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Yet another tax thread - my questions have been answered for now

Jeff7

Jeff7

Lifer
Current Question: Stay tuned...


Answered ones:
Question 1: What that the heck does "itemize deductions" mean?
Question 2: Ok, now the tax form for my 1099-INT has a box that simply says 2nd TIN not and the options are Yes and No. What's this?
 
Certain things can be deducted from your taxable income. Everyone is entitled to what they call the "standard deduction". You can use the standard deduction without having to document your actual deductible expenses.

If you have deductible expenses which total up to a higher amount than the standard deduction, you can use Schedule A to list them (you need to be able to prove them if asked, though!). That's itemizing deductions.
 
Proof of anything? Well I don't throw stuff away often. The problem is, I don't organize stuff often either. Anyone who's seen my room has had their definition of "disorganized" thrown into about the same amount of disarray as what they saw.😉
Thank you for the reply too.
 
The "2nd TIN not" doesn't apply to you. It's for the company that prepares the 1099 forms.

People who prepare 1099 forms are given these instructions:
"You may enter an X in this box if you were notified by the IRS twice within 3 calendar years that the payee provided an incorrect taxpayer identification number (TIN). If you mark this box, the IRS will not send you any further notices about this account. "
 
Ok, so I'm guessing that this would be No. The question requires an answer, so the form won't continue without an answer.
 
I think the question might be asking you if the form you were sent has an X under "2nd TIN not".
 
The form I was sent from my bank (the 1099-INT) doesn't have anything on it that says 2nd TIN not or anything like that.
 
If you have a problem getting organized, start keeping all expenditures in a spreadsheet of something like Quicken.
It will make life a whole lot easier if you itemize and/or for business purposes.
 
I have a question too... I've always filled out the federal tax form, but never a state form.

What is the difference between the two and what requirements would I need to have to fill out both? Not that I want too, but just so the IRS doesn't come around knocking...
 
I don't think Florida has income tax, that's why you don't need to file the state form. OTOH, failing to file state tax in other states will have the state finance department looking for you.
 
Originally posted by: cpals
I have a question too... I've always filled out the federal tax form, but never a state form.

What is the difference between the two and what requirements would I need to have to fill out both? Not that I want too, but just so the IRS doesn't come around knocking...
Click to expand...

One goes to the federal government, one goes to the state.😛
If you're in a state with income tax, it's pretty similar to filling out the federal tax form. Online filing may vary from state-to-state. Here, we need either an account number (which they're supposed to give along with the instruction booklet, but they didn't give me one) or last year's adjusted gross income, which I haven't a clue what it was. So I've got to file by paper again. PA's method is pretty nice though - the online filing is right there on the state's website. They don't farm out the online stuff, like the IRS seems to do. No fees for it either; in fact, they really seem to encourage online filing (or even filing by telephone). I don't know what other states might do this.
 
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