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4 years ago|5 views

In addition to filing a 2016 return by April 18, many taxpayers must file Form 1040-ES to pay quarterly estimated taxes on income on which no taxes are withheld, like self-employment income; interest, dividends

RisingWorld
In addition to filing a 2016 return by April 18, many taxpayers must file Form 1040-ES to pay quarterly estimated taxes on income on which no taxes are withheld, like self-employment income; interest, dividends
and capital gains on investments, or rental and royalty income.
“You can use your tax refund to lower your 2016 tax,” Ms. Weltman said, “but you have to file as early as you can”
because the deadline for depositing the money into an I. R.A.
is the same as the due date for filing tax returns, April 18 this year.
The reason, Mr. Block said, is that online identity thieves are increasingly active,
and if they file a fraudulent return using your Social Security number and claiming a refund, your own refund will be delayed while the I. R.S.
If you are eligible for an I. R.A.
or H. S.A., claim deductions for them on the return, based on the amounts calculated
by the accounts’ custodians, and include Form 8888, directing the I. R.S.
For tax purposes, alimony counts as earned income, he added, so recipients who otherwise qualify for an I. R.A.
may contribute the alimony to it and claim a deduction.
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