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Posts Tagged ‘federal tax return’

Question: Do I need to include my 1099-INT form with my State tax return (CA)?

My Turbo Tax instruction form says the following:

“Attach any form(s) W-2G, 592-B, 593, 594, and 1099 you may have received.”

I do have a interest income 1099-INT form that I received from my bank. I’m confused if I need to include this one or not. Can someone please help clear up for me?

And If i do need to include it, does it have to be the original form or a copy?

The form also says to include a copy of my federal return, I don’t remember doing this last year.

Thanks in advance!

Answer: You do NOT need to physically include any 1099-INT forms with your paper CA tax return when you mail it. What they are refering to is any 1099-MISC forms to prove income and withholdings if any. If you had no state (California) withholdings (and you never do on a 1099-INT), then you don't need to include it.

They say to include your federal tax return, but most people don't. I always do for CA. I think they want to see it more and more to insure you are filling out the CA return properly. Just include the main 1040 pages and any Schedules/Forms, but not worksheets.

My philosophy is it is better to send them too many items than not enough.

Foreclosed your house? That's income

People who had their home foreclosed or sold as a "short sale" last year, could get an unpleasant surprise from their mortgage company -- a 1099-C form.

1167-UCC # 15How to fill out a UCC-1 Financing Statement: Bonus-1099OID

Question: Does state-tax-exempt income from “US government obligations” get transmitted to the IRS and state entities?

Or do you just have to calculate it yourself everytime, based on the percentages and figures that the mutual fund or account provide along with the 1099-DIV forms? (The figures and percentages come inside an insert that does not seem to be reported to the tax authorities, nor come already calculated for you.) Do the investments themselves report this, though?
For example: Treasury bonds, notes, or bills are usually state-tax-exempt, but NOT federally exempt! I am 100% sure about THIS fact!

Answer: First, I have never heard of "state-tax-exempt income from "US government obligations"". Well, at least not in the context your using. I think you are confusing two seperate things. Even if the US government obligations aren't taxable, to the state (some of them are taxable). But, then you talk about the percentages reported...that tells me that it is actually state or city bonds (and they are telling you how much of the fund is invested in a given state). These aren't "US government obligations" but sometimes they aren't taxable on a federal tax return.

Just so you will know...if it is a mutual fund that is incorporated you will not receive any of the non-taxable benefits. It doesn't matter what they are invested in...you own shares of a corporation..not non-taxable bonds! I am betting your broker didn't tell you that! And, most of the major funds are incorporated.

The SEC requires the information that you are referring to...it usually has nothing to do with taxes.

Sorry to be the one to tell you this.

But, Hope it helps.

Adult Center Schedule

Schedule and location of programs subject to change – call to confirm. Unless otherwise noted, all programs are at the Adult Center. Call Adult Center for more information – (781) 784-8000.

The Other Donald Duck Tax Propaganda Film

Question: Wrong address and Account no in Filing Federal tax return?

I have filed my tax return on 15th april. My Federal tax is accepted by IRS on 16th. but in turbo tax I noticed that I have mentioned wrong old appt address in NE(wrong zipcode) and wrong bank account no in hurry. I have sent 8822 change of address form to IRS stating that my current address is Utah(my sister stay there i dont). is there anything else i have to sent or tell to IRS….2. how many days IRS take to update my new address to utah…3.since i have given wrong bank account no it wont be direct deposit, are there any chances check will be sent to my old NE address…4.since iam not staying and my sister staying at utah address will my check be delivered without any problem since i am not staying over there now…I want my sister to pickup check on my behalf…….suggestions appreciated

Answer: anything related to the IRS takes 60 days to be processed. So the change of address will most likely not see the light of day for at least 30 days. So when your refund gets sent to "non functioning" bank account, the IRS will be notified that the funds have been returned undeliverable. Another 30-60 days before that notice is processed. Then they will send you a letter most likely, maybe a check to the address they have on file. If the change of address has taken place by then, you will receive the check. If not your sisters address will get it as long as the mailman acknowledges that it's ok to leave mail addressed to you at that address. Otherwise you will have to wait until the "returned funds" are processed and then request a check to be sent to you. It will take about 3 months to straighten this all out. Hope I was helpful in some way.

Paterson Gives His Second State of the State Address

Governor David Paterson called for the public to mobilize and to follow a road map he's laid out to take the state out of its financial mess. It was the governor's second State of the State Address Wednesday, and FOX 40's Grace Charles joins us live from Albany to tell us what was in it. The circumstances this year aren't much different from those of last year when Governor Paterson gave his ...

Obama Forced To Address Climate Skepticism In Bad Tempered Tantrum

Question: I received a payout from a 401k and I have a 1099-R?

How do I file this?

I have read through some of the forms online and the task seems quite daunting.

It was a payout of the entire balance, but it was only $210. It had taxes withheld from it also. Do I file Form 4972? And which line should I include it in on the 1040-A?

Any assistance is much appreciated.

Answer: If you are under age 59-1/2 you'll owe a 10% penalty on the withdrawal and will have to file a 1040, not a 1040A. The amount withdrawn goes on line 16B, the 10% penalty goes on line 60. Whatever was withheld will add into line 64.

Start your federal tax return earlier to cash in on 2009 changes

(ARA) - About 71 million American households (47 percent) will owe no federal income tax for 2009 thanks, in part, to the American Recovery and Reinvestment Act (ARRA), according to estimates by the nonpartisan Tax Policy Center. The other 53 percent of us will have to pay.

How To: Check Your 2009 Tax Withholding September 2009

Question: If I received a 1099-misc from my employer, do I use the 1040 or the 1040EZ?

I recently received a 1099-misc from my employer and am wondering which tax form I can use, a 1040 or a 1040EZ. I have no itemized deductions nor can I claim anyone as my dependent. Thanks in advance!

Answer: You have to use Form 1040. Attach Schedule C to figure your self-employment income. If the net is over $400, attach Schedule SE to figure the self-employment tax. Enclose a check for the balance due. If the balance due is over $1,000 there will probably be penalties and interest due; the IRS will bill you for that. You'll also need to start making quarterly estimated tax payments using Form 1040-ES.

Get a head start on your taxes

Getting organized is the key to filing an accurate tax return. Here is a rundown of some of the more important forms that you will need.

Form 941 - Employer's Quarterly Federal Tax Return