receive any kind of
paperwork from anyone in order to report income that is taxable. For
example, wages received as a household employee for which
you did not receive a Form W-2 because your employer paid you
less than $1,900 in 2014 needs to be included in line 1
as taxable income.
Some types of income, such as
household employee wages may not require the employer to issue you any kind
of documentation if that amount does not go over a certain amount. This
amount would be over $1,900 in 2014. This means that if your household
employee earned more than $1,900 you would have to fill out the forms to
report the amount to government and pay the employment taxes. However, this
does not mean that your employee is exempt from reporting this income. The
same thing goes with banks. Bank are only required to report your interest
income if it goes over $10. This does not mean that you, the account holder,
are not required to report the income, even if it is $2.
If you received a state refund of your taxes in
2014, and for the year the tax was paid to the state, you did
not file Form 1040EZ or Form 1040A, then none of your state
refund would be taxable.
This is a fast way to know if
your state refund would be taxable by the forms that you file such as when
you file 1040EZ or Form 1040A. What happens if you file your Form 1040EZs
and your Form 1040As on Form 1040 like so many professional tax services do?
Then you need to fill out the worksheet to figure out the taxable amount.
Therefore, do not assume that just because they filed Form 1040 last year,
that their state refund was miscalculated.
If you are a child or other dependent, you must
file a tax return for 2014 if your gross income was more than
the larger of $1,000 or your earned income up to $5,850 plus $350.
If you are a dependent, you must file a tax
return for 2014 if you income is over the standard deduction amount for a
single taxpayer. The filing status amount for 2014 for a single taxpayer is
$6,200. Therefore, if a dependent earned at least $6,200 for tax year 2014,
they definitely have to file.
If you were married at the
end of 2014, even if you did not live with your spouse at the
end of 2014 you can use the Married Filing Jointly filing
status. However, you don't have to.
It is always your legal right
to file your tax return separately. There are a lot of reasons you may want
to file married filing separately. You may not trust your spouse. You may
still be married but may have been living separate from your spouse for a
while now. You may not be speaking to your spouse anymore and filing a tax
return together may not even be an option for the two of you. It could be as
simple as you just wanting to keep your finances separate from your
shopaholic spouse. If you live separate from your spouse you can qualify for
the head of household filing status.
If your spouse died at the end
of 2014 and you remarried at the end of 2014 to another spouse you would
still file married filing jointly but with a new spouse. If you are
remarried to a new spouse, your deceased spouse would have no choice but to
file married filing separately.
In order for your child to be
your dependent, you must meet certain requirements. The child must pass the
five tests which are the age, residency, support and the joint return test.
The child can bypass the age test if the child was a full-time student.
These schools according to the rules do not qualify if they
