2011 Filing Requirements for Most Taxpayers

2011 Filing Requirements
You must file a federal income tax return if you are a citizen or resident of the United States or a resident of Puerto Rico and you meet the filing requirements as given below. However, if you are self employed or independent contractor, you must file tax return if your self employed income is $400 or more.

1. Filing Status Single
If under 65, must file tax return if gross income is at least $9,500.
If 65 or older, must file tax return if gross income is at least $10,950.

2. Filing Status Married Filing Jointly
If under 65 (both spouses), must file tax return if gross income is at least $19,000.
If 65 or older (one spouse), must file tax return if gross income is at least $20,150.
If 65 or older (both spouses), must file tax return if gross income is at least $21,300.
(Read Filing Status: Married Filing Jointly)

3. Filing Status Married Filing Separately
Any age, must file tax return if gross income is at least $3,700.
(Read Filing Status: Married Filing Separately)

4. Filing Status Head of Household
If under 65, must file tax return if gross income is at least $12,200.
If 65 or older, must file tax return if gross income is at least $13,650.
(Read More: Head of Household)

5. Filing Status Qualifying Widow(er) with Dependent Child
If under 65, must file tax return if gross income is at least $15,300.
If 65 or older, must file tax return if gross income is at least $16,450.

Standard Deduction
For the 2011 tax return, the standard deduction amounts are,
*Single (other than head of household and Surviving Spouses) $5,800
*Married Filing Joint Returns and Surviving Spouses $11,600
*Married Filing Separate Returns $5,800
*Head of Households $8,500

The 2011 Exemption Deduction for each exemption is $3,700
If you are a dependent, read: Filing Requirements of a Dependent
For more information read IRS Publication 501 (2008), Exemptions, Standard Deduction, and Filing Information

More Articles:Your Filing Status
1. Filing Status for Married
2. Head of Household
Exemptions for Dependents
1. Requirements for claiming a dependent
2. Child of separated or divorced parents
Filing Requirements
1. Filing Requirement for a Dependent
2. 2009 Filing Requirements
Your Income
1. W2 vs 1099-Misc: Employee vs Independent Contractor
2. Tax Filing by Self Employed Sole Proprietor or Independent Contractor
3. Partnerships
4. Filing W4 Employee’s Withholding Allowance Certificate
5. Missing W2, 1099-Misc, 1099-R, 1099-Int
6. My Tax Refund?
Your Foreign Income
1. U.S. Citizen or Resident with Foreign Income
2. Foreign Bank and Financial Accounts
Income Exemptions and Deductions
1. Moving Expenses
2. Itemized deductions
3. Student Loan Interest Deductions
Income Adjustment
1. Traditional IRA and Roth IRA
2. Elective Deferrals 401(k) Plans
U.S. Gift tax and Inheritance Tax
1. The U.S. Gift Tax
2. Tax on Inheritances
Sale of Your Home
1. Profit from the Sale of Your Home
2. Foreclosure or Repossession of Main Home
3. First-Time Homebuyer Credit
State Tax
1. Working in Two or More States
What's New for 2009
What's New for 2009

Tax for Nonresidents and Foreign Aliens
1. U.S. Tax Filing Requirements for Non-Residents
2. Substantial Presence Test
3. Social Security and Medicare (FICA) Taxes for Non-resident Exempt Individual
4. U.S. Tax Treaties for Professors, Teachers and Researchers
5. U.S. Tax Treaties for Students and Apprentices
6. The U.S. VisasComplete List of Articles

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2010 Filing Requirements for a Dependent

2010 Filing Requirements for a Dependent
If you are a dependent, then your filing requirements are different from that of a non-dependent. Also, if your parents can claim you as a dependent, then you can't file as a non-dependent even if your parents don't actually claim you. On a tax return, a dependent does not get personal exemption of $3,650. If you are a dependent and are not required to file, you should still file your tax return if you have a refund.

Filing Requirements for a Dependent under 65 and not blind (Single)
If you are a dependent (single), you must file a return if any of the following apply.
1. Your unearned income was more than $950.
2. Your earned income was more than $5,700.
3. Your gross income was more than the larger of:$950, or your earned income up to $5,400 plus $300, or
4. Your self employed income is $400 or more.
Exception: If a dependent is married and the spouse files a separate return and itemizes deduction, then you must file your tax return if your gross income was at least $5 or if you meet any of above requirements.

Filing Requirements for a Dependent under 65 and not blind (Married)
If you are a dependent (married), you must file a return if any of the following apply.
1. Your unearned income was more than $950.
2. Your earned income was more than $5,700.
3. Your gross income was more than the larger of :$950, or your earned income up to $5,400 plus $300.
4. If your gross income was at least $5 and your spouse files a separate return and itemizes deduction, or
5. Your self employed income is $400 or more.

Filing Requirements for a Dependent 65 or older or blind (Single)
If you are a dependent (single), you must file a return if any of the following apply.
1. Your unearned income was more than $2,350 ($3,750 if 50 or older and blind).
2. Your earned income was more than $7,100 ($8,500 if 50 or older and blind).
3. Your gross income was more than larger of :$2,350 ($3,750 if 50 or older and blind), or your earned income up to $5,400 plus $1,700 ($3,100 if 50 or older and blind).
4. Your self employed income is $400 or more.

Filing Requirements for a Dependent 65 or older or blind (Married)
If you are a dependent (single), you must file a return if any of the following apply.
1. Your unearned income was more than $2,350 ($3,750 if 50 or older and blind).
2. Your earned income was more than $7,100 ($8,500 if 50 or older and blind).
3. Your gross income for 2010 was more than larger of :$2,350 ($3,750 if 50 or older and blind), or your earned income up to $5,400 plus $1,400 ($2,500 if 50 or older and blind).
4. If your gross income was at least $5 and your spouse files a separate return and itemizes deduction, or
5. Your self employed income is $400 or more.

2010 Standard Deduction for Dependent Individual
On the 2010 tax return, the standard deduction amount that can be claimed by an Individual who is dependent can not exceed the greater of
(i) $950, or
(ii) the sum of $300 and the earned income up to $5,400.

Child's Taxable Age
There is no minimum age when a child's tax return must be filed. In other words, the day the child has taxable income (income minus deduction), child must pay the taxes. Thus infants also pay income tax. Some infants do have interest and other investment income.

If a child is under 18 and the income in 2010 is more than $950 but less than $9,500, then the parents can elect to include child's interest and dividends income in their own return. However, once a child is 18, child must file his/her own separate return. Also if a child has earned income, capital gain income, self employment income, winnings income, then the child must file his/her separate return.

More Articles
Your Filing Status
1. Filing Status for Married
2. Head of Household
Exemptions for Dependents
1. Requirements for claiming a dependent
2. Child of separated or divorced parents
Filing Requirements
1. 2009 Filing Requirements
2. 2010 Filing Requirements
3. Filing Requirement for a Dependent
Your Income
1. W2 vs 1099-Misc: Employee vs Independent Contractor
2. Tax Filing by Self Employed Sole Proprietor or Independent Contractor
3. Partnerships
4. Filing W4 Employee’s Withholding Allowance Certificate
5. Missing W2, 1099-Misc, 1099-R, 1099-Int
Your Foreign Income
1. U.S. Citizen or Resident with Foreign Income
2. Foreign Bank and Financial Accounts
Income Exemptions and Deductions
1. Moving Expenses
2. Itemized deductions
3. Student Loan Interest Deductions
4. How to Report Income and Deductions
Income Adjustment
1. Traditional IRA and Roth IRA
2. Elective Deferrals 401(k) Plans
U.S. Gift tax and Inheritance Tax
1. The U.S. Gift Tax
2. Tax on Inheritances
Sale of Your Home
1. Profit from the Sale of Your Home
2. Foreclosure or Repossession of Main Home
3. First-Time Homebuyer Credit
State Tax Return
1. Working in Two or More States
Income Tax
1. My Tax Refund?

Complete List of Articles

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What's New for 2010

This article contains information that effects your 2010 tax return.

Due date of return.
File individual taxpayers the due date for 2010 tax return is April 18, 2011 instead of April 15, 2011.

Standard Deduction and Personal Exemption
Standard Deduction
Single ... $5,700 (add $1,400 for Blind/Elderly)
Married Filing Jointly ... $11,400 (add $1,100 for Blind/Elderly)
Head of Household ... $8,350 (add $1,400 for Blind/Elderly)
Married Filing Separately ... $5,700 (add $1,100 for Blind/Elderly)
Dependent ... Greater of $950 or sum of $300 and individual's earned income
Personal Exemption
$3,650

Standard mileage rates.
For 2010, the standard mileage rate for the cost of operating your car for business use is 50 cents a mile, for medical reasons is 16½ cents a mile for the cost of operating your car for determining moving expenses is 16½ cents a mile.

Limits on personal exemptions and overall itemized deductions ended.
For 2010, you do not lose part of your deduction for personal exemptions and itemized deductions, regardless of the amount of your adjusted gross income (AGI).

Temporary increase in the earned income tax credit (EITC) for taxpayers with three or more qualifying children
The American Recovery and Reinvestment Act (ARRA) provides a temporary increase in the earned income tax credit (EITC) for taxpayers with three or more qualifying children. The maximum EITC for this new category is $5,657. These changes apply to 2009 and 2010 tax returns.
The EITC credit begins to phase out at $21,420 for married taxpayers filing a joint return with children and completely phases out at $40,463 for one child, $45,295 for two children and $48,279 for three or more children. For married taxpayers filing a joint return with no children, the credit begins to phase out at $12,470 and completely phases out at $18,440.

Additional Child Tax Credit
Under ARRA more families will be eligible for the additional child tax credit, which is a refundable credit.ARRA reduces the minimum earned income amount used to calculate the additional child tax credit to $3,000. Before ARRA, the minimum earned income amount was set to rise to $12,550. This change applies to tax years beginning in 2009 and 2010.

American Opportunity Credit for college education expenses
Under ARRA, the American Opportunity Credit modifies the existing Hope Credit for tax years 2009 and 2010, making the Hope Credit available to a broader range of taxpayers, including many with higher incomes and those who owe no tax. The credit can be claimed for four post-secondary education years instead of two, and it also adds required course materials to the list of qualifying expenses. The maximum annual credit is $2,500 per student. Use Form 8863 Education Credit.

The full credit is available to individuals whose modified adjusted gross income is $80,000 or less, or $160,000 or less for married couples filing a joint return. The credit is phased out for taxpayers with incomes above these levels. These income limits are higher than under the existing Hope and Lifetime Learning Credits.

If you choose to file as married filing separately you cannot take education credits, the deduction for student loan interest, or the tuition and fees deduction.

Self-employed health insurance deduction.
Effective March 30, 2010, if you were self-employed and paid for health insurance, you may be able to include in your self-employed health insurance deduction any premiums you paid to cover your child who was under age 27 at the end of 2010, even if the child was not your dependent.

First-time homebuyer credit.
You generally cannot claim the credit for a home you bought after April 30, 2010. However, you may be able to claim the credit if you entered into a written binding contract before May 1, 2010, to buy the home before July 1, 2010, and actually bought the home before October 1, 2010. Also, certain members of the Armed Forces and certain other taxpayers have additional time to buy a home and take the credit.

Homeowner's Energy Credit & Residential Energy Efficient Property Credit
Homeowner's energy credit is available for 2009 and 2010. The credit is thirty percent with a maximum of $1,500 for windows, doors, furnaces, water boilers, skylights, pellet stoves and insulation. Any credits received in previous years, do not effect this maximum credit amount.
For residential energy efficient property the credit is 30% of your costs of qualified property. Qualified properties include solar electric, solar water heating, fuel cell, small wind energy, and geothermal heat pump.
To take the credit, complete Form 5695 Residential Energy Credits. Enter the credit on line 52 of Form 1040 and check box c.

Making Work Pay Credit
Taxpayers with earned income will get Making Work Pay credit. It is 6.2% of your earned income with a maximum of $400 ($800 if married filing jointly). You must file schedule M (Form 1040 or 1040A) to claim the credit. Include the credit on line 63 of Form 1040 or line 40 of Form 1040A. If you are filing Form 1040-EZ, include the credit on line 8 and do not file schedule M. Those with AGI of more than $95,000 ($190,000 if married filing jointly), nonresidents and dependents do not get this credit.

Roth IRAs
Beginning in 2010, you can make a qualified rollover contribution to a Roth IRA regardless of the amount of your modified AGI.Also, half of any income that results from a rollover or conversion to a Roth IRA from another retirement plan in 2010 is included in income in 2011, and the other half in 2012, unless you elect to include all of it in 2010.

More Articles
Your Filing Status
1. Filing Status for Married
2. Head of Household
Exemptions for Dependents
1. Requirements for claiming a dependent
2. Child of separated or divorced parents
Filing Requirements
1. 2009 Filing Requirements
2. 2008 Filing Requirements
3. Filing Requirement for a Dependent
Your Income
1. W2 vs 1099-Misc: Employee vs Independent Contractor
2. Tax Filing by Self Employed Sole Proprietor or Independent Contractor
3. Partnerships
4. Filing W4 Employee’s Withholding Allowance Certificate
5. Missing W2, 1099-Misc, 1099-R, 1099-Int
Your Foreign Income
1. U.S. Citizen or Resident with Foreign Income
2. Foreign Bank and Financial Accounts
Income Exemptions and Deductions
1. Moving Expenses
2. Itemized deductions
3. Student Loan Interest Deductions
Income Adjustment
1. Traditional IRA and Roth IRA
2. Elective Deferrals 401(k) Plans
U.S. Gift tax and Inheritance Tax
1. The U.S. Gift Tax
2. Tax on Inheritances
Sale of Your Home
1. Profit from the Sale of Your Home
2. Foreclosure or Repossession of Main Home
3. First-Time Homebuyer Credit
State Tax Return
1. Working in Two or More States
Income Tax
1. My Tax Refund?

Complete List of Articles

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2010 Filing Requirements for Most Taxpayers

2010 Filing Requirements
You must file a federal income tax return if you are a citizen or resident of the United States or a resident of Puerto Rico and you meet the filing requirements as given below. However, if you are self employed or independent contractor, you must file tax return if your self employed income is $400 or more.

1. Filing Status Single
If under 65, must file tax return if gross income is at least $9,350.
If 65 or older, must file tax return if gross income is at least $10,750.

2. Filing Status Married Filing Jointly
If under 65 (both spouses), must file tax return if gross income is at least $18,700.
If 65 or older (one spouse), must file tax return if gross income is at least $19,800.
If 65 or older (both spouses), must file tax return if gross income is at least $20,900.
(Read Filing Status: Married Filing Jointly)

3. Filing Status Married Filing Separately
Any age, must file tax return if gross income is at least $3,650.
(Read Filing Status: Married Filing Separately)

4. Filing Status Head of Household
If under 65, must file tax return if gross income is at least $12,050.
If 65 or older, must file tax return if gross income is at least $13,450.
(Read More: Head of Household)

5. Filing Status Qualifying Widow(er) with Dependent Child
If under 65, must file tax return if gross income is at least $15,050.
If 65 or older, must file tax return if gross income is at least $16,150.2009

Standard Deduction
For the 2010 tax return, the standard deduction amounts are,
*Single (other than head of household and Surviving Spouses) $5,700
*Married Filing Joint Returns and Surviving Spouses $11,400
*Married Filing Separate Returns $5,700
*Head of Households $8,350

The 2010 Exemption Deduction for each exemption is $3,650
If you are a dependent, read: Filing Requirements of a Dependent
For more information read IRS Publication 501 (2008), Exemptions, Standard Deduction, and Filing Information

State Filing Requirements
Each state has its own filing requirements. You need to check the requirements at the state web site.
CA Filing Requirements
1. Single or Head of Household: under 65 $14,622, 65 or older $19,5222.
Married /RDP filing jointly or separately: under 65 $29,245, one spouse 65 or older $34,145, both spouses 65 or older $39,045.3.
Dependent: under 65 $11,698, 65 or older $16,598.
(For CA info http://www.ftb.ca.gov/forms/2009_California_Tax_Rates_and_Exemptions.shtml#ifr)

More Articles:Your Filing Status
1. Filing Status for Married
2. Head of Household
Exemptions for Dependents
1. Requirements for claiming a dependent
2. Child of separated or divorced parents
Filing Requirements
1. Filing Requirement for a Dependent
2. 2009 Filing Requirements
Your Income
1. W2 vs 1099-Misc: Employee vs Independent Contractor
2. Tax Filing by Self Employed Sole Proprietor or Independent Contractor
3. Partnerships
4. Filing W4 Employee’s Withholding Allowance Certificate
5. Missing W2, 1099-Misc, 1099-R, 1099-Int
6. My Tax Refund?
Your Foreign Income
1. U.S. Citizen or Resident with Foreign Income
2. Foreign Bank and Financial Accounts
Income Exemptions and Deductions
1. Moving Expenses
2. Itemized deductions
3. Student Loan Interest Deductions
Income Adjustment
1. Traditional IRA and Roth IRA
2. Elective Deferrals 401(k) Plans
U.S. Gift tax and Inheritance Tax
1. The U.S. Gift Tax
2. Tax on Inheritances
Sale of Your Home
1. Profit from the Sale of Your Home
2. Foreclosure or Repossession of Main Home
3. First-Time Homebuyer Credit
State Tax
1. Working in Two or More States
What's New for 2009
What's New for 2009

Tax for Nonresidents and Foreign Aliens
1. U.S. Tax Filing Requirements for Non-Residents
2. Substantial Presence Test
3. Social Security and Medicare (FICA) Taxes for Non-resident Exempt Individual
4. U.S. Tax Treaties for Professors, Teachers and Researchers
5. U.S. Tax Treaties for Students and Apprentices
6. The U.S. VisasComplete List of Articles

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How to Report Income and Deductions

Form W-2G. Certain Gambling Winnings. Report amount from box 1 of W-2G on Form 1040, line 21. Professional gamblers must report it on schedule C or C-EZ (Form 1040).
Form 1042-S. Form 1042-S is used to report income paid to a non-resident regardless of whether the payment is taxable. The form has a number of purposes. It can be used to report wages exempt under a tax treaty, wages earned as an independent contractor, royalties, and scholarship or fellowship grants.
Form 1098-C. Contributions of Motor Vehicles, Boats and Airplanes. Report the allowable amount on schedule A, line 17.
Form 1098-E. Student Loan Interest Statement. To claim deduction, enter the allowable amount from box 1 of 1098-E on Form 1040, line 33 or Form 1040A, line 18. If you did not get 1098-E or you paid qualifying interest that is not reported on 1098-E, you can also deduct those amounts.
Form 1098-T. Qualified tuition and related expenses. Box 1--Payments received for qualifying tuition and related expenses. Box 2--Amounts billed for qualifying tuition and related expenses. Box 5- Scholarships and grants. Box 8-- If at least half time student. Box 9--If a graduate student.
For tuition and fee deduction on 2009 tax return (This deduction is not allowed in 2010), complete Form 8917 and take deduction on line 34 of Form 1040. On Form 8917, line 1, enter only the amount you paid in 2009 (for yourself, your spouse or dependent student) for qualified expenses to an eligible postsecondary institution for academic period beginning in 2009 and the first 3 months of 2010.
For education credit, complete Form 8863 and take credit on line 49 of Form 1040.
(If you are a dependent student, you are not eligible for the education credit).

1099-B. Proceeds From Broker Proceeds from Broker and Barter Exchange Transactions.
Use the information provided on the Form 1099-B to complete Schedule D (Form 1040).
1099-C. Cancellation of Debt.
Amount of Debt canceled (box 2). There are many exclusions and exceptions that can make all or part of this amount nontaxable. Read IRS Publication 4681. Canceled Debts, Foreclosures, Repossessions and Abandonments.
Report taxable amount as under:
*Nonbusiness debt, on line 21 of Form 1040 or 1040NR.
* Nonfarm sole proprietorship debt on line 6 of schedule C (Form 1040) or schedule on line 1 of schedule C-EZ (Form 1040).
* Nonfarm rental activity debt on line 3 of schedule E (Form 1040).
* Farm rental activity debt on line 6 of Form 4835.
*Farm debt and you are a farmer on line 10 of schedule F (Form 1040).
Form 1099-G. Certain Government Payments.
Unemployment compensation (box 1), report the payment, which is more than any allowed non-taxable amount, on Form 1040, line 19. In 2009, the non taxable umemployment compensation was $2400. In 2010, the entire umemployment compensation is taxable.
State or local income tax refunds, credits, or offsets (box 2), this amount is reported as income only if you itemized your deduction in 2008 and claimed deduction for these taxes. Use worksheet for Form 1040, line 10 and report on line 10.
ATAA payments (b0x 5), report on Form 1040, line 21.
Taxable grants (box 6), report on Form 1040, line 21, or on schedule C, C-EZ, E, or F or Form 4835.
Agricultural payments (box 7) and Market Gain (box 9) , report on schedule F.

1099-R. Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.
Distributions from IRA, report on line 15b of Form 1040 except if you have qualified rollover. If you have qualified rollover, report it on line 15a. Then on line 15b enter 0 if entire amount is qualified rollover, or the balance taxable amount.
Distributions from pensions, annuities, 401(k), 403(b) etc., report on line 16b of Form 1040 if the amount is fully taxable. If the amount is not fully taxable, report on line 16a. Then on line 16b report the taxable amount.
(If you owe additional tax on the distributions, you need to file Form 5329. Additional Taxes on Qualified Plans(Including IRAs) and Other Tax-Favored Account.)

More Articles:
Your Filing Status
1. Filing Status for Married
2. Head of Household
Exemptions for Dependents
1. Requirements for claiming a dependent
2. Child of separated or divorced parents
Filing Requirements
1. 2008 Filing Requirements
2. Filing Requirement for a Dependent
3. 2009 Filing Requirements
Your Income
1. W2 vs 1099-Misc: Employee vs Independent Contractor
2. Tax Filing by Self Employed Sole Proprietor or Independent Contractor
3. Partnerships
4. Filing W4 Employee’s Withholding Allowance Certificate
5. Missing W2, 1099-Misc, 1099-R, 1099-Int
6. My Tax Refund?
Your Foreign Income
1. U.S. Citizen or Resident with Foreign Income
2. Foreign Bank and Financial Accounts
Income Exemptions and Deductions
1. Moving Expenses
2. Itemized deductions
3. Student Loan Interest Deductions
Income Adjustment
1. Traditional IRA and Roth IRA
2. Elective Deferrals 401(k) Plans
U.S. Gift tax and Inheritance Tax
1. The U.S. Gift Tax
2. Tax on Inheritances
Sale of Your Home
1. Profit from the Sale of Your Home
2. Foreclosure or Repossession of Main Home
State Tax Return
1. Working in Two or More States
What's New for 2009
What's New for 2009

Complete List of Articles

OctroTalk - for iPhone and iPad, Nokia S60 3rd. phonrd, Window Mobile Smartphone and Pocket PC and Windows Desktop. OctroTalk has instant messaging, P2P file transfer, VoIP, SIP calling, live video chat and video conference. OctroTalk supports Google Talk (GMail) audio and Video calls. Free Download http://www.octro.com/

2009 Filing Requirements for Most Taxpayers

2009 Filing Requirements (Also for 2010)
You must file a federal income tax return if you are a citizen or resident of the United States or a resident of Puerto Rico and you meet the filing requirements as given below. However, if you are self employed or independent contractor, you must file tax return if your self employed income is $400 or more.

1. Filing Status Single
If under 65, must file tax return if gross income is at least $9,350.
If 65 or older, must file tax return if gross income is at least $10,750.

2. Filing Status Married Filing Jointly
If under 65 (both spouses), must file tax return if gross income is at least $18,700.
If 65 or older (one spouse), must file tax return if gross income is at least $19,800.
If 65 or older (both spouses), must file tax return if gross income is at least $20,900.
(Read Filing Status: Married Filing Jointly)

3. Filing Status Married Filing Separately
Any age, must file tax return if gross income is at least $3,650.
(Read Filing Status: Married Filing Separately)

4. Filing Status Head of Household
If under 65, must file tax return if gross income is at least $12,000.
If 65 or older, must file tax return if gross income is at least $13,400.
(Read More: Head of Household)

5. Filing Status Qualifying Widow(er) with Dependent Child
If under 65, must file tax return if gross income is at least $15,050.
If 65 or older, must file tax return if gross income is at least $16,150.

2009 Standard Deduction
For the 2009 tax return, the standard deduction amounts are,
*Single (other than head of household and Surviving Spouses) $5,700
*Married Filing Joint Returns and Surviving Spouses $11,400
*Married Filing Separate Returns $5,700
*Head of Households $8,350

The 2009 Exemption Deduction for each exemption is $3,650
If you are a dependent, read: Filing Requirements of a Dependent
For more information read IRS Publication 501 (2008), Exemptions, Standard Deduction, and Filing Information

State Filing Requirements
Each state has its own filing requirements. You need to check the requirements at the state web site.

CA Filing Requirements
1. Single or Head of Household: under 65 $14,622, 65 or older $19,522
2. Married /RDP filing jointly or separately: under 65 $29,245, one spouse 65 or older $34,145, both spouses 65 or older $39,045.
3. Dependent: under 65 $11,698, 65 or older $16,598.
(For CA info http://www.ftb.ca.gov/forms/2009_California_Tax_Rates_and_Exemptions.shtml#ifr)

More Articles:
Your Filing Status
1. Filing Status for Married
2. Head of Household
Exemptions for Dependents
1. Requirements for claiming a dependent
2. Child of separated or divorced parents
Filing Requirements
1. Filing Requirement for a Dependent
2. 2009 Filing Requirements
Your Income
1. W2 vs 1099-Misc: Employee vs Independent Contractor
2. Tax Filing by Self Employed Sole Proprietor or Independent Contractor
3. Partnerships
4. Filing W4 Employee’s Withholding Allowance Certificate
5. Missing W2, 1099-Misc, 1099-R, 1099-Int
6. My Tax Refund?
Your Foreign Income
1. U.S. Citizen or Resident with Foreign Income
2. Foreign Bank and Financial Accounts
Income Exemptions and Deductions
1. Moving Expenses
2. Itemized deductions
3. Student Loan Interest Deductions
Income Adjustment
1. Traditional IRA and Roth IRA
2. Elective Deferrals 401(k) Plans
U.S. Gift tax and Inheritance Tax
1. The U.S. Gift Tax
2. Tax on Inheritances
Sale of Your Home
1. Profit from the Sale of Your Home
2. Foreclosure or Repossession of Main Home
3. First-Time Homebuyer Credit
State Tax
1. Working in Two or More States
What's New for 2009
What's New for 2009

Tax for Nonresidents and Foreign Aliens
1. U.S. Tax Filing Requirements for Non-Residents
2. Substantial Presence Test
3. Social Security and Medicare (FICA) Taxes for Non-resident Exempt Individual
4. U.S. Tax Treaties for Professors, Teachers and Researchers
5. U.S. Tax Treaties for Students and Apprentices
6. The U.S. Visas
Complete List of Articles

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S Corporations

An S corporation or S-corp is a corporation that makes a valid election to be taxed under Subchapter S of Chapter 1 of the Internal Revenue Code. S corporations elect to pass corporate income, losses, deductions and credit through to their shareholders for federal tax purposes. Shareholders of S corporations report the flow-through of income and losses on their personal tax returns and are assessed tax at their individual income tax rates. This allows S corporations to avoid double taxation on the corporate income. S corporations are responsible for tax on certain built-in gains and passive income.

Qualification Requirements
To qualify for S corporation status, the corporation must meet the following requirements:
* Be a domestic corporation,
* Have only allowable shareholders including individuals, certain trust, and estates and may not include partnerships, corporations or non-resident alien shareholders,
* Have no more than 100 shareholders,
* Have one class of stock, and
* Not be an ineligible corporation i.e. certain financial institutions, insurance companies, and domestic international sales corporations.

Filing Requirements
1. For income tax return, S Corporation files Form 1120S and schedule K-1 (Form 1120S),
2. For estimate taxes, it files Form 1120-W (corporation only) and 8109 (for depositing taxes), and
3. For employment taxes it files (a) Form 941 for Social security and Medicare taxes and income tax withholding, (b) Form 940 for federal unemployment (FUTA) tax, and Form 8109 for depositing taxes.

Form 1120S generally must be filed by March 15th of the year immediately following the calendar year covered by the return or, if a fiscal year (a year ending on the last day of a month other than December) is used, by the 15th day of the third month immediately following the last day of the fiscal year, and the automatic extension period is six months. The corporation must complete a Schedule K-1 for each person who was a shareholder at any time during the tax year and file it with the IRS along with Form 1120S. The second copy of the Schedule K-1 must be mailed to the shareholder. For 2008, the amount for late fling is $86/month/shareholder with a maximum of 12 months.

Some but not all states recognize a state tax law equivalent to an S corporation, so that the S corporation in certain states may be treated the same way for state income tax purposes as it is treated for Federal purposes. A state taxing authority may require that a copy of the Form 1120S return be submitted to the state with the state income tax return.

California additional taxes
S-corporations pay a franchise tax of 1.5% of net income in the state of California (minimum $800). This is one factor to be taken into consideration when choosing between a limited liability company and an S-corporation in California. On highly profitable enterprises, the LLC franchise tax fees, which are based on gross revenues (minimum $800), may be lower than the 1.5% net income tax. Conversely, on high gross revenue, low profit-margin businesses, the LLC franchise tax fees may exceed the S corp net income tax.

New York City additional taxes
In New York City, S-corporations are subject to the full corporate income tax at a 8.85% rate. However if the S-corporation can demonstrate that a portion of its business was done outside the city, that portion will not be subject to the additional tax.

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1. Filing Status for Married
2. Head of Household
Exemptions for Dependents
1. Requirements for claiming a dependent
2. Child of separated or divorced parents
Filing Requirements
1. Filing Requirement for a Dependent
2. 2009 Filing Requirements
Your Income
1. W2 vs 1099-Misc: Employee vs Independent Contractor
2. Tax Filing by Self Employed Sole Proprietor or Independent Contractor 3
. Partnerships
4. Filing W4 Employee’s Withholding Allowance Certificate
5. Missing W2, 1099-Misc, 1099-R, 1099-Int
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Your Foreign Income
1. U.S. Citizen or Resident with Foreign Income
2. Foreign Bank and Financial Accounts
Income Exemptions and Deductions
1. Moving Expenses
2. Itemized deductions
3. Student Loan Interest Deductions
Income Adjustment
1. Traditional IRA and Roth IRA
2. Elective Deferrals 401(k) Plans
U.S. Gift tax and Inheritance Tax
1. The U.S. Gift Tax
2. Tax on Inheritances
Sale of Your Home
1. Profit from the Sale of Your Home
2. Foreclosure or Repossession of Main Home
3. First-Time Homebuyer Credit
State Tax
1. Working in Two or More States
What's New for 2009
What's New for 2009

Complete List of Articles
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What's New for 2009

This article contains information that effects your 2009 tax return.

Tax Break for New Car Purchases in 2009
Taxpayers who buy a new passenger vehicle in 2009 (after Feb. 16, 2009, and before Jan. 1, 2010) may be entitled to deduct state and local sales and excise taxes paid on the purchase on their 2009 tax returns. Thus the taxpayers can buy now get cash back later on their tax returns. The deduction is limited to the state and local sales and excise taxes paid on up to $49,500 of the purchase price of a qualified new car, light truck, motor home or motorcycle which has a gross vehicle weight rating of not more than 8,500 lbs. The special deduction is available regardless of whether a taxpayer itemizes deductions on their return.

The amount of the deduction is phased out for taxpayers whose modified adjusted gross income is between $125,000 and $135,000 for individual filers and between $250,000 and $260,000 for joint filers.

If you are claiming standard deduction, with your tax return complete schedule L (Form 1040). Check box 40b on Form 1040. The sales taxes, local taxes and excise duty paid on the new car appear as increase in the standard deduction. It you are itemizing your deductions, the new car deduction will appear on line 7 of schedule A (Form 1040). Complete the worksheet for line 7 on the back of schedule A (Form 1040).

First $2,400 of Unemployment Benefits Tax Free for 2009
The American Recovery and Reinvestment Act, which includes making every person who receives unemployment benefits during 2009 is eligible to exclude the first $2,400 of these benefits on their 2009 tax return. For a married couple, the exclusion applies to each spouse, separately. Thus, if both spouses receive unemployment benefits during 2009, each may exclude from income the first $2,400 of benefits they receive.

You must subtract $2,400 from the amount in box 1 of 1099-G and report it on line 19 of Form 1040, line 13 of Form 1040A, or line 3 of Form 1040-EZ. If married filing jointly, include any unemployment compensation received by your spouse that is more than $2,400.

Unemployed workers can choose to have income tax withheld from their unemployment benefit payments at a flat 10 percent. Unemployed workers who expect to receive more than $2,400 in benefits this year should consider having tax withheld from their benefit payments in excess of that amount.

First-Time Homebuyers Tax Credit
Under the American Recovery and Reinvestment Act of 2009, qualifying taxpayers who purchase a home in 2009 before Dec. 1, 2009 receive up to $8,000, or $4,000 for married individuals filing separately. People can claim the credit either on their 2008 tax returns or on their 2009 tax returns. Read More...

Standard Deduction and Personal Exemption
Standard Deduction
Single ... $5,700 (add $1,400 for Blind/Elderly)
Married Filing Jointly ... $11,400 (add $1,100 for Blind/Elderly)
Head of Household ... $8,350 (add $1,400 for Blind/Elderly)
Married Filing Separately ... $5,700 (add $1,100 for Blind/Elderly)
Dependent ... Greater of $950 or sum of $300 and individual's earned income
Personal Exemption
$3,650

Temporary increase in the earned income tax credit (EITC) for taxpayers with three or more qualifying children
The American Recovery and Reinvestment Act (ARRA) provides a temporary increase in the earned income tax credit (EITC) for taxpayers with three or more qualifying children. The maximum EITC for this new category is $5,657. These changes apply to 2009 and 2010 tax returns.

The EITC credit begins to phase out at $21,420 for married taxpayers filing a joint return with children and completely phases out at $40,463 for one child, $45,295 for two children and $48,279 for three or more children. For married taxpayers filing a joint return with no children, the credit begins to phase out at $12,470 and completely phases out at $18,440.

Additional Child Tax Credit
Under ARRA more families will be eligible for the additional child tax credit, which is a refundable credit.

ARRA reduces the minimum earned income amount used to calculate the additional child tax credit to $3,000. Before ARRA, the minimum earned income amount was set to rise to $12,550. This change applies to tax years beginning in 2009 and 2010.

American Opportunity Credit for college education expenses
Under ARRA, the American Opportunity Credit modifies the existing Hope Credit for tax years 2009 and 2010, making the Hope Credit available to a broader range of taxpayers, including many with higher incomes and those who owe no tax. The credit can be claimed for four post-secondary education years instead of two, and it also adds required course materials to the list of qualifying expenses. The maximum annual credit is $2,500 per student. If you or your parents get the education credit, you cannot claim any type of education deduction.

The full credit is available to individuals whose modified adjusted gross income is $80,000 or less, or $160,000 or less for married couples filing a joint return. The credit is phased out for taxpayers with incomes above these levels. These income limits are higher than under the existing Hope and Lifetime Learning Credits.

If you choose to file as married filing separately you cannot take education credits, the deduction for student loan interest, or the tuition and fees deduction.

Homeowner's Energy Credit & Residential Energy Efficient Property Credit
Homeowner's energy credit is available for 2009 and 2010. The credit is thirty percent with a maximum of $1,500 for windows, doors, furnaces, water boilers, skylights, pellet stoves and insulation. Any credits received in previous years, do not effect this maximum credit amount.

For residential energy efficient property the credit is 30% of your costs of qualified property. Qualified properties include solar electric, solar water heating, fuel cell, small wind energy, and geothermal heat pump.

To take the credit, complete Form 5695 Residential Energy Credits. Enter the credit on line 52 of Form 1040 and check box c.

Making Work Pay and Government Retiree Credits
Taxpayers with earned income will get Making Work Pay credit. It is 6.2% of your earned income with a maximum of $400 ($800 if married filing jointly). You must file schedule M (Form 1040 or 1040A) to claim the credit. Include the credit on line 63 of Form 1040 or line 40 of Form 1040A. If you are filing Form 1040-EZ, include the credit on line 8 and do not file schedule M. Those with AGI of more than $95,000 ($190,000 if married filing jointly), nonresidents and dependents do not get this credit.

If you received a government pension or annuity in 2009, you may be able to take Government retiree credit. The credit is $250 ($500 if married filing joint return and both spouses received a qualifying pension or annuity). You can not take the credit if you received a $250 economic recovery payment during 2009. You must file schedule M (Form 1040 or 1040A) to claim the credit.

Cash for Clunkers
A $3,500 or $4,500 voucher or payment made for such a voucher under "cash for clunkers" (CARS) program to buy or lease a new fuel-efficient automobile is not taxable.

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1. Filing Status for Married
2. Head of Household
Exemptions for Dependents
1. Requirements for claiming a dependent
2. Child of separated or divorced parents
Filing Requirements
1. 2009 Filing Requirements
2. 2008 Filing Requirements
3. Filing Requirement for a Dependent
Your Income
1. W2 vs 1099-Misc: Employee vs Independent Contractor
2. Tax Filing by Self Employed Sole Proprietor or Independent Contractor
3. Partnerships
4. Filing W4 Employee’s Withholding Allowance Certificate
5. Missing W2, 1099-Misc, 1099-R, 1099-Int
Your Foreign Income
1. U.S. Citizen or Resident with Foreign Income
2. Foreign Bank and Financial Accounts
Income Exemptions and Deductions
1. Moving Expenses
2. Itemized deductions
3. Student Loan Interest Deductions
Income Adjustment
1. Traditional IRA and Roth IRA
2. Elective Deferrals 401(k) Plans
U.S. Gift tax and Inheritance Tax
1. The U.S. Gift Tax
2. Tax on Inheritances
Sale of Your Home
1. Profit from the Sale of Your Home
2. Foreclosure or Repossession of Main Home
3. First-Time Homebuyer Credit
State Tax Return
1. Working in Two or More States
Income Tax
1. My Tax Refund?

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Form 4868 Automatic Extension for 6 months

The regular due date for filing your 2008 tax return is April 15, 2009. Instead of trying to complete your tax return in a rush, it is better to get an extension. Make sure that your return is error free. The due date to file Form 4868 (Application for Automatic Extension of Time to File U.S. Individual Income Tax Return) to get automatic extension is April 15, 2009. If you file Form 4848, your due date is October 15, 2009. You must pay the tax due by the regular due date. If you do not pay the tax due by the regular due date, you will owe interest. You may also be charged penalties.

Individuals Outside the United States If you are a U.S. citizen or resident, and you are outside the U.S. on the regular due date (April 15, 2009), you are allowed an automatic 2-month extension (until June 16, 2009). For this two month's extension, the taxpayer is not required to file Form 4868. The taxpayer may file Form 4868 to get further extension of 4 months.

If you do not pay the tax due by the regular due date of April 15, 2009, interest and penalty is charged until the date the tax is paid. The Form 4868 extends the date to file your tax return to October 15, 2009 but you must still pay all your due taxes on or before the regular due date.

It is possible that the IRS finds some error in the tax return that may result in an additional tax. If this happens after April 15, you will have to pay the due tax amount with interest and penalty. Taxpayers can limit these charges by filing on time and paying sooner.

The current interest rate charged by IRS is 5 percent per year and late payment penalties, normally 0.5 percent (1/2 of 1 percent) per month, apply to any tax paid after the April 15 deadline, taxpayers can limit these charges by paying sooner. For example, a taxpayer who files on May 1, owing $1,000 in tax, would be charged interest plus a $50 penalty. If you can not pay the tax due in full on or before the filing date of April 15, 2009, here is what you should do:

1. Make Partial Payment by April 15, 2009
Make sure to pay what ever maximum you can pay before April 15, 2009. If you are also filing your tax return, make sure to include the payment with your tax return. You will also attach Form 1040-V. If you are applying for extension to file, then send the payment with Form 4868. Various e-pay options offer taxpayers the easiest and fastest way to make a full or partial payment with their return. These options enable taxpayers to make payments either online or by phone using electronic funds withdrawal or a credit card. Alternatively, taxpayers can send the IRS a check made out to “United States Treasury.” If you are not paying the full amount of tax due, make sure to make a short-time payment agreement with IRS or apply for Installment Agreement.

2. Apply for 6-month’s Automatic Extension to File Your Tax Return (Form 4868)
If your tax return is not complete, make sure to file Form 4868 for 6-months extension to file your tax return. Make sure to pay all your tax due or the amount you are in a position to pay with Form 4868. If you apply for extension, then you can file your tax return up to October 15, 2009. You will not pay penalty for not filing your tax return. However, you will still pay interest on the tax due amount.

3. Make a Short-time Payment Arrangement with IRS
Taxpayers who need more time to pay can find out in just a few minutes whether they qualify for a payment agreement with the IRS. Just click on the Online Payment Agreement link and follow the prompts. By entering some basic information about their tax situation, eligible taxpayers can set up in a matter of minutes either a short-term payment extension or a monthly payment plan. A short-term extension gives a taxpayer up to 120 days to pay. No fee is charged, but the late-payment penalty plus interest will apply.

4. Apply for Installment Agreement
A monthly payment plan or installment agreement gives a taxpayer more time to pay. Though interest still applies, the late-payment penalty is cut in half for any month an installment agreement is in effect. This reduced rate of 0.25 percent (1/4 of 1 percent) per month is only available if the tax return was filed on time. A user fee will also be charged if the installment agreement is approved. The fee, normally $105, is reduced to $52, if taxpayers agree to make their monthly payments electronically through electronic funds withdrawal. The fee is $43 for eligible low-and-moderate-income taxpayers. Alternatively, taxpayers can apply for a payment agreement by filling out Form 9465, Installment Agreement Request. This form can be filed along with either an electronically filed return or a paper return. If filing on paper, be sure to attach it to the front of the return.

Extra Time to File
Some taxpayers can wait until after April 15 to file a return, pay any taxes due and make IRA contributions for 2009. As a general rule, those eligible get the extra time without having to ask for it. Eligible taxpayers include:
*Members of the military serving in Iraq, Afghanistan or other combat zone localities. Normally, the postponement is until at least 180 days after the service member leaves the combat zone.
*Victims of severe flooding in Minnesota and North Dakota have an extra 30 days, until May 15, to file their 2008 individual tax returns and pay any taxes due. Similarly, victims of severe storms and tornadoes in three Oklahoma counties have until May 11 to file and pay.

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1. Filing Status for Married
2. Head of Household
Exemptions for Dependents
1. Requirements for claiming a dependent
2. Child of separated or divorced parents
Filing Requirements
1. 2008 Filing Requirements
2. Filing Requirement for a Dependent
2. 2009 Filing Requirements
Your Income
1. W2 vs 1099-Misc: Employee vs Independent Contractor
2. Tax Filing by Self Employed Sole Proprietor or Independent Contractor
3. Partnerships
4. Filing W4 Employee’s Withholding Allowance Certificate
5. Missing W2, 1099-Misc, 1099-R, 1099-Int
6. My Tax Refund?
Your Foreign Income
1. U.S. Citizen or Resident with Foreign Income
2. Foreign Bank and Financial Accounts
Income Exemptions and Deductions
1. Moving Expenses
2. Itemized deductions
3. Student Loan Interest Deductions
Income Adjustment
1. Traditional IRA and Roth IRA
2. Elective Deferrals 401(k) Plans
U.S. Gift tax and Inheritance Tax
1. The U.S. Gift Tax
2. Tax on Inheritances
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1. Profit from the Sale of Your Home
2. Foreclosure or Repossession of Main Home
3. First Time Homebuyers Credit
State Tax Return
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What's New for 2009
What's New for 2009

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First-Time Homebuyer Credit

You can claim the credit if you are a first-time homebuyer and have purchased a home located in the United States after April 8, 2008 and before June 30, 2010. For the purpose of this credit, you are first time homebuyer if you (your spouse if married) did not own any other main home during the 3-year period ending on the date of purchase. Vacation homes and rental property are not eligible. The date of purchase is the date the title closes. If you constructed your main home, the purchase date is the first date you occupy the home. Different credit applies to home located in the United States purchased during
(a) After April 8, 2008, and before January 1, 2009, and
(b) After December 31, 2008 and before December 1, 2009. Under the new law, was signed into law on Nov. 6, 2009, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2010 and close on the home by June 30, 2010. For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 return.

Taxpayers will claim the credit on IRS Form 5405, First-Time Homebuyer Credit. You claim the first-time homebuyer credit on your 2008 tax return or amended 2008 return or on your 2009 return. If you are claiming the credit on the amended tax return Form 1040X, then enter the credit on line 15 of Form 1040-X and enter "Form 5405" in the white space at the end of line 15, and attach the Form 5405.

How much is the credit?
(a) For home purchases after April 8, 2008, and before January 1, 2009
The credit is 10 percent of the purchase price of the home, with a maximum available credit of $7,500 for either a single taxpayer or a married couple filing jointly. The limit is $3,750 for a married person filing a separate return. In most cases, the maximum credit will be available for homes costing $75,000 or more.

The credit is in fact an interest-free loan because it must be repaid in equal installments over a 15-year period starting the second year after the year the credit is claimed. For example, if you properly claim the maximum available credit of $7,500 on your 2008 federal tax return, you must begin repaying the credit by including one-fifteenth of this amount, or $500, as an additional tax on your 2010 federal tax return. Normally, $500 will be due each year from 2010 to 2024.

The amount of the credit begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers and the credit phases out at $95,000, or $170,000 for joint files. Also no credit is allowed if the taxpayer disposes of the residence, or the residence ceases to be principal residence, before the close of the tax year for which credit is otherwise allowed.

What if you sell your home?
When you sell the home or do not use the home as principal residence, you must pay back the balance of the loan in the year the home is sold or ceases to be the principal residence. However, the repayment of amount may not exceed the amount of gain from the sale of residence to an unrelated person. If there is no gain then repayment is waived.

If on divorce, the home is transferred to a spouse or former spouse, the spouse who receives the home is responsible for any future recapture.

(b) For home purchases closed after December 31, 2008 and before July 1, 2010 (Binding contract for the principal residence must be entered on or before April 30, 2010)
The credit is 10 percent of the purchase price of the home, with a maximum available credit of $8,000 for either a single taxpayer or a married couple filing jointly. The limit is $4,000 for a married person filing a separate return. In most cases, the maximum credit will be available for homes costing $80,000 or more.

They do not have to repay the credit, provided the home remains their main home for 36 months after the purchase date. The amount of the credit begins to phase out for taxpayers whose modified adjusted gross income (MAGI) is more than
(i) $75,000, or $150,000 for joint filers (for purchased before November 6, 2009), and
(ii) $125,000, or $225,000 for joint filers (for purchases on or after November 6, 2010).

Who Cannot Claim the Credit
1. If you are a non-resident, the home is located outside the United States, or you acquired home by gift, inheritance or from a related person. (Resident aliens even with ITIN are eligible).
2. If you own more than 50% outstanding stocks of a corporation or capital interest or profits interest of a partnership.
3. If you are or were eligible for District of Columbia first-time homebuyer credit.
4. You buy your home from a close relative. A related person includes your spouse, ancestors (parents, grandparents, etc), or linear descendants (children, grandchildren, etc.).
5. You stop using your home as your main home. You sell your home before the end of the year.
6. Your home financing comes from tax-exempt mortgage revenue bonds.

(c) Credit for long-time homeowners buying a replacement principal residence.
For the first time, long-time homeowners who buy a replacement principal residence may also claim a homebuyer credit of up to $6,500 (up to $3,250 for a married individual filing separately). They must have lived in the same principal residence for any five-consecutive year period during the eight-year period that ended on the date the replacement home is purchased. Replacement home must be purchased in the period from November 6, 2009 to April 30, 2010. or after April 30, 2010 and before July 1, 2010, and you entered into a binding contract before May 1, 2010 to purchase home before July 1, 2010.

Proof of Purchase
Real estate transfer records are public records. Many states make it available on line and the IRS can verify it easily. Some days do not have all the records online or public and in those cases IRS is asking for the proof of purchase. For example, most records in MO are not available on line and the IRS is asking for a copy of the recorded deed or a copy of the HUD-1 or RESPA settlement sheet as proof.

IRS Warns Taxpayers to Beware of First-Time Homebuyer Credit Fraud
IRS vigorously pursues anyone who falsely tries to claim this or any other tax credit or deduction. The penalties for tax fraud are steep. Taxpayers should be wary of anyone who promises to get them a big refund. So before claiming the credit, make sure that you meet the requirements, and claim the credit only after you actually purchase the home.

More Articles:
Your Filing Status
1. Filing Status for Married
2. Head of Household
Exemptions for Dependents
1. Requirements for claiming a dependent
2. Child of separated or divorced parents
Filing Requirements
1. 2008 Filing Requirements
2. Filing Requirement for a Dependent
3. 2009 Filing Requirements
Your Income
1. W2 vs 1099-Misc: Employee vs Independent Contractor
2. Tax Filing by Self Employed Sole Proprietor or Independent Contractor
3. Partnerships
4. Filing W4 Employee’s Withholding Allowance Certificate
5. Missing W2, 1099-Misc, 1099-R, 1099-Int
6. My Tax Refund?
Your Foreign Income
1. U.S. Citizen or Resident with Foreign Income
2. Foreign Bank and Financial Accounts
Income Exemptions and Deductions
1. Moving Expenses
2. Itemized deductions
3. Student Loan Interest Deductions
Income Adjustment
1. Traditional IRA and Roth IRA
2. Elective Deferrals 401(k) Plans
U.S. Gift tax and Inheritance Tax
1. The U.S. Gift Tax
2. Tax on Inheritances
Sale of Your Home
1. Profit from the Sale of Your Home
2. Foreclosure or Repossession of Main Home
State Tax Return
1. Working in Two or More States
What's New for 2009
What's New for 2009

Complete List of Articles

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When will I get my tax refund?

You can have a refund check mailed to you or you can have your refund direct deposited directly to your account. If you e-filed your tax return, you should get your refund within 15 days if you opted for direct deposit and 21 days if IRS send you a paper check. If you have mailed you return to the IRS, then you should receive your refund check within 6 weeks.

Refund Information from IRS
Refund information does not become available until it has been 6 weeks since you filed your tax return (3 weeks if you filed electronically). After waiting the appropriate number of weeks, the fastest, easiest way to find out about your current year refund is to log onto http://www.irs.gov/. Click on Where's My Refund then go to Get My Refund Status (or
click the link https://sa2.www4.irs.gov/irfof/lang/en/irfofgetstatus.jsp). You can call Refund Hotline at (800) 829-1954. Be sure to have a copy of your current tax return available because you will need to know your social security number shown on your return, the filing status and the exact whole dollar amount of our refund. The IRS updates refund information every seven days.

Refund Information For an Amended Tax Return
You cannot check the status of a refund for an amended return on the automated tax line or by accessing "Where's my Refund." Amended/corrected returns are processed as quickly as possible. However, it may take 8 to 12 weeks or longer to process the return. If 8 weeks have elapsed and you have not received your refund, you may call (800) 829-1040.

Many taxpayers have filed amended tax returns for 2009 to be able to get First Time Homebuyers Credit. For such returns IRS is taking longer time to process the return.

In Case of Overpayment or Underpayment of Refund
If you receive a check for more than the refund you claimed, do not cash the check until you receive a notice explaining the difference. If you receive a check for a refund you are not entitled to, or for an overpayment that should have been credited to estimated tax, do not cash the check. Call the IRS.

If your refund check is for less than you claimed, you will get a notice explaining the difference. Cash the check; this does not stop you from claiming an additional amount of refund. If you did not receive a notice and you have any questions about the amount of your refund, you should wait for 2 weeks before calling the IRS. All or part of any interest you were charged on an erroneous refund generally will be forgiven. Any interest charged for the period before demand for repayment was made will be forgiven unless
1. You, or a person related to you, caused the erroneous refund in any way, or
2. The refund is more than $50,000.

Offset Against Debts
If you owe certain past amounts including federal income tax, other federal debts (such as student loans), state income tax, and child and spousal support payments, all or part of the refund may be used to pay all or part of the past-due amount. You will be notified by IRS if your refund is offset against debts.
(Also you can check in advance if you are flagged for offset or not by calling FMS Autoresponder line at 1-800-304-3107.)

Joint Return and injured spouse. When you file a joint return and only one spouse owes a past-due amount, the other spouse should file Form 8379, Injured Spouse Allocation, so that the other spouse gets his/her share of tax refund.

More Articles:
Your Filing Status
1. Filing Status for Married
2. Head of Household
Exemptions for Dependents
1. Requirements for claiming a dependent
2. Child of separated or divorced parents
Filing Requirements
1. 2008 Filing Requirements
2. Filing Requirement for a Dependent
3. 2009 Filing Requirements
Your Income
1. W2 vs 1099-Misc: Employee vs Independent Contractor
2. Tax Filing by Self Employed Sole Proprietor or Independent Contractor
3. Partnerships
4. Filing W4 Employee’s Withholding Allowance Certificate
5. Missing W2, 1099-Misc, 1099-R, 1099-Int
Your Foreign Income
1. U.S. Citizen or Resident with Foreign Income
2. Foreign Bank and Financial Accounts
Income Exemptions and Deductions
1. Moving Expenses
2. Itemized deductions
3. Student Loan Interest Deductions
Income Adjustment
1. Traditional IRA and Roth IRA
2. Elective Deferrals 401(k) Plans
U.S. Gift tax and Inheritance Tax
1. The U.S. Gift Tax
2. Tax on Inheritances
Sale of Your Home
1. Profit from the Sale of Your Home
2. Foreclosure or Repossession of Main Home
3. First-Time Homebuyer Credit
State Tax Return
1. Working in Two or More States
Income Tax
1. My Tax Refund?
2. What's New for 2009

Complete List of Articles

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