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Turbo Tax 2011

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Turbo Tax 2011

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The Turbo Tax 2011

Turbo tax 2011 Publication 505 - Introductory Material Table of Contents IntroductionNonresident aliens. Turbo tax 2011 Ordering forms and publications. Turbo tax 2011 Tax questions. Turbo tax 2011 What's New for 2014 Reminders Introduction The federal income tax is a pay-as-you-go tax. Turbo tax 2011 You must pay the tax as you earn or receive income during the year. Turbo tax 2011 There are two ways to pay as you go. Turbo tax 2011 Withholding. Turbo tax 2011 If you are an employee, your employer probably withholds income tax from your pay. Turbo tax 2011 In addition, tax may be withheld from certain other income, such as pensions, bonuses, commissions, and gambling winnings. Turbo tax 2011 The amount withheld is paid to the Internal Revenue Service (IRS) in your name. Turbo tax 2011 Estimated tax. Turbo tax 2011 If you do not pay your tax through withholding, or do not pay enough tax that way, you might have to pay estimated tax. Turbo tax 2011 People who are in business for themselves generally will have to pay their tax this way. Turbo tax 2011 You may have to pay estimated tax if you receive income such as dividends, interest, capital gains, rents, and royalties. Turbo tax 2011 Estimated tax is used to pay not only income tax, but other taxes such as self-employment tax and alternative minimum tax. Turbo tax 2011 This publication explains both of these methods. Turbo tax 2011 It also explains how to take credit on your return for the tax that was withheld and for your estimated tax payments. Turbo tax 2011 If you did not pay enough tax during the year, either through withholding or by making estimated tax payments, you may have to pay a penalty. Turbo tax 2011 Generally, the IRS can figure this penalty for you. Turbo tax 2011 This underpayment penalty, and the exceptions to it, are discussed in chapter 4. Turbo tax 2011 Nonresident aliens. Turbo tax 2011    Before completing Form W-4, nonresident alien employees should see the Instructions for Form 8233, Exemption From Withholding on Compensation for Independent (and Certain Dependent) Personal Services of a Nonresident Alien Individual. Turbo tax 2011 Also see chapter 8 of Publication 519, U. Turbo tax 2011 S. Turbo tax 2011 Tax Guide for Aliens, for important information on withholding. Turbo tax 2011 What's new for 2013 and 2014. Turbo tax 2011   See What's New for 2014 in this Introduction, and What's New for 2013 in chapter 4. Turbo tax 2011 Comments and suggestions. Turbo tax 2011   We welcome your comments about this publication and your suggestions for future editions. Turbo tax 2011   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Turbo tax 2011 NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Turbo tax 2011 Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Turbo tax 2011   You can send your comments from www. Turbo tax 2011 irs. Turbo tax 2011 gov/formspubs/. Turbo tax 2011 Click on “More Information” and then on Give us feedback on forms and publications. Turbo tax 2011   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Turbo tax 2011 Ordering forms and publications. Turbo tax 2011   Visit www. Turbo tax 2011 irs. Turbo tax 2011 gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 business days after your request is received. Turbo tax 2011 Internal Revenue Service 1201 N. Turbo tax 2011 Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Turbo tax 2011   If you have a tax question, check the information available on IRS. Turbo tax 2011 gov or call 1-800-829-1040. Turbo tax 2011 We cannot answer tax questions sent to either of the above addresses. Turbo tax 2011 What's New for 2014 Use your 2013 tax return as a guide in figuring your 2014 estimated tax, but be sure to consider the following. Turbo tax 2011 Standard mileage rates. Turbo tax 2011  The 2014 rate for business use of your vehicle is 56 cents per mile. Turbo tax 2011 The rate for use of your vehicle to get medical care or move is 23½ cents per mile. Turbo tax 2011 The rate of 14 cents per mile for charitable use is unchanged. Turbo tax 2011 Personal exemption increased for certain taxpayers. Turbo tax 2011  For 2014, the personal exemption amount is increased to $3,950 for taxpayers with adjusted gross income at or below $305,050 if married filing jointly or qualifying widow(er), $279,650 if head of household, $254,200 if single, or $152,525 if married filing separately. Turbo tax 2011 The personal exemption amount for taxpayers with adjusted gross income above these thresholds may be reduced. Turbo tax 2011 Limitation on itemized deductions. Turbo tax 2011  For 2014, itemized deductions for taxpayers with adjusted gross income above $305,050 if married filing jointly or qualifying widow(er), $279,650 if head of household, $254,200 if single, and $152,525 if married filing separately may be reduced. Turbo tax 2011 Health care coverage. Turbo tax 2011  When you file your 2014 tax return in 2015, you will need to either (1) indicate on your return that you and your family had health care coverage throughout 2014, (2) claim an exemption from the health care coverage requirement for some or all of 2014, or (3) make a payment if you do not have coverage or an exemption(s) for all 12 months of 2014. Turbo tax 2011 For examples on how this payment works, go to www. Turbo tax 2011 IRS. Turbo tax 2011 gov/aca and click under the “Individuals & Families” section. Turbo tax 2011 You may want to consider this when figuring your “Other taxes” on Line 12 of the 2014 Estimated Tax Worksheet (Worksheet 2-1). Turbo tax 2011 For general information on these requirements, go to www. Turbo tax 2011 IRS. Turbo tax 2011 gov/aca. Turbo tax 2011 Advance payments of the Premium Tax Credit. Turbo tax 2011  If you buy health care insurance through the Health Insurance Marketplace, you may be eligible for advance payments of the Premium Tax Credit to help pay for your insurance coverage. Turbo tax 2011 Receiving too little or too much in advance will affect your refund or balance due. Turbo tax 2011 Promptly report changes in your income or family size to your Marketplace. Turbo tax 2011 You may want to consider this when figuring your estimated taxes for 2014. Turbo tax 2011 For more information, go to www. Turbo tax 2011 IRS. Turbo tax 2011 gov/aca and see Publication 5120 and Publication 5121. Turbo tax 2011 http://www. Turbo tax 2011 IRS. Turbo tax 2011 gov/pub5120 Alternative minimum tax (AMT) exemption amount increased. Turbo tax 2011  The AMT exemption amount is increased to $52,800 ($82,100 if married filing jointly or qualifying widow(er); $41,050 if married filing separately). Turbo tax 2011 Lifetime learning credit income limits. Turbo tax 2011  In order to claim a lifetime learning credit, your MAGI must be less than $54,000 ($108,000 if married filing jointly). Turbo tax 2011 Retirement savings contribution credit income limits increased. Turbo tax 2011  In order to claim this credit for 2014, your MAGI must be less than $30,000 ($60,000 if married filing jointly; $45,000 if head of household). Turbo tax 2011 Adoption credit or exclusion. Turbo tax 2011  The maximum adoption credit or exclusion for employer-provided adoption benefits has increased to $13,190. Turbo tax 2011 In order to claim either the credit or exclusion, your MAGI must be less than $237,880. Turbo tax 2011 Earned income credit (EIC). Turbo tax 2011  You may be able to take the EIC in 2014 if: Three or more children lived with you and you earned less than $46,997 ($52,427 if married filing jointly), Two children lived with you and you earned less than $43,756 ($49,186 if married filing jointly), One child lived with you and you earned less than $38,511 ($43,941 if married filing jointly), or A child did not live with you and you earned less than $14,590 ($20,020 if married filing jointly). Turbo tax 2011 Also, the maximum MAGI you can have and still get the credit has increased. Turbo tax 2011 You may be able to take the credit if your MAGI is less than the amount in the above list that applies to you. Turbo tax 2011 The maximum investment income you can have and get the credit has increased to $3,350. Turbo tax 2011 Reminders Future developments. Turbo tax 2011  The IRS has created a page on IRS. Turbo tax 2011 gov for information about Publication 505 at www. Turbo tax 2011 irs. Turbo tax 2011 gov/pub505. Turbo tax 2011 Information about any future developments affecting Publication 505 (such as legislation enacted after we release it) will be posted on that page. Turbo tax 2011 Social security tax. Turbo tax 2011   Generally, each employer for whom you work during the tax year must withhold social security tax up to the annual limit. Turbo tax 2011 The annual limit is $117,000 in 2014. Turbo tax 2011 Photographs of missing children. Turbo tax 2011  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Turbo tax 2011 Photographs of missing children selected by the Center may appear in this publication on pages that otherwise would be blank. Turbo tax 2011 You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Turbo tax 2011 Additional Medicare Tax. Turbo tax 2011  Beginning in 2013, a 0. Turbo tax 2011 9% Additional Medicare Tax applies to Medicare wages, Railroad Retirement Tax Act compensation, and self-employment income over a threshold amount based on your filing status. Turbo tax 2011 You may need to include this amount when figuring your estimated tax. Turbo tax 2011 See the instructions for line 12 of the 2014 Estimated Tax Worksheet. Turbo tax 2011 You may also request that your employer deduct and withhold an additional amount of income tax withholding from your wages on Form W-4, Employee's Withholding Allowance Certificate. Turbo tax 2011 For more information on Additional Medicare Tax, go to IRS. Turbo tax 2011 gov and enter “Additional Medicare Tax” in the search box. Turbo tax 2011 Net Investment Income Tax. Turbo tax 2011  Beginning in 2013, you may be subject to Net Investment Income Tax (NIIT). Turbo tax 2011 NIIT is a 3. Turbo tax 2011 8% tax on the lesser of net investment income or the excess of your modified adjusted gross income (MAGI) over the threshold amount. Turbo tax 2011 NIIT may need to be included when figuring estimated tax. Turbo tax 2011 See the instructions for line 12 of the 2014 Estimated Tax Worksheet. Turbo tax 2011 You may also request that your employer deduct and withhold an additional amount of income tax withholding from your wages on Form W-4. Turbo tax 2011 For more information on NIIT, go to IRS. Turbo tax 2011 gov and enter “Net Investment Income Tax” in the search box. Turbo tax 2011 Prev  Up  Next   Home   More Online Publications