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Individual Income Tax Questions

What is individual Income Tax

An individual income tax is tax levied on a person’s total income for a period of one year. This tax is regulated and collected by the government. With corrections made at the year end, adjustments to the taxes can result in either an additional tax payment owed to the government or a tax refund owed to the individual by the government. Listed below are a few questions answered by the Experts on issues related to individual income tax.

If one person claimed another person on their income taxes, without filing their W-2, can the second person file their own separate, individual income tax return?

The second person can file an individual income tax return but cannot claim themselves as a dependent and take personal exemption .Also, one can only claim an individual as a dependent on their income tax returns if the individual’s earnings are less than $3050, they lived with that individual for the entire year and paid more than 50% of their total support. So, in this case, the second person should file as a single and indicate that they might have been wrongly claimed as a dependent on another person’s 1040 U.S. income tax return.

Can a non-family member who resides in your home and works with your company file an individual income tax return as an independent contractor?

As long as the non-family member works their own hours and sets their own guidelines, they can be classified as an independent contractor. You can report the person’s earnings by issuing a 1099-MISC form to them and mention the earnings in box 7. The person could then report self-employment earnings on Schedule C of their individual income tax return.

Should a U.S, citizen who is living overseas and receiving Social Security Benefits from the U.S. file an United States individual income tax return and claim earnings received in the country of one’s residence?

An individual, who may have earned income in the United States and abroad, must declare all money earned on a U.S. 1040 individual income tax return. If the individual’s earned income from abroad is taxable, they may claim a credit for those taxes, to avoid being taxed twice. Also, if the tax liability on an individual’s income abroad is higher, there may not be any U.S. taxes owed. However, if the tax liability abroad is lower, they could expect to pay the difference after all the credits are applied. The individual could speak to a Tax Professional to understand which forms need to be filed in addition to the U.S. 1040 individual income tax return so that the return is filed correctly.

Can a previous year’s individual income tax return refund be applied to the following year’s individual income taxes to reduce the tax liability?

Once an individual has received their refund check, they can mail this check back by writing VOID across the check front and the endorsement section. They can also include a letter of explanation asking the authorities to use this amount to bring down their tax liability for the following year. However, it is important that the individual keeps a copy of the check and letter for their records.

There are several rules to be followed when filing an individual income tax return. While the questions above may have answered a few of your concerns regarding the process of filing, you could have other questions that are specific to your case. Remember that it is important to know exactly how you must file your taxes to avoid making a mistake and paying a penalty. Put your queries to Experts now for quick answers and insights that can help with your case.

Ask a Tax Professional

Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: General
Satisfied Customers: 572
Experience:  10 years experience
16356563
Type Your Tax Question Here...
characters left:
Tax Professionals are Online Now

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    Ask follow up questions if you need to.
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Tax Professionals are online & ready to help you now

Wallstreet Esq.
Tax Attorney
Satisfied Customers: 570
10 years experience
Wendy Reed
Enrolled Agent
Satisfied Customers: 3052
15+ years tax preparation and tax advice.
Mark D
Enrolled Agent
Satisfied Customers: 985
MBA, EA, Specializing in Business and Individual Tax Returns and Issues

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