You cannot even have the refund amount direct deposited into any financial account. At the present time (2017), the IRS does not offer a direct deposit option for refunds on amended returns. In fact, there is no place on the form to designate a place for direct deposit.
In addition, only an original tax return can be electronically filed. You must file Form 1040X for an amended return on paper and mail it to the IRS.
The IRS will mail …
No. You cannot split your refund between a direct deposit and a paper check. According to IRS tax refund procedures, you can either opt for the safety, security, and speed of direct deposit to one, two, or three different accounts, or you can request your refund via a paper check, but you cannot combine the two refund methods.
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A consumer reporting company can report most accurate negative information for seven years and bankruptcy information for up to 10 years.
There is no time limit on reporting information about criminal convictions; information reported in response to your application for a job that pays more than $75,000 a year; and information reported because you’ve applied for more than $150,000 worth of credit or life insurance.
Information about a lawsuit or an unpaid judgment against you can be reported for seven …
In the early days of 529 plans, once you selected an investment option within a college savings plan, you could not change that option. Only new contributions could be invested in different investment options.
Under current rules, however, the IRS allows you to change your investment options in a college savings plan once every calendar year.
For more information, see http://www.sec.gov/investor/pubs/intro529.htm.
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Although the IRS typically allows people to gift no more than $14,000 a year (2017 figure) to another person without a federal gift tax, you can contribute up to $70,000 to a 529 plan in one year. A special tax law allows you to aggregate five years of the allowable $14,000 annual gift-tax exclusion (5 x $14,000 = $70,000) to jump-start a 529 plan.
While you will not be able to make any further gifts to the 529 plan for …
To qualify for Social Security retirement benefits, you must generally have “40 quarters of coverage.” This means that you must have been working for 10 years and earning at least the minimum income (adjusted annually for inflation) required to receive a quarter of coverage.
For example, in 2017, you can receive one quarter of coverage for each $1,300 of earnings, up to the maximum of four quarters of credit per year. Thus, the maximum amount of income needed to earn …
Single taxpayers can exclude up to $250,000 of capital gains on the sale of a home, and married taxpayers filing jointly can exclude $500,000.
Taxpayers are eligible for the exclusion if they have owned and used a home as their main home for a period aggregating at least two years out of the five years prior to its date of sale. The exclusion is allowed each time that you sell a primary residence but no more than once every two …
First, individual taxpayers or taxpaying married couples must add up their “modified adjusted gross income.” This is their taxable income, plus their tax-exempt income, plus half of their Social Security benefits. If this figure exceeds certain income levels, a portion of Social Security benefits is taxed.
Next, a worksheet is completed to determine the amount of Social Security benefits that is taxable. This worksheet can be found in the annual instructions package for tax forms available online in the “Forms …
You can withdraw money that you have contributed to a Roth IRA (i.e., your own money) at any time because the account was funded with after-tax dollars on which income taxes were already paid.
You can withdraw the earnings from a Roth IRA tax free in the following situations:
1. You have reached the age of 59½, and at least five years have passed since your Roth IRA account was opened. Earnings can be withdrawn tax-free beginning on the first …
The top estate tax rate for 2017 is 40% and there is a $5,490,000 exemption amount. Individuals can transfer up to $5,490,000 (indexed for inflation in the future) to heirs free from estate tax.
In addition, for married couples, if one spouse dies without using the full exclusion, the remainder can be added to the surviving spouse’s own exclusion. This provision provides a way for couples to take advantage of each other’s exemption, without having to create complicated trusts or …
