses). Five, you're only claiming certain credits, if any (earned income, elderly/disabled, retirement savings, child tax, children/dependent care, earned income).
Form 1040 is required for more complicated situations, such as itemizing deductions with Schedule A, having taxable income of at least $100,000, other forms of income (self-employment, partnership, etc.), and more.
For more information, go online at www.irs.gov/taxtopics. Select Topic 352 9Which Form --- 1040, 1040A, or 1040EZ?).
How much tax do you have to pay for 17000 per year income?
It depends on how you have your taxes set up with your employer. If you're self employed it's different. There are too many scenarios for one answer.
You need to file taxes with your local state and federally through the I.R.S. (Internal Revenue Service.) You can obtain tax pamphlets and booklets from your nearest USPS Post Office to answer all of your tax questions.
Where do you mail Form 940 if you're in Arkansas?
Form 940 is Employer's Annual Federal Unemployment (FUTA) Tax Return. If you're in Arkansas and not including a payment, you mail to the Internal Revenue Service, P.O. Box 105078, Atlanta GA 30348-5078. If you're including a payment, you mail to the Department of the Treasury, Internal Revenue Service, Ogden UT 84201-0046.
If a baby is born in August can you claim him as a dependent for that year?
Yes. My baby was born in September 08 and I am able to claim him on my taxes this year as long as I have his Social Security Card.
Do you have to claim contract labor wages on an income tax form?
Yes. Schedule C is Profit or Loss from Business. Contract labor wages are reported on Schedule C (or Schedule C-EZ) as income by the recipient and deducted as expenses by the payer. The payer deducts contract labor as a business expense in Part II Expenses and/or Part III Cost of Goods Sold. The recipient reports contract labor wages as income in Part I Income.
Who are employees for professional tax purpose?
According to the IRS' basic definition, 'anyone who performs services for you is your employee if you can control what will be done and how it will be done'. It doesn't matter if the employee has a lot of freedom of action as long as 'you have the right to control the details of how the services are performed' (IRS. gov article, 'Employee (Common-Law Employee)).
Also, you consider the type of relationship between you and the person performing the services. Employees have employee type benefits (pension plan, insurance, vacation pay, etc.), not written contracts. Employees have a continuingrelationship, and the work that they perform are a key aspect of the business. Employers are required to withhold and/or pay taxes (income, Social Security, Medicare, unemployment, etc.) on employee earnings.
But there are grey areas. If it's unclear whether a worker is your employee, file Form SS-8 (Determination of Worker Status for Purposes of Federal Employment Taxes and Income Tax Withholding) with the IRS. Either the business or the worker can file this form. The IRS will make an official determination of the worker's status. The determination process can take about six months.
How can I file my tax return to include my girlfriend?
Claiming your girlfriend as your dependent is determined by local law. There are basically two categories for dependents. One is qualifying child, which wouldn't apply here. The other category is qualifying relative. A qualifying person can be any person (other than a spouse) who had less than $3,650 income, for whom you provided over half of their support, and who lived with you all year in your house if your relationship doesn't violate local law. Therefore, if the law in your state prohibits cohabitation, then you wouldn't be able to claim her. If it doesn't, then you'd be able to.
When will the W-2 forms be mailed out?
Form W-2 is Wage and Tax Statement. Employers are required to provide W-2 forms to their employees by January 31st, unless that date falls on a weekend. In such case, the deadline is extended to the next business day. Year 2008 W-2 forms were due to employees by January 31st, 2009. Year 2009 W-2 forms are due by Monday, February 1, 2010 because January 31st falls on a Sunday. If you haven't received your W-2 by the deadline, you should contact your employer.
Can an inherited gas royalty interest qualify as an economic interest under the IRS rules?
According to IRS Pub 535, page 33, column 1, "You have an economic interest if BOTH the following apply: 1) you have acquired by investment any interest in mineral deposits or standing timer, AND 2) You have a legal right to income from the extraction of the mineral or cutting of the timber to which you must look for a return of your capital investment.
You have made less than 300 dollars do you file?
I've made less than $300 in 2008, but i do have a dependent that i can claim child credit for do i file?
What is the mailing address for IRS Form 941 if you live in Virginia?
Without a payment: Department of the Treasury
Internal Revenue Service
Cincinnati, OH
45999-0005 With a payment: Internal Revenue Service
P.O. Box 804522
Cincinnati, OH
45280-4522
Where in MARYLAND does the employer mail copy 1 of 1099?
Probably best to start at the site I've provided, looking for the instructions and specifics for the types of reporting your doing. There are many types of 1099s. And of course, there are several forms you the employer need to provide with most any of these, especially if they are for some sort of payroll...reconciling all values for the year and reporting them in total as well. Almost always, the transmittal MUST be by electronic/magnetic media, unless you are a very, very small company. http://business.marylandtaxes.com/taxforms/default.asp
Do I file a tax return if I only made 8000 gross income and I'm single and 21 years old?
You're not required to file a return for your Single filing status if your 2008 income is less than $8,950 (or less than $9,350 for 2009). Even though you're not required to file, you should file if income tax was withheld from your earnings in order to receive a refund of that tax. Also, if you're eligible for certain credits (such as earned income), you should file even when not required
Add the values and put right in the cells as if they were one. Or, virtually all software handle this easily, asking you the info for each, and combine them itself (making a separate report as/where required).
If your an employer, follow the instructions on the form...there are several other documents and reconciliations that must accompany each, and of course form 941 & 940 info, and many things depedent on the state or cities you and the employees are in. That few a number should not require electronic/magnetic media filing.
How much money will you receive for a one-year-old dependent when you file your taxes?
Without having your filing status (Single, Married Filing Jointly, etc.) and income, it's not possible to determine your tax benefit. In general terms, your one-year-old dependent is entitled to a dependent exemption. That exemption reduces your income by $3,650, in addition to whatever other exemptions (your personal, your spouse) you have. Also, your child may reduce the amount of tax through certain credits (such as child/dependent care expenses). Furthermore, depending on your income and filing status, you also may be eligible for other credits such as earned income.
Form 1099-MISC is Miscellaneous Income. The person or business that gave you that form doesn't consider you an employee. So they didn't withhold taxes (income, social security, Medicare). They're treating you as a self-employed person, which makes you responsible not only for income taxes but also for social security and Medicare. You'll need to file Schedule C or C-EZ(Profit or Loss from Business) and Schedule SE(Self-Employment Tax) along with Form 1040.
The worst case scenario (Single filing status, only your personal exemption, no dependents, no expenses to deduct from that $7,000 income) for 2009 is that your self-employment tax is $989, and your earned income credit is $495. So you would owe $494.
Note that business sometimes treat people as self-employed when really they're employees. If you really think that you're an employee and that the business should be giving you a W-2 form and withholding taxes from your earnings, try to correct this misunderstanding with the business. If they refuse to correct it and you still feel that you're an employee, you should contact the IRS at 1-800-TAX-FORM, and they'll help you sort out your true status.
You're not the only one this has happened to. This happens often. The IRS needs to know, because the business is avoiding filing a number of forms by viewing you as self-employed.
What does CAF mean in box 14 of a W-2 tax form?
CAF means cafeteria plan. A cafeteria plan is a written plan set up by an employer for employees according to Section 125 of the IRS Code. This plan is set up to offer employees a choice between taxable and qualified benefits. A qualified benefit includes adoption assistance, dependent care assistance, group-term life insurance coverage, etc.
