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Newspaper
Destin Log
Location
Destin, Florida, United States of America
Date
Mar 11, 1987
Page
7
IRS urges careful, staged filing of federal income tax returns. By spreading work over two to three weeks, taxpayers reduce errors and may uncover credits. If W-2 or 1099-INT forms are late, contact employers or issuers. file by April 15 with correct postage to avoid late filing.
The Earned Income Credit is a refundable tax credit for workers earning under 11000 in 1986. The IRS says eligible taxpayers can receive up to 550, even if it exceeds tax owed or if no taxes are owed. Eligibility requires earned income and adjusted gross income under 11000, filing status married filing jointly or head of household, not excluding foreign income, and a dependent child. Taxpayers may receive the credit as a refund or via advance payments through employers.
Taxpayers waiting 10 weeks after filing a tax return may use an automated IRS telephone service to check refund status. Call the special number described in Tele-Tax in the Form 1040, 1040EZ, or 1040A instructions. Wait at least 10 weeks before using the service.
IRS informs that about 5.4 percent of workers hold more than one job in 1986. Those with wages from two or more employers totaling over 42000 may claim a credit for excess social security tax withheld up to 3003 dollars per person, calculated separately for each spouse on joint returns. If only one employer is involved, excess withheld cannot be credited and the employer should adjust the overpayment.
The Internal Revenue Service urges workers in tip based jobs to report tip income on tax returns. Those earning under twenty dollars a month should keep daily tip records and include total tips on Form 1040. Employers must withhold taxes and file annual tip income reports for establishments with over ten employees. Public Publication 1244 and Form 4070A aid daily records and monthly reporting.
IRS lists ten frequent mistakes on Forms 1040 1040EZ and 1040A and how to fix them. Errors include miscalculating medical expenses on Schedule A under itemized deductions incorrect earned income credit entries tax table amounts misreporting federal tax withheld unemployment compensation tax forms 2441 child care credit and dividend reporting Verify each calculation use appropriate worksheets and tables and confirm withholding versus tax owed. SHNS distributed.
The chart lists filing thresholds by status for 1986 and notes additional filing triggers such as tips with no social security withheld, self employment income, unearned income as a dependent, advance earned income credits, and alternative minimum tax. It also covers surviving spouse and dependent considerations and IRA liability.
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