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Tax |
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Forms |
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Because of the
type of income you received in 2011, you will probably have to file Form
1040.
The IRS requires you
to file Form 1040 if ANY of the following conditions apply:
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You
receive any income:
- From
self-employment
- From
unreported tips
- From
nondividend distributions (Form 1099-DIV, box 3) that must be
reported as capital gains
- As
a partner in a partnership, shareholder in an S corporation, or
a beneficiary of an estate or trust
- As
tax-exempt interest from private activity bonds issued after August
7, 1986
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You
received or paid interest on securities transferred between interest
payment dates. |
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You
can exclude either: 1) foreign earned income you received as a U.S.
citizen or resident alien, or 2) certain income received from sources
in a U.S. possession if you were a bona fide resident of American Samoa for all of 2011. |
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You
have an alternative minimum tax (AMT) adjustment on stock you acquired
from the exercise of an incentive stock option (See Publication
525). |
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You
had a financial account in a foreign country, such as a bank or securities
account. (If the accounts were less than $10,000 during ALL of 2011,
or if the accounts were with a U.S. military banking facility, you
may be able to file Form 1040A). |
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You
received a distribution from a foreign trust. |
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You
owe the excise tax on insider stock compensation from an expatriated
corporation. |
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You
are reporting original issue discounts in an amount more or less
than the amount shown on Form 1099-OID. |
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You
owe household employment taxes (See Schedule
H) |
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Your
Form W-2 shows an amount in box 12 with a code Z.
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You
are eligible for the health coverage tax credit (See Form
8885) |
To use the shorter
Form 1040A, ALL six of the following must apply:
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You
only earned income from:
- 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
- Taxable
scholarship and fellowship grants
- Alaska
Permanent Fund dividends
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The
only adjustments to income you can claim are:
- Educator
expenses
- IRA
deduction
- Student
loan interest deduction
- Tuition
and fees deduction
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You
do not itemize deductions. |
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Your
taxable income is less than $100,000. |
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The only credits you can claim are the credit for child and dependent care expenses, the making work pay credit, the government retiree credit, the earned income credit, the credit for the elderly or the disabled, education credits (including the American opportunity credit), the child tax credit, the additional child tax credit, and the retirement savings contribution credit. |
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You
did not have an alternative minimum tax (AMT) adjustment on stock
you acquired from the exercise of an incentive stock option.
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If you haven't already
done so, you can download Form 1040 for free from SaveWealth.com. You
can also file your 1040 online through FileOnline,
powered by TurboTax.
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SaveWealth.com and its associates do not provide tax advice. Always consult your tax
professional if you have questions. For more legal information, please
click here.
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