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Frequent Questions
There’s still a penalty for being uninsured in 2018. But it will be eliminated after 2018, unless you’re in a state that has its own penalty.
Check the full article.
IRS issues most refunds in less than 21 calendar days.
24 hours after IRS receives your electronically filed tax return or 4 weeks after you’ve mailed a paper tax return.
On IRS.gov website under “Where’s My Refund” section or the IRS2Go mobile app.
A split refund lets you divide your refund, in any proportion you want, and direct deposit funds in up to three different accounts with U.S. financial institutions.
If you do not have to file an income tax return for the tax year, you do not need to file Form 8938, even if the value of your specified foreign assets is more than the appropriate reporting threshold.
You must file Form 8938 if you are a U.S. citizen or a resident alien of the United States for any part of the tax year and you have an interest in specified foreign financial assets required to be reported.
MFJ 100,000/150,000 S/MFS 50,000/75,000
Use Form 8822, Change of Address or Form 8822-B, Change of Business Address, send IRS a written statement or call IRS to make a change over the phone.
You must make estimated tax payments for the current tax year if both of the following apply:
- You expect to owe at least $1,000 in tax for the current tax year after subtracting your withholding and refundable credits.
- You expect your withholding and refundable credits to be less than the smaller of:
- 90% of the tax to be shown on your current year’s tax return, or
- 100% of the tax shown on your prior year’s tax returns.
Generally, to qualify for head of household, you must have a qualifying child or dependent. However, a custodial parent may be able to claim head of household filing status with a qualifying child even if he or she released a claim to exemption for the child.
Generally individuals with gross income over standard deduction for a specific year according to the filing status or your net earnings from self-employment were $400 or more.
2018 Standard Deduction
- Single 12,000
- MFJ 24,000
- HH 18,000
The standard deduction is a dollar amount that reduces the amount of income on which you are taxed and varies according to your filing status; there is also an additional standard deduction for individuals who are blind or age 65 or over.
For highlights of the tax changes for the current tax year, refer to the “What’s New” section of the following:
- Individuals – Instructions for Form 1040, Instructions for Form 1040A, or Instructions for Form 1040EZ.
- Businesses – Publication 15 (Circular E), Employer’s Tax Guide, or the instructions of your current business tax forms.
The new law sets seven individual brackets at 10%, 12%, 22%, 24%, 32%, 35% and 37%.
The new 37% top rate would apply to taxable income in excess of $500,000 for single filers and $600,000 for joint filers.
Yes. Employees should check their withholding at the beginning of each year or when their personal circumstances change. It’s even more important for 2018 for people to do a “paycheck checkup” following changes from the Tax Cuts and Jobs Act.
Taxpayers who need to change the amount of tax withheld from their paychecks need to complete Form W-4 and give it to their employer. Some employers provide a way for employees to submit a W-4 electronically.
Getting a refund is a personal choice for taxpayers. The IRS wants to help people understand their tax responsibilities and how withholding affects their paychecks. The IRS always encourages people to plan ahead so they’re not hit with an unexpected tax bill or even penalties for not having enough withholding during the year.
Form W-4, Employee’s Withholding Allowance Certificate, is an IRS form that employees provide to their employers, to determine the amount of federal income tax to withhold from the employees’ paychecks. The form helps employees adjust withholding based on their personal circumstances, such as whether they have children or a spouse who is also working.
The IRS will never:
- Call to demand immediate payment, nor will the agency call about taxes owed without first having mailed you a bill.
- Demand that you pay taxes without giving you the opportunity to question or appeal the amount they say you owe.
- Require you to use a specific payment method for your taxes, such as a prepaid debit card.
- Ask for credit or debit card numbers over the phone.
- Threaten to bring in local police or other law-enforcement groups to have you arrested for not paying.
- Contact the Treasury Inspector General for Tax Administration. Use their “IRS Impersonation Scam Reporting” web page. You can also call 800-366-4484.
- Report phone scams to the Federal Trade Commission. Use the “FTC Complaint Assistant” on FTC.gov. Please add “IRS Telephone Scam” in the notes.
- Report an unsolicited email claiming to be from the IRS, or an IRS-related component like the Electronic Federal Tax Payment System, to the IRS at phishing@irs.gov.
To qualify for EITC you must have earned income from working for someone or from running or owning a business or farm and meet basic rules. And, you must either meet additional rules for workers without a qualifying child or have a child that meets all the qualifying child rules for you.
If you claim the earned income tax credit (EITC) or the additional child tax credit (ACTC) on your tax return, by law the IRS, can’t issue your refund before mid-February.
The law requires the IRS to hold the entire refund — even the portion not associated with the EITC or ACTC if there are questions about the tax return or the IRS needs more information.
The premium tax credit is a refundable tax credit designed to help eligible individuals and families with low or moderate income afford health insurance purchased through the Health Insurance Marketplace, also known as the Exchange.
$5,500 ($6,500 if you’re age 50 or older), or your taxable compensation for the year, if your compensation was less than this dollar limit.
You can’t make regular contributions to a traditional IRA in the year you reach 70½ and older. However, you can still contribute to a Roth IRA and make rollover contributions to a Roth or traditional IRA regardless of your age.
Generally you have to start taking withdrawals from your IRA, SIMPLE IRA, SEP IRA, or other retirement plan account when you reach age 70½. Roth IRAs do not require withdrawals until after the death of the owner.
If you didn’t claim the correct filing status or you need to change your income, deductions, or credits, you should file an amended or corrected return using Form 1040X, Amended U.S. Individual Income Tax Return.
When filing an amended or corrected return:
- Include copies of any forms and/or schedules that you’re changing or didn’t include with your original return. Generally, for a credit or refund, you must file Form 1040X within 3 years after the date you timely filed your original return or within 2 years after the date you paid the tax, whichever is later.
- Allow the IRS up to 16 weeks to process the amended return.
You may qualify for an offer in compromise (OIC) if you’re unable to pay your taxes in full, or are facing economic hardship or other special circumstances. Refer to Tax Topic 204 – Offers in Compromise, for more information.
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