traditional IRA or treat them as nondeductible
contributions.
If you owe tax on any excess contributions made on an IRA
or any excess accumulations in an IRA, you must use Form 1040.
If you were covered by a retirement plan (401 (k), SIMPLE
, etc) at work, your IRA deduction may be reduced or eliminated.
Additionally, if were covered by a retirement plan at work, you can still
make contributions to an IRA even if you cannot deduct them. Remember, the
income earned on your Individual Retirement Account contributions is not
taxed until it is paid to you.
If you were not covered by a retirement plan but your
spouse was, then you are considered covered by the plan unless you lived
apart from your spouse for all of 2014.
You may be able to take the Credit for Child and
Dependent Care Expenses if you paid someone to care for your qualifying
child whom is under age 13 and whom you claim as your dependent. Also you
can be able to claim the credit for your disabled spouse or any other
disabled person who could not care for himself or herself. Furthermore, if
your child whom you could not claim as a dependent because of the rules for
children of divorced or separated parents, then you can possibly claim the
Credit for Child and Dependent Care Expenses for that child.
You may be able to take the Credit for the Elderly or the
Disabled if by the end of 2014, if you were age 65 or older or you
retired on permanent and total disability and you had taxable disability
income.
If you and your spouse paid joint estimated tax but are
now filing separate income tax returns, you can divide the amount paid
in any way you choose as long as you both agree on the amounts.
If paying the tax when it is due would cause you an undue
hardship, you can ask for an extension of time to pay by filing Form
1127 by the time your tax return is due.
As a tax return preparer, you
should become familiar with what is expected of you. Anyone who pays you to
prepare your tax return must sign it. The tax return preparer needs to
include their Preparer tax Identification Number (PTIN) as long as they sign it.
The tax return preparer needs to give you a copy of the tax return. Also,
anyone who prepares your tax return but does not charge you does not need to
sign it. Just make sure you don't have too many of these and it would make
sense that these people are related to you in some manner.
If the amount you owe or the amount you overpaid is
large, you may want to file a new Form W-4 with your employer to change
the amount of income tax withheld from your 2015 pay to avoid the extra
withholding. I know many taxpayers who just leave things are they are or
claim less allowances on their From W-4 in order to get a larger refund by
tax season. This may not be a smart way to save money, but for some it is
the only way to it.
If you made any nondeductible contributions to a
traditional IRA for 2014, you must report them on Form 8606.
