Base Tax Center 2012 Operating Schedule
FREE TAX PREPARATION AND ELECTRONIC FILING
The Base Tax Center will open 17 January 2012 to prepare 2011 tax returns. Operating hours are as follow: Monday, Tuesday, Thursday and Friday 0800 – 2000. Wednesday Unit/Individual Appointment Day 0800 – 1600. For Unit and Individual Appointment telephone GySgt Pfeiler 451-5287. Saturday 0800 – 1200 (EZ Returns).
When you go to the tax center, you will be asked to fill out a client intake sheet, which will help tax center personnel prepare your return. It also provides a checklist of required information and documents. For faster service, you can fill out this form in advance.
Required Items:
- W-2 (wages or salaries from all employment during the year)
- Disability Income
- Interest from checking or saving account, bonds, CD, or brokerage account
- State tax refund (if itemized last year)
- Alimony income
- Pension and/or IRA distribution (1099)
- Unemployment
- Social Security or Rail Road Retirement
- Self Employment
- Other Income such as gambling winnings, awards, prizes and Jury duty
- Education expenses (1098T)
- Home mortgage payments (1098)
- Real Estate Tax
- Mortgage Insurance Premiums
- HUD Statements First Time Homebuyer Credit
- Energy Conservation Incentives
- Charitable contributions
- Child/dependent care expenses (Child care provider ID or SSN)
- Estimated tax payments
- Amounts of other income
- Bank Account Information to electronically file tax return (voided check or deposit slip)
- Social Security card for spouse married during year 2011
- Power of Attorney if filing a joint return if spouse is not present
- Social Security or ITIN number for all dependents claimed on tax return
- Dividend information
- All rental property information if claiming rental income (MAXIMUM OF 3 RENTAL PROPERTIES)
- Old Tax Record (2010)
- For State Tax Return, County and School District
- Any Information you think will help properly prepare your tax return
Note:
-Individual Appointments are for difficult 1040 tax returns (rental/business income, etc)
-Saturday is for non-difficult tax returns
-Base Tax Center Located in Bldg 50 Lucy Brewer
-We will prepare Tax Returns for the last three years.
-If you are deployed you and your spouse have 180 days from the time you leave the deployment area to prepare your tax return.
2011 Earned Income Tax Credit Information
Earned Income and adjusted gross income (AGI) must each be less than:
- $43,998 ($49,078 married filing jointly) with three or more qualifying children
- $40,964 ($46,044 married filing jointly) with two qualifying children
- $36,052 ($41,132 married filing jointly) with one qualifying child
- $13,660 ($18,740 married filing jointly) with no qualifying children
The maximum EITC for 2011:
- $5,751 with three or more qualifying children
- $5,112 with two qualifying children
- $3,094 with one qualifying child
- $464 with no qualifying children
INVESTMENT INCOME MUST BE $3,150 OR LESS TO CLAIM EIC.
For more information on EITC go to www.irs.gov/eitc
Filing Requirements
- Single $9,500
- Single (65 and over) $10,950
- Head of Household $12,200
- Head of Household (65 and over) $13,650
- Married Joint (Under 65) $19,000
- Married Joint (One 65 or over) $20,150
- Married Joint (Both 65 and over) $21,300
- Married separate (any age) $3,700
- Qualifying Widow(er) (under 65) $15,300
- Qualifying Widow(er) (65 or over) $16,450
Standard Deduction
- Married Filing Joint $11,600
- Single $5,800
- Head of House Hold $8,500
- Married Filing Separate $5,800
In order to itemized deductions, your amounts must be above the standard rates listed above.
Personal Exemption Amounts
The personal exemption amount is $3,700.
Tax Brackets
Tax brackets for 2011 remain at 10%, 15%, 25%, 28%, 33% and 35%.
2011 Mileage Rates
- Optional Standard Mileage Rate (1 Jan – 30 June) 51 cents
- Optional Standard Mileage Rate (1 Jul – 31 Dec) 55.5 cents
- Medical Mileage Rate (1 Jan – 30 June) 19 cents
- Medical Mileage Rate (1 Jul – 31 Dec) 23.5 cents
- Moving Mileage Rate (1 Jan – 30 June) 19 cents
- Moving Mileage Rate (1 Jul – 31 Dec) 23.5 cents
- Charity Mileage Rate 14 cents
Definition of a Qualifying Child
§24©(1) provides that a qualifying child for purpose of the child tax credit, head of household, earned income credit, dependency exemption, and credit for child and dependent care expenses must be all of the following:
(1) Relation test. The child must be your child (including adopted, stepchild, or eligible foster child), sibling, step sibling, or a descendent of one of these relatives. An eligible foster child is one that is placed in your home by an authorized placement agency or by judgment, decree or other court order.
(2) Residency test. The child must live with you for more than half of the year.
(3) Support test. The child cannot have provided over half of his or her own support during the year. Exception. For purposes of the EIC only, the support does not apply.
(4) Age test. The child must be under a certain age (depending on the tax benefit) to be your qualifying child.
- Exemption, EITC and Head of Household status a child must be under 19 or a full-time student under 24 or any age if permanently and totally disabled.
- Child tax credit a child must be under 17.
- Child and dependent care credit a child must be under 13 or any age if permanently and totally disabled.
- *The qualifying child must be younger than the individual claiming the child.
(5) Qualified Relative Rules
(1) Member of Household or relationship
(2) Gross Income
(3) Citizenship
(4) Joint Return
(5) Support
A qualifying child of a person cannot be a qualifying relative of someone else. However, a child can be a qualifying relative if the parent doesn’t have filing requirement or only files to get the federal tax withheld back.
Head of Household
To claim Head of Household status, taxpayer must be unmarried or legally separated and maintain either:
- The main home of the taxpayer’s parent, who can be claimed as a dependent
- A home in which the taxpayer resides for more than half the year with a :
- Qualifying child or
- Dependent
- As a result of the 2004 tax legislation, there are some taxpayers who will not qualify in 2010 for Head of Household filing status. They will be forced to file as single.
Charitable Contributions
- If you now contribute a car, boat or airplane to a qualified organization and you are claiming more than a $500 deduction you are required to receive a Form 1098C. If you do not get the form the most you can claim is $500. You must receive the form within 30 days of the vehicle being sold or within 30 days from the date of the contribution if the vehicle is to be materially improved or sold below fair market value to needy individual
- You cannot deduct cash contribution regardless of the amount unless you have a cancelled check or written confirmation from the charity with their name, date and amount contributed
- Non-cash contributions must be in good condition, all non-cash items that are valued at more than $500 must be appraised by a qualified appraiser.
- Qualified Charitable Distribution (QCD) Tax-free treatment of distributions from traditional and Roth IRAs for charitable purposes has been extended through December 31, 2011, with the following special rule.
- For QCDs made during January 2011, taxpayers can elect to have the distribution deemed to have been made on December 31, 2010. If the election is made, the QCD counts toward the 2010 exclusion limit of $100,000 as well as the 2010 minimum required distribution.
Form 1098-MA
- Form 1098-MA, Mortgage Assistance Payments, is a new information return. The form is used to report to the IRS and homeowners the total amounts of certain mortgage assistance payments made to mortgage servicers. Mortgage assistance payments are not included in income. However, taxpayers cannot deduct the interest that is paid for them.