Download AARP J.K. Lasser's 1001 Deductions and Tax Breaks 2011. Your by Barbara Weltman PDF

By Barbara Weltman

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Extra info for AARP J.K. Lasser's 1001 Deductions and Tax Breaks 2011. Your Complete Guide to Everything Deductible

Example text

Long-term capital gains are subject to lower tax rates than the rates on other income, such as salary and interest income, and may even be tax free in some cases. Ordinary dividends on stocks and capital gain distributions from stock mutual funds are taxed at the same low rates as long-term capital gains. 3. Tax-deferred income—income that isn't currently taxed. Since the income builds up without any reduction for current tax, you may accumulate more over time. However, at some point the income becomes taxable.

Citizenship or residency test 5. Joint return test RELATIONSHIP OR MEMBER OF THE HOUSEHOLD TEST The person you claim as a dependent must either be a relative (whether or not they live with you) or a member of your household. Relatives who do not have to live with you in order to qualify as your dependent include: Child, adopted child, or stepchild (other than a qualifying child) Grandchild (other than a qualifying child) Great-grandchild (other than a qualifying child) In-law (son, daughter, father, mother, brother, or sister) Parent or stepparent Sibling, stepbrother or stepsister, half-brother or half-sister Uncle, aunt, nephew, or niece if related by blood Any other individual, including, for example, a cousin, must be a member of your household for the entire year (not counting temporary absences).

You lose out for 10 years if your claim was fraudulent. If you become ineligible because of negligence or fraud, the IRS issues a deficiency notice. You may counter the IRS's charge by filing Form 8862, Information to Claim Earned Income Credit after Disallowance, to show you are eligible. If the IRS accepts your position and recertifies eligibility, you don't have to file this form again (unless you again become ineligible). If you received the earned income credit on an advance basis and it turns out to be more than you were entitled to (for example, your unearned income for the year disqualifies you for the credit), you owe the money back as unpaid taxes.

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