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Newsletter
How can I get my personal refund information?
Go to the
Where's My Refund? online
tool to check on the status of your refund.
You can generally get information about your refund 72 hours
after IRS acknowledges receipt of your e-filed return, or three to four weeks
after mailing a paper return.
You'll need to provide the following information from your
tax return:
- Your Social Security Number (or Individual Taxpayer
Identification Number)
- Your Filing Status
- The exact whole dollar amount of your refund
Can I change my mailing address online?
If your refund was returned to us by the U.S. Postal Service
you may be able to change the address we have on file for you, online.
Where's My Refund? will offer this service to you if you're eligible.
What if my refund was lost, stolen, or destroyed?
Generally, you can file an online claim for a replacement
check if it's been more than 28 days from the date that we mailed your refund.
Where's My Refund? will give you detailed information about filing a
claim if this situation applies to you.
Alternative Minimum Tax (AMT)
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2009 Changes
The following changes to the AMT went
into effect for 2009. For more information , see
Form 6251, Alternative Minimum
Tax--Individuals, and its
instructions.
AMT exemption amount increased.
The AMT exemption amount has increased to $46,700 ($70,950 if
married filing jointly or qualifying widow(er); $35,475 if
married filing separately).
AMT exemption amount for a child
increased. The AMT
exemption amount for a child whose unearned income is taxed at
the parent's tax rate has increased to $6,700.
Qualified motor vehicle tax
allowed against AMT. If you
claim a regular tax deduction for any state or local sales or
excise tax on the purchase of a new motor vehicle, that tax is
also allowed as a deduction for the AMT.
Tax-exempt interest on specified
private activity bonds issued in 2009 or 2010 exempt from AMT.
Tax-exempt interest on specified private activity bonds issued
in 2009 or 2010 is not an item of tax preference and therefore
is not subject to the AMT. A refunding bond is treated as issued
on the date of the issuance of the refunded bond (or, in the
case of a series of refundings, the original bond). However,
tax-exempt interest on a specified private activity bond issued
in 2009 or 2010 to currently refund a private activity bond
issued after 2003 and before 2009 is not an item of tax
preference.
Alternative tax net operating
loss deduction (ATNOLD).
The 90% limit on the ATNOLD does not apply to the portion of an
ATNOLD attributable to any 2008 or 2009 loss you elected to
carry back more than 2 years under section 172(b)(1)(H) of the
Internal Revenue Code.
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Deduction for Sales and Excise Taxes Imposed on
Purchase of New Motor Vehicles
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In 2009, you can deduct the state or
local sales and excise taxes imposed on the purchase of a
qualified motor vehicle after February 16, 2009, and before
January 1, 2010. A qualified motor vehicle includes a passenger
automobile, light truck, or motorcycle, the original use of
which begins with that purchaser and that has a gross vehicle
weight rating of 8,500 pounds or less. A qualified motor
vehicle also includes a motor home, the original use of which
begins with that purchaser. The amount of tax you are able to
deduct is limited to the tax that is imposed on the first
$49,500 of the purchase price of the vehicle. The
deduction is phased out over a $10,000 range that begins when
modified adjusted gross income is more than $125,000 ($250,000
if married filing a joint return). No deduction is allowed when
modified adjusted gross income is equal to or more than $135,000
($260,000 if married filing a joint return). The new deduction
can be used to increase the amount of your standard deduction or
you can take it as an itemized deduction (if you are not
electing to take the state and local general sales tax
deduction).
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Earned Income Credit
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2009 Changes
The following paragraphs explain the changes
to the credit for 2009.
Amount of credit increased. The maximum
amount of the credit has increased. The most you can get for
2009 is:
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$3,043 if you have one qualifying child,
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$5,028 if you have two qualifying children,
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$5,657 if you have three or more qualifying children, or
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$457 if you do not have a qualifying child.
Earned income amount increased. The maximum
amount of income you can earn and still get the credit has
increased for 2009. You may be able to take the credit if:
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You have three or more qualifying children and you earn
less than $43,279 ($48,279 if married filing jointly)
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You have two qualifying children and you earn less than
$40,295 ($45,295 if married filing jointly),
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You have one qualifying child and you earn less than
$35,463 ($40,463 if married filing jointly), or
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You do not have a qualifying child and you earn less
than $13,440 ($18,440 if married filing jointly).
The maximum amount of adjusted gross income
(AGI) you can have and still get the credit also has increased.
You may be able to take the credit if your AGI is less than the
amount in the above list that applies to you.
Investment income amount increased - The
maximum amount of investment income you can have and still get
the credit has increased to $3,100 for 2009.
Advance payment of the credit - If you
get advance payments of the credit from your employer with your
pay, the total advance payments you get during 2009 can be as
much as $1,826.
2010 Changes
The following paragraphs explain the changes
to the credit for 2009. For details, see
Publication 596, Earned Income Credit (EIC).
Amount of credit increased. The maximum
amount of the credit has increased. The most you can get for
2010 is:
- $3,050 if you have one qualifying child,
- $5,036 if you have two qualifying
children,
- $5,666 if you have three or more
qualifying children, or
- $457 if you do not have a qualifying
child.
Earned income amount increased. The maximum
amount of income you can earn and still get the credit has
increased for 2010. You may be able to take the credit if:
- You have three or more qualifying
children and you earn less than $43,352 ($48,362 if married
filing jointly),
- You have two qualifying children and you
earn less than $40,363 ($45,373 is married filing jointly),
- You have one qualifying child and you
earn less then $35,535 ($40,545 if married filing jointly),
or
- You do not have a qualifying child and
you earn less then $13,460 ($18,470 if married filing
jointly).
Investment income amount. The maximum amount
of investment income you can have and still get the credit is
still $3,100 for 2010.
Advance payment of the credit. If you get the
advance payments of the credit from your employer with your pay,
the total advance payments you get during 2010 can be as much as
$1,830.
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Economic Recovery Payment
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Any economic recovery payment you
receive during 2009 is not taxable. These $250 payments are
being made to most people who:
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Receive social security benefits, supplemental
security income (SSI), railroad retirement benefits, or
veterans disability compensation or pension benefits,
and
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Live in a U.S. state, the District of Columbia,
Puerto Rico, Guam, the U.S. Virgin Islands, American
Samoa, or the Northern Mariana Islands.
If you are married and you and your
spouse both meet these requirements, each of you may get a $250
payment.
If you are entitled to a payment, you
will get it automatically. You do not need to apply for it.
Making Work Pay and Government
Retiree Credits
Two new credits you may be able to
take for 2009 are the:
Making work pay credit. You may be
able to take this credit if you have earned income from work.
Even if your federal income tax withholding is reduced during
2009 because of the credit, you must claim the credit on your
return to benefit from it.
You cannot take the credit if:
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Your modified AGI is $95,000 ($190,000 if
married filing jointly) or more,
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You are a nonresident alien, or
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You can be claimed as a dependent on someone
else's return.
The credit is 6.2% of your earned
income but cannot be more than $400 ($800 if married filing
jointly). The credit will be reduced if:
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You receive a $250 economic recovery payment
(described earlier) during 2009,
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Your modified AGI is more than $75,000 ($150,000
if married filing jointly), or
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You take the government retiree credit discussed
next.
Government retiree credit. You can
take this credit if you receive a pension or annuity payment in
2009 for service performed for the U.S. Government or any U.S.
state or local government (or any instrumentality of one or more
of these) and the service was not covered by social security.
The credit is $250 ($500 if married filing jointly and both you
and your spouse receive a qualifying pension or annuity).
However, you cannot take the credit if you receive a $250
economic recovery payment during 2009. If you file a joint
return, both you and your spouse receive a qualifying pension or
annuity, and both of you receive an economic recovery payment,
no government retiree credit is allowed; if only one of you
receives an economic recovery payment, the credit is $250
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Penalty for Failure to File Income Tax Return
Increased
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If you do not file your return by the due
date (including extensions) you may have to pay a
failure-to-file penalty. For income tax returns required to be
filed after 2008, the failure-to-file penalty for returns filed
more than 60 days after the due date (including extensions) is
increased. In this situation, the minimum penalty is the smaller
of $135 or 100% of the unpaid tax
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