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Form 1045 Salt Lake City Utah: What You Should Know
IRS Forms 1040-X, 1040-XI: Federal Income Taxes for Individuals (Individuals File First) If you're filing a federal income tax return, and you don't have a 1040, you may be required to file Form 1040-X. If you have one or more dependents who are entitled to a refund, the tax on their refunds might exceed 10 percent of your adjusted gross income. You can use the IRS Form 1040-X to claim that refund. IRS Form 1040-X, you might also use if you're filing a return for a taxpayer who is eligible for the Earned Income Tax Credit (ETC). The instructions for Form 1040-X are in the book: Get CPA, 2nd Ed 2.0 for CPA students with IRS Forms 1040-X, 1040-XI. CPA Student. IRS Forms 1040-XI: Federal Income Taxes for Individuals (Individuals File Last) If you're a taxpayer not eligible for either the ETC or the Earned Income Tax Credit, you may not be eligible for a 1040-X. If so, you can use this form if you wish to claim a refund after you file a return. The instructions for Form 1040-XI are in the book: Get CPA, 2nd Ed 2.0 for CPA students with IRS Forms 1040-X, 1040-XI. CPA Student. Loan/Lease Interest Example: Interest for a Student Loan or Lease Income may be subject to a minimum tax, as well as standard, marginal, and additional income tax. Also, there are special rules for interest for loans. Example: If you are a student loan borrower or leaseholder, you may be able to reduce the amount you owe in income taxes if you are under the student loan program eligibility limit. For undergraduate and graduate students, the maximum annual interest rate that is allowed on a student loan is 12.4 percent. That means 12.4 percent of your tax withholding could be applied against the interest you pay. For graduate students with no eligible balance, the maximum annual interest rate that is allowed on a graduate student loan is 3.86 percent. That means 3.86 percent of your tax withholding could be applied against the interest you pay. If you are a graduate borrower who has no eligible balance, the interest rate on your loan will be equal to the maximum interest rate.
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