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Federal Tax Return Questions

Every year in the United States, individuals who have earned income file federal tax returns as well as state tax returns. Some people take their taxes to professionals to have them filed and some choose to file their taxes on their own. There is an industry that is solely based upon those that have their taxes done professionally. Some may have the taxes done professionally simply for the convenience, while others may have it done because they do not understand how the federal tax return works. Below are questions that individuals have asked the Experts in regards to federal tax returns.

How does an individual who has moved to another state file their taxes?

If an individual has moved from one state to another state during the year and has earned wages in both states that are taxable, then the individual will owe taxes in both states. For an individual to file correctly they will have file as a part resident in the two states and pay the taxes on the income of both states. The move will have no effect on the federal tax return.

Is there a time limit to amend an individual’s federal tax return?

Typically, there is no time limit for an individual to amend an individual’s federal income tax return. If an individual needs to amend a federal tax return from years past, they are not limited due to a statue of limitations. However if an individual is amending a tax return with the expectation of receiving a tax return there is a statue of limitations for receiving a tax return.

How does the IRS deal with parents dividing claiming children on their federal tax returns?

When it comes to parents dividing who gets to claim the children on their federal tax returns the IRS will allow the parent that has the children for most of the year to claim them on that parent’s federal tax return. In the case where the parents each have the children the same amount of time throughout the year, then the parent whose adjusted gross income is the highest is able to claim the children. Before 2009 the IRS was known to honor the parents’ divorce decree in regards to whom was able to claim the children. Today that may not necessarily be the case though it may be in some situations. In the case where the parent who does not have the children the majority of the year or has the lower adjusted gross income wants to claim the children on their federal income tax, the parent who does have the right to claim the children must sign a Form 8332 in order to release their claims to the children exemption.

If an individual has not filed their income tax returns, how far back do they need to go back when filing their federal tax returns?

If an individual has not filed their federal tax returns for several years, for the most part the IRS requires that an individual file at a minimum at least the last 6 years previous federal tax returns. The IRS only keeps tax records as far back as 7 years. If the individual has all of the information and forms that they need to file, then they are able to file those years to find out where they stand with the IRS. If the individual owes no taxes for those years filed, then there will be no penalties assessed for filing late. If taxes are owed on any of those years, then penalties will be assessed and interest also added to the total. If the individual finds that they do indeed owe taxes and the amount is too much for the individual to pay at one time, then they are able to set up a payment plan with the IRS.

When tax time comes around, many individuals stress about the thousands of questions that come to mind when filing their federal tax returns. Often, these individuals are unaware of where to turn to get the correct answers to these questions. When not sure how long they have to file their tax returns, or how far back they can go when filing their federal income tax returns who better to turn to then the thousands of available Experts. These questions and many more about Federal Tax Returns can be answered by the Experts.

Ask a Tax Professional

Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: General
Satisfied Customers: 570
Experience:  10 years experience
16356563
Type Your Tax Question Here...
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2 Tax Professionals are Online Now

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Recent Federal Tax Returns Questions

  • Hi Lev, I reside in the UK and am planning on incorporating

    Hi Lev,
    I reside in the UK and am planning on incorporating an LLC in Delaware, main business would regard the entertainment world and all income would derive outside the US, but most expense like signing up speakers, would be invoiced from the US. It being a single member LLC I understood it would be considered as a solo proprietorship, but now I wonder being the owner, do I have to hire myself as a manager and ask for EIN? Not being an american citizen, apart the annual franchise tax, do I still have to file the federal tax returns and the form 1040nr? Or is it enough that I pay taxes in UK based on the profit?
    Thanks
  • An individual is on disability and has low income so that he

    An individual is on disability and has low income so that he is not required to file federal tax returns. However, he also operates a small business (sole proprietor, retail store). He has very little income from that store (after expenses). Is he required to file federal tax returns because he operates this business? Or would he be exempt from filing if his total income (including the store's) fell below a certain amount?

    If he is required, can you please provide the law or IRS code that applies?

    Thank you.
  • Can an individual who does accounting for an exempt organization

    Can an individual who does accounting for an exempt organization prepare the annual 990 EZ and sign the tax return. Or could the CEO sign it as self-prepared? Or must the 990 EZ
    be prepared by a licensed tax preparer?
    Thank You,
    Fred
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