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Archive for the ‘Tax Credit Forms’ Category

Question: Are HSA distributions considered household income when calculating the Michigan Homestead Property Tax Credit?

The MI-1040CR instructions say that household income includes reimbursement from medical spending accounts but I am not sure if disbursements from a Health Savings Account are included?

Answer: It makes no difference whether it’s a MSA or a HSA. You have to include it as household income.

Globaldrive (UK) Var – Notice of Amendments to Transaction Documents

Globaldrive (UK) Var – Notice of Amendments to Transaction Documents

House Session 2011-03-03 (12:03:18-13:04:18)

May 1: Axelrod, Bloomberg, McDonnell, Rubio, Meyers

Transcript of the May 1 broadcast featuring David Axelrod, Michael Bloomberg, Bob McDonnell, Marco Rubio, Seth Meyers

Tennessee Could Be Losing Filmmakers

Question: Can I claim the NC Tax Credit for Children on Part 3 of Form D-400TC?

I’m confused about this credit because Part 3 states: “If you are entitled to claim the federal child tax credit and your federal adjusted gross income…” Well, I couldn’t claim the 1st child tax credit on my federal form 1040; however, I did qualify for the additional child tax credit. So, do I fill out Part 3 of NC Form D-400TC or not? I really don’t want to have to call NC Dept of Rev and have to wait to speak to someone. If anyone has a full understanding of this credit, please share your knowledge.
Thanks, hrblock. It’s nice to have someone who can interpret the government’s thoughts.

Answer: The question from North Carolina is “Are you entitled to claim the federal child tax credit and …” not “Did you claim a non-zero child tax credit and …”. You have a child and would have qualified for the child tax credit if you would have owed any tax, so you are “entitled to the federal child tax credit.”

So if you have a child that would qualify to allow you to claim the child tax credit and all the other North Carolina rules apply, then you qualify to claim the North Carolina credit if you meet all its other rules.

Richard K
Master Tax Advisor
HR Block

This advice is based upon the law in effect at the time it was written as it applies to the facts provided by you. See my profile for more details.

TaxWatch: Kiddie tax laws could cost you at tax time

The general rule of thumb is that the kiddie tax applies to investment income. But the IRS’s definition of investment income is much broader than most taxpayers realize, writes Eva Rosenberg.

Tax Tips: Accessible Tax Forms

Calendar

Submissions for “Community Calendar” are required two weeks preceding the date of publication. Send to: Mary Ann Bottari, Pioneer Press, 3701 W. Lake Ave., Glenview IL 60026; mbottari@pioneerlocal.com. Information may be faxed to (847) 486-7495.

Question: Tax question on married filing separately?

I am using turbotax. Everything on the federal went fine. When I tried to fill out my KY state return it said I had missed something. It says “Form 740 Page 3: Sm Wk, In b-SP Federal AGI Enter your spouse’s adjusted gross income or zero if none to calculate family size tax credit” then when I look at the box it’s part B and says “Enter your spouse’s federal adjusted gross income, if married filing separately on a combined return or married filing separate returns and living in the same household, but not less than zero”
I don’t understand what this means. I do not speak or have contact with my ex and we have been separated for 10 months, I just haven’t had the money for a divorce. I am afraid of him, so I’m happy I got away, and I don’t want to speak to him. What do I do on this question since I can’t speak to him?

Answer: You would put 0. It is not only unknown to you, but his income did not provide any of your living expenses etc. Now, although I would call the IRS if I was you. If you have been in different households for the entire 2009 year, then I was told you can file Head of household. But the person I talked to could have been wrong, so make sure you double check with the IRS. honestly, it doesn’t take too long to talk to them, and it is free advice etc.

Stabenow: Visit to Thumb productive

By Kate HesslingTribune Staff Writer UPPER THUMB — U.S. Sen. Debbie Stabenow (D) said her Wednesday visit to the Thumb was very productive, and it showed how the area’s growers/agribusinesses are becoming national and international leaders.

How to renew your tax credits (final) video 26 – declaration (part 4 of the form)