How to File Your Child

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How To File Your Child's First Income Tax Return
Posted: Dec 22, 2011 | Email Print Reprints

FILED UNDER PERSONAL FINANCE TAXES

Rich White
Contact | Author Bio ARTICLE HIGHLIGHTS

• • •

Tax filing is required by the IRS, based on income. When children take jobs, some employers may withhold part of pay for taxes. Filing income taxes can teach children how the U.S. tax system works.

As children move toward adulthood, parents face several milestone decisions. In each case, part of the decision involves a desire to help children become more independent and responsible. But, there is another milestone that parents might not anticipate, even though it will be part of almost every child's growing-up experience and (unlike car keys and credit cards) it is legally required. It's the filing of the first income tax return in a child's name. As parents should realize, income tax filing is not taught in schools and it's not a subject that captivates teens' attention on TV. Most children have only a dim idea of what income taxes are, let alone the specific rules they are required to meet. Therefore, the parent's role is to initiate this rite of passage by evaluating tax-filing requirements and/or obtaining guidance from tax professionals. This article is designed as a parent's "quick guide" to this subject. It covers the basic rules that you should know for determining when your child must (or should) file. It also offers suggestions for helping children take responsibility for their own tax chores in the future.

TUTORIAL: Personal Income Tax Guide A Quick Parental Guide to Taxes Let's begin by describing three basic reasons why children should file federal income taxreturns:
• • •

Filing is required by the Internal Revenue Service (IRS), based on the child's income. Filing can help to recover taxes that have been withheld by your child's employer. Filing helps to educate children and establish good financial habits that will continue into adulthood. (Teaching kids about finance can be easy. To learn more, see What Are You Teaching Your Kids About Money? and Help Your Kids Understand Money.)

When Children Must File Children can be claimed as dependents provided that they meet one of the following categories:
• • •

Under age 19 at the end of the year Under age 24 at the end of the year and a full-time student Permanently disabled at any age

To claim an exemption for a dependent child, the taxpayer must provide at least 50% of the child's support and the child must live with the adult at least half of the year. Parents, step-parents, foster parents, siblings and grandparents may claim children as dependents. (To read more about dependents, see Taxing Times For Divorced Parents.) For a qualifying dependent child, there are four basic tests, any one of which requires a federal income tax return to be filed for a given year:
• • • •

The child has unearned income (from investment interest, gains, and so on) above $950. The child has earned income above $5,800. Gross income is greater than the larger of $950 or earned income (up to $5,800) plus $300. Net earnings from self-employment are $400 or more.

In each case, amounts shown are for 2011. For more details, see IRS Publication 929: Tax Rules for Children and Dependents.

Additional rules apply for children who are blind, who owe Social Security and Medicare taxes on tips or wages not reported to or withheld by the employer, or those who receive wages from churches exempt from employer Social Security and Medicare taxes. Consult a qualified tax professional for details. If filing is required by the first test above and the child has no other income except unearned income, parents can avoid a separate filing for the child by making an election described later in this article.

Example - When to File Johnny is 17 years old and is claimed as a dependent on his parents' tax return. He earned $100 in interest income from a bank account in his name (unearned), $1,500 working part-time in a gas station (earned), and $200 mowing lawns (selfemployment). He does not have to file because he doesn't meet any of the four tests.

Many states have filing requirements for children that parallel federal rules, but you should check with a qualified tax advisor for details regarding your state's filing rules. When Filing Can Recover Taxes Withheld When children take jobs that pay taxable wages, some employers may automatically withhold part of pay for income taxes. By filing Form W-4 in advance of withholding, children who do not expect to owe any income tax can request that employers not withhold. But if the employer has already withheld taxes, the child should file a return to get the taxes back from the IRS. (For more on this, read How To Owe Nothing On Your Federal Tax Return.) The simplest way to file is to use the one-page IRS Form 1040EZ, which can be found on the IRS website. The child must sign the form, attach a copy of any Form W2 provided by the employer, and the IRS will process the refund. Even if the amounts withheld are small, parents should sit down with the child and file the Form 1040 EZ to request a refund. It is quick, simple and most importantly, it teaches the child that

every tax dollar counts. When Filing Is Educational Filing income taxes can teach children how the U.S. tax system works while helping them create sound filing habits early in life. In some cases, it also can help children start saving money or earning benefits for the future. In the example above, Johnny earned money from mowing lawns, a form of selfemployment. While this type of work usually involves cash payments and Johnny is not required to file a tax return unless net profit from self-employment is $400 or more, it might be a good idea to report self-employment income, for two reasons:


Earning Social Security work credits - Children can begin earnings work credits toward future Social Security and Medicare benefits when they earn a sufficient amount of money, file the appropriate tax returns, and pay FICA or self-employment tax. (For more insight, read How Much Social Security Will You Get?)



Start an IRA - By declaring his self-employment income, Johnny becomes eligible to start aTraditional or Roth IRA and contribute up to 100% of net income from self-employment. (To learn more about why this matters, read Why is retirement easier to afford if you start early?)

Children can file Form 1040EZ and attach a Schedule C-EZ to report business profits. What Parents Should Understand When it comes to filing their children's income taxes, parents need to know the following:


Legally, children bear primary responsibility for filing and signing their own income tax returns. This responsibility can begin at any age, perhaps well before children become eligible to vote. According to IRS Publication 929, "If a child cannot file his or her own return for any reason, such as age, the child's parent or guardian is responsible for filing a return on his or her behalf."



Children can receive tax deficiency notices and even be audited. If this happens, parents should immediately notify the IRS that the action concerns a child. According to IRS Publication 929, "The IRS will try to resolve the matter with the parent(s) or guardian(s) of the child consistent with their authority." (For more see, Avoiding An Audit.)



If children are otherwise required to file a tax return and their only income consists of interest,dividends and capital gains (unearned income), parents may elect to include the child's income on their own tax returns and avoid a separate filing. Consult a tax professional to determine if this choice is available or the best option.



Children who earn net self-employment income above the filing threshold are required to pay self-employment tax for Social Security and Medicare, even if no income tax is owed. The tax is assessed at a rate of 13.3% of net selfemployment income reported. Attach Form SE to the child's tax return.

Ideas Parents Should Communicate with Children Discuss the following information with your children:


When your children start working, sit down with them and discuss their first paycheck stub. It will show gross earnings, any deductions for income taxes and any deductions for FICA taxes (Social Security and Medicare). Explain that the child probably can receive a refund of any income taxes withheld, but the FICA deductions won't be refunded, and they will continue for every paycheck the child receives, at any age. This is a good time to explain the basics of Social Security and Medicare and the benefits of earning credits in these programs.



Explain to the child that two pieces of information are required on every income tax form: the taxpayer's name and tax identification number (usually the Social Security number for children). The IRS wants these two items to match the data it has on file, and problems will arise if there is a discrepancy. Remind the child to avoid using nicknames on tax returns.



Emphasize to children that individual income tax returns are due by April 15, but there is no penalty for filing earlier, and doing so generally is a good habit.



Explain that tax returns contain confidential information that should be protected from prying eyes. Set a good example by filing away completed returns and copies in a secure place.



Encourage children to sign their own tax forms, and explain that the signature attests to the form's truth, accuracy and completeness under penalty of perjury. Emphasize that perjury means "telling a lie under oath" to emphasize the need for honesty in filing taxes.



Reinforce the importance of paying attention to taxes, filing on time and taking IRS obligations seriously.

Conclusion As discussed above, it is up to parents to teach income tax filing to their kids because most children are not being taught how to do this in school. The best way to teach your child about taxes, returns and the value of a dollar is to start teaching early, and walk them through the process the first few times. You must fully explain the reasons for each action they are taking - and if you don't know the answer to their questions, make sure to talk to a financial professional who does.
by Rich White Rich White has been a freelance financial writer since 1981. He is the former editor of Financial Planning magazine and author of several books including "Twelve Steps to Your Personal Success in the 401(k) and Small Plan Market" and "The Complete Rollover Guide for Financial Professionals". More from Investopedia • How To Owe Nothing On Your Federal Tax Return • 12 Things You Need To Know About Financial Statements • Personal Income Tax Guide: Introduction • Bond Basics: Introduction • 6 Dangerous Moves For First-Time Investors More from around the Web • Tiny Loophole Found in 70,320 Page IRS Tax Code Could Pay $87,500 (Newsmax.com) • Single Mom Killed, Police Find “Dream List” in Her Pocket (Bangstyle) • Which Celebrity Is An Example of Narcissistic Personality Disorder? (Mental Health Guru) • What Steve Jobs Taught Us About Life and Money(LearnVest) • 7 Habits of Highly Frugal People (MoneyNing)
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Form 4868 Department of the Treasury Internal Revenue Service (99) Application for Automatic Extension of Time To File U.S. Individual Income Tax Return OMB No. 1545-0074 2010 There are three ways to request an automatic extension of time to file a U.S. individual income tax return. 1. You can file Form 4868 electronically by accessing IRS e-file using your home computer or by using a tax professional who uses e-file. 2. You can pay all or part of your estimate of income tax due using a credit or debit card. 3. You can file a paper Form 4868. It’s Convenient, Safe, and Secure IRS e-file is the IRS’s electronic filing program. You can get an automatic extension of time to file your tax return by filing Form 4868 electronically. You will receive an electronic acknowledgment once you complete the transaction. Keep it with your records. Do not send in Form 4868 if you file electronically, unless you are

making a payment with a check or money order (see page 3). Complete Form 4868 to use as a worksheet. If you think you may owe tax when you file your return, you will need to estimate your total tax liability and subtract how much you have already paid (lines 4, 5, and 6 below). Several companies offer free e-filing of Form 4868 through the Free File program. For more details, go to IRS.gov and click on freefile. E-file Using Your Personal Computer or Through a Tax Professional Refer to your tax software package or tax preparer for ways to file electronically. Be sure to have a copy of your 2009 tax return—you will be asked to provide information from the return for taxpayer verification. If you wish to make a payment, you can pay by electronic funds withdrawal or send your check or money order to the address shown in the middle column under Where To File a Paper Form 4868 (see page 4). Pay by Credit or Debit Card You can get an extension if you pay part or all of your estimate of income tax due by using a credit or debit card. Your payment must be at least $1. You can pay by phone or over the Internet (see page 3). File a Paper Form 4868 If you wish to file on paper instead of electronically, fill in the Form 4868 below and mail it to the address shown on page 4. For information on using a private delivery service, see page 4. Note. If you are a fiscal year taxpayer, you must file a paper Form 4868. General Instructions Purpose of Form Use Form 4868 to apply for 6 more months (4 if “out of the country” (defined on page 2) and a U.S. citizen or resident) to file Form 1040, 1040A, 1040EZ, 1040NR, 1040NR-EZ, 1040-PR, or 1040-SS. Gift tax return (Form 709). An extension of time to file your 2010 calendar year income tax return also extends the time to file Form 709 for 2010. However, it does not extend the time to pay any gift tax you may owe for 2010. To make a payment of gift tax, see Form 8892. If you do not pay the amount due by the regular due date for Form 709, you will owe interest and may also be charged penalties. If the donor died during 2010, see the instructions for Forms 709 and 8892. Qualifying for the Extension To get the extra time you must: 1. Properly estimate your 2010 tax liability using the information available to you, 2. Enter your total tax liability on line 4 of Form 4868, and 3. File Form 4868 by the regular due date of your return. ▲! CAUTION Although you are not required to make a payment of the tax you estimate as due, Form 4868 does not extend the time to pay taxes. If you do not pay the amount due by the regular due date, you will owe interest. You may also be charged penalties. For more details, see Interest and Late Payment Penalty on page 2. Any remittance you make with your application for extension will be treated as a payment of tax. You do not have to explain why you are asking for the extension. We will contact you only if your request is denied. Do not file Form 4868 if you want the IRS to figure your tax or you are under a court order to file your return by the regular due date.

▼ DETACH HERE ▼ Form 4868 Department of the Treasury Internal Revenue Service (99) Application for Automatic Extension of Time To File U.S. Individual Income Tax Return For calendar year 2010, or other tax year beginning , 2010, ending , 20 . OMB No. 1545-0074 2010 Part I Identification 1 Your name(s) (see instructions) Address (see instructions) City, town, or post office State ZIP Code 2 Your social security number 3 Spouse's social security number Part II Individual Income Tax 4 Estimate of total tax liability for 2010 . . $ 5 Total 2010 payments . . . . . . 6 Balance due. Subtract line 5 from line 4 (see instructions) . . . . . . . 7 Amount you are paying (see instructions) ▶ 8 Check here if you are “out of the country” and a U.S. citizen or resident (see instructions) . . . . . . ▶ 9 Check here if you file Form 1040NR or 1040NR-EZ and did not receive wages as an employee subject to U.S. income tax withholding . . . . . . . . . . ▶ For Privacy Act and Paperwork Reduction Act Notice, see page 4. Cat. No. 13141W Form 4868 (2010) Form 4868 (2010) Page 2 When To File Form 4868 File Form 4868 by April 18, 2011. Fiscal year taxpayers, file Form 4868 by the regular due date of the return. Taxpayers who are out of the country. If, on the regular due date of your return, you are out of the country and a U.S. citizen or resident, you are allowed 2 extra months to file your return and pay any amount due without requesting an extension. For a calendar year return, this is June 15, 2011. File this form and be sure to check the box on line 8 if you need an additional 4 months to file your return. If you are out of the country and a U.S. citizen or resident, you may qualify for special tax treatment if you meet the foreign residence or physical presence tests. If you do not expect to meet either of those tests by the due date of your return, request an extension to a date after you expect to qualify using Form 2350, Application for Extension of Time To File U.S. Income Tax Return. You are out of the country if: • You live outside the United States and Puerto Rico and your main place of work is outside the United States and Puerto Rico, or • You are in military or naval service outside the United States and Puerto Rico. If you qualify as being out of the country, you will still be eligible for the extension even if you are physically present in the United States or Puerto Rico on the regular due date of the return. For more information on extensions for taxpayers out of the country, see Pub. 54, Tax Guide for U.S. Citizens and Resident Aliens Abroad. Form 1040NR or 1040NR-EZ filers. If you cannot file your return by the due date, you should file Form 4868. You must file Form 4868 by the regular due date of the return. If you did not receive wages as an employee subject to U.S. income tax withholding, and your return is due June 15, 2011, check the box on line 9. Total Time Allowed Generally, we cannot extend the due date of your return for more

than 6 months (October 17, 2011, for most calendar year taxpayers). However, there may be an exception if you are living out of the country. See Pub. 54 for more information. Filing Your Tax Return You can file your tax return any time before the extension expires. Do not attach a copy of Form 4868 to your return. Interest You will owe interest on any tax not paid by the regular due date of your return, even if you qualify for the 2-month extension because you were out of the country. The interest runs until you pay the tax. Even if you had a good reason for not paying on time, you will still owe interest. Late Payment Penalty The late payment penalty is usually ½ of 1% of any tax (other than estimated tax) not paid by April 18, 2011. It is charged for each month or part of a month the tax is unpaid. The maximum penalty is 25%. The late payment penalty will not be charged if you can show reasonable cause for not paying on time. Attach a statement to your return fully explaining the reason. Do not attach the statement to Form 4868. You are considered to have reasonable cause for the period covered by this automatic extension if at least 90% of your actual 2010 tax liability is paid before the regular due date of your return through withholding, estimated tax payments, or payments made with Form 4868. Late Filing Penalty A late filing penalty is usually charged if your return is filed after the due date (including extensions). The penalty is usually 5% of the amount due for each month or part of a month your return is late. The maximum penalty is 25%. If your return is more than 60 days late, the minimum penalty is $135 or the balance of the tax due on your return, whichever is smaller. You might not owe the penalty if you have a reasonable explanation for filing late. Attach a statement to your return fully explaining the reason. Do not attach the statement to Form 4868. How To Claim Credit for Payment Made With This Form When you file your 2010 return, include the amount of any payment you made with Form 4868 on the appropriate line of your tax return. The instructions for the following line of your tax return will tell you how to report the payment. • Form 1040, line 68. • Form 1040A, line 44. • Form 1040EZ, line 10. • Form 1040NR, line 63. • Form 1040NR-EZ, line 21. • Form 1040-PR, line 10. • Form 1040-SS, line 10. If you and your spouse each filed a separate Form 4868 but later file a joint return for 2010, enter the total paid with both Forms 4868 on the appropriate line of your joint return. Form 4868 (2010) Page 3 If you and your spouse jointly file Form 4868 but later file separate returns for 2010, you can enter the total amount paid with Form 4868 on either of your separate returns. Or you and your spouse can divide the payment in any agreed amounts. Be sure each separate return has the social security numbers of both spouses. Specific Instructions How To Complete Form 4868 Part I—Identification Enter your name(s) and address. If you plan to file a joint return, include both spouses’ names in the order in which they will appear

on the return. If you want correspondence regarding this extension to be sent to you at an address other than your own, enter that address. If you want the correspondence sent to an agent acting for you, include the agent’s name (as well as your own) and the agent’s address. If you changed your name after you filed your last return because of marriage, divorce, etc., be sure to report this to the Social Security Administration before filing Form 4868. This prevents delays in processing your extension request. If you changed your mailing address after you filed your last return, you should use Form 8822, Change of Address, to notify the IRS of the change. Showing a new address on Form 4868 will not update your record. You can get IRS forms by calling 1-800-TAX-FORM (1-800-829-3676). You can also download forms at IRS.gov. If you plan to file a joint return, enter on line 2 the social security number (SSN) that you will show first on your return. Enter on line 3 the other SSN to be shown on the joint return. IRS individual taxpayer identification numbers (ITINs) for aliens. If you are a nonresident or resident alien and you do not have and are not eligible to get an SSN, you must apply for an ITIN. Although an ITIN is not required to file Form 4868, you will need one to file your income tax return. For details on how to apply for an ITIN, see Form W-7 and its instructions. If you already have an ITIN, enter it wherever your SSN is requested. If you do not have an ITIN, enter “ITIN TO BE REQUESTED” wherever your SSN is requested. ▲! CAUTION An ITIN is for tax use only. It does not entitle you to social security benefits or change your employment or immigration status under U.S. law. Part II—Individual Income Tax Rounding off to whole dollars. You can round off cents to whole dollars on Form 4868. If you do round to whole dollars, you must round all amounts. To round, drop amounts under 50 cents and increase amounts from 50 to 99 cents to the next dollar. For example, $1.39 becomes $1 and $2.50 becomes $3. If you have to add two or more amounts to figure the amount to enter on a line, include cents when adding the amounts and round off only the total. Line 4—Estimate of Total Tax Liability for 2010 Enter on line 4 the total tax liability you expect to report on your 2010: • Form 1040, line 60. • Form 1040A, line 37. • Form 1040EZ, line 11. • Form 1040NR, line 59. • Form 1040NR-EZ, line 17. • Form 1040-PR, line 5. • Form 1040-SS, line 5. If you expect this amount to be zero, enter -0-. ▲! CAUTION Make your estimate as accurate as you can with the information you have. If we later find that the estimate was not reasonable, the extension will be null and void. Line 5—Estimate of Total Payments for 2010 Enter on line 5 the total payments you expect to report on your 2010: • Form 1040, line 72 (excluding line 68). • Form 1040A, line 44. • Form 1040EZ, line 10. • Form 1040NR, line 68 (excluding line 63).

• Form 1040NR-EZ, line 21. • Form 1040-PR, line 10. • Form 1040-SS, line 10. ▲! CAUTION For Forms 1040A, 1040EZ, 1040NR-EZ, 1040-PR, and 1040-SS, do not include on line 5 the amount you are paying with this Form 4868. Line 6—Balance Due Subtract line 5 from line 4. If line 5 is more than line 4, enter -0-. Line 7—Amount You Are Paying If you find you cannot pay the amount shown on line 6, you can still get the extension. But you should pay as much as you can to limit the amount of interest you will owe. Also, you may be charged the late payment penalty on the unpaid tax from the regular due date of your return. See Late Payment Penalty on page 2. Line 8—Out of the Country If you are out of the country on the regular due date of your return, check the box on line 8. “Out of the country” is defined on page 2. Line 9—Form 1040NR or 1040NR-EZ Filers If you did not receive wages subject to U.S. income tax withholding, and your return is due June 15, 2011, check the box on line 9. How To Make a Payment With Your Application Making Payments Electronically For information on paying your taxes electronically, including by credit or debit card, go to www.irs.gov/e-pay. Confirmation number. You will receive a confirmation number when you pay by credit or debit card. Enter the confirmation number below and keep for your records. Enter confirmation number here ▶ Do not file a paper Form 4868. Pay by Check or Money Order • When paying by check or money order with Form 4868, use the appropriate address in the middle column under Where To File a Paper Form 4868 on page 4. • Make your check or money order payable to the “United States Treasury.” Do not send cash. • Write your social security number, daytime phone number, and “2010 Form 4868” on your check or money order. • Do not staple or attach your payment to Form 4868. Note. If you e-file Form 4868 and mail a check or money order to the IRS for payment, use a completed paper Form 4868 as a voucher. Version A, Cycle 8 Form 4868 (2010) Page 4 Where To File a Paper Form 4868 If you live in: And you are making a payment, send Form 4868 with your payment to Internal Revenue Service: And you are not making a payment, send Form 4868 to Department of the Treasury, Internal Revenue Service Center: Florida, Georgia P.O. Box 105050 Atlanta, GA 30348-5050 Atlanta, GA 39901-0045 Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Vermont P.O. Box 37009 Hartford, CT 06176-0009 Kansas City, MO 64999-0045 Alabama, Kentucky, Louisiana, Mississippi, Tennessee, Texas P.O. Box 1302 Charlotte, NC 28201-1302 Austin, TX 73301-0045 Alaska, Arizona, California, Colorado, Hawaii, Idaho, Nevada, New Mexico, Oregon, Utah, Washington, Wyoming

P.O. Box 7122 San Francisco, CA 94120-7122 Fresno, CA 93888-0045 Arkansas, Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Montana, Nebraska, North Dakota, Oklahoma, South Dakota, Wisconsin P.O. Box 802503 Cincinnati, OH 45280-2503 Fresno, CA 93888-0045 Delaware, District of Columbia, Maryland, Missouri, Ohio, Rhode Island, Virginia, West Virginia P.O. Box 970028 St. Louis, MO 63197-0028 Kansas City, MO 64999-0045 A foreign country, U.S. possession or territory*, or use an APO or FPO address, or file Form 2555, 2555-EZ, or 4563, or are a dual-status alien. P.O. Box 1302 Charlotte, NC 28201-1302 USA Austin, TX 73301-0215 USA Form 1040-SS or Form 1040-PR P.O. Box 1302 Charlotte, NC 28201-1302 USA Austin, TX 73301-0045 USA *If you live in American Samoa, Puerto Rico, Guam, the U.S. Virgin Islands, or the Northern Mariana Islands, see Pub. 570. Private Delivery Services You can use certain private delivery services designated by the IRS to meet the “timely mailing as timely filing/paying” rule for tax returns and payments. These private delivery services include only the following. • DHL Express (DHL): DHL Same Day Service. • Federal Express (FedEx): FedEx Priority Overnight, FedEx Standard Overnight, FedEx 2 Day, FedEx International Priority, and FedEx International First. • United Parcel Service (UPS): UPS Next Day Air, UPS Next Day Air Saver, UPS 2nd Day Air, UPS 2nd Day Air A.M., UPS Worldwide Express Plus, and UPS Worldwide Express. The private delivery service can tell you how to get written proof of the mailing date. ▲! CAUTION Private delivery services cannot deliver items to P.O. boxes. You must use the U.S. Postal Service to mail any item to an IRS P.O. box address. Privacy Act and Paperwork Reduction Act Notice. We ask for the information on this form to carry out the Internal Revenue laws of the United States. We need this information so that our records will reflect your intention to file your individual income tax return within 6 months after the regular due date. If you choose to apply for an automatic extension of time to file, you are required by Internal Revenue Code section 6081 to provide the information requested on this form. Under section 6109, you must disclose your social security number or individual taxpayer identification number. Routine uses of this information include giving it to the Department of Justice for civil and criminal litigation, and to cities, states, and the District of Columbia for use in administering their tax laws. We may also disclose this information to other countries under a tax treaty, to federal and state agencies to enforce federal nontax criminal laws, or to federal law enforcement and intelligence agencies to combat terrorism. If you fail to provide this information in a timely manner or provide incomplete or false information, you may be liable for penalties and interest. You are not required to provide the information requested on a form that is subject to the Paperwork Reduction Act unless the form displays a valid OMB control number. Books or records relating to a form or its instructions must be retained as long as their contents may become material in the administration of any Internal Revenue law. Generally, tax returns and return information are confidential, as required by Internal Revenue Code section 6103. The average time and expenses required to complete and file this form will vary depending on individual circumstances. For the estimated averages, see the instructions for your income tax return. If you have suggestions for making this form simpler, we would

be happy to hear from you. See the instructions for your income tax return.

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All unclaimed tax refunds become the property of the U.S. Treasury. We hear about this every year and one of you may be missing out on a tax refund because you messed up your tax return. You don't have to miss out on a single dollar you deserve to have back in your pocket! When you file your tax return online with TurboTax 2011, they will make sure you get every penny possible. Don't miss out on your hard earned money coming back to you. You can estimate taxes you may possibly owe or, better yet, how big your tax refund will be. Using online tax software like TurboTax is the best way to prepare and file your tax return because TurboTax will find tax deductions you might not even know about. I know a lot of people have fears about the tax return form and all of the questions seem like a different language which we don't understand. Tax preparation and filing does not have to be scary or intimidating anymore. TurboTax which is Rated #1 best selling tax software for tax filing can help you with your tax return. Online tax software has come a long way and you will discover all the help you need to make tax filing a smooth process.

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TurboTax Online updates the tax return calculators frequently as the IRS releases the latest laws and rates for the tax year. The TurboTax tax calculator is the easiest tax calculator to use. Easy tax estimating online can actually be fun. You do not have to be knowledgeable about the current tax laws or the forever changing tax rates, rules, and regulations. Breathe easy and sit down for a quick and easy way to estimate your income tax return. Tax Return and Tax Refund Calculator Tips:


First of all, be honest. You will have a more accurate income tax return Have your income information handy Have your tax forms handy W-2, 1099, and others Have your tax deductions handy Know how many dependents and exemptions you will claim Know your filing status Have your Social Security number handy

estimate if you provide accurate information.
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Having your tax information is the first step in using theTurboTax tax calculator. Easy Income Tax Filing Online 2011, 2012 is your tax resource to help you file the best income tax return possible. Share this:

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How to File an Individual Income Tax Return Form
Have you earned enough money in the past year that you will have to file a tax return? If you have to file your own return, this can seem like an overwhelming task. What do you need to do? First, relax and be confident that it isn’t as bad as it may seem. Millions of people file returns every year, and each year the IRS helps simplify the process, especially for first time filers. So, you will be okay. Then, once you’re at ease about doing it, also know that you will receive much or most of what you need for filing from other sources. If you were employed, you will receive a W-2

form from your employer. If you had interest in bank accounts or CDs, the financial institution will mail you a 1099 form. If you have a mortgage, the lender will send you a statement of the interest you paid, and so on. Most of what you need to keep track of yourself is for your own business. If you didn’t own a business, you may not need to produce any of your own records. If you did, you should already have a good accounting of your income and expenses for the year, and you only need to decide what is required to count as income and what is allowed as deductions. Once these things are in place, most of your work is done. The biggest thing left is to decide whether you file it yourself and, if so, what service you will use to get the forms you need. It’s much easier to do it yourself than you might think. With services like TurboTax Online, everything is at your fingertips. The task may seem overwhelming, but like many others, you will find you just need to get started and you can do it!

Procedure for Filing an Income Tax Return
By Kenny Soward, eHow Contributor

• • • • Print this article Filing your income tax return each year is an important and mandatory part of living in the United States. Despite the frequency and visibility of filing income tax returns, there continues to be questions about how to file income tax returns. The procedure involves gathering the correct tax documents and tax forms to ensure that your income tax return filing is a quick and painless process.

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You should receive tax forms in January and February from your respective employers as well as from places you have received any sort of income whether it be stock gains, inheritance or annuities from a retirement fund. W2 forms are sent from your employer, 1099-MISC forms come from any freelance work you have done, 1099-DIV forms are for dividends paid to you from mutual fund companies and brokerage firms, 1099-INT forms are from banks reporting on interest income and 1098 forms are from your mortgage company reporting the amount of interest you have paid for the year.

Review these documents and file them away in a safe place as they come to you.

Have Personal Records On Hand
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If you only have a single job and received a W-2 form, filing is easy. However, if you are self-employed or have various sources of income, you

may need to keep accurate business records to ensure that you gain the maximum amount on your return. Gather receipts for equipment purchases, phone expenses, transportation expenses and anything else that qualifies as a business expense as these expenses count as deductions-a reduction in the gross amount on which your tax is calculated. If your office is in your home, you may be able to partially write off your gas and electric, cable, Internet and water expenses as deductions.

File the Right Tax Forms
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Once all of your tax return documents have been collected, choose the correct tax return form to file. You may choose the 1040EZ, the 1040A or the 1040. The 1040EZ can be used when you have one job (one W-2) and only standard deductions. The 1040A is a bit more complex but allows you to add more deductions such as money you have paid toward student loans. This can potentially add hundreds of dollars to your tax return.

The 1040 is the most complex and longest of the tax return documents. File a 1040 when you have a higher income, itemized deductions or complex investments to report. While complicated, this document allows you the most control over your tax return filing. In order to maximize your tax return--or to simplify the entire process for you--think about hiring a professional tax preparer or a certified public accountant. While you may need to pay that person $50 to $100 (depending on the amount of your return) a good CPA can save you hundreds or thousands of dollars.
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References
• Kiplinger.Com: How to File Your Tax Return Read more: Procedure for Filing an Income Tax Return | eHow.com http://www.ehow.com/way_5882290_procedure-filing-income-taxreturn.html#ixzz1iyxL5bcj

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