Since you are a TN resident, you could file separately (MFS) for AZ as a nonresident to report your half of the AZ rental income. The dividend income would be taxable to TN (which is to say you wouldn't have to file for it since TN doesn't have a tax). If the dividend income is not significant, you might find it simpler to just file an MFJ return for AZ and have it included in your joint AZ taxable income. The choice would depend on whether considering yourself as an AZ resident to file a joint return creates a tax hit for you.
Wil, you have a filing requirement as it appears that you had income. You are not helping yourself by not filing as you will be lieable for delinquency penalties and possibly other penalties as well.
Unfortunately medical expenses paid for non-humans are not considered deductible.
Debbie K - He can file Schedule C to deduct any expenses to offset the income received. If he doesn't have any, then he can just claim it as "other income" subject to self employment tax.
K-1's are due out by the date the entity's tax return is due. If you have an interest in a partnership, either a small business or a publicly traded partnership such as Kinder Morgan, the K-1 would have to be out by Apr. 15 ... unless the entity extended to Sept. 15. For S-corporations, tax returns are due Mar. 15, so you should have already received any S-corp K-1's.
Were they legally married in a state that recognizes same sex marriages? If yes them this couple files a federal joint but still needs to file separate Arizona returns. There is a new Arizona form just for that purpose this year called a Schedule S. If they were not married in a state that recognizes them they file single and separate returns.
Wil Schuiterman, yes you should file. As for the payment, you should request an installment.
Tiffany - from what I've been told, it seems to be taking about 10 days to get the AZ refund direct deposited into your account. I believe you can go to www.aztaxes.gov and check the status of your refund. if you filed on 3/8, you should probably get it any day.
Hello I. Cooper,
An exercise program can be included as a qualified medical expense only if it has been recommended by a physician to treat a specific medical condition.
Any disbursements from the estate should be reported on a K-1. Typically, the disbursements won't be taxable, but there may be income the estate passes through to the heirs rather than pay tax on it at the estate's usually higher tax rate. If the disbursement is a distribution of the principal ("corpus") of the trust, it would be shown as a distribution in the other information section.
K-1's to estate beneficiaries are due at the time the estate return is due. For a calendar year, that would be Apr. 15, but an estate might also be on a fiscal year starting at the date of death. That could span two calendar years. So, not a simple answer to when estate K-1s should be out.
Yes, you can claim your daughter as long as she is a full-time student and meets all of the qualifications for a dependent up to age 23. I would reference Publication 970 on education benefits for other college related costs that may be of benefit to you and Publication 17 regarding who can be claimed as as a dependent.
I would advise going ahead and paying as soon as possible, as per your calculation. If you would like to be sure of the exact amount of the penalty to be paid, it is best to contact AZDOR directly, to determine the amount due to date.
Kumar, were the dividends in your name only? Because AZ in a community property state, each of you would file on half of the community income. So, you would split the rental income to do married filing separately. If you were both owners of the dividend assets, then it would be treated as community property and split. however if you owned it solely and it wasn't put into a joint account, you would not split it if MFS.
Hi Davey, unless you have farming or fishing income there is no income averaging.
Foster children can be claimed if they are in your home for at least 183 days. The money that you receive from the state is a reimbursement and is not taxable.
It is very common for a new business in its infancy to incur expenses which exceed the income, thus resulting in a loss. If your reported loss from your art framing business completely offsets your retirement fixed income, then you may have a net operating loss, i.e., negative adjust gross income. Net operating losses must first be carried back two years, and if not fully absorbed, carried forward for up to 20 years. This means that if you paid tax for the two years preceding your NOL, you would receive a refund by carrying the loss back first to the second year before your loss, and then to the year immediately preceding your loss. A taxpayer may elect not to use the carryback period and instead only carry over the NOL for the allowed carryforward period. Once the election is made for any tax year (on a statement attached to the return or amended return), it's irrevocable for that year. The correct form to file, if carrying the loss back, is Form 1045, if you are filing for the carryback within 12 months of the year that the loss originates from. If you file a carryback after 12 after the loss year ends, you must use Form 1040X for the year that the loss is carried back to.
Hi Susan - it depends on if it's short term or long term capital gains. Short term capital gains are taxed at your ordinary tax rates. Long term capital gains are taxed at 0% if you are in the 10% or 15% bracket, 15% if you are in the 25%-35% bracket and 20% if in the top tax bracket of 39.6%.
Hi Davey, the answer to your question depends on many variables. At least part of the amount will probably be taxable for income tax purposes as well as the 10 percent early withdrawal penalty if you are under 59 and half. How much is subject to these depends on the type of annuity it is. The taxable portion of your distribution will be subject to regular income tax and possibly the early withdrawal penalty unless you follow the rollover rules and put the amount into another retirement plan.
Hi Dan, If you are still referring to foster children and the child was born in 2013 you take the number of days the child was alive and divide by two and add a day. That is the amount of time the child would have been placed with you in order to claim as a dependent.
Community property means that all income is considered owned by both spouses, which is why if you file married filing separately, you split the total household income rather than just reporting what you made. Community property states are AZ, CA, WA, NM, TX, LA and WI (how Wisconsin got in on it is anybody's guess). For a non-community property state, somebody married filing separately would report just their own earnings.
With community property, when one spouse dies, the other spouse gets a step-up to the market value for the whole property since the spouses are deemed to have a full but not separated interest in the ownership. In a non-CP state, a spouse would inherit a stepped-up basis for just half of the property rather than the whole value.
Lorraine, if you were married married by December 31, 2013, you are considered married for the entire year. Therefore, you may file married filing jointly or marreid filing separately.