http://www.asktaxguru.com en Fri, 20 Nov 2009 23:03:39 GMT vBulletin 60 http://www.asktaxguru.com/images/monkeybatter/misc/rss.jpg http://www.asktaxguru.com http://www.asktaxguru.com/2424-filing-receive-overpayment-past-income-tax-after.html Fri, 20 Nov 2009 19:20:03 GMT I am confused as to which form to use for this scenario. In FY 2007, corporation filed Form 1120 and paid $1286 in fed income tax (based on $8576 in taxable income). Subsequently, in 2008, received IRS approval for 501c3 status with effective date back in June 2006. So, I want to file to get the $1286 in income tax paid for FY 2007 back b/c now considered tax-exempt for FY 2007 based on effective date of 501c3 approval. I've looked at Form 1120x (Amended US Corp Income Tax Return), but can't figure out how to fill in the numbers to make it work - I simply want to state that we overpaid by $1286. Since we also should not have filed a 1120 in the first place as a 501c3 org, it seems like 1120x doesn't anticipate this scenario. An local IRS employee told us to use Form 843 (Claim for Refund), but in the instructions, 843 states to NOT use 843 to request a refund of income tax, which is essentially what I'm trying to do. We are made up of volunteers, so really want to avoid hiring an outside accountant for what should be a fairly straightforward request to IRS. Please help. ]]> Filing Requirements pt95 http://www.asktaxguru.com/2424-filing-receive-overpayment-past-income-tax-after.html http://www.asktaxguru.com/2422-filing-non-profit-profit-federal-tax-return.html Thu, 19 Nov 2009 17:54:45 GMT A Condo Homeowners Association organized as a non-profit corporation in North Carolina chooses to file a For-Profit Federal Tax Return. The HOA operates on a Fund accounting basis with an operating fund and a capital fund. The HOA has net loss carryovers from prior years. What factors would favor filing a for-profit return? Other than avoiding the disclosure and public inspection requirements of Form 990, what are the advantages to the organization of choosing this form of tax return? Does it make any difference? The taxable income is interest. The annual financial statements are audited by a CPA. A Condo Homeowners Association organized as a non-profit corporation in North Carolina chooses to file a For-Profit Federal Tax Return. The HOA operates on a Fund accounting basis with an operating fund and a capital fund. The HOA has net loss carryovers from prior years. What factors would favor filing a for-profit return? Other than avoiding the disclosure and public inspection requirements of Form 990, what are the advantages to the organization of choosing this form of tax return? Does it make any difference? The taxable income is interest. The annual financial statements are audited by a CPA. ]]> Filing Requirements CondoHOA http://www.asktaxguru.com/2422-filing-non-profit-profit-federal-tax-return.html http://www.asktaxguru.com/2418-amendments.html Sat, 14 Nov 2009 04:10:38 GMT When I filed this year my son had not received his disability he was approved today can I still amend my taxes this year? He lives at home and is our dependent but he had not received an award letter then? He is 20 yrs old When I filed this year my son had not received his disability he was approved today can I still amend my taxes this year? He lives at home and is our dependent but he had not received an award letter then? He is 20 yrs old ]]> Filing Requirements carhartwoman http://www.asktaxguru.com/2418-amendments.html http://www.asktaxguru.com/2412-who-should-file-individual-tax-return-2009-a.html Tue, 10 Nov 2009 00:13:55 GMT Despite being not required to file a tax return, a taxpayer should file a tax return in 2009 in order to get money back. This is especially true if one of the following situation applies to the taxpayer;

1. The Taxpayer had income tax withheld from your pay.

2. The Taxpayer made estimated tax payments for the year or had any of your overpayment for last year applied to this year's estimated tax.

3. The Taxpayer qualifies for the earned income credit.

4. The Taxpayer qualifies for the additional child tax credit.

5. The Taxpayer qualifies for the health coverage tax credit.

6. The Taxpayer qualifies for the refundable credit for prior year minimum tax.

7. The Taxpayer qualifies for the recovery rebate credit.

8. The Taxpayer qualifies for the first-time homebuyer credit. ]]> Filing Requirements TaxGuru http://www.asktaxguru.com/2412-who-should-file-individual-tax-return-2009-a.html http://www.asktaxguru.com/2410-how-much-does-student-have-make-before.html Sat, 07 Nov 2009 17:10:32 GMT How much does a student have to make before they are required to file a tax return? Thanks..:confused: How much does a student have to make before they are required to file a tax return?

Thanks..:confused: ]]> Filing Requirements sahar http://www.asktaxguru.com/2410-how-much-does-student-have-make-before.html http://www.asktaxguru.com/2409-shared-home-and-income-but-single.html Sat, 07 Nov 2009 07:47:15 GMT I am divorced and living with my ex (we reconciled) for the past 2 years. We have 4 children together that live with us. She files and claims 3 which puts her up for EIC and I file 1 child. Is this legal? :confused: Our tax preparation service has not questioned the fact that we share the same address and that we get a large return each year. I am concerned about a future audit. We file in Ohio. Any help would be appreciated! I am divorced and living with my ex (we reconciled) for the past 2 years. We have 4 children together that live with us. She files and claims 3 which puts her up for EIC and I file 1 child. Is this legal? :confused: Our tax preparation service has not questioned the fact that we share the same address and that we get a large return each year. I am concerned about a future audit. We file in Ohio. Any help would be appreciated! ]]> Filing Requirements billandmisty78 http://www.asktaxguru.com/2409-shared-home-and-income-but-single.html