Publication 525 Cat

Total Page:16

File Type:pdf, Size:1020Kb

Publication 525 Cat Userid: CPM Schema: tipx Leadpct: 100% Pt. size: 8 Draft Ok to Print AH XSL/XML Fileid: … tions/P525/2020/A/XML/Cycle08/source (Init. & Date) _______ Page 1 of 42 13:42 - 6-Apr-2021 The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing. Publication 525 Cat. No. 15047D Contents Future Developments ............ 1 Department of the Taxable and What's New .................. 1 Treasury Internal Reminders ................... 2 Revenue Nontaxable Service Introduction .................. 2 Income Employee Compensation .......... 3 Special Rules for Certain Employees ............... 15 For use in preparing Business and Investment Income .... 17 2020 Returns Sickness and Injury Benefits ....... 18 Miscellaneous Income ........... 20 Repayments ................. 36 How To Get Tax Help ........... 37 Index ..................... 39 Future Developments For the latest information about developments related to Pub. 525, such as legislation enacted after it was published, go to IRS.gov/Pub525. What's New Exclusion from income tax on a portion of unemployment compensation for 2020. For individuals with adjusted gross income of less than $150,000, up to $10,200 of unemployment compensation is excluded from gross income. In the case of a joint return, up to $10,200 re- ceived by each spouse is excluded. (See P.L. 117-2 and section 85(c).) Paycheck Protection Program loan forgive- ness. Gross income doesn’t include any amount arising from the forgiveness of a Pay- check Protection Program (PPP) loan, effective for taxable years ending after 3/27/2020. (See P.L. 116–136.) Likewise, gross income does not include any amount arising from the forgive- ness of Second Draw PPP loans, effective 12/27/2020. (See P.L. 116–260.) Families First Coronavirus Response Act (FFCRA). The FFCRA, as amended by the COVID-related Tax Relief Act of 2020, provides tax credits for self-employed individuals carry- ing on any trade or business within the meaning of section 1402 of the Internal Revenue Code if the self-employed individual would be entitled to receive paid leave under the FFCRA if the in- dividual were an employee of an employer (other than him or herself). These credits are available for periods of leave taken between April 1, 2020, and March 31, 2021. The Get forms and other information faster and easier at: amounts of these are not included in the gross • IRS.gov (English) • IRS.gov/Korean (한국어) income of the eligible self-employed individual. • IRS.gov/Spanish (Español) • IRS.gov/Russian (Pусский) Emergency financial aid grants. Certain • IRS.gov/Chinese (中文) • IRS.gov/Vietnamese (Tiếng Việt) emergency financial aid grants under the CARES Act are excluded from the income of Apr 06, 2021 Page 2 of 42 Fileid: … tions/P525/2020/A/XML/Cycle08/source 13:42 - 6-Apr-2021 The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing. college and university students, effective for for up to 5 years for the qualified stocks re- from income death or disability benefits re- grants made after 3/26/2020. (See P.L. 116– ceived. See Qualified Equity Grants under Em- ceived from the federal Bureau of Justice Assis- 136 and P.L. 116–260.) ployee Compensation, later. tance or death benefits paid by a state program. See section 104(a)(6). Economic impact payments. Any economic Suspension of qualified bicycle commuting impact payments you received are not taxable reimbursement exclusion. For tax years be- Qualified Medicaid waiver payments. Cer- for federal income tax purposes, but they re- ginning after 2017, reimbursement you receive tain payments you receive for providing care to duce your recovery rebate credit. from your employer for the purchase, repair, or an eligible individual in your home under a Other loan forgiveness under the CARES storage of a bicycle you regularly use for travel state's Medicaid waiver program may be exclu- Act. Gross income does not include any between your residence and place of employ- ded from your income under Notice 2014-7. amount arising from the forgiveness of certain ment must be included in your gross income. See also Instructions for Schedule 1 (Form 1040), line 8. loans, emergency Economic Injury Disaster Unemployment compensation. If you re- Loan (EIDL) grants, and certain loan repayment ceived unemployment compensation but did Qualified settlement income. If you're a assistance, each as provided by the CARES not receive Form 1099-G, Certain Government qualified taxpayer, you can contribute all or part Act, effective for tax years ending after Payments, through the mail, you may need to of your qualified settlement income, up to 3/27/2020. (See P.L. 116–136 and P.L. 116– access your information through your state’s $100,000, to an eligible retirement plan, includ- 260.) website to get your electronic Form 1099-G. ing an IRA. Contributions to eligible retirement Deferred compensation contribution limit plans, other than a Roth IRA or a designated Access your online account. You must au- increased. If you participate in a 401(k), Roth contribution, reduce the qualified settle- thenticate your identity. To securely log in to 403(b), or the federal government's Thrift Sav- ment income that you must include in income. your federal tax account, go to IRS.gov/ ings Plan (TSP), the total annual amount you See Exxon Valdez settlement income under Account. You can view the amount you owe, re- can contribute is increased to $19,500 ($26,000 Other Income, later. Also, see Pub. 590-A for view 18 months of payment history, access on- if age 50 or older). This also applies to most 457 more information. line payment options, and create or modify an plans. online payment agreement. You can also ac- Taxpayer identification number (TIN). A TIN Exclusion of income for volunteer firefight- cess your tax records online. is your social security number (SSN), individual ers and emergency medical responders. If taxpayer identification number (ITIN), adoption you are a volunteer firefighter or emergency Achieving a Better Life Experience (ABLE) taxpayer identification number (ATIN), or em- medical responder, you may be able to exclude account. This is a type of savings account for ployer identification number (EIN). from gross income certain rebates or reductions individuals with disabilities and their families. Distributions are tax free if used to pay the ben- Terrorist attacks. You can exclude from in- of state or local property or income taxes and come certain disaster assistance, disability, and up to $50 per month provided by a state or local eficiary's qualified disability expenses. See Pub. 907 for more information. death payments received as a result of a terro- government. For more information, see Volun- rist or military action. For more information, see teer firefighters and emergency medical res- Certain amounts received by wrongfully in- Sickness and Injury Benefits, later; Pub. 3920, ponders.. carcerated individuals. Certain amounts you Tax Relief for Victims of Terrorist Attacks; and Health flexible spending arrangements receive due to a wrongful incarceration may be Pub. 907, Tax Highlights for Persons With Disa- (health FSAs) under cafeteria plans. For tax excluded from gross income. See IRS.gov/ bilities. years beginning in 2020, the dollar limitation un- Individuals/Wrongful-Incarceration-FAQs for more information. Photographs of missing children. The Inter- der section 125(i) on voluntary employee salary nal Revenue Service is a proud partner with the reductions for contributions to health FSAs is Foreign income. If you're a U.S. citizen or res- National Center for Missing & Exploited $2,750. ident alien, you must report income from sour- Children® (NCMEC). Photographs of missing ces outside the United States (foreign income) children selected by the Center may appear in on your tax return unless it’s exempt by U.S. this publication on pages that would otherwise law. This is true whether you reside inside or be blank. You can help bring these children Reminders outside the United States and whether or not home by looking at the photographs and calling Repeal of deduction for alimony payments you receive a Form W-2, Wage and Tax State- 1-800-THE-LOST (1-800-843-5678) if you rec- and corresponding inclusion in gross in- ment, or Form 1099 from the foreign payer. This ognize a child. come. Alimony received will no longer be in- applies to earned income (such as wages and cluded in your income if you entered into a di- tips) as well as unearned income (such as inter- Introduction vorce or separation agreement on or before est, dividends, capital gains, pensions, rents, December 31, 2018, and the agreement is and royalties). You can receive income in the form of money, changed after December 31, 2018, to expressly If you reside outside the United States, you property, or services. This publication dis- provide that alimony received isn't included in may be able to exclude part or all of your for- cusses many kinds of income and explains your income. Alimony received will also not be eign source earned income. For details, see whether they are taxable or nontaxable. It in- included in income if a divorce or separation Pub. 54, Tax Guide for U.S. Citizens and Resi- cludes discussions on employee wages and agreement is entered into after December 31, dent Aliens Abroad. fringe benefits, and income from bartering, part- 2018. For more information, see Pub. 504. Olympic and Paralympic medals and United nerships, S corporations, and royalties. It also Retroactive extension from 2018 through States Olympic Committee (USOC) prize includes information on disability pensions, life 2020 of exclusion of debt discharged from money. If you receive Olympic and Paralympic insurance proceeds, and welfare and other principal residence indebtedness.
Recommended publications
  • Budget Plan 2003
    bptoce•good 2/17/03 11:01 AM Page 1 Supplementary Information and Notices of Ways and Means Motions Included bptoce•good 2/17/03 11:01 AM Page 2 © Her Majesty the Queen in Right of Canada (2003) All rights reserved All requests for permission to reproduce this document or any part thereof shall be addressed to Public Works and Government Services Canada. Available from the Distribution Centre Department of Finance Canada Room P-135, West Tower 300 Laurier Avenue West Ottawa, Ontario K1A 0G5 Tel: (613) 943-8665 Fax: (613) 996-0901 and from participating bookstores. Price: $26.75 including GST This document is available free on the Internet at www.fin.gc.ca Cette publication est également disponible en français. Cat. No.: F1-23/2003-3E ISBN 0-660-18999-2 bptoce•good 2/17/03 11:01 AM Page 3 Table of Contents 1 Introduction and Overview . 7 Budget 2003—Building the Canada We Want . 8 Economic Developments and Prospects . 10 Investing in Canada’s Health Care System . 12 Investing in Canadian Families and Their Communities . 14 Investing in a More Productive, Sustainable Economy . 17 Canada in the World . 21 Improving Expenditure Management and Accountability . 24 Sound Financial Management in an Uncertain World . 27 Summary of Spending and Revenue Initiatives in This Budget . 29 2 Economic Developments and Prospects . 33 Highlights . 34 Introduction . 36 Canada continues to face an uncertain global environment . 37 The U.S. recovery has been uneven . 38 Canadian growth outperformed that of the United States during the 2001 global downturn and the 2002 recovery .
    [Show full text]
  • Tax Strategies for Selling Your Company by David Boatwright and Agnes Gesiko Latham & Watkins LLP
    Tax Strategies For Selling Your Company By David Boatwright and Agnes Gesiko Latham & Watkins LLP The tax consequences of an asset sale by an entity can be very different than the consequences of a sale of the outstanding equity interests in the entity, and the use of buyer equity interests as acquisition currency may produce very different tax consequences than the use of cash or other property. This article explores certain of those differences and sets forth related strategies for maximizing the seller’s after-tax cash flow from a sale transaction. Taxes on the Sale of a Business The tax law presumes that gain or loss results upon the sale or exchange of property. This gain or loss must be reported on a tax return, unless a specific exception set forth in the Internal Revenue Code (the “Code”) or the Treasury Department’s income tax regulations provide otherwise. When a transaction is taxable under applicable principles of income tax law, the seller’s taxable gain is determined by the following formula: the “amount realized” over the “adjusted tax basis” of the assets sold equals “taxable gain.” If the adjusted tax basis exceeds the amount realized, the seller has a “tax loss.” The amount realized is the amount paid by the buyer, including any debt assumed by the buyer. The adjusted tax basis of each asset sold is generally the amount originally paid for the asset, plus amounts expended to improve the asset (which were not deducted when paid), less depreciation or amortization deductions (if any) previously allowable with respect to the asset.
    [Show full text]
  • Identifying Section 1231, 1245 and 1250 Gains, 0% Bracket and Form 4797
    FOR LIVE PROGRAM ONLY Fundamentals of Capital Gains: Identifying Section 1231, 1245 and 1250 Gains, 0% Bracket and Form 4797 TUESDAY, JANUARY 21, 2020, 1:00-2:50 pm Eastern IMPORTANT INFORMATION FOR THE LIVE PROGRAM This program is approved for 2 CPE credit hours. To earn credit you must: • Participate in the program on your own computer connection (no sharing) – if you need to register additional people, please call customer service at 1-800-926-7926 ext. 1 (or 404-881-1141 ext. 1). Strafford accepts American Express, Visa, MasterCard, Discover. • Listen on-line via your computer speakers. • Respond to five prompts during the program plus a single verification code. • To earn full credit, you must remain connected for the entire program. WHO TO CONTACT DURING THE LIVE PROGRAM For Additional Registrations: -Call Strafford Customer Service 1-800-926-7926 x1 (or 404-881-1141 x1) For Assistance During the Live Program: -On the web, use the chat box at the bottom left of the screen If you get disconnected during the program, you can simply log in using your original instructions and PIN. Tips for Optimal Quality FOR LIVE PROGRAM ONLY Sound Quality When listening via your computer speakers, please note that the quality of your sound will vary depending on the speed and quality of your internet connection. If the sound quality is not satisfactory, please e-mail [email protected] immediately so we can address the problem. Fundamentals of Capital Gains: Identifying Section 1231, 1245 and 1250 Gains, 0% Bracket and Form 4797 January 21, 2020
    [Show full text]
  • Fall 2020 • Vol
    Texas Tax Lawyer A Tax Journal Fall 2020 • Vol. 48 • No. 1 www.texastaxsection.org TABLE OF CONTENTS FROM OUR LEADER: The Chair's Message Lora G. Davis, Davis Stephenson, PLLC SPECIAL ATTENTION: Submit a Nomination – Outstanding Texas Tax Lawyer Award Nomination Form ARTICLES: • Back from the Dead: The Return of the NOL Carryback: a discussion of the effect and tax planning opportunities created by the CARES Act Harold “Hap” May, Harold “Hap” May, P.C. • CARES Act Guidance for Coronavirus-Related Distributions and Loans Felicia A. Finston, Wilkins Finston Friedman Law Group L.L.P. William M. Fisher, Wilkins Finston Friedman Law Group L.L.P. Lina A. Wilkins, Wilkins Finston Friedman Law Group L.L.P. • Navigating the Paycheck Protection Program (PPP) Loan Forgiveness Application, Lender Review and Government Audit Process, and Corresponding Tax Consequences Juan F. Vasquez, Jr., Chamberlain, Hrdlicka, White, Williams & Aughtry, P.C. Jaime Vasquez, Chamberlain, Hrdlicka, White, Williams & Aughtry, P.C. Victor J. Viser, Chamberlain, Hrdlicka, White, Williams & Aughtry, P.C. • Tax Law 2020: Criminal Tax Update Michael A. Villa, Jr., Meadows, Collier, Reed, Cousins, Crouch & Ungerman, L.L.P. • Recent Developments in Federal Income Taxation “Recent developments are just like ancient history, except they happened less long ago.” First Wednesday Tax Update, June 3, 2020 Bruce A. McGovern, Professor of Law and Director, Tax Clinic, South Texas College of Law Houston 1 • Recent Developments in Federal Income Taxation “Recent developments are just like ancient history, except they happened less long ago.” First Wednesday Tax Update, August 5, 2020 Bruce A. McGovern, Professor of Law and Director, Tax Clinic, South Texas College of Law Houston • Recent Developments in Federal Income Taxation “Recent developments are just like ancient history, except they happened less long ago.” First Wednesday Tax Update, September 2, 2020 Bruce A.
    [Show full text]
  • ITEMIZING on STATE and FEDERAL TAX INCOME RETURNS: IT’S (NOW MORE) COMPLICATED David Weiner December 2, 2020
    ITEMIZING ON STATE AND FEDERAL TAX INCOME RETURNS: IT’S (NOW MORE) COMPLICATED David Weiner December 2, 2020 A taxpayer’s decision to itemize deductions or to claim the standard deduction on their income tax return is often framed as a simple calculation: Claim the greater of the two so as to minimize tax liability. But in states that require taxpayers to use the same status on their state income tax return as on their federal return, this general rule can produce conflicting results if taxpayers examine liability separately on their federal and state returns. Itemized deductions might be greater than the standard deduction on a state income tax return, but the reverse could be true on a federal return. Recent federal law changes have further complicated the choice. When the federal standard deduction was nearly doubled beginning in 2018, many more taxpayers found a conflict between the best itemization scenario on federal and state income tax returns. Those taxpayers must now calculate their federal and state income taxes under both scenarios if they want to minimize their combined state and federal income tax liability. Many taxpayers in states that link federal and state itemization choices are affected. In Maryland, for example, more than 200,000 taxpayers could benefit by itemizing on their federal returns when that may not be the obvious choice. In this brief, I examine the links between federal and state itemization decisions and explore the implications of relaxing state rules requiring that state itemization choices match federal ones. elatively few federal taxpayers itemize deductions on their income tax returns under current law, and those who do tend to have very high incomes.
    [Show full text]
  • Dividends and Capital Gains Information Page 1 of 2
    Dividends and Capital Gains Information Page 1 of 2 Some of the dividends you receive and all net long term capital gains you recognize may qualify for a federal income tax rate As noted above, for purposes of determining qualified dividend lower than your federal ordinary marginal rate. income, the concept of ex-dividend date is crucial. The ex- dividend date of a fund is the first date on which a person Qualified Dividends buying a fund share will not receive any dividends previously declared by the fund. A list of fund ex-dividend dates for each Qualified dividends received by you may qualify for a 20%, 15% State Farm Mutual Funds® dividend paid with respect to 2020, or 0% tax rate depending on your adjusted gross income (or and the corresponding percentage of each dividend that may AGI) and filing status. For single filing status, the qualified qualify as qualified dividend income, is provided below for your dividend tax rate is 0% if AGI is $40,000 or less, 15% if AGI is reference. more than $40,000 and equal to or less than $441,450, and 20% if AGI is more than $441,450. For married filing jointly Example: status, the qualified dividend tax rate is 0% if AGI is $80,000 or You bought 10,000 shares of ABC Mutual Fund common stock less, 15% if AGI is more than $80,000 and equal to or less than on June 8, 2020. ABC Mutual Fund paid a dividend of 10 cents $496,600, and 20% if AGI is more than $496,600.
    [Show full text]
  • Itep Guide to Fair State and Local Taxes: About Iii
    THE GUIDE TO Fair State and Local Taxes 2011 Institute on Taxation and Economic Policy 1616 P Street, NW, Suite 201, Washington, DC 20036 | 202-299-1066 | www.itepnet.org | [email protected] THE ITEP GUIDE TO FAIR STATE AND LOCAL TAXES: ABOUT III About the Guide The ITEP Guide to Fair State and Local Taxes is designed to provide a basic overview of the most important issues in state and local tax policy, in simple and straightforward language. The Guide is also available to read or download on ITEP’s website at www.itepnet.org. The web version of the Guide includes a series of appendices for each chapter with regularly updated state-by-state data on selected state and local tax policies. Additionally, ITEP has published a series of policy briefs that provide supplementary information to the topics discussed in the Guide. These briefs are also available on ITEP’s website. The Guide is the result of the diligent work of many ITEP staffers. Those primarily responsible for the guide are Carl Davis, Kelly Davis, Matthew Gardner, Jeff McLynch, and Meg Wiehe. The Guide also benefitted from the valuable feedback of researchers and advocates around the nation. Special thanks to Michael Mazerov at the Center on Budget and Policy Priorities. About ITEP Founded in 1980, the Institute on Taxation and Economic Policy (ITEP) is a non-profit, non-partisan research organization, based in Washington, DC, that focuses on federal and state tax policy. ITEP’s mission is to inform policymakers and the public of the effects of current and proposed tax policies on tax fairness, government budgets, and sound economic policy.
    [Show full text]
  • Input for Carnival of Math: Number 115, October 2014
    Input for Carnival of Math: Number 115, October 2014 I visited Singapore in 1996 and the people were very kind to me. So I though this might be a little payback for their kindness. Good Luck. David Brooks The “Mathematical Association of America” (http://maanumberaday.blogspot.com/2009/11/115.html ) notes that: 115 = 5 x 23. 115 = 23 x (2 + 3). 115 has a unique representation as a sum of three squares: 3 2 + 5 2 + 9 2 = 115. 115 is the smallest three-digit integer, abc , such that ( abc )/( a*b*c) is prime : 115/5 = 23. STS-115 was a space shuttle mission to the International Space Station flown by the space shuttle Atlantis on Sept. 9, 2006. The “Online Encyclopedia of Integer Sequences” (http://www.oeis.org) notes that 115 is a tridecagonal (or 13-gonal) number. Also, 115 is the number of rooted trees with 8 vertices (or nodes). If you do a search for 115 on the OEIS website you will find out that there are 7,041 integer sequences that contain the number 115. The website “Positive Integers” (http://www.positiveintegers.org/115) notes that 115 is a palindromic and repdigit number when written in base 22 (5522). The website “Number Gossip” (http://www.numbergossip.com) notes that: 115 is the smallest three-digit integer, abc, such that (abc)/(a*b*c) is prime. It also notes that 115 is a composite, deficient, lucky, odd odious and square-free number. The website “Numbers Aplenty” (http://www.numbersaplenty.com/115) notes that: It has 4 divisors, whose sum is σ = 144.
    [Show full text]
  • On Sufficient Conditions for the Existence of Twin Values in Sieves
    On Sufficient Conditions for the Existence of Twin Values in Sieves over the Natural Numbers by Luke Szramowski Submitted in Partial Fulfillment of the Requirements For the Degree of Masters of Science in the Mathematics Program Youngstown State University May, 2020 On Sufficient Conditions for the Existence of Twin Values in Sieves over the Natural Numbers Luke Szramowski I hereby release this thesis to the public. I understand that this thesis will be made available from the OhioLINK ETD Center and the Maag Library Circulation Desk for public access. I also authorize the University or other individuals to make copies of this thesis as needed for scholarly research. Signature: Luke Szramowski, Student Date Approvals: Dr. Eric Wingler, Thesis Advisor Date Dr. Thomas Wakefield, Committee Member Date Dr. Thomas Madsen, Committee Member Date Dr. Salvador A. Sanders, Dean of Graduate Studies Date Abstract For many years, a major question in sieve theory has been determining whether or not a sieve produces infinitely many values which are exactly two apart. In this paper, we will discuss a new result in sieve theory, which will give sufficient conditions for the existence of values which are exactly two apart. We will also show a direct application of this theorem on an existing sieve as well as detailing attempts to apply the theorem to the Sieve of Eratosthenes. iii Contents 1 Introduction 1 2 Preliminary Material 1 3 Sieves 5 3.1 The Sieve of Eratosthenes . 5 3.2 The Block Sieve . 9 3.3 The Finite Block Sieve . 12 3.4 The Sieve of Joseph Flavius .
    [Show full text]
  • Section 111.—Recovery of Tax Benefit Items 26 CFR 1.111-1
    Section 111.—Recovery of Tax Benefit Items 26 CFR 1.111-1: Recovery of certain items previously deducted or credited. (Also: § 164; 1.164-1.) Rev. Rul. 2019-11 ISSUE If a taxpayer received a tax benefit from deducting state and local taxes under section 164 of the Internal Revenue Code in a prior taxable year, and the taxpayer recovers all or a portion of those taxes in the current taxable year, what portion of the recovery must the taxpayer include in gross income? FACTS In Situations 1 through 4 below, the taxpayers are unmarried individuals whose filing status is “single” and who itemized deductions on their federal income tax returns for 2018 in lieu of using their standard deduction of $12,000. The taxpayers did not pay or accrue the taxes in carrying on a trade or business or an activity described in section 212. For 2018, the taxpayers were not subject to alternative minimum tax under section 55 and were not entitled to any credit against income tax. The taxpayers use the cash receipts and disbursements method of accounting. Situation 1: Taxpayer A paid local real property taxes of $4,000 and state income taxes of $5,000 in 2018. A’s state and local tax deduction was not limited by section 164(b)(6) because it was below $10,000. Including other allowable itemized deductions, A claimed a total of $14,000 in itemized deductions on A’s 2018 federal income tax return. In 2019, A received a $1,500 state income tax refund due to A’s overpayment of state income taxes in 2018.
    [Show full text]
  • 2021 Instructions for Form 6251
    Note: The draft you are looking for begins on the next page. Caution: DRAFT—NOT FOR FILING This is an early release draft of an IRS tax form, instructions, or publication, which the IRS is providing for your information. Do not file draft forms and do not rely on draft forms, instructions, and publications for filing. We do not release draft forms until we believe we have incorporated all changes (except when explicitly stated on this coversheet). However, unexpected issues occasionally arise, or legislation is passed—in this case, we will post a new draft of the form to alert users that changes were made to the previously posted draft. Thus, there are never any changes to the last posted draft of a form and the final revision of the form. Forms and instructions generally are subject to OMB approval before they can be officially released, so we post only drafts of them until they are approved. Drafts of instructions and publications usually have some changes before their final release. Early release drafts are at IRS.gov/DraftForms and remain there after the final release is posted at IRS.gov/LatestForms. All information about all forms, instructions, and pubs is at IRS.gov/Forms. Almost every form and publication has a page on IRS.gov with a friendly shortcut. For example, the Form 1040 page is at IRS.gov/Form1040; the Pub. 501 page is at IRS.gov/Pub501; the Form W-4 page is at IRS.gov/W4; and the Schedule A (Form 1040/SR) page is at IRS.gov/ScheduleA.
    [Show full text]
  • 2019 M1SA, Minnesota Itemized Deductions
    *191161* 2019 Schedule M1SA, Minnesota Itemized Deductions Your First Name and Initial Last Name Your Social Security Number Medical and Dental Expenses 1 Medical and dental expenses (see instructions) . 1 2 Enter the amount from line 1 of Form M1 . If zero or less, enter 0 . 2 3 Multiply line 2 by 10% (.10). 3 4 Subtract line 3 from line 1. If line 3 is more than line 1, enter 0 . 4 Taxes You Paid 5 Real estate taxes (see instructions) . 5 6 Personal property taxes (see instructions) . 6 7 Add lines 5 and 6 . 7 8 Enter the lesser of line 7 or $10,000 ($5,000 if married filing separate) 8 9 Other taxes. List the type and amount . 9 10 Add lines 8 and 9 . 10 Interest You Paid 11 Home mortgage interest and points on federal Form 1098 . 11 12 Home mortgage interest and points not reported to you on Form 1098 (see instructions) 12 13 Investment interest expense . 13 14 Add lines 11 through 13 . 14 Charitable Contributions 15 Charitable contributions by cash or check (see instructions) . 15 16 Charitable contributions by other than cash or check (see instructions) 16 17 Carryover of charitable contributions from a prior year . 17 18 Add lines 15 through 17 . 18 Casualty and Theft Losses 19 Casualty or theft loss (enclose Schedule M1CAT) . 19 Unreimbursed Employee Business Expenses 20 Unreimbursed employee expenses (enclose Schedule M1UE) . 20 21 Enter the amount from line 1 of Form M1 . If zero or less, enter 0 . 21 22 Multiply line 21 by 2% (.02) .
    [Show full text]