Chitwood Premier - EMPLOYEE TAX FORMS & PUBLICATIONS

EMPLOYEE TAX FORMS & PUBLICATIONS

1040: Income Tax Returns:

You must use Form 1040 if any of the following apply.
1. You received any of the following types of income:

Income from self-employment (business or farm income).
Certain tips you did not report to your employer.
Nontaxable distributions required to be reported as capital gains.
Income received as a partner in a partnership, shareholder in an S corporation, or a beneficiary of an estate or trust. 1099-OID.

2. You received or paid interest on securities transferred between interest payment dates.
3. You can exclude either of the following types of income:

Foreign earned income you received as a U.S. citizen or resident alien.
Certain income received from sources in a U.S. possession if you were a bona fide resident of American Samoa for all of 2003.

4. You had a financial account in a foreign country, such as a bank account or securities account. Exception. If the combined value of the accounts was $10,000 or less during all of 2003 or if the accounts were with a U.S. military banking facility operated by a U.S. financial institution, you may file Form 1040A.
5. You received a distribution from a foreign trust.
6. You are reporting original issue discount (OID) in an amount more or less than the amount shown on Form 1099-OID.
7. You owe household employment taxes.
8. You are eligible for the health coverage tax credit. See Form 8885 for details.

You can use Form 1040A if all five of the following apply. 1. You only had income from the following sources:

Wages, salaries, tips.
Interest and ordinary dividends.
Capital gain distributions.
Taxable scholarship and fellowship grants.
Pensions, annuities, and IRAs.
Unemployment compensation.
Taxable social security and railroad retirement benefits.
Alaska Permanent Fund dividends.

2. The only adjustments to income you can claim are:

Educator expenses
IRA deduction.
Student loan interest deduction.
Tuition and fees deduction.

3. You do not itemize deductions.
4. Your taxable income (line 27) is less than $50,000.
5. The only tax credits you can claim are:

Child tax credit.
Additional child tax credit.
Education credits.
Earned income credit.
Credit for child and dependent care expenses.
Credit for the elderly or the disabled.
Adoption credit.
Retirement savings contributions credit.

You can also use Form 1040A if you received advance earned income credit (EIC) payments, dependent care benefits, or employer-provided adoption benefits, or if you owe tax from the recapture of an education credit or the alternative minimum.

You can use Form 1040EZ if all nine of the following apply.

1. Your filing status is single or married filing jointly. If you were a nonresident alien at any time in 2003.
2. You do not claim any dependents.
3. You do not claim the educator expense deduction, the student loan interest deduction or the tuition and fees deduction.
4. You do not claim an education credit, the retirement savings contributions credit or the health coverage tax credit.
5. You (and your spouse if filing a joint return) were under age 65 and not blind at the end of 2003. If you were born on January 1, 1939, you are considered to be age 65 at the end of 2003 and cannot use Form 1040EZ.
6. Your taxable income (line 6 of Form 1040EZ) is less than $50,000.
7. You had only wages, salaries, tips, taxable scholarship or fellowship grants, unemployment compensation, or Alaska Permanent Fund dividends, and your taxable interest was not over $1,500.
8. You did not receive any advance earned income credit payments.
9. You do not owe any household employment taxes on wages you paid to a household employee.

Schedules and Forms Filed with 1040 Forms:

Form 2106-Employee Business Expenses

Unusual Forms and When They are Used:

Form 1310—This form is used to clam a refund on behalf of a deceased taxpayer by someone other than a surviving spouse or a personal representative filing an original Form 1040 with a court certificate attached showing the representative’s appointment.

Form 6118—A tax preparer would file Form 6118 to claim a refund of paid preparer penalties that he or she believed were incorrectly charges. An explanation of the reason the tax return preparer believes that the penalties were incorrectly charged must be attached to the form.

Form 8379—An injured spouse is one whose share of an overpayment on a return was or is expected to be applied against the other spouse’s past-due child support payments on certain federal debts such as student loans. If Form 8379 is attached to the original return, “Injured Spouse” should be written in the upper left-hand corner of the return.

Form 9465—If a taxpayer cannot pay the full amount owed on a tax return, he or she can request to make monthly installments payments. Form 9465 should be filed to ask for an installment agreement. Form 9465 may be attached to the front of the original return or filed in response to a notice from the Internal Revenue Service. The IRS will notify the taxpayer if the request has been approved and will provide the details on how to pay the fee and how to make the first monthly installment.