If you e-filed…

According to the IRS, taxpayers who file electronically and select direct deposit can expect a refund the fastest, in about 10 days. If not, expect to receive your refund within 21 days. In fact, the IRS claims that 90 percent of tax refunds are issued within 21 days.

When should I check for an update?

To find out when you’ll receive your refund, check 72 hours after you file online or four weeks after you mail in a paper return.

You’ll need your Social Security number, filing status, and the exact amount of your refund.

What is the fastest way to get a refund?

No question about it: Filing on the Web is the quickest way to a cash return — and that’s partly because filing online means fewer errors on the return — such as an old address — which can slow things down even more. Avoid delays by filing online and have the IRS deposit your refund directly into a checking or savings account.

@IRSTax

Share and Enjoy

No. If you can claim your daughter as a dependent on your income tax return, she cannot claim herself on her income tax return.

You cannot claim a personal exemption. In this case, your daughter should check the box on her return indicating that someone else can claim her as a dependent.

Share and Enjoy

If your parent (or someone else) can claim you as a dependent, use this guide to see if you must file a return.
In this guide, unearned income includes taxable interest, ordinary dividends, and capital gain distributions. It also includes unemployment
compensation, taxable social security benefits, pensions, annuities, and distributions of unearned income from a trust. Earned income
includes salaries, wages, tips, professional fees, and taxable scholarship and fellowship grants. Gross income is the total of your unearned
and earned income.
Single dependents. Were you either age 65 or older or blind?
No. You must file a return if any of the following apply.
· Your unearned income was over $950.
· Your earned income was over $5,800.
· Your gross income was more than the larger of—
· $950, or
· Your earned income (up to $5,500) plus $300.
Yes. You must file a return if any of the following apply.
· Your unearned income was over $2,400 ($3,850 if 65 or older and blind).
· Your earned income was over $7,250 ($8,700 if 65 or older and blind).
· Your gross income was more than the larger of—
· $2,400 ($3,850 if 65 or older and blind), or
· Your earned income (up to $5,500) plus $1,750 ($3,200 if 65 or older and blind).
Married dependents. Were you either age 65 or older or blind?
No. You must file a return if any of the following apply.
· Your unearned income was over $950.
· Your earned income was over $5,800.
· Your gross income was at least $5 and your spouse files a separate return and itemizes deductions.
· Your gross income was more than the larger of—
· $950, or
· Your earned income (up to $5,500) plus $300.
Yes. You must file a return if any of the following apply.
· Your unearned income was over $2,100 ($3,250 if 65 or older and blind).
· Your earned income was over $6,950 ($8,100 if 65 or older and blind).
· Your gross income was at least $5 and your spouse files a separate return and itemizes deductions.
· Your gross income was more than the larger of—
· $2,100 ($3,250 if 65 or older and blind), or
· Your earned income (up to $5,500) plus $1,450 ($2,600 if 65 or older and blind).

Share and Enjoy

You can get an automatic 6-month extension (to October 15, 2012) if, no later than the date your return is due, you file Form 4868.

An automatic 6-month extension to file does not extend the time to pay your tax. If you do not pay your tax by the original due date of your return, you will owe interest on the unpaid tax and may owe penalties.

Share and Enjoy

Exception for certain children under age 19 or full-time students

If certain conditions apply, you can elect to include on your return the income of a child who was under age 19 at the end of 2011 or was a full-time student under age 24 at the end of 2011. To do so, use Form 8814. If you make this election, your child does not have to file a return.

A child born on January 1, 1988, is considered to be age 24 at the end of 2011. Do not use Form 8814 for such a child.

Resident aliens

These rules also apply if you were a resident alien.

Nonresident aliens and dual-status aliens

These rules also apply if you were a nonresident alien or a dual-status alien and both of the following apply:

1. You were married to a U.S. citizen or resident alien at the end of 2011.

2. You elected to be taxed as a resident alien.

Share and Enjoy

The making work pay credit has expired. You cannot claim it on your 2011 return. Schedule M is no longer in use.

You cannot claim the alternative motor vehicle credit for a vehicle you bought after 2010, unless the vehicle is anew fuel cell motor vehicle.

Share and Enjoy

If you converted or rolled over an amount to a Roth IRA in 2010 and did not elect to report the taxable amount on your 2010 return, you generally must report half of it on your 2011 return and the rest on your 2012 return. Report the amount that is taxable on your 2011 return on line 15b (for conversions from IRAs) or 16b (for rollovers from qualified retirement plans, other than from a designated Roth account).

Designated Roth accounts

If you rolled over an amount from a 401(k) or 403(b) plan to a designated Roth account in 2010 and did not elect to report the taxable amount on your 2010 return, you generally must report half of it on your 2011 return and the rest on your 2012 return.

Share and Enjoy

The 2011 rate for business use of your vehicle is increased to 51 cents a mile (55 1/2 cents a mile after June 30, 2011). The 2011 rate for use of your vehicle to get medical care or to move is increased to 19 cents a mile (23 1/2 cents a mile after June 30, 2011). In addition, beginning in 2011, you may use the business standard mileage rate for a vehicle used for hire, such as a taxicab.

Share and Enjoy

Form 1040 is due April 17, 2012. The due date is April 17, instead of April 15, because April 15 is a Sunday and April 16 is the Emancipation Day holiday in the District of Columbia.

@IRSTax

Share and Enjoy

Truth in taxation. We’re so , so afraid of the IRS.

The Constitution says the Government can levy an income tax (see the Amendment) and the passing of the tax code gives them the mechinism to deduct it directly, when any income is earned. That section of the code says “when a return is required”. To determine that the government hast to return your money, you have to file a return where you do the calculations. So, you pay by law and file to prove you didn’t owe.

So are we liable for taxes or not? The answer lies in the 60,000 pages of Tax Code.

@IRSTax

Share and Enjoy