The Tax Questions Blog

Posts Tagged ‘estate’

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Question: 2009 tax return how to get a copy if I dont know the website i used?

I dont know the website I did mine through. I need a copy of my tax return to get a scholarship to join the Y though. I have my PPD ID number. How can I get a copy of my tax return?

Answer: You can order copies of your tax return or tax account transcript quicker and easier. You also have two ordering methods – phone or mail.
If you are a student who needs a copy of your tax return transcript for a financial aid application, a potential home buyer needing to verify your income, or if you need information from your tax account, ordering that information is now quicker and easier.
To request your free transcripts call the new toll-free number (1-800-908-9946) and follow the message prompts, or complete IRS Form 4506T, Request for Transcript of Tax Return, and mail it to the address listed in the instructions. You should receive your transcript in fewer than two weeks. For mailed requests, please allow up to 30 days.
If you need an exact copy of a previously filed and processed tax return with attachments (including Form W-2), you should complete Form 4506, Request for Copy of Tax Return, and mail it to the addressed listed in the instructions, along with a $57 fee for each tax year requested. Copies are generally available for returns filed in the current year and going back six years.
Please keep this valuable information in mind in case you, or someone you know need a copy of a tax document. The process has been improved to better serve taxpayers. For more information, please visit the www.irs.gov website and use the search box for the form that you need.
Or by phone 1-800-829-3676
Hope that you find the above enclosed information helpful

TurboTax 2011 - How to Get a Bigger Tax Refund 2011 Turbo Tax

Question: receiving tax refund of decedent parent.?

Someone asked me this question because I have some tax preparation experience. I don't have any other information.
I was wondering if it would go to the estate or be considered Income with Respect to the Decedent.
I assume if a person receives his parent's refund it is not taxable income.
But what if the itemizes in the year of death and deducts state taxes. Then would a state tax refund have to be added to income of the decedent.

Are there tax implications for the person receiving the parents' refund?

Answer: On the date of death, the decedent ceases to be a taxable entity and their personal tax returns are calculated as if the date of death were the last day of the tax year. Any income or taxable transactions after the date of death are taxable to the decedents' estate. In some circumstances the tax burden is passed to the beneficiaries by virtue of a distribution. Without knowing the total circumstance one would be ill-advised to attempt to make a determination on one specific item such as a state tax refund. If the income to the estate is greater than $600 a form1041 for most small estates. It is not at all uncommon for all of the money to disappear leaving the "estate" penniless and therefore unable to deal with the taxes that may have been due. In that case the executor is responsible if it can be established who that is. In the real world, if these were small estates I don't think the IRS knows or cares regardless of what should have been done.

Tax Wars

Washington is bracing for a historic battle over U.S. tax law. Here's what you should do now.

Federal Inheritance Tax Laws 2010, 2011

Question: I am going to file 1099 forms for the year, my income is roughly $14,000.?

I would like to get an idea as to how much I am going to be looking at as far as owing the government. I am the mother of a two year old, and the legal guardian of a 3 month old (he lives with me, he is basically mine, I just did not birth him.) I am just trying to prepare myself of what is next because I don't want to do a payment plan or anything, just wanna know how much I should put aside for that purpose... approximately.

Thanks for any advice or help in advance
I wanted to add that I started working in July... does this make a difference. The 14,000 I am calculating is based on what I think my total income that will be recieved by years end, give or take 500 a week. Also is my employer gonna give me something or do I use my paystubs??

Answer: the person who pays you should be giving you some kind of statement of what you are being paid for and if he is withholding taxes, how much of what. It would be a W-2 if he is withholding taxes
you say 1099, are you saying you have been working as an independent contractor all year? if so, who ever paid you at least $600 or more should be issuing you a 1099 and you will be responsible for your Self Employment tax(Sch SE) approx. 15.3% of your 'net', and you will file that information on a Sch C
that is all a part of your 1040
personal exemptions for 2009 are $3650, so you have $10950 already to deduct from your AGI, then $8500 if you are filing head of household
you also have a child credit of $1000 for each child and there is a possibility you will be entitled to EIC and any child credit not used to negate the tax liability is also shown as 'additional child credit'

TurboTax Deluxe Federal + e-File 2010 [Download] [OLD VERSION] $44.99 If you own a home, made donations or have medical expenses, TurboTax Deluxe will easily get you every tax deduction you deserve. Includes 5 free Federal e-Files—receive IRS confirmation and get your refund in as fast as 8 days...

TurboTax Deluxe Federal + e-File + State 2010 for Mac [Download] [OLD VERSION] $54.99 If you own a home, made donations or have medical expenses, TurboTax Deluxe will easily get you every tax deduction you deserve. Includes one free state preparation and 5 free Federal e-Files—receive IRS confirmation and get your refund in as fast as 8 days. State e-File available in certain states for an additional fee....

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Retain important records and cut the clutter

As you gather the papers necessary for this year’s tax return preparation, you may be wondering what records you need...

How to Complete and File a 1040A Tax Form : 1040A Tax Credits & Payment Tips

The federal tax credit for first-time home buyers is to ensure that home buyers will become home owners utilizing the $8000. Not only will the tax credit help the real estate industry, it will more importantly help increase home ownership.

The tax credit is for home buyers purchasing a new or pre-owned home. To qualify for the tax credit, you must buy the home before May 1, 2010 (with the closing date before July 1, 2010). If you construct your home, the purchase date is the date that you occupy the home. Even if you were a home owner before, you can qualify for the tax credit if you did not own a home within the last 3 years of the purchase date.

For the purpose of the first-time home buyer tax credit, a first-time home buyer is one who is a tax payer that has not owned a principal home at any time during the three years prior to the date of purchase. The income limits for the home buyers: Married couples modified adjusted gross income should be less than or equal to $150,000 and for other tax payers the modified adjusted gross income should be less than or equal to $75,000. This will enable many home buyers to utilize the tax credit to buy Dallas homes for sale in the DFW real estate market.

You can claim the first-time home buyer tax credit, if you obtain the benefits and burdens of ownership, which means you should have the right to possession, the right to obtain legal title upon full payment of the purchase price, the right to construct improvements, the obligation to pay property taxes, the risk of loss, the responsibility to insure the property, the duty to maintain the property.

The tax credit for two unmarried people who buy a house together can be determined through the guidance of IRS. If you are a single co-owner of a home purchased within the tax credit program dates, you can claim the credit on your 2008 or 2009 federal income tax return. The tax credit can be claimed by a home buyer who does not have any taxable income. A first-time home buyer with no taxable income can claim the tax credit.

You do not qualify for the tax credit if you exceed the income limits, buy your home from a close relative, such as spouse, parent, grandparent, child or grandchild, do not use the home as your principal residence, sell your home before the end of the year, are a nonresident alien, you are or were eligible for the District of Columbia home buyer credit (does not apply for a home purchased in 2009), your home financing comes from tax-exempt mortgage revenue bonds or owned a principal residence within the three years of a purchase date of your new Dallas - Fort Worth home in the DFW real estate area.

You should take advantage of the first-time home buyer tax credit and claim the $8,000 incentive on your home purchase in the Dallas - Fort Worth metroplex. You can claim $8,000 and become a home owner.

McCollum Reviews 'Tax on Living' in Pending Federal Health-Care Proposals

TALLAHASSEE, Fla. -- Attorney General Bill McCollum called on other state legal officers Tuesday to review a "tax on living" in the pending federal health-care proposals.

1 of 9: It is Legal NOT To Pay Federal Income Tax (for most)

Missing Monessen boy found at home of a family friend

Candidate makes Greensburg 'kitchen call' Senate candidate Joe Sestak trudged into the American Coffee Shop in Greensburg early Wednesday, shook the snow from his shoes and joined a group of county Democrats who were sipping coffee and discussing issues.

Benefits of Filing a Tax Return : Tax Preparation Services Canada