by Jim Magary | Feb 24, 2015 | Tax Help
Social Security Benefits and Your Taxes, What You Need to Know
If you receive Social Security benefits, you may have to pay federal income tax on part of your benefits.
These tips will help you determine whether or not you need to pay taxes on your benefits.
They also explain the best way to file your tax return.
• Form SSA-1099.
If you received Social Security in 2014, you should receive a Form SSA-1099, Social Security Benefit Statement, showing the amount of your benefits.
• Only Social Security.
If Social Security was your only income in 2014, your benefits may not be taxable. You also may not need to file a federal income tax return.
If you get income from other sources you may have to pay taxes on some of your benefits.
• Free File.
Use IRS Free File to prepare and e-file your tax return for free. If you earned $60,000 or less, you can use brand-name software.
The software does the math for you and helps avoid mistakes. If you made more than $60,000, you can use Free File Fillable Forms.
This option uses electronic versions of IRS paper forms.
It is best for people who are used to doing their own taxes. Free File is available only on IRS.gov/freefile.
• Interactive Tax Assistant.
The IRS has a helpful tool that you can use to see if any of your benefits are taxable.
Visit IRS.gov and use the Interactive Tax Assistant.
• Tax Formula.
Here’s a quick way to find out if you must pay taxes on your Social Security benefits:
Add one-half of your Social Security to all your other income, including tax-exempt interest. Then compare the total to the base amount for your filing status. If your total is more than the base amount, some of your benefits may be taxable.
• Base Amounts.
The three base amounts are:
o -$25,000 – if you are single, head of household, qualifying widow or widower with a dependent child or married filing separately and lived apart from your spouse for all of 2014
o -$32,000 – if you are married filing jointly
o- $0 – if you are married filing separately and lived with your spouse at any time during the year
by Jim Magary | Feb 24, 2015 | Tax Help
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by Jim Magary | Feb 24, 2015 | Tax Help
Facts That You Should Know about Capital Gains and Losses
When you sell a capital asset the sale results in a capital gain or loss.
What is a Capital Assets ?
A capital asset includes most property you own for personal use or own as an investment.
Facts that you should know about capital gains and losses:
1. Capital Assets.
Capital assets include property such as your home or car, as well as investment property, such as stocks and bonds.
2. Gains and Losses.
A capital gain or loss is the difference between your basis and the amount you get when you sell an asset.
Your basis is usually what you paid for the asset.
3. Net Investment Income Tax.
You must include all capital gains in your income and you may be subject to the Net Investment Income Tax.
This tax applies to certain net investment income of individuals, estates and trusts that have income above statutory threshold amounts.
The rate of this tax is 3.8 percent. For details visit IRS.gov.
4. Deductible Losses.
You can deduct capital losses on the sale of investment property.
You cannot deduct losses on the sale of property that you hold for personal use.
5. Long and Short Term.
Capital gains and losses are either long-term or short-term, depending on how long you held the property.
If you held the property for more than one year, your gain or loss is long-term.
If you held it one year or less, the gain or loss is short-term.
6. Net Capital Gain.
If your long-term gains are more than your long-term losses, the difference between the two is a net long-term capital gain.
If your net long-term capital gain is more than your net short-term capital loss, you have a net capital gain.
7. Tax Rate.
The capital gains tax rate usually depends on your income.
The maximum net capital gain tax rate is 20 percent.
However, for most taxpayers a zero or 15 percent rate will apply.
A 25 or 28 percent tax rate can also apply to certain types of net capital gains.
8. Limit on Losses.
If your capital losses are more than your capital gains, you can deduct the difference as a loss on your tax return.
This loss is limited to $3,000 per year, or $1,500 if you are married and file a separate return.
9. Carryover Losses.
If your total net capital loss is more than the limit you can deduct, you can carry over the losses you are not able to deduct to next year’s tax return.
You will treat those losses as if they happened in that next year.
10. Forms to File.
You often will need to file Form 8949, Sales and Other Dispositions of Capital Assets, with your federal tax return to report your gains and losses. You also need to file Schedule D, Capital Gains and Losses with your tax return.
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by Jim Magary | Feb 24, 2015 | Tax Help
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by Jim Magary | Feb 23, 2015 | Tax Help
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by Jim Magary | Feb 23, 2015 | Tax Help
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