1040 Medicare Income Tax Question

1040 Medicare Income Tax Question

1040 form where do I insert the amount for Medicare Part B and Part D?

1065 Loss

by Bjo
(Texas)

ltd partnership(1065) had loss line 22,,,will this loss be carried over to next year and be reflected in k-1 to both active and passive partners.???

1120 S Late Returns

by Carolina Acuna
(Orlando, FL)

Hello, I have a s corp opened in 2006. Since 2008 I had no movement at all, and I didn't know that I have to file a return even though there was no more business anymore. So I didn't file a return 2008, 2009 and 2010.

If I don't do any more business with that corporation, should I:

1 - File the 2008 1120s with "0" movement (or income/loss) and do it as "final return"

2- Just leave it like that, no file any return, forget it

3- File the 2008, 2009 as "0" movement and then the 2010 return filed as "final return" Even though I have no movement or business since 2008 (but as I didn't know, I just closed this corporation with the State in 2011)

26AS

by Pooja
(Bagalkot)

I have forgot my password to login in my 26AS. I have also forgot my secret question & its answer. I have not filled any e-return earlier. Pls help me out.

673 Form

by Ben
(Sioux Falls, SD )

Hello. I signed Form 673 to exempt me from paying federal income taxes as long as I stay out of the US for at least 330 of any 365 consectutive day span. I want to qualify for the tax exemption based on the physical presence test from 3-16-10 to 3-15-11.

I'm currently not paying any federal income tax, but my question is this: What kind of tax liability will I have at the end of 2010? My Form 673 spans two calendar years and I'm confused as to what my filing procedure for 2010 will be like if I can't prove my phsyical presence test for the entire 365 days stated on Form 673. Will I pay in at the end of 2010 and recoup everything at the end of 2011?

Any info available will be appreciated.

Chart on My t4e Slip

On my federal worksheet,line 235,social benefits repayment,line 7,it refers to a chart on my T4E slip. I do not have a chart on the slip. Do I enter the amount that is in Box 30-Total repayment on the T4E on line 7?

Different Totals in Line 1 (wages) & line 16 state wagesI lived in Ca

My W-2 form had total wages of $40,000 (not real numbers)
I lived 6 months in AZ and 6 months in CA, both with the same company. Line 16 (state wages) had the total for AZ as $40,000 and Ca as $20,000 ($60,000). Shouldn't the state totals be the same as the Fed total. I called the company that I work for and they said to leave it alone, that's how it should be, but that doesn't make sense to me. Would you subtract the Ca from the AZ figure to get the true Az Wage? Is there a publication that addresses this situation? Could you please clarify this situation for me, I would be so grateful. e-mail lmcroft@roadrunner.com

Extra T-4

What do I do if I received another T-4 after I mailed my return?

Hello,

Depending upon how much is shown on the T-4 you can either opt to file an amendment to include it, or you can wait to hear back from the IRS with any adjustments to your tax liability. Please be aware that the IRS would then impose additional penalties and interest.

For Use To ITR2

by Lekh
(Rajasthan)

Who will use ITR1 and ITR2

Form 1040-- Sched K-1

by Jim
(Wasilla, Alaska)

Form 1040 Sched K-1 Part II Line G -- Benificiary

My brother is the fiduciary of our parents family trust(Both parents deceased) I am one of the named benificiaries and I have a 2008/ 1040/schedule K-1 in hand.
Current Loss Value of this K-1 is $120,000 as of end tax year 2009.

How can I have my spouses name added as a benificiary alongside my name?

I understand that the loss value of the K-1 goes away with my death and do not want to lose the loss value at time of death but transfer it to my spouse.

Your reply is appreciated.

Jim

Form 1065

(Dallas, TX USA)

I had a partnership in 2010 me and another guy. We started a lawncare buisness. When we opened the bank account the banker got our EIN and listed us a partnership. So the paper work I got says we need to file a form 1065. I am confused as to how to file this form. I am using tax act and their a way to file it in thetax software. My question is do I do the 1065 plus a Schedule C since we split the income and expenses 50/50? Form 1065 only shows income? just want to file it correctly as the busniness is now closed.

Thanks,
Confused Tax payer.

Form 1065 Without an EIN

by Kyle
(Virginia Beach, VA)

My business never officially started after obtaining a business license. We never applied for an EIN, and now I need to know how to file without one. The business made $0 income, and has $0 debt. We have officially dissolved the business.

Hello Kyle,

It sounds as if you never actually did business and so would not even need to file. If however, you received some sort of notification requesting your tax return, you should be able to file a zero return using your personal social security number.

Form 2441

by Jason

We hired a nanny last year to help care for our children. When entering our tax information in TurboTax we used form 2441 for a tax credit. Entering this information actually decreased our refund from $7,000 to $2,000. Our question is why did entering information for a tax credit lower our refund. If that is correct is it required that we enter information on form 2441 or can we just leave that form blank?

Form 8332

by Teresa
(Ohio)

My daughter filed out a Form 8332 which gave my grand daughter biological dad the right to claim her on his taxes, they have never been married. He has been climing her since 2006 (he says) because my daughter filled out 'the all future years' part of the form. Last year I got custody of my grand daughter and want to claim her on my taxes and he insists he has the right to continue to claim her regardless of my custody. What is the law regarding this ...simply do I have a right to claim her and if so what do I do?
Thank You!

Form 8379

Why does it take so long to receive your tax refund if you file an injured spouse claim?

Form 8379

Why does it take so long to receive your tax refund if you file an injured spouse claim?

How to Fill in the Details in ITR2

by Sanajy
(Pune)

Do you have any tips for filling details in ITR2?

Interception Letter (State)

I e~filed my taxed approx the end of Jan recievec my federal direct deposit a week ago & my state deposited yesterday ...Today I recieve a letter saying they are gonna take my state taxes for an old credit card bill from 04...it was ordered dec 30 signed jan 10 and I recieved the letter today now can they take this out of my bank account cause they missed it?

Is A 1040X Necessary

The state Department of Labor sent a revised 1099-G for unemployment compensation reducing the amount from 228.50 to 203.50. The only amount changed from the original return is the Adjusted Gross income. Is it necessary to file an amended return (1040X) for this 25.00 reduction?

IT Scrutiny

by Hiru Patel
(Ahmedabad, India)

I am a salaried employee in Pvt. Ltd companhy. I got a notice u/s 143(2) regarding for return filed for FY 2008-09, in August 2010. I personally met the assessing officer and he asked me to come with more details. After that I got a notice u/s 142(1) in May 2011 and I was asked to submit documents regarding my income, IT return, Form 16, Bank Statements, Demat account details etc, which I submitted.

Now the officer is asking for documents regarding my credit card purchases, payment of which have been made through cheque from my account and various payments made by cheque for other expenses. All these expenses are less than Rs. 10,000 each.

I would like to know:

1. Why was I chosen for scrutiny u/s 143(2) & 142(1)?

2. Is the officer justified in seeking details of my expenses made by cheque? I thought IT was concerned about only income, exemption claimed and return filed. Once income is shown why would IT be interested in where I spend it?

Thanks,
Hiru Patel

K 1 form 1065

If you inherited a partnership (LP) (Domestic Partner)
type of entity -(individual) upon your mothers death

The partnership is a Seniors citizens home and was sold. Do u have to pay tax on this money since it was inherited from the mother? someone said there is a one million exemption before you have to pay taxes on it is that true? Or is the gain taxable? What forms to use if taxable? Thanks!

K1 From a Closed Business

by Kathy
(Colorado)

Five years ago my family sold our video store business and my sister is still issuing k1's for the business. We have no sales, no building, nothing but leftover inventory (video tapes). How long can my sister legally issue K1's when we have been closed for five years. Needless to say, they complicate my tax return. Any advice or help would be appreciated.

Sincerely,

Kathy

Line 23a Form 1040A

by Robert Brooks
(Greenfield, TN)

What does line 23a on form 1040A mean? I can check one box, the one about being born before 1946, but I don't know what to do with it after I check it.

Line 39a 1049

Is this a tax exemption added to line 6d

My Yearly TDS 10,000

by sangib dolui
(kolkata)

My yearly TDS 10,000. How much I will invest to get back my tax(10,000) what kind of invest will be suitable for this such as LIC or Taxsaving fixed deposit?

Need Tax Form #

by Tara
(San Antonio Texas)

Sister is on SSI. She moved in with me end of March 2011. I recieve 300. a mo from her which is up to me what things I pay w/it. e.g. utilities groceries my income is over 50K a yr can I claim her on my taxes here in Texas?

I heard something about if I pay at least 1/3rd expenses I could. HELP please I don't want to do anything wrong or jeopardize myself or her I still have a mortgage on my home too if that helps. Thank you in advance!

Happy Blessed 2012!!

PA and MI

by Keith
(Macomb, MI USA)

I am a legal resident of MI but was transferred to PA March of 2011. Because I cannot and do not want to sell my MI residence I rent an apartment in PA. I return home to MI for 9-10 days each 5-6 weeks. My employer took MI income tax for Jan-March and PA for March through January.

This year I filed a non-resident return. However next year I will perform no duties in MI at all. My employer shows my PA residence on my W2 for my address. Since I will still pay my property taxes in MI, vote in MI, and hold a MI drivers license how should I file state taxes next year?

Thanks

Keith

Pennsylvania Act 32

by Gary Dixon
(Syracuse, NY)

I am a NY resident and maintain an office in my home that I occupy 4 out of 5 days a week. My employer is located in Carlisle, PA. I have been informed that effective 1/1/12 I must pay a 1% tax of my income to PA according to PA tax act # 32. My emploter has no choice in paying this. Is there a way that I can recover that tax money?

Preparing K-1 Forms

by Daniel
(Sedona, AZ)

I have a list of 300 people in an Excell spreadsheet.

How can I prepare K-1 forms for each of them without having to enter all of the data by hand?

Query Regarding TDS & PAN.

Dear sir,
I want to know that, what will be the TAX Liability of an individual who has salary of Rs. 20 lakh
(I) with PAN
(II)without PAN.

I Think if it will come@ 20%, then it will lower than Tax as per Slab,
what is imp. of PAN?

Please reply on urgent basis.

Thankx in advance.

SAHM Who Worked For 6 Months.

by RA
(Oregon)

I am a stay at home mom, but worked for about 6 months of the year.

We have 1 daughter.

Can my husband claim me as a dependent, since his one income supports both my daughter and myself?

Since I worked for about 6 months (4 full time, and 2 part time), I'm not sure if I can be "his" dependent since I'll be filing my tax return as well (about $10,000 worth).

*Note: we will be filing 'Married Jointly'. This question is for our next returns (2011 tax returns). We won't need to know until January 2012, but I'm curious to know..because I'm a planner and need to be organized :)

Thanks!!

Schedule M

What is if any deuctions or creits can I take if I began receiving social security in December 2010 but continue working parttime and have a earned income of just over 26000.00?

TCS Form 27C

Sir, l.tell me income tax Form No. 27 C. to be collected from buyer for non collection of TCS at the time of every transaction or monthly, quqterly or annualy. Siddiqui

UTR

by Caroline
(Crawley)

GOOD MORNING,

i AM WORKING FOR ONE OF CONSTRUCTION COMPANY AS SELF EMPLOYER. i HAVE RELISED THAT MY UTR NUMBER IS DIFFERENT ON MY EARNING STATMENT THEN ONE ON HMRC LETTERS..

COULD YOU KINDLY ADVICE WHY IS THAT?

THANK YOU IN ADVANCE.

Waiver Form R667

by Theresa
(Ladysmith WI)

Trying to find out where to get this form. my daughter and son in laws federal joint return was offset for back child support they hold it for 6 months unless he files a waiver to have the money released i got the form number but have been unable to locate this waiver.

When TDS Appear In Form 26as(on line)

by Sanjay
(Delhi)

My tax deducted in April 11, May 11 but the online version of nsdl website shows no data for this month. I am govt employee although the data of last fin year till March 11 appear on line on website in form 26as when my new deduction will update in nsdl website?

Wrong MICR Code in ITR

by Imran
(Hyderabad)

Sir,
I have typed wrong MICR code of Bank in my ITR while e-filing, what should i do now?

Do i need to file it again by giving correct MICR code or Is their any other procedure for the same?

What Should I Claim On My W4?

by Rex
(Lincoln, NE)

My wife and I are having our first baby in a couple weeks. I work full-time at a large fortune 100 pharmaceutical company. My wife works full-time at a small medical office.

I also work part-time as an adjunct instructor. I earn approx $65,000 at my full time job and approx $30,000 at my part-time adjunct teaching job. My wife earns approx $25,000 at her job.

We are both currently claiming 0 on our W4 for tax withholding. I want to know what we can change our W4 tax withholding to after our baby is here.

We don't want to have to pay in anything at the end of the year - but we want to bring home more to help with day care expenses and other fees that will be coming with our baby arrival.

We own our home and itemize each year. Can I claim 1 or 2 at both of my jobs (part-time and full-time) and can my wife do the same?

Thank you for your help!

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