My 2009 U.S. Taxes

Form 5405, First-Time Homebuyer's Credit Form, Now Available

noreply@blogger.com (Lisa Johnson CRTP) — Sat, 16 Jan 2010 02:21:00 +0000

Form 5405, First-Time Homebuyer Credit and Repayment of the Credit, is now available from the Internal Revenue Service. This credit can be taken by both first-timers and those who owned a home for at least five consecutive years. (Form 5405 instructions are here, with all the details on eligibility.)

If you are claiming the first-time homebuyer's credit, remember to attach one of the following documents to your return:

A copy of the settlement statement (HUD-1) showing all parties' names and signatures, property address, sales price, and date of purchase.
For mobile home purchasers who are unable to get a settlement statement, a copy of the executed retail sales contract showing all parties' names and signatures, property address, purchase price and date of purchase.
For a newly constructed home where a settlement statement is not available, a copy of the certificate of occupancy showing the owner’s name, property address and date of the certificate.
(Current homeowners only) Form 1098, Mortgage Interest Statement, property tax records, and homeowner's insurance records to prove you occupied your current home for at least five years.

The IRS won't start processing returns accompanied by Form 5405 until mid-February, and refunds may be delayed an extra two to three weeks.

IRS "Free File" Now Available

noreply@blogger.com (Lisa Johnson CRTP) — Fri, 15 Jan 2010 17:55:00 +0000

Crossposted at my other tax blog, EITC4U: http://www.eitc4u.info/2010/01/irs-free-file-now-available.html

Need someone to walk you through your tax return? How about having the IRS itself help you prepare your return for free? If you earn less than $57,000 per year, you may qualify.

IRS has announced that their Free File program is now online. Free File is a partnership between the Internal Revenue Service (IRS) and the Free File Alliance LLC, a group of approximately 20 private sector tax software companies.

Free File comes in two formats: Traditional Free File, which is available to taxpayers who meet specific criteria and Free File Fillable Forms, which is available to almost all taxpayers.

Approximately 70 percent of the nation’s taxpayers, some 98 million people who meet the $57,000 income limit, are eligible for the user-friendly Traditional Free File. Traditional Free File provides step-by-step software help that asks simple questions and puts the answers on the correct tax forms.

Traditional Free File can help taxpayers identify new tax credits or deductions under the American Recovery and Reinvestment Act for which they may be eligible. There are many new and expanded benefits for energy conservation, new car purchases, college tuition and first-time homebuyers.

Go to http://www.freefile.irs.gov to get started.

Write Off Your College Textbooks

noreply@blogger.com (Lisa Johnson CRTP) — Thu, 14 Jan 2010 22:47:00 +0000

Did high textbook fees break your budget in 2009? You can now - finally - reduce your taxes by a percent of the amount spent on college course books. You may even get up to 40% of the credit refunded to you.

In the past, taxpayers claiming the "Hope" credit were only permitted to write off tuition and fees. Textbooks were specifically excluded.

The textbook exclusion was lifted as part of the American Opportunity Credit. If you paid for textbooks in 2009 and 2010, you'll be able to claim that credit.

The credit is equal to 100 percent of the first $2,000 spent and 25 percent of the next $2,000. That means the full $2,500 credit may be available to a taxpayer who pays $4,000 or more in qualified expenses for an eligible student.

In addition, the American Opportunity Credit can be used by more people this year. The IRS raised the income ceiling for eligibility, so that now a single taxpayer with modified adjusted gross income of up to $80,000 ($160,000 filing jointly) can benefit.

Since 40% of the credit is refundable (another "first"), if you owe no tax otherwise, you're looking at receiving up to $1,000 cash for each eligible student. (Unless your student earned investment income taxed at the parents' rate, which applies to a miniscule percentage of students.)

Are you a graduate or post-grad student? Don't despair. Even though you may not take the American Opportunity Credit, you probably still qualify for the Lifetime Learning Credit or the tuition and fees deduction on your 1040/1040A, Form 8917.

If you qualify, please do NOT miss out on taking this credit. Check http://www.irs.gov/newsroom/article/0,,id=205674,00.html for details.

***Remember: Taxpayers cannot claim an education credit AND the Form 8917 tuition and fees deduction in the same year. It's recommended you complete both worksheets to figure out which one gives you the biggest credit.

2009 Tax Law Changes Provide Saving Opportunities for Nearly Everyone

noreply@blogger.com (Lisa Johnson CRTP) — Thu, 14 Jan 2010 21:42:00 +0000

Straight from the IRS...all the info you need to know about the Tax Law changes in 2009. If you don't have time to read, then please bookmark; these tips could save you thousands of dollars.

Video: Tax Filing Season 2010: ENG | SP | ASL
Video: Education Tax Credit — Claim It (Students): ENG | SPA | ASL
Video: Education Tax Credit — Claim It (Parents): ENG | ASL
Video: Energy Tax Credits — Claim It: ENG | ASL | SPA

FS-2010-4, January 2010
In 2009, numerous new and expanded deductions and credits came into being for a broad cross-section of taxpayers: College tax benefits for parents and students; energy credits for homeowners who are going green; and even tax breaks for home buyers and car buyers.
Following is a summary of these and other key changes taxpayers will find when they start preparing their 2009 federal income tax returns.
Note: See Fact Sheet 2010-6 for more information on the first-time homebuyer credit and Fact Sheet 2010-7 for details on the making work pay credit.

American Opportunity Credit Helps Pay for First Four Years of College

More parents and students can use a federal education credit to offset part of the cost of college under the new American Opportunity Credit. This credit modifies the existing Hope credit for tax years 2009 and 2010, making it available to a broader range of taxpayers. Income guidelines are expanded and required course materials are added to the list of qualified expenses. Many of those eligible will qualify for the maximum annual credit of $2,500 per student.
In many cases, the American Opportunity Credit offers greater tax savings than existing education tax breaks. Here are some of its key features:

Tuition, related fees and required course materials, such as books, generally qualify. In the past, books usually were not eligible for education-related credits and deductions.
The credit is equal to 100 percent of the first $2,000 spent and 25 percent of the next $2,000. That means the full $2,500 credit may be available to a taxpayer who pays $4,000 or more in qualified expenses for an eligible student.
The full credit is available for taxpayers whose modified adjusted gross income (MAGI) is $80,000 or less ($160,000 or less for filers of a joint return). The credit is reduced or eliminated for taxpayers with incomes above these levels. These income limits are higher than under the existing Hope and lifetime learning credits.
Forty percent of the American opportunity credit is refundable. This means that even people who owe no tax can get an annual payment of the credit of up to $1,000 for each eligible student. Existing education-related credits and deductions do not provide a benefit to people who owe no tax. The refundable portion of the credit is not available to any student whose investment income is taxed, or may be taxed, at the parent’s rate, commonly referred to as the kiddie tax. See Publication 929, Tax Rules for Children and Dependents, for details.

Though most taxpayers who pay for post-secondary education qualify for the American Opportunity Credit, some do not. The limitations include a married person filing a separate return, regardless of income, joint filers whose MAGI is $180,000 or more and, finally, single taxpayers, heads of household and some widows and widowers whose MAGI is $90,000 or more.

There are some post-secondary education expenses that do not qualify for the American Opportunity Credit. They include expenses paid for a student who, as of the beginning of the tax year, has already completed the first four years of college. That’s because the credit is only allowed for the first four years of a post-secondary education.
Students with more than four years of post-secondary education still qualify for the lifetime learning credit and the tuition and fees deduction.

For details on these and other education-related tax benefits, see Publication 970, Tax Benefits for Education.

Many Energy Improvements Qualify for Expanded Tax Credits

People who weatherize their homes or purchase alternative energy equipment may qualify for either of two expanded home energy tax credits: the non-business energy property credit and the residential energy efficient property credit.

Non-business Energy Property Credit: This credit equals 30 percent of what a homeowner spends on eligible energy-saving improvements, up to a maximum tax credit of $1,500 for the combined 2009 and 2010 tax years. This means that a homeowner can get the maximum credit by spending at least $5,000 on qualifying improvements. Homeowners must make the improvements to an existing principal residence; this tax credit is not available for new construction. Due to limits based on tax liability, other credits claimed by a particular taxpayer and other factors, actual tax savings will vary. The cost of certain high-efficiency heating and air conditioning systems, water heaters and stoves that burn biomass all qualify, along with labor costs for installing these items. In addition, the cost of energy-efficient windows and skylights, energy-efficient doors, qualifying insulation and certain roofs are also eligible for the credit, though the cost of installing these items does not count.

Residential Energy Efficient Property Credit: Homeowners going green should also check out a second tax credit designed to spur investment in alternative energy equipment. The residential energy efficient property credit, equals 30 percent of what a homeowner spends on qualifying property such as solar electric systems, solar hot water heaters, geothermal heat pumps, wind turbines, and fuel cell property. Qualifying property purchased for new construction or an existing home is eligible for the credit. Generally, labor costs are included when calculating this credit. Also, no cap exists on the amount of credit available except in the case of fuel cell property.
Not all energy-efficient improvements qualify for these tax credits. For that reason, homeowners should check the manufacturer’s tax credit certification statement before purchasing or installing any of these improvements. The certification statement can usually be found on the manufacturer’s Web site or the product packaging. Normally, a homeowner can rely on this certification. The IRS cautions that the manufacturer’s certification is different from the Department of Energy’s Energy Star label, and not all Energy Star labeled products qualify for the tax credits. Use Form 5695, Residential Energy Credits, to figure and claim these credits.
(NOTE: The 2009 Form 5695 is expected to be available by Jan. 15, 2010.)

New Vehicle Purchase Incentive
New car buyers can deduct the state or local sales or excise taxes paid on the purchase of new cars, light trucks, motor homes and motorcycles. There is no limit on the number of vehicles that may be purchased, and eligible taxpayers may claim the deduction for taxes paid on multiple purchases. However, the deduction is limited to the tax on up to $49,500 of the purchase price of each qualifying new vehicle. Qualifying new vehicles must be purchased, not leased, after Feb. 16, 2009, and before Jan. 1, 2010.
Taxpayers who buy a new vehicle may deduct state or local fees or taxes that are similar to a sales tax whether or not their state imposes a sales tax. To qualify, the fees or taxes must be assessed on the purchase of the vehicle and must be based on the vehicle’s sales price or as a per-unit fee.
The amount of the deduction is reduced 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. This deduction is available regardless of whether a taxpayer itemizes deductions on Schedule A. Itemizers claim the deduction on either Line 5 or Line 7 of Schedule A. See the Schedule A instructions for details. Non-itemizers claim the deduction on new Schedule L, Standard Deduction for Certain Filers.

Tax Credits Increased for Low and Moderate Income Workers
More workers and working families are eligible for the Earned Income Tax Credit. In particular, expanded benefits are now available for those with three or more qualifying children and married couples. The EITC helps taxpayers whose incomes are below certain income thresholds, which in 2009 rise to:

$48,279 for families with three or more qualifying children
$45,295 for those with two or more children
$40,463 for people with one child
$18,440 for those with no children

One in six taxpayers can claim the EITC, which, unlike most tax breaks, is refundable, meaning that individuals can get it even if they owe no tax and even if no tax is withheld from their paychecks.
In addition, the earned income formula for the additional child tax credit is revised for tax years 2009 and 2010. As a result, more low and moderate income families qualify for the full $1,000 child tax credit. See Form 8812 for more information.

Standard Deduction Increases for Most Taxpayers
Nearly two out of three taxpayers choose to take the standard deduction rather than itemizing deductions such as mortgage interest and charitable contributions. The basic standard deduction is:

$11,400 for married couples filing a joint return and qualifying widows and widowers, a $500 increase compared with 2008
$5,700 for singles and married individuals filing separate returns, up $250
$8,350 for heads of household, up $350.

Higher amounts apply to blind people and senior citizens. The standard deduction is often reduced for a taxpayer who qualifies as someone else’s dependent.
In addition, eligible taxpayers can further increase their standard deduction by any of the following three deductions:

State or local real estate taxes paid in 2009
A net disaster loss reported on Form 4684 and
State or local sales or excise taxes on the purchase of a qualifying new motor vehicle.

Use new Schedule L, Standard Deduction for Certain Filers, to claim these additional deductions.

AMT Exemption Increased for One Year
For tax-year 2009, Congress raised the alternative minimum tax exemption to the following levels:

$70,950 for a married couple filing a joint return and qualifying widows and widowers, up from $69,950 in 2008
$35,475 for a married person filing separately, up from $34,975
$46,700 for singles and heads of household, up from $46,200

Under current law, these exemption amounts will drop to $45,000, $22,500 and $33,750, respectively, in 2010. Form 6251 and the AMT calculator provide more information.

Other Changes
The standard mileage rate for business use of a car, van, pick-up or panel truck is 55 cents for each mile driven. The standard mileage rate for the cost of operating a vehicle for medical reasons or as part of a deductible move is 24 cents per mile. The rate for using a car to provide services to charitable organizations is set by law and remains at 14 cents a mile.

The value of each personal and dependency exemption is $3,650, up $150 from 2008. Most taxpayers can take personal exemptions for themselves and an additional exemption for each eligible dependent. This is one of more than three dozen individual and business tax provisions that are adjusted each year to keep pace with inflation. A complete rundown of these changes can be found in 2009 Inflation Adjustments Widen Tax Brackets, Change Tax
Benefits.

The amount of taxable investment income a child can have without it being taxed at the parent's rate is $1,900, up $100 from 2008. For details, see Form 8615.

There are several modifications to the definition of a qualifying child. For example, the child must be younger than the taxpayer, unless the child is totally and permanently disabled. These changes affect who can claim various tax benefits including the dependency exemption, child tax credit, credit for child and dependent care expenses, head of household filing status and the EITC. See the instructions for Forms 1040 or 1040a for more information.

A new rule applies to the noncustodial parent in situations where a couple is divorced or legally separated after 2008. To claim a child as a dependent, the noncustodial parent must attach Form 8332 or a similar statement to his or her tax return. For pre-2009 divorces and separations, the noncustodial spouse still has the option of attaching certain pages from the divorce decree or separation agreement, instead of Form 8332. See Form 8332 for further details.

A $3,500 or $4,500 voucher or payment made for such a voucher under the CARS “cash for clunkers” program is not taxable to the consumer buying or leasing a new car.

Unemployment benefits up to $2,400 received in 2009 are tax free for unemployed workers. Every person who receives unemployment benefits can exclude the first $2,400 of these benefits on their return. Unemployment benefit amounts over $2,400 are taxed.

Which Form To Use?

noreply@blogger.com (Lisa Johnson CRTP) — Thu, 14 Jan 2010 20:41:00 +0000

Not sure which form to use to file your 2009 tax return?

If you use paper forms, be sure to use the simplest form. This helps prevent errors and can speed up the processing of your return.

Filing electronically speeds up the processing of your tax return and the delivery of your refund even faster. Another bonus: if you use TurboTax, TaxCut, or another program, the software automatically selects the right form to use.

Use the 1040EZ if:

    * Your taxable income is below $100,000
    * Your filing status is Single or Married Filing Jointly
    * You and your spouse – if married -- are under age 65 and not blind
    * You are not claiming any dependents
    * Your interest income is $1,500 or less
    * You are not claiming the additional standard deduction for real estate taxes, taxes on the purchase of a new motor vehicle, or disaster losses

Use the 1040A if:

    * Your taxable income is below $100,000
    * You have capital gain distributions
    * You claim certain tax credits
    * You claim deductions for IRA contributions, student loan interest, educator expenses or higher education tuition and fees

If you cannot use the 1040EZ or the 1040A, you’ll probably need to file using the 1040. You must use the 1040 if:

    * Your taxable income is $100,000 or more
    * You claim itemized deductions
    * You are reporting self-employment income
    * You are reporting income from sale of property

All IRS forms, instructions and information about e-file can be found on IRS.gov.

Links:

Form 1040EZ, Individual Income Tax Return (PDF 105K )
Form 1040A, Individual Income Tax Return (PDF 138K)
Form 1040, Individual Income Tax Return (PDF 181K)
Publication 17, Your Federal Income Tax
Publication 17, Your Federal Income Tax (PDF 2.3MB)
1040 Central

Those Confusing Home Buyers Credits, Explained

noreply@blogger.com (Lisa Johnson CRTP) — Sun, 27 Dec 2009 01:28:00 +0000

Did you know there are actually three tax credits in existence for home buyers?

The original credit was for first-time buyers buying their main home between April 8, 2008 and July 1, 2009. Those folks got a tax credit of up to $7,500, but have to pay it back over 15 years.
The second credit was also aimed at first-time homeowners buying between December 31, 2008 and November 7, 2009; they received up to $8,000 that did not have to be repaid.
Finally, a third credit was extended for buyers closing between November 6, 2009 and June 30, 2010. This third credit includes not only first-time buyers but people who have already been homeowners for at least five consecutive years. The credit for long-time homeowners is equal to 10% of the purchase price, up to a ceiling of $6,500. Therefore, if you buy a new home for $65,000 or more, you receive a flat credit of $6,500. The following are some details regarding the tax advantages of closing on a new home before April 30 of next year:

Homeowner Status: You must have maintained the same home as your principal residence for five years during the eight years preceding the purchase of the new home;
Income Limits: Less than $245,000 if you are married filing jointly with your spouse or $145,000 if single. The $6,500 credit is phased out for joint filers making between $225,000 to $245,000 or singles between $125,000 to $145,000);
Home Price Limits: Home must cost $800,000 or less;
Window of Opportunity: Deal must close on or after November 7, 2009, and (1) on or before April 30, 2010, or (2) on or before June 30, 2010, if a binding contract to buy existed on April 30 2010.

The first $500,000 (or $250,000 for singles) of profit from selling your old home does not count against your credit. It also remains tax-free as usual. Not only that, you don’t actually have to sell your old home to claim the credit. For example, if you rent out your old home, you still qualify for the credit on your new home purchase. Nice of our government to cut homeowners a break on buying a new home, since many people are locked in due to the economy and falling home values.

Remember: for 2010 home purchases, you can claim the credit on either your 2009 or 2010 return. By claiming the credit on your 2009 return, you get your rebate as soon as your file your 2009 return. If you buy your new home after you file your 2009 return, you can file an amended return and claim the credit.

Did The Estate Tax Die? Quick, Go Get The Will!

noreply@blogger.com (Lisa Johnson CRTP) — Fri, 25 Dec 2009 16:59:00 +0000

As you may have heard, the U.S. Federal estate tax, long set to expire for the duration of 2010, apparently has sighed its last (temporary) gasp as the Senate adjourns for the rest of the year. We can thank the heated debate over national health care reform for this apparent oversight.

Bush Administration legislation, passed nine years ago, called for gradual raising of the estate ceiling while also lowering taxes 10% over ten years. Although the strange proviso that estate tax be eliminated completely for the year 2010, only to rise from the dead on Jan. 1, 2011 is confusing to many. Tax laws, like many other laws, appear completely arbitrary when viewed from the "end-user" perspective.

Estate planners have long joked that if you really love your heirs, 2010 would be the year to kick the bucket.

The House of Representatives has already said "no" to this proviso. In fact, they proposed codifying the estate tax into permanent IRS law as of New Years' Day 2010. However, since both houses of Congress are required to agree on such changes, and the Senate has already packed up and left, we will all have to wait until they all reconvene in January to see what happens.

Come January, experts say it's likely that the Senate will agree to re-instate the Federal estate tax - retroactive as of January 1, 2010. So there never will be a "good" tax time to die, except in the government's eyes.

FREE Tax Planning Forms

noreply@blogger.com (Lisa Johnson CRTP) — Sat, 05 Dec 2009 23:00:00 +0000

You know about Pub 17 - the huge, free resource from the U.S. government that explains your tax form in gruesome detail.

For a quick look at the new tax forms for the filing year 2009 (which you file in April 2010), click on the following IRS.gov links (clicking will download a PDF file of the form that you can save to your computer):

Form 1040 (Long Form)

Form 1040A (Short Form)

Form 1040-EZ (Shortest Form)

Schedule A (If you are itemizing deductions instead of taking the standard deduction)

Schedule L (**NEW** for people who want to deduct real-estate taxes, sales taxes, excise taxes on new car purchases, or net disaster losses -- and still take the standard deduction)

Schedule M (**NEW** for claiming the "Making Work Pay" credit)

FREE, HUGE resource for all your U.S. tax questions

noreply@blogger.com (Lisa Johnson CRTP) — Sat, 05 Dec 2009 15:00:00 +0000

Are you a good reader? Want free tax help straight from the source? Download the IRS's Publication 17 (PDF format). This free 300+ page publication, titled "Your Federal Income Tax," gives you all the details on taking advantage of new tax-saving opportunities. Confused about the Making Work Pay credit? The American opportunity credit for parents and college students? How about energy credits for homeowners going green, first-time homebuyer credit, sales or excise tax deduction for new car buyers, and the expanded child tax credit and earned income tax credit for low- and moderate-income workers? There were so many credits put into place in 2009 to help people during the economic recession.

When you view the book online, you will see over 6,000 interactive links to help you quickly get answers to your questions.

Publication 17 (PDF format) has been published annually by the IRS for more than 65 years and has been available on the IRS Web site since 1996. As in prior years, this publication is packed with basic tax-filing information and tips on what income to report and how to report it, figuring capital gains and losses, claiming dependents, choosing the standard deduction versus itemizing deductions, and using IRAs to save for retirement.

To get Publication 17, go to www.irs.gov and enter “17” in the search box in the upper right corner of the home page.

If you need a paper copy of this valuable book, call the IRS in January at 1-800-TAX-FORM (829-3676) to request your free copy.

Get All The Tax Facts at IRS.gov

noreply@blogger.com (Lisa Johnson CRTP) — Fri, 04 Dec 2009 18:05:00 +0000

Even though employers and banks won't be sending your 2009 tax statements until January, it's not too early to start gathering other information. Getting all your paperwork, financial records, and receipts ready now will save you tons of time in April.

The IRS put up helpful videos on YouTube that go over year-end tax tips.

Click the links below to be taken to YouTube:

English version

Spanish version

I received unemployment benefits in 2009...are they taxable?

noreply@blogger.com (Lisa Johnson CRTP) — Thu, 19 Nov 2009 19:01:00 +0000

New for the 2009 tax year: If you received either state or federal unemployment benefits during 2009, the first $2,400 of benefits received are not subject to federal tax. Thanks to the American Recovery and Reinvestment Act, millions of people will be able to consider this amount of unemployment income as tax-free.

State governments will issue 1099-G's in January 2010 to people who received benefits during 2009. These forms will show the amount of unemployment compensation you received. Be sure to bring the 1099-G's to your tax preparer, or have it handy if you do your own taxes.

If you chose to have the government withhold income tax from your benefits, the total amount withheld will be in box 4 of Form 1099-G. Be sure to include this amount on your tax return, along with federal taxes withheld from any paychecks you received. You may be eligible for a refund of taxes you over-paid.

This tax break is set to expire next year.

For details, visit the IRS page at http://www.irs.gov/newsroom/article/0,,id=201866,00.html.

Free Tax Preparation

noreply@blogger.com (Lisa Johnson CRTP) — Wed, 18 Nov 2009 18:59:00 +0000

Did you know?
The IRS has two important programs to help people with their state and federal income tax returns. Best of all, they are free. Assistance is generally available from February 1 through April 15th.

The VITA (Volunteer Income Tax Assistance) and TCE (Tax Counseling for the Elderly) volunteer programs provide free assistance to individuals with limited income (under $49,000 for a family of four) and/or over the age of 60 who need help in completing simple federal and state income tax returns.

Assistance is limited to full-year residents because nonresident and part-year resident returns can be complex.

The VITA program specializes in assisting disabled taxpayers, those with low to limited income, and non-English speaking taxpayers.

The TCE program provides free income tax assistance for middle- or low-income taxpayers, giving special attention to those aged 60 and older.

The AARP (American Association of Retired Persons) also has a Tax-Aide tax clinic which is overseen by the IRS TCE program. This is also a free service to people 60 and older. To find out more, call 1-888-227-7669 or visit aarp.org.

To find the site nearest you, call the IRS toll free number at 1-800-829-1040 or visit IRS.gov.

2009 Tax Year Info by State

noreply@blogger.com (Lisa Johnson CRTP) — Wed, 18 Nov 2009 18:55:00 +0000

If you're looking to get a head start on figuring your 2009 state income taxes and are not sure where to start, a list of state tax websites can be found at Taxation-Info.net. Click your state to get a list of all the state government websites devoted to taxation. Keep up to date on tax law changes.

Disclaimer, Privacy Policy, And Circular 230 Disclosure

noreply@blogger.com (Lisa Johnson CRTP) — Fri, 09 Jan 2009 06:43:00 +0000

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