Things can change after you've filed your return. You discover that you failed to report certain income or claim a particular deduction or credit. You see a math error or didn't attach a W-2 form. You...
If you discover you failed to report certain income, you'll want to file an tax return as soon as possible to minimize interest and penalties, if applicable, on tax underpayments. Similarly, if you fa...
The IRS sends letters to taxpayers for a variety of reasons. Usually, the letter is a notice stating that you owe additional taxes because you failed to report income or for some other reason. However...
If you want to amend a previously-filed return, here are some steps to take:Use Form 1040X to file an amended return. This form is used whether you filed a Form 1040, Form 1040A, or Form 1040EZ. ...
Things can change after you've filed your return. You discover that you failed to report certain income or claim a particular deduction or credit. You see a math error or didn't attach a W-2 form. You...
- For purposes of the 3.8% additional Medicare tax on net investment income in 2013, how does this relate to rental income?
- Can I make a direct transfer of my IRA to my church and qualify for tax-free treatment (up to $100,000)? I’m 72 years old.
- I traveled to Africa on a mission trip with my church. I paid for the airfare. Can I deduct it?
- I don’t have any record of my last year’s tax return. Can I get it?
Repayment of Supplemental Unemployment Benefits
While unemployed, you may receive benefits in addition to regular state unemployment benefits. These “supplemental” benefits may have to be repaid once you obtain employment. If so, you may be able to write them off, either as a deduction or as a tax credit, if certain conditions are met.
If you are required to repay supplemental unemployment benefits in order to qualify for trade readjustment allowances, you can claim a deduction for the repayment as an adjustment to gross income, even if you do not itemize your other deductions.
In some cases you may even be eligible for a tax credit (instead of a deduction) for your repayments.
At the end of 2004 (the most recent year for statistics), 51 million taxpayers had IRAs with assets totaling $3.3 trillion.
Source: Spring Statistics of Income Bulletin
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