February Tidbits
Report Name Change before Filing Taxes
If you or a dependent had a name change be sure to notify the Social Security Administration before you file your 2013 tax return with the IRS.
The name on your return must match SSA records. If they do not, your electronic filing will not process. If you paper file, you will likely receive a letter from the IRS causing a delay if you were expecting a refund.
Be sure to contact the SSA if any of the following apply to you:
- You were married or divorced and you changed your name.
- A dependent you claim had a name change.
File Form SS-5, Application for a Social Security Card, with the SSA to let them know about any name changes. You can get the form online at ssa.gov or by calling 800-772-1213 or at an SSA office. The new card will have the same SSN you had before but will show your new name.
If you adopted child who does not have a SSN, use a temporary Adoption Taxpayer Identification Number your tax form. You can apply for an ATIN by filing Form W-7A Application for Taxpayer Identification Number for Pending U.S. Adoptions, at IRS.gov or by calling 800-829-3676.
Curious about AMT
Have you ever wondered how the Alternative Minimum Tax might apply to you? If your income is above a certain amount, you may have to pay this tax. The AMT attempts to help ensure that some individuals who claim certain tax benefits pay a minimum amount of tax.
Here are a few things that you should know about AMT:
1. You may have to pay AMT if your taxable income, plus certain adjustments, is more than the AMT exemption amount for your filing status. If your income is below this amount, you usually will not owe Alternative Minimum Tax.
2. The 2013 AMT exemption amounts for each filing status are:
• Single and Head of Household = $51,900
• Married Filing Joint and Qualifying Widow(er) = $80,800
• Married Filing Separate = $40,400
3. The rules for AMT are more complex than the rules for regular income tax.
IRS Warns of Heavy Call Volume, Offers Tips for Faster Answers
There are other alternatives to help taxpayers find answers to commonly asked tax questions.
The Internal Revenue Service has several online tools on IRS.gov. However, due to limited resources, the IRS has changed the services provided at their toll-free telephone number and IRS Taxpayer Assistance Centers. To save time and find answers faster, taxpayers should go to 1040 Central on the IRS.gov website for a quick overview.
Here are some of the most common reasons people call:
Want to know where your refund is?
More than 90 percent of refunds are issued in less than 21 days. IRS representatives will not provide individual refund information before then. Taxpayers can easily find information about their refund by going to “Where’s My Refund” on the IRS.Gov website. “Where’s My Refund?” provides taxpayers with the most up-to-date information available. Taxpayers must have information from their current, pending tax return in order to access their refund information. Refund information is updated just once a day, usually overnight, so there’s no need to check more than once a day.
Didn’t get a W-2?
Employers are required to send to their employees a Form W-2, Statement of Earnings, by January 31. Employees should allow enough time for their form to be mailed to their address of record. If form W-2 is not received by mid-February, employees should first contact their employer to ensure they have the correct address on file.
After exhausting all options with the employer, employees may contact the IRS and they will send a letter to the employer.
Need a copy of your tax return or transcript?
Taxpayers can easily order a return or transcript online or by mailing a completed Form 4506-T. More information on these options is available at IRS.gov.
IRS transcripts are often used to validate income and tax filing status for mortgage, student and small business loan applications and to help with tax preparation.
Can’t pay a tax bill?
For taxpayers whose concern is a tax bill they can’t pay, there is an online Payment Agreement tool can help them determine in a matter of minutes whether they qualify for an installment agreement with the IRS. For those whose tax obligation is even more serious, the online Offer in Compromise Pre-Qualifier can help taxpayers determine if they qualify for an offer in compromise, an agreement with the IRS that settles their tax liability for less than the full amount owed.
