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Back to TopIssue Number: 2014-6Inside This Issue
The Trucking Tax Center is also available in Spanish.
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2. Notice about Backup Withholding for Form 1099-K availableNotice 1430, Don’t Get Caught in Backup Withholding, contains information about the possible requirement to have BWH withheld from receipts.
The Third Party Reporting Information Center - Information Documents has more information.
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3. Webinar: Business Use of Your HomeThe Sept. 10 webinar will cover the different methods for deducting home office expenses, including who qualifies and how to compute the deduction.
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4. Warning about phone scamsThe Treasury Inspector General for Tax Administration has received 90,000 complaints and identified approximately 1,100 victims who have lost an estimated $5 million to individuals fraudulently claiming to be from the IRS.
IR-2014-81 and IR-2014-84, have more information.
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5. Taxpayer Bill of RightsThe newly revised version of Publication 1, Your Rights as a Taxpayer, is now available in English, Spanish, Chinese, Korean, Russian and Vietnamese.
IR-2014-80 has more information.
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6. Reminder about Forms W-4An accurate Form W-4 is important. Tax Topic 753 has information to help employees and employers.
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Issue Number: HCTT- 2014-16Inside This Issue
Getting Married Can Affect Your Premium Tax Credit
The IRS reminds newlyweds to add a health insurance review to their to-do list. This is particularly important if you receive premium assistance through advance payments of the premium tax credit through a Health Insurance Marketplace.
If you, your spouse or a dependent gets health insurance coverage through the Marketplace, you need to let the Marketplace know you got married. Informing the Marketplace about changes in circumstances, such as marriage or divorce, allows the Marketplace to help make sure you have the right coverage for you and your family and adjust the amount of advance credit payments that the government sends to your health insurer.
Reporting the changes will help you avoid having too much or not enough premium assistance paid to reduce your monthly health insurance premiums. Getting too much premium assistance means you may owe additional money or get a smaller refund when you file your taxes. Getting too little could mean missing out on monthly premium assistance that you deserve. You should also check whether getting married affects your, your spouse’s, or your dependents’ eligibility for coverage through your employer or your spouse’s employer, because that will affect your eligibility for the premium tax credit.
Other changes in circumstances that you should report to the Marketplace include:
In addition, certain life events – like marriage – give you and your spouse the opportunity to sign up for health care during a special enrollment period. That means that if one or both of you is uninsured, you may be able to get coverage now. In most cases, the special enrollment period for Marketplace coverage is open for 60 days from the date of the life event.
Find out more about the premium tax credit and other tax-related provisions of the health care law at IRS.gov/aca. See IRSPublication 5152 for more information about reporting changes in circumstances to the Marketplace.
Find out more about the health care options at HealthCare.gov.
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Make A Mistake? Amend Your Tax Return
Don’t worry if you made a mistake on your tax return or forgot to claim a tax credit or deduction. You can fix it by filing an amended return. Here are 10 tips that you should know about amending your federal tax return:
1. When to amend. You should amend your tax return if you need to correct your filing status, the number of dependents you claimed, or your total income. You should also amend your return to claim tax deductions or tax credits that you did not claim when you filed your original return. The instructions forForm 1040X, Amended U.S. Individual Income Tax Return, list more reasons to amend a return.
2. When NOT to amend. In some cases, you don’t need to amend your tax return. The IRS usually corrects math errors when processing your original return. If you didn’t include a required form or schedule, the IRS will send you a request for the missing item.
3. Form to use. Use Form 1040X to amend a federal income tax return that you previously filed. Make sure you check the box at the top of the form that shows which year you are amending. Since you can’t e-file an amended return, you’ll need to file your Form 1040X on paper and mail it to the IRS.
4. More than one year. If you file an amended return for more than one year, use a separate 1040X for each tax year. Mail them in separate envelopes to the IRS. See "Where to File" in the instructions for Form 1040X for the correct address to use.
5. Form 1040X. Form 1040X has three columns. Column A shows amounts from the original return. Column B shows the net increase or decrease for the amounts you are changing. Column C shows the corrected amounts. You should explain what you are changing and the reasons why on the back of the form.
6. Other forms or schedules. If your changes involve other tax forms or schedules, make sure you attach them to Form 1040X when you file the form. Failure to do this will cause a delay in processing.
7. Amending to claim an additional refund. If you are waiting for a refund from your original tax return, don’t file your amended return until after you receive the refund. You may cash the refund check from your original return. Amended returns take up to 12 weeks to process. You will receive any additional refund you are owed.
8. Amending to pay additional tax. If you’re filing an amended tax return because you owe more tax, you should file Form 1040X and pay the tax as soon as possible. This will limit any interest and penalty charges.
9. When to file. To claim a refund, you generally must file Form 1040X within three years from the date you filed your original tax return. You can also file it within two years from the date you paid the tax, if that date is later than the three-year rule.
10. Track your return. You can track the status of your amended tax return three weeks after you file with ‘Where’s My Amended Return?’ This tool is available on IRS.gov or by phone at 866-464-2050.
Visit IRS.gov to get Form 1040X or call 800-TAX-FORM (800-829-3676).
Additional IRS Resources: