(1) Personal Income Tax FAQ's

1.1- What are Tax Credits?

1.2- What is a Refundable Tax Credit?

1.3- What is a Non-Refundable Tax Credit?

1.4- What are Tax deductions?

1.5- What is an Earned Income Tax Credit?

1.6- What is a Child and dependent Care Credit?

1.7- What is Adoption Credit?

1.8- What is Child Tax Credit and Credit for Other Dependents?

1.9- What is Credit for Elderly or Disabled?

1.10- What is the American Opportunity Credit and Lifetime Learning Credit?

1.11- What is Residential Energy Efficient Property Credit?

1.12- What is Non-Business Energy Property Credit?

1.13- What is Low Income Housing Credit (for owners)?

1,14- What is Saver's Credit?

1.15- What is Foreign Tax Credit?

1.16- What is Excess Social Security and RRTA Tax Withheld?

1.17- What is Credit for Tax on Undistributed Capital Gains?

1.18- What is nonrefundable credit for prior year minimum tax?

1.19- What is credit to Holders of Tax Credit Bonds?

1.20- What is Premium Tax Credit (Affordable Care Act)?

1.21- What is Health Coverage Tax Credit?

1.22- What are Employee Business Expenses?

1.23- What are Home Office Expenses?

1.24- What are Business Entertainment expenses?

1.25- What are Deductible Taxes?

1.26= What is the State and Local Tax deduction Limit?

1.27- What are Property Taxes and how is it claimed?

1.28- What are Real Estate Taxes and how are they claimed?

1.29- What is Sales tax and how is it claimed?

1.30- What are Charitable Contributions are how are they claimed?

1.31- What are Gambling Losses, what are the limits and how are they claimed?

1.32- What are Miscellaneous Expenses and how are they claimed?

1.33- What are Interest Expenses and how are they claimed?

1.34- What is a Home Mortgage Interest expense and how is it claimed?

1.35- What are Union/Club/Moving expenses and how are they claimed?

1.36- What is student loan interest and how is it claimed?

1.37- What are Work Related Educational expenses and how are they claimed?

1.38- What are Teacher Educational Expenses and how are they claimed?

1.39- What is the Deduction for a Sale of Home and how is it claimed?

1.40- What are Individual retirement Arrangements and how is the deduction Claimed?

1.41- What are Capital Losses and How are the Deductions Claimed?

1.42- What is Bad debt and how is the deduction claimed?

1.43- What Medical and dental Expenses can be deducted?

1.44- What is a "Health Saving Account" HSA and how is it deducted?

1.45- Is a Stock that became Worthless last year considered Bad Debt and how is it reported?

1.46- Is the Loss on the Sale of a Home Deductible?

1.47- If I receive a 1099-DIV showing a Capital Gain, is that amount reported on my Tax return although I never sold any shares?

1.48- How are the average basis calculated for Mutual Fund Shares?

1.49- Are there any taxes due on the additional stock I received due to stock split?

1.50- How do I report a form 1099-B received from my employer for selling a stock that was received under the Employee Stock Purchase Plan?

1.51- How is the cost basis figured for shares that were purchased during different times and different prices?

1.52- How is the Sale of a second home reported on a Tax Return?

1.53- Are the Proceeds received from the Sale of a Home to pay off the Mortgage Taxable?

1.54- How is the basis of a property calculated that was received as a gift?

1.55- If the gain from the sale of a principle residence is excluded this year, can the exclusion be claimed in the future for the sale of new principle residence?

1.56- What are the scenarios for excluding the gains from a property in case it was partially a principle residence and partially a rental property?

1.57- How is the Sale of a second property reported on the tax return?

1.58- How are reinvested dividends reported on a tax return?

1.59- How does the return of principle payments affect my cost basis in my mutual funds?

1.60- What is the Manufacturer's Energy Efficient Appliance Credit?

1.62- What is Plug-in Electric Drive Vehicle Credit (IRC 30D)?

1.63- What is Research credit?

1.64- What qualifies as Deductible Business credit including depreciation?

1.65- How is the IRS notified of an address change?

1.66- What is the age limit on claiming a child as a dependent?

1.67- What is the Income limit for an unmarried dependent student before he or she must file an Income Tax return?

1.68- Do I have to claim a child as a dependent to claim a Head of Household status?

1.69- If I make a mistake on a tax return and file it, how can I make the correction?

1.70- What is the meaning of a "Split Refund"?

1.71- Who should make quarterly estimated tax payments and in what amounts?

1.72- Does the IRS figure Tax and Credits for the Taxpeyers?

1.73- What should I do if my check to IRS for Tax payment does not clear?

1.74- What is a Private Letter Ruling and how do I receive One?

1.75- What should I do if I am unable to pay IRS delinquent Taxes?

1.76- What is the Interest and Penalties for filing and not paying IRS tax on time?

1.77- Can I get a copy of W2 from IRS?

1.78- What is the two month automatic extension for Tax filers filing a return from Overseas?

1.79- What is Injured Spouse Allocation?

1.80- How can I correct the spellings of my name with IRS?

1.81- Is there a need to change my name for "Married filing Jointly"?

1.82- If I change my name, how do I file a Tax Return?

1.83- If I update my name on my Social Security card and my W2 and or 1099 shows my old name, what should I do?

1.84- If I loose my refund check, can I receive a replacement check?

1.85- How do I find out if my Refund Check was cashed?

1.86- When fling a Joint Tax Return with spouse, can the refund be deposited in either filer's account or a Joint Account only?

1.87- What are the issues that can change the amount of my Tax Refund?

1.89- If I key in a wrong accout number or routing number on the return, can I fix it?

1.90- How canI collet child support from a non-custodial parent?

1.91- If someone files a return with my Social Security Number, how do I notify the IRS?

1.92- How do I file a deceased persons Tax Return?

1.93- Can the Employer provide a W@ electronically?

1.94- if I receive an incorrect W2 and my employer does not correct it, what should I do?

1.95- Are full time students exempt from Fderal Income Tax?

1.96- Whom can I claim as a dependent?

1.97- Are the proceeds from Life Insurance Policy taxable?