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Questions about Personal Exemptions
What are personal exemptions?
that an individual may claim for himself/herself, their spouse and children. This exemption is allowed by the IRS and helps to reduce an individual’s total
. Given below are some of the important questions that are answered by the Experts about personal exemptions.
Can an individual carry forward the loss if their personal exemptions and itemized deductions is more than their tax?
An individual may not be able to carry forward the loss in the case that the individual’s exemptions and
are more than the taxes. This is because these exemptions and deductions may not produce a net operating loss. Only business and investment losses which are net operating losses may be carried forward.
How can an employer determine the amount that they may have to withhold from an employee’s salary for income tax purposes?
In order to determine the amount that the employer may withhold from an employee’s salary, the employer may first ask the employee to fill out the W-4 form. The employee will have to mention whether he/she will file the returns as single or married on this form. The employee will also have to list how many exemptions he/she would claim. The employer may then determine the amount based on this information. The IRS also produces a Circular E that will tell the employers how much money the employer may hold back based on the information given by the employee.
What is the projected personal exemption for the year 2012?
The projected personal exemption for the year 2012 is $3,800.
How many personal exemptions can an individual claim if they file their taxes as married filing jointly?
An individual may be able to claim 2 personal exemptions of $3,700 each if the individual files their returns as
married filing jointly
. These exemptions may increase if the individual is over 65 years of age and blind.
What are the different kinds of federal exemptions?
There are two kinds of exemptions that are taken into account while determining the
for an individual. They are dependant exemptions and personal exemptions. The individual can claim both these exemptions while filing their
Would personal exemptions be allowed if an individual came under the Alternative Minimum Tax Category?
In most situations, personal exemptions that an individual may claim for his/her children, spouse and self may not be allowed if an individual came under the
alternative minimum tax
category. These exemptions may add to the
minimum category liability.
In many situations, personal exemptions are calculated on the basis of the number of family members that an individual may have. This individual may claim an exemption for each family member. The amount for the exemption may be adjusted on a yearly basis.
The amount that a person may claim as personal exemption may differ from year to year. It is important for you to be aware of the conditions that will qualify you for these exemptions. You may speak to an Expert if you have any doubts about how to claim these exemptions or need further information.
Recent Personal Exemptions Questions
If you are divorced and remarried, is there any benefit filing
If you are divorced and remarried, is there any benefit filing MFS from your new spouse in order to receive financial aid for college? If the new husband makes alot of money?
What all things should I consider, if I was to cash out a significant
What all things should I consider, if I was to cash out a significant amount of one of my IRA's, as far as fees, extra tax etc. Is there a good way to figure out the amount I will be hit in taxes. In addition to the money I need, I want to take out enough to cover my taxes and not owe, at the end of the year.
Thanks you for your time.
I have an estate question. My parents passed away in Aug 2014
I have an estate question. My parents passed away in Aug 2014 and Jan. 2015. We discovered as we were sorting through their records that in 2011 and 2012 they had received interest from a farm loan and they did not pay income tax on that income. They did receive a 1099-INT those two years and that was sent to the IRS. They had farm rent income and Social Security Income in 2011 and 2012 and those amounts did not merit them even having to file taxes when they took it to the preparer. However the interest income was not somehow communicated to the tax preparer. My father had always handled the financial matters and around 2009 or 2010 he started having dementia and other medical problems. My mother was not at all acquainted with financial and tax matters.
We are wondering if we need to go ahead and file the taxes for those two years? In April 2015 we filed a final income tax form for them for 2014. It was after that when we realized the problem on the 2011 and 2012 income tax.
If we get a note from my father's doctor verifying that he had dementia problems will this release us from the penalty and interest associated with the 2011 and 2012 income tax?
Also, my parents did not have a will. The farm land was in the boys names before my parents passed with life estate for my parents. The money was Payable upon Death to the girls. So far all of the medical bills, March 2015 property taxes, have been paid out of the bank account payable on death to the girls. The brothers have also let the girls have all of the proceeds from the farm equipment sale and take care of the household items. That was my parents expressed wish even though they did not have a will. My question in regard to the financial and tax liability is who should it fall upon. Only the bank accounts that belonged to my parents that were POD to the girls have been used to pay for the financial liabilities that have remained from my parents. Should my brothers legally have been required to pay their portion of those bills? Should my brothers be asked to pay their portion of the tax liability that may arise because of the 2011 and 2012 interest?
Thank you in advance for any help you can give.
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