Tax Info Blog: Amending Tax Returns: Can I Get a Mulligan?

My Online Status

Email Subscriber Count

Subscribe to this blog's feed

Welcome to the
Tax Info Blog

Welcome to the Tax Info Blog. This tax-focused blog is intended to be a helpful supplement for both clients and prospective clients of Ryan Ellis LLC.

By all means, please email me with any questions you have, and I will answer them (for attribution or not--it's up to you). If you have anything you would like to learn more about, just let me know.

The opinions set forth in this website are subject to the disclaimer pertaining to IRS Circular 230 set forth herein. Please click the about page to see the precise disclaimer details.

2008 Tax Limits

Retirement Limits

401(k)/403(b)/457 Elective Deferral Limit: $15500

401(k)/403(b)/457 Catch-Up Contribution Limit: $5000

SIMPLE Elective Deferral Limit: $10500 ($2500 catch-up)

Maximum Defined Contribution Pension Contribution: $46000

Defined Contribution Compensation Limit: $230000

Maximum Defined Benefit Pension: $185000

Highly-Compensated Employee: $105000

Key Employee: $150000

IRA Contribution Limit: $5000

IRA Catch-Up Contribution: $1000

Traditional IRA AGI Contribution Limits: $0-$10000 if No Pension/Not MFS, $53000-$63000 S w/pension, $85000-$105000 MFJ w/2 pensions, $159000-$169000 MFJ w/1 pension

Roth IRA AGI Contribution Limits: $101000-$116000 S/HH/QW, $159000-$169000 MFJ, $0-$10000 MFS

Roth IRA Conversion AGI Limit: $100,000

Saver's Credit AGI Limits: $53000 MFJ, $39750 HH, $26500 S

Social Security Taxable Wage Base: $102000

50% Social Security Benefit Taxation Threshold: $25000 Single, $32000 MFJ

85% Social Security Benefit Taxation Threshold: $34000 Single, $44000 MFJ

Extra Standard Deduction for Over 65 or Blind: $1350 Per Incident for Singles, $1050 Per Incident for MFJ

Business Related Limits

Mileage Rate: $0.505 Business, $.014 Charitable, $.019 Moving and Medical

Fringe Benefit Transit Pass Limit: $115 Per Month

Fringe Benefit Parking Pass Limit: $220 Per Month

Child Care Fringe Benefit Limit: $5000

179 Expensing Limit: $128000 in assets, phases out between $510000-$638000 in total assets

Housing Related Limits

Mortgage Acquisition Debt Limit: $1,000,000

Mortgage Home Equity Debt Limit: $100,000 (Diasallowed Under AMT)

Casualty and Theft Deduction Floor: 10% of AGI + $100 (Disallowed Under AMT)

IRA First Time Homebuyer Distribution Limit: $10000

Real Estate Passive Loss Limits: $25000 in Loss, Phases Out Between $100000-$150000 AGI

DC First Time Homebuyers Credit: $5000, Phases Out Between $70000-$90000 ($110000-$130000 MFJ)

Education Related Limits

Coverdell ESA Limits: $2000 Per Child, Phases Out Between $190,000-$220,000 MFJ (Half That for Others)

Tuition and Fee Deduction Limits: $4000 Limit, Disallowed After $160,000 AGI MFJ (Half That for Others)

Hope Credit: 100% of first $1200 in expenses, 50% of $1101-$2400

Lifetime Learning Credit: 20% of up to $10000 in expenses

Hope and Lifetime Learning Credits AGI Phaseout: $48000-$58000 ($96000-$116000 MFJ, $0 MFS)

Education Savings Bond Interest Exclusion Phaseout: $67100-$82100 ($100650-$130650 MFJ)

Student Loan Interest Limits: $2500 Interest Amount, Phases Out Between $115000-$145000 AGI ($55000-$70000 for non-MFJ, $0 for MFS)

Educator Expense Deduction: $250 Per Teacher

Child Related Limits

Personal Exemption:$3500

Personal Exemption Phaseout: $239950-$362450 MFJ/QW, $199950-$322450 HH, $159950-$282450 S, $119975-$181225 MFS

Child Tax Credit: $1000 Per Child, Phases Out at $110000 AGI MFJ/QW, $75000 S/HH, $55000 MFS
Refundable CTC Begins at $12050

Education Credit Phaseout: $94000-$114000 MFJ, $47000-$57000 others

Dependent Care Credit Expenditure Limit: $3000 for One Child, $6000 for Two Children

Child Care Fringe Benefit Limit: $5000

Adoption Credit Limit: $11650 Per Child, Phases Out Between $174730-$214730 AGI

Kiddie Tax Limit: $900

Dependent Standard Deduction: $900, or $300 Plus Earned Income

Health Care Related Limits

HSA Contribution Limit: $2900 single, $5800 family

Over 55 Catch-Up Contribution: $900

HDHP Deductible Minimum: $1100 Single, $2200 Family

HDHP Out of Pocket Max: $5600 Single, $11200 Family

Medical Expense Deduction Floor: 7.5% of AGI (10% if in AMT)

Long Term Care Insurance Premium Limit: <40=$310, 40-50=$580, 50-60=$1150, 60-70=$3080, 70<$3850

Miscellaneous Limits

Standard Deduction: $5450 S/MFS, $8000 HH, $10900 MFJ/QW

Itemized Deduction Phaseout (Pease): $159950 of AGI (Half for MFS)

Miscellaneous Itemized Deduction Floor: 2% of AGI (Disallowed Under AMT)

Capital Loss Limit: $3000

Gift Limit: $12000

Foreign Earned Income Exclusion: $87600

Death Tax Exemption: $2,000,000/45% Rate

Ex-pat Trigger: $139000

Earned Income Credit AGI Limits:
MFJ No Kids: $15880
MFJ 1 Kid: $36995
MFJ 2/More Kids: $41646
Others No Kids: $12880
Others 1 Kid: $33995
Others 2/More Kids: $38646

Max Investment Income for EIC: $2950

2008 Individual Income Tax Brackets

Single
10%: $0-$8025
15%: $8026-$32550
25%: $32551-$78850
28%: $78851-$164550
33%: $164551-$357700
35%: $357701-
Married Filing Jointly/
Qualified Widow(er)
10%: $0-$16050
15%: $16051-$65100
25%: $65101-$131450
28%: $131451-$200300
33%: $200301-$357700
35%: $357701-
Heads of Households
10%: $0-$11450
15%: $11451-$43650
25%: $43651-$112650
28%: $112651-$182400
33%: $182401-$357700
35%: $357701-
Married Filing Separately
10%: $0-$8025
15%: $8026-$32550
25%: $32551-$65725
28%: $65726-$100150
33%: $100151-$178850
35%: $178851-

Corporate Income Tax Brackets

15%: $0-$50000
25%: $50001-$75000
34%: $75001-$100000
39%: $100001-$335000
34%: $335001-$10,000,000
35%: $10,000,001-$15,000,000
38%: $15,000,001-$18,333,333
35%: $18,333,334-

Tax Calendar

Due Dates for Returns
3/15: Corporations, S-Corporations
3/15: S-Corporation Election
4/15: Individuals and Partnerships
9/15: Extension Deadline, Corporations and S-Corporations
10/15: Extension Deadline, Individuals and Partnerships
Estimated Income Tax
First Quarter: April 15
Second Quarter: June 15
Third Quarter: September 15
Fourth Quarter: December 31 (January 15 Individual)
Employment Taxes
1/31: W-2s and 1099s, and Unemployment
1/31: Fourth Quarter FICA
5/1: First Quarter FICA
7/31: Second Quarter FICA
10/31: Third Quarter FICA

TaxProf Blog

March 2009

Archives

Blog powered by TypePad
Member since 07/2006

« DC Homebuyers Credit: Do We Need to Bribe People Now? | Main | HSAs Greatly Expanded and Improved »

2006.12.07

Amending Tax Returns:
Can I Get a Mulligan?

Q: Tax Playa, I forgot to deduct some tuition for a class I had a couple of years ago. Can I get any money back?
Jen, Cranston RI

A: Taxpayers may amend their tax returns for up to three years after the filing deadline of a tax year. There are a few restrictions, but the process is fairly straightforward...

If a taxpayer wants to amend their taxes, they need to file a Form 1040X. This may sound like some sick version of tax porn, but it's a real form.

The deadline for filing a 1040X is three years after the due date of the year you are trying to amend. As an example, suppose you want to amend your return for 2004. The filing deadline was April 15, 2005. You have until April 15, 2008 to file an amended return for 2004.

You may also need to file a 1040X if the IRS adjusts your original return and you don't fully-agree with their changes (which is often the case, since they assume the worst for taxpayers).

There is one restriction on filing an amended return that is important to remember: a household that files as married filing jointly cannot later amend the return and file as married filing separately.

Filing an amended return does invite stricter scrutiny from the IRS, but that shouldn't cause you to leave money on the table. It takes about 10 weeks for the IRS to process 1040Xs, which must be paper-filed.

Posted by Ryan Ellis on 2006.12.07 at 12:04 PM | Permalink

TrackBack

TrackBack URL for this entry:
http://www.typepad.com/services/trackback/6a00d83451ced869e200d8350a7e8b53ef

Listed below are links to weblogs that reference Amending Tax Returns:
Can I Get a Mulligan?:

Comments

The comments to this entry are closed.

Chat For a Fee

Do you have a personalized tax question that you need answered? Would you rather have a private conversation than participate in the public dialogue of this blog? Would you like to "interview me" before hiring me to do your taxes?

If so, you might be interested in my "chat for a fee" feature.

For a prepaid fee of $50 per hour, you can reserve an hour of my time. We can privately chat on Gmail, AOL, Yahoo, Facebook, or any other major chat software. You can prepay via the Paypal tip jar.

If interested, drop me a line

Tip Jar

Thank You

Amazon.com Wish List

Topical Index

Recent Comments

Tax Links

529 Plan Comparisons
The best site to learn about 529 plans and compare state plans.
American Shareholders Association
Wealth of information on capital gains, dividends, tax-advantaged savings accounts, and much more.
Americans for Prosperity
Americans for Tax Reform
The arm of the tax reform movement. Headed up by Grover Norquist
Club for Growth
HSA Bank Calculator
See for yourself how superior an HSA plan is over traditional health insurance.
Independent Contractor "Twenty Points"
The question of whether someone can reasonably be classified as an independent contractor is an important one. The above link is the safe-harbor the IRS and the SSA uses in making these determinations. If you want someone to be an independent contractor, comply with as many of them as possible.
Internal Revenue Service
The belly of the beast. All you need is here, from publications to instructions to forms
Rollover Chart
What the rules are for rolling over accounts into one another
Tax Foundation
These are the folks who produce "Tax Freedom Day" and have been tracking tax issues since the Great Depression
Tax Foundation "Tax Policy Podcast"
This tax podcast is hosted by Scott Hodge and features a great guest list of policymakers and tax experts
Tax History Project
Dedicated to noting the history of taxation. This has the links to Presidential tax returns going back to FDR
Tax Notes
The premier tax publication available
Tax Policy Center
They're lefties, but they have a wealth of information on tax stats at all levels
Tax Talk Today Podcast
Continuing Professional Education (CPE) Podcasts for Tax Pros
Tax Update Podcast
Arizona CPA Ed Zollars has a weekly "Tax Update" podcast geared for tax pros, focusing on a different tax topic every week
TaxAlmanac
This premier tax wiki has real-time Internal Revenue Code/Title 26, real-time Treasury regulations, and a very helpful message board
Understanding Your W-2
A lin-by-line guide to the most common tax form people get in the mail, the W-2
Vanguard Diehards
A message board for the "Vanguard Diehards," a group of guerrilla warfare passive investment true believers (like me)

Amazon.com

Tax Reading List