What Will My Tax Return Be 2016? (Correct answer)

How do I Find my tax return?

  • Using the IRS Where’s My Refund tool
  • Viewing your IRS account information
  • Calling the IRS at 1-800-829-1040 (Wait times to speak to a representative may be long.)
  • Looking for emails or status updates from your e-filing website or software

How do I calculate my taxes for 2016?

Order a Transcript

  1. Online Using Get Transcript. They can use Get Transcript Online on IRS.gov to view, print or download a copy of all transcript types.
  2. By phone. The number is 800-908-9946.
  3. By mail. Taxpayers can complete and send either Form 4506-T or Form 4506T-EZ to the IRS to get one by mail.

Can I still get a refund for 2016 taxes in 2020?

To collect refunds for tax year 2016, taxpayers must file their 2016 tax returns with the IRS no later than this year’s extended tax due date of July 15, 2020. For 2016 tax returns, the window closes July 15, 2020, for most taxpayers.

How can I estimate my tax refund?

Simple Summary. Every year, your refund is calculated as the amount withheld for federal income tax, minus your total federal income tax for the year.

Can I still file my 2016 taxes in 2021?

Yee today announced an extension to May 17, 2021, for individual California taxpayers to claim a refund for tax year 2016. With the postponement, individual taxpayers who are due a refund may now file their return for the 2016 tax year no later than May 17, 2021, to claim their money.

How many years back can I get a tax refund?

Generally, you have three years from the original tax return deadline to file the return and claim your refund. After three years, the refund will go to the government, specifically the U.S. Treasury. Don’t miss out on the refund that is due you!

How do I find old tax returns online for free?

The IRS offers two ways for you to receive your tax information via transcript free of charge – online or by mail with it’s Get Transcript service. With either option, you’ll need to supply personal information, such as your Social Security number (SSN), date of birth and your mailing address.

Is it too late to file my 2016 tax return?

It is not too late to file your 2016 taxes. You will still be able to receive a refund if applies, if you owe, however, IRS very likely will impose penalty and interest on your balance. To file 2016 taxes, you will need to use the desktop version. You cannot e-file but can print and submit by mail.

Can you get IRS refund after 3 years?

In most cases, an original return claiming a refund must be filed within three years of its due date for the IRS to issue a refund. Generally, after the three-year window closes, the IRS can neither send a refund for the specific tax year.

What happens if I didn’t file my 2016 taxes?

If you don’t send yoru return to the IRS by the April 15 deadline, you’ll get hit with a failure-to-file penalty, which starts at 5% of however much you owe, maxing out at 25% of your tax bill. If you wait more than 60 days to file, you’re charged a $135 fee or 100% of the taxes you owe (whichever is less).

Will we get a third stimulus check?

The IRS will automatically send a third stimulus payment to people who filed a 2019 or 2020 federal income tax return. People who receive Social Security, Supplemental Security Income, Railroad Retirement benefits, or veterans benefits will receive a third payment automatically, too.

When was the 3rd stimulus check sent out?

The third stimulus check was sent out to eligible American families starting back in March 2021 as part of the American Rescue Plan Act. 1

What was the 3rd stimulus check amount?

Payment amounts are different. Most families received $1,400 per person, including all dependents claimed on their tax return. Typically, this means a single person with no dependents received $1,400, while married filers with two dependents received $5,600.

What should I do if I haven’t filed taxes in 10 years?

If you haven’t filed your federal income tax return for this year or for previous years, you should file your return as soon as possible regardless of your reason for not filing the required return.

Can you file prior year tax returns electronically?

Prior year returns can only be filed electronically by registered tax preparers, and only when the Modernized e-File System is available. The IRS posts the status of the Modernized e-File (MeF) system on the MeF Status Page. Individuals filing their own prior year return must print/mail the return.

Tax Calculate Your 2016 Taxes. Complete The Forms Online.

The Tax Calculator is for the 2016 Tax Year, which runs from January 1, 2016, until December 31, 2016. You will no longer be able to eFile your 2016 tax returns. This Tax Calculator should be used prior to completing, signing, downloading, printing, and mailing in the 2016 Tax Forms to the Internal Revenue Service. To view the State 2016 Forms, please click here. Additional Tax Calculators for the year 2016. Because the deadline for claiming a 2016 Tax Year Refund passed on April 15, 2020, you will no longer be eligible to do so.

Tax forms and calculators for previous or back taxes.

Consult one of our current-year tax calculators before submitting your eFileIT by April 15 after a given fiscal year.

You still have time to file your 2016 Tax Return in order to get a Tax Refund.

  • Tax Forms and Schedules for 2016 are available at eFile.com.
  • The penalty for not submitting your taxes are more severe than the penalties for failing to pay the taxes you owe.
  • and is used under license.
  • owns the trademark H R Block ®, which is a registered trademark of the company.

Current and Previous Tax Years

courtesy of Unsplash user @jiangxulei1990 Taxes are a balancing act that requires careful preparation. Tax calculators and forms for the current, prior, and next tax years are available on this page. Don’t be taken aback by your tax bill. We propose that you estimate the taxes you may owe or the amount of your projected tax refund during the tax year in order to assist you in making key financial and tax planning decisions. Tax preparation with eFile.com can help you get the most out of your 2022 Refund refund.

Estimate and Determine Tax Information

On EFile.com, you may find a variety of free, fast, and simple-to-use tax calculators that will assist you in better understanding your tax status. Prior to estimating your taxes, take into consideration the following:

  1. Using theFILEucator, you may determine whether or not you are required to (or wish to) submit a tax return. OurDEPENDucatorwill assist you in determining whether or not someone qualifies as your dependentor. Use theRELucatorto determine whether or whether a certain individual qualifies as a qualified relative. Start by entering your information into theHOHucator to check if you qualify for the filing status of Head of Household. Are you unsure whether or not you qualify for the Earned Income Tax Credit (EITC)? Allow theEITCucator to do the heavy lifting for you
  2. TheCHILDucator is a highly popular free tool that determines whether or not you qualify for the Child Tax Credit in a quick and easy manner. Playing with ourSTATucator can help you determine your tax return filing status.

Why should you use eFile.com? 1. eFile.com is up to 60% less expensive than other options. 2. Tax Satisfaction Is a Guarantee 3. Premium Taxpert Support at No Cost In order to assist you in making the best financial decisions or other finance-related personal choices, the freeeFile.com tax calculator and estimator tools are intended to provide you with valuable, preliminary information that can assist you in making the best financial decisions or other finance-related personal choices. For those who only want to know how much money they will owe or get in 2022 when they file or e-file their 2021 Tax Return, the tools are equally useful for that purpose.

  1. eFile.com’s tax calculator is based on the Internal Revenue Service’s 1040 federal income tax forms, making it relevant to users of any of these tax forms.
  2. The tax calculator is designed to look like a standard IRS income tax form, and it allows you to enter your actual or anticipated income, dependents, tax deductions, and tax credits information into the form.
  3. Preventing Surprises: Using the Tax Year 2021 Calculator and Tax Estimator, you may calculate your taxes for the following tax year: The deadline is April 18, 2022.
  4. In addition, the tool does not save any information and is not intended for use in filing your tax return with the Internal Revenue Service, sometimes known as the IRS, either manually (by mailing it in) or electronically (by e-filing it).
  5. Your independent aid is provided by the eFile.com tax calculator, which serves as a self-educator tool.
  6. It makes use of this information to show you how changes in your taxable income or tax bracket can influence your federal income taxes.

Tips for saving money on taxes: Get an overview of a variety of tax deductions that might save you money or possibly enhance your tax refund! Additionally, look for methods to save money throughout the year or to save money on taxes immediately.

Tax Return Calculators and Refund Estimates

Make use of these tools to help you plan your tax return objectives. Start as soon as possible to ensure that you keep more of your hard-earned money. Begin by calculating your tax withholding for a certain tax year in order to estimate how much of your paycheck should be withheld for taxes each pay period. Learn about tax rates and paperwork that can assist you in preparing your taxes for the upcoming filing season. Prepare your 2021 tax returns with eFile.com and the eFile app will walk you through a quick tax interview to ensure that your return is as accurate as possible.

To plan for future tax returns or to prepare an existing tax return, go to the following resources.

Due on April 15, 2027 for the tax year 2026.

  • Tax Calculator for the year 2026
  • Current Tax Withholding Calculator
  • Tax Bracket Calculator for the years 2021 – 2005
  • Current and Future Tax Rates

Taxes for the tax year 2025 are due on April 15, 2026.

  • Tax Calculator for the year 2025
  • Current Tax Withholding Calculator
  • Tax Bracket Calculator for the years 2021 – 2005
  • Current and Future Tax Rates

Due on April 15, 2025 for the tax year 2024.

  • Tax Calculator for the year 2024
  • Current Tax Withholding Calculator
  • Tax Bracket Calculator for the years 2021 – 2005
  • Current and Future Tax Rates

Taxes for the fiscal year 2023 are due on April 15, 2024.

  • Tax Calculator for the year 2023
  • Current Tax Withholding Calculator
  • Tax Bracket Calculator for the years 2021 – 2005
  • Current and Future Tax Rates
  • Tax Year Forms for the year 2023

Taxes for the fiscal year 2022 are due on April 15, 2023.

  • A tax calculator for the year 2022
  • A tax withholding calculator for the current tax year
  • A tax bracket calculator for the years 2021 to 2005
  • Tax rates and forms for the year 2022
  • And more.

Tax Returns for Tax Year 2021 are due on April 18, 2022 – Current Use eFile.com to prepare and e-file your 2021 tax return by the Tax Day deadline in order to take advantage of the online preparation and e-filing options.

  • Using the 2021 Tax Calculator, current 2021 Tax Withholding Calculator, 2021 – 2005 Tax Bracket Calculator, 2021 Tax Rates, and 2021 Tax Forms, you may estimate your tax liability for the year 2021.

Taxes for the fiscal year 2020 are due on May 17, 2021. You will no longer be able to e-file your 2020 tax returns. Make use of any of the tools listed below to get them ready. Then you may upload, fill, and sign the documents online before mailing them to the Internal Revenue Service or the state. The deadline to claim your 2021 Tax Refund from your 2020 Tax Return is April 15, 2024, if you filed your return in 2020. File or e-file your tax returns as soon as possible if you haven’t already and if you have past-due tax returns.

  • Using the 2020 Tax Calculator, 2020 Calculators and Tools, the current tax withholding calculator, the 2021 – 2005 tax bracket calculator, the 2020 tax rates, the 2020 tax forms, and more, you can get a handle on your tax situation in 2020.

Taxation in the year 2019: Due on July 15, 2020You will no longer be able to e-File your 2019 returns. Make use of any of the tools listed below to get them ready. Then you may upload, fill, and sign the documents online before mailing them to the Internal Revenue Service or the state. Your 2019 Tax Return must be submitted by April 15, 2023, in order to be eligible for your 2020 Tax Refund. File or e-file your tax returns as soon as possible if you haven’t already and if you have past-due tax returns.

  • Tax Calculator for the 2019 Tax Year
  • Tax Calculators and Tools for the 2019 Tax Year
  • Current Tax Withholding Calculator
  • 2019 Tax Rates
  • 2019 Tax Forms

Taxation during the 2018 fiscal year: Due on April 17, 2019, you will no longer be able to e-File your 2018 returns. Make use of any of the tools listed below to get them ready. Then you may upload, fill, and sign the documents online before mailing them to the Internal Revenue Service or the state. The deadline to collect your 2019 Tax Refund from your 2018 Tax Return is April 18, 2022, and you must do it before the deadline.

  • Tax Calculator for the 2018 Tax Year
  • Tax Calculators and Tools for the 2018 Tax Year
  • Current Tax Withholding Calculator
  • 2018 Tax Rates
  • 2018 Tax Forms

The remaining calculators, brackets, and forms are provided for your convenience only; you will no longer be able to make a claim or e-file a claim and receive a refund for them. If you owe taxes for any of these years, you’ll want to file your return as soon as you can. It is possible to make changes to a return, but you will not be reimbursed, even if you were entitled a refund.

Even though three years have gone, if you haven’t already done so, file an updated return as soon as feasible to avoid penalties. When it comes to tax years 2014 and before, there are no calculators, but there is a collection of tax forms and rates.

Overdue Tax Returns

Due to the expiration of the remaining tax years, you will no longer be eligible to receive refunds for them. File your tax return as soon as possible if you owe money; utilize the materials on this page to estimate and file your previous year’s tax return. Forms for the Tax Year and Tax Rates People trust eFile.com to prepare and e-file their tax returns online. Learn why taxpayers rely on eFile as their online tax preparation and e-filing service in the year 2021. TurboTax ® is a trademark of Intuit, Inc.

HRB Innovations, Inc.

IRS unclaimed refunds of $1.5 billion waiting for tax year 2016; taxpayers face July 15 deadline

IR-2020-135 is effective on July 1, 2020. WASHINGTON — The U.S. Department of State has issued a statement saying that According to the Internal Revenue Service, an estimated 1.4 million individual taxpayers who failed to file a federal income tax return for 2016 are owed unclaimed income tax refunds totaling more than $1.5 billion in unclaimed cash. Taxpayers who are entitled refunds but have not yet submitted their 2016 tax forms are encouraged to contact the Internal Revenue Service, according to Commissioner Chuck Rettig.

  1. This refund may be claimed just once every three years, and the deadline for claiming it expires on July 15.
  2. As the Internal Revenue Service (IRS) distributes Economic Impact Payments to Americans, the agency encourages taxpayers who have not yet filed their past-due tax returns to do so immediately in order to receive these significant refunds.
  3. Taxpayers should expect an average return of $861 this year, according to the Internal Revenue Service.
  4. Taxpayers who have not filed a federal income tax return have a three-year window during which they can make a claim for a refund under the Internal Revenue Code.
  5. The filing window for 2016 tax returns concludes on July 15, 2020, for the vast majority of taxpayers.
  6. The Internal Revenue Service reminds taxpayers that there is no penalty for filing a return late if a refund is being sought.
  7. In addition, the refund will be applied to any sums payable to the Internal Revenue Service or a state tax agency, and it may be used to balance outstanding child support or past due federal bills, such as student loan debt.
  8. It’s possible that a large number of low- and moderate-income employees qualify for the Earned Income Tax Credit (EITC).

In 2016, the credit might be worth up to $6,269 in total. Individuals and families with earnings below specific criteria are eligible for the Earned Income Tax Credit (EITC). The 2016 thresholds were as follows:

  • People with three or more qualifying children pay $47,955 ($53,505 if married filing jointly)
  • People with two qualifying children pay $44,648 ($50,198 if married filing jointly)
  • People with one qualifying child pay $39,296 ($44,846 if married filing jointly)
  • And people without qualifying children pay $14,880 ($20,430 if married filing jointly).
See also:  How Long Till I Get My Tax Return? (TOP 5 Tips)

The IRS Forms and Publicationspage, as well as current and past year tax forms (such as the tax year 2016 Form 1040, 1040-A, and 1040-EZ), as well as instructions, may be found at IRS.govForms and Publications or by dialing toll-free 800-TAX-FORM (800-829-3676). Taxpayers who are missing Forms W-2, 1098, 1099, or 5498 for the tax years 2016, 2017, or 2018 should contact their employer, bank, or other payer to obtain copies of the documents. The Get Transcript Onlinetool at IRS.gov allows taxpayers who are unable to get missing paperwork from their employer or other payer to request a free wage and income transcript.

A wage and income transcript contains information from information returns received by the Internal Revenue Service, such as Forms W-2, 1099, 1098, Form 5498, and information on IRA contribution amounts.

State-by-state estimates of individuals who may be due 2016 income tax refunds

State or District Estimated Number of Individuals Median Potential Refund Total Potential Refunds *
Alabama 23,300 $859 $24,614,400
Alaska 5,500 $979 $6,754,900
Arizona 32,400 $762 $32,281,600
Arkansas 13,400 $822 $13,798,800
California 130,600 $816 $135,981,300
Colorado 27,500 $809 $28,276,500
Connecticut 14,300 $930 $16,213,300
Delaware 5,600 $878 $6,114,500
District of Columbia 3,700 $904 $4,224,600
Florida 99,000 $874 $105,706,400
Georgia 48,600 $792 $49,682,700
Hawaii 7,700 $932 $8,785,600
Idaho 6,200 $727 $5,876,000
Illinois 51,700 $909 $57,312,200
Indiana 32,700 $887 $35,129,700
Iowa 14,700 $908 $15,735,600
Kansas 14,600 $877 $15,706,800
Kentucky 18,700 $869 $19,517,100
Louisiana 24,400 $849 $26,410,100
Maine 5,600 $802 $5,482,200
Maryland 28,200 $873 $31,619,700
Massachusetts 29,900 $956 $34,261,900
Michigan 46,600 $853 $49,591,400
Minnesota 21,000 $803 $21,155,300
Mississippi 12,900 $777 $12,931,600
Missouri 32,400 $828 $33,522,400
Montana 4,600 $781 $4,582,000
Nebraska 7,800 $845 $8,081,700
Nevada 15,900 $859 $16,922,300
New Hampshire 6,500 $965 $7,474,300
New Jersey 36,200 $936 $41,268,900
New Mexico 9,600 $833 $10,219,600
New York 70,300 $958 $80,830,100
North Carolina 44,900 $833 $46,044,500
North Dakota 4,000 $949 $4,539,800
Ohio 52,900 $841 $54,542,900
Oklahoma 21,000 $866 $22,600,000
Oregon 21,400 $762 $21,237,200
Pennsylvania 55,200 $919 $60,505,200
Rhode Island 3,900 $926 $4,410,100
South Carolina 17,200 $769 $17,323,700
South Dakota 3,800 $899 $3,976,100
Tennessee 29,000 $840 $29,834,800
Texas 143,400 $898 $159,809,900
Utah 11,100 $766 $11,037,700
Vermont 2,800 $892 $2,897,400
Virginia 37,900 $827 $39,977,600
Washington 37,200 $918 $42,273,300
West Virginia 7,200 $921 $7,830,000
Wisconsin 19,900 $781 $19,483,100
Wyoming 3,400 $920 $3,766,100
Totals 1,418,300 $861 $1,518,154,900

*Prices do not include credits.

Your 2016 Federal Income Tax Return & Marketplace Health Coverage

IMPORTANT:The information on these pages will assist you in filing your 2016 tax returns.

  • If you haven’t yet filed your 2016 taxes, or if you have filed but haven’t yet “reconciled” your premium tax credit, you may use the information on these pages to help you. Some of the links may direct you to IRS information on 2016 taxes, so be sure to thoroughly read any IRS pages you get on
  • If you require information on 2017 taxes, which are due in April 2018, start with this 2017 tax page
  • Otherwise, go to this 2017 tax page.

You should have filed your 2016 taxes by now, but if you haven’t, you should do it as soon as you possibly can. When you submit your taxes for the 2016 tax filing year, make sure to include the following information:

  • When you submit your 2016 federal income tax return, you’ll be required to furnish extra information. It’s possible that you’ll have to fill out one or two new tax forms. It is possible that you may need to utilize a tax tool to locate 2016 Bronze or Silver premiums in order to finish your tax return. It’s possible that you’ll have to file a health coverage exemption or pay a charge with your tax return if you didn’t have health insurance in 2016.

Your 2016 health coverage status

To determine your next actions if you haven’t filed your 2016 taxes yet, choose the scenario that best describes your health condition in 2016 and apply it to your situation:

  • If you had a Marketplace plan with premium tax credits in 2016, you might save money. If you were enrolled in a 2016 Marketplace plan that did not qualify for premium tax credits
  • If you had employer-sponsored health insurance in 2016, If you have alternative health insurance coverage for the year 2016
  • If you didn’t have health insurance, you’d be in a lot of trouble.

Tax Brackets in 2016

Obtain a PDF version of this document. Every year, the Internal Revenue Service (IRS) updates more than 40 tax rules to account for inflation. This is done in order to avoid what is known as “bracket creep.” Rather of seeing a rise in real income, people are being pushed into higher income tax bands or seeing the value of their credits and deductions diminish as a result of inflation, rather than seeing an increase in real income. The Consumer Price Index (CPI) is used by the Internal Revenue Service (IRS) to determine inflation for the previous year, and income thresholds, deduction amounts, and credit values are adjusted appropriately.

To learn more about the methodology, please check the section below.

Estimated Income Tax Brackets and Rates

In 2016, the income ceilings for all tax bands and all filers will be modified for inflation, and the following amounts will be considered to be acceptable: (Table 1). Taxpayers having taxable income of $415,050 or more for single filers and $466,950 or more for married filers will be hammered by the highest marginal income tax rate of 39.6 percent, which is 39.6 percent for married filers.

Table 1. 2016 Taxable Income Tax Brackets and Rates (Estimate)
Rate Single Filers Married Joint Filers Head of Household Filers
Source: Author’s Calculations.
10% $0 to $9,275 $0 to $18,550 $0 to $13,250
15% $9,275 to $37,650 $18,550 to $75,300 $13,250 to $50,400
25% $37,650 to $91,150 $75,300 to $151,900 $50,400 to $130,150
28% $91,150 to $190,150 $151,900 to $231,450 $130,150 to $210,800
33% $190,150 to $413,350 $231,450 to $413,350 $210,800 to $413,350
35% $413,350 to $415,050 $413,350 to $466,950 $413,350 to $441,000
39.6% $415,050+ $466,950+ $441,000+

Standard Deduction and Personal Exemption

In 2016, the standard deduction for solo filers and married couples filing jointly will remain at its current level (Table 2).

Taxpayers who file as head of household will see a $50 hike, bringing the total to $9,300 from $9,250. Individuals will be able to claim a $4,050 personal exemption in 2016.

Table 2. 2016 Standard Deduction and Personal Exemption (Estimate)
Filing Status Deduction Amount
Source: Author’s Calculations.
Single $6,300.00
Married Filing Jointly $12,600.00
Head of Household $9,300.00
Personal Exemption $4,050.00

PEP and Pease

PEP and Pease are two provisions in the tax law that raise taxable income for high-income individuals by increasing their deductions and credits. Personal exemption phase-out (PEP) and Pease (named after former Senator Donald Pease) lower the value of most itemized deductions if a taxpayer’s adjusted gross income reaches an arbitrary threshold. Pease is a phase-out of the personal exemption phase-out (PEP). According to the PEP and Pease, the income thresholds will be $259,400 for single taxpayers and $301,300 for married filers for both programs (Tables 3 and 4).

This means that these taxpayers will no longer qualify for a personal exemption.

Table 3. 2016 Pease Limitations on Itemized Deductions (Estimate)
Filing Status Income
Source: Author’s Calculations.
Single $259,400.00
Married Filing Jointly $311,300.00
Head of Household $285,350.00
Table 4. 2016 Personal Exemption Phase-Out (Estimate)
Filing Status Phase-Out Begin Phase-Out Complete
Source: Author’s Calculations.
Single $259,400.00 $381,900.00
Married Filing Jointly $311,300.00 $433,800.00
Head of Household $285,350.00 $407,850.00

Alternative Minimum Tax

It has not been necessary to modify the Alternative Minimum Tax (AMT) for inflation since it was first implemented in the 1960s. Consequently, Congress was obliged to “fix” the AMT by increasing the exemption level to avoid middle-class taxpayers from being penalized by the tax as a result of inflationary increases. The American Taxpayer Relief Act of 2012, which went into effect on January 2, 2013, indexes the income thresholds to inflation, eliminating the need for a yearly “patch,” as previously existed.

(Table 5).

Table 5. 2016 Alternative Minimum Tax Exemptions (Estimate)
Filing Status Exemption Amount
Source: Author’s Calculations.
Single $ 53,900.00
Married Filing Jointly $ 83,800.00
Married Filing Separately $ 41,900.00

Earned Income Tax Credit

The maximum Earned Income Tax Credit for single filers, heads of household filers, and joint filers in 2016 is $506, if the filer does not have any children. The highest Earned Income Tax Credit for joint filers in 2016 is $506. (Table 6). The credit is $3,373 for a single kid, $5,572 for a couple with two children, and $6,268 for a family of three or more.

Table 6. 2016 Earned Income Tax Credit Parameters (Estimate)
Filing Status No Children One Child Two Children Three or More Children
Source: Author’s Calculations.
Single or Head of Household Income at Max Credit $6,610 $9,920 $13,930 $13,930
Maximum Credit $506 $3,373 $5,572 $6,268
Phase out Begins $8,270 $18,190 $18,190 $18,190
Phase out Ends (Credit Equals Zero) $14,880 $39,296 $44,648 $47,955
Married Filing Jointly Income at Max Credit $6,610 $9,920 $13,930 $13,930
Maximum Credit $506 $3,373 $5,572 $6,268
Phase out Begins $13,810 $23,730 $23,730 $23,730
Phase out Ends (Credit Equals Zero) $20,420 $44,836 $50,188 $53,495

Methodology

Each tax parameter’s inflation adjustment is calculated by taking its base value (as determined by legislation) and multiplying it by the current fiscal year’s average Consumer Price Index (CPI), and then dividing the result by the CPI for the base fiscal year. Each parameter is rounded to the closest $10, $25, or $100, depending on the value (depending on the specified rounding method in the legislation, see Table 7). For example, the base value for the top 10 percent tax bracket for individuals is $7,000, while the basic value for the bottom 10 percent tax bracket is $5,000.

This amount is then rounded down to the closest $25 to produce the $9,275 tax bracket in 2016, which is the lowest in the country.

Table 7. Tax Parameters, Base Years, and Base Values
Base Year Parameter Base Value (Single; HoH; Married) Rounding Convention
Source: Author’s Calculations.
Note: Bracket values are the tops of each bracket.
1987 Standard Deduction $3,000; $4,400; $6,000 Down to nearest $50
1988 Personal Exemption $2,000 Down to nearest $50
1992 15% Bracket $22,100; $29,600; $44,200 Down to nearest $50
25% Bracket $53,500; $76,400; $89,150 Down to nearest $50
1993 28% Bracket $115,000; $127,500; $140,000 Down to nearest $50
33% Bracket $250,000; $250,000; $250,000 Down to nearest $50
1995 EITC See Table 8, below Nearest $10, for thresholds. Nearest $1, for credit amount.
2002 10% Bracket $7,000; $10,000; $14,000 Down to nearest $25
2008 EITC Marriage Penalty Fix $5,000 Nearest $10
2011 AMT $50,600, N/A, $78,750 Nearest $100
2012 35% Bracket $400,000; $425,000; $450,000 Down to nearest $50
PEP $250,000; $275,000; $300,000 Down to nearest $50
Pease $250,000; $275,000; $300,000 Down to nearest $50
No Children One Child Two Children Three or More Children
Source: Author’s Calculations.
Credit Rate 7.65% 34% 40% 40%
Phase-Out Rate 7.65% 15.98% 21.06% 21.06%
Income, Max Credit $4,220 $6,330 $8,890 $8,890
Income, Phase-Out $5,280 $11,610 $11,610 $11,610

Do You Need To File A Tax Return In 2016?

The 2016 tax filing season has begun with the start of tax season. In 2016, the Internal Revenue Service (IRS) intends to complete about 150 million individual tax returns, an increase from the previous year. Will you be submitting one of those tax returns, as well? And, maybe more importantly, do you really need to? Your 2015 income will be reported for the 2016 tax filing season, and you will record the income you got in 2014. This includes any compensation you received in 2015, but does not include any compensation you get in 2016 for services done in 2015 (you will record such income the following year).

  1. You may or may not be required to submit a tax return depending on a number of circumstances, including how much you earned – and the source of that income – as well as your filing status and your age.
  2. Choose your filing status, your age, and your gross income for the year from the drop-down menus in the chart below.
  3. In the event that you are not claimed by anybody else on their federal income tax return, these restrictions will apply.
  4. You may get the 2015 figures by clicking here.

Depending on whether or not you may be claimed as a dependant on someone else’s tax return, the laws are a little more complicated. Here are some general recommendations to follow:

  • Individuals with single dependents who are under the age of 65 and are not blind normally are required to file a federal income tax return if their unearned income (such as dividends or interest) exceeds $1,050 or if their earned income (such as wages or pay) exceeds $6,300. Generally speaking, if you have a single dependant who is above the age of 65 or blind, you must file a federal income tax return if your unearned income exceeded $2,600 or your earned income exceeded $7,850. The IRS normally requires you to file a federal income tax return if you have a single dependant who is over 65 and blind, and if your unearned income was more than $4,150 or your earned income was more than $9,400. When you have married dependents and either of you is under the age of 65 and not blind, you generally must file a federal income tax return if your unearned income was more than $1,050, your earned income was more than $6,300, or if your gross income was at least $5 and your spouse files a separate return and itemizes deductions
  • If you have married dependents and either of you is under the age of 65 and not blind, you generally must file a federal income tax return if your You generally must file a federal income tax return if you have a married dependent who is over the age of 65 or blind, and your unearned income was more than $2,300, your earned income was more than $7,550, your gross income was at least $5, and your spouse files a separate return and itemizes deductions. While married with dependent children, if either of you is over 65 and blind, you are generally required to file an income tax return if your unearned income was more than $3,550
  • Your earned income was more than $8,800
  • Your gross income was at least $5
  • And your spouse files a separate income tax return with itemized deductions
  • Or both of you are over 65 and blind.
See also:  How Long To Get Tax Return 2017?

It’s important to remember that these regulations apply to dependents who are also married, not just married taxpayers in general. According to tax law, your spouse is never deemed a dependant on your income. You may also be required to submit for a variety of other reasons. One of the most common reasons for submitting a federal income tax return even when you don’t satisfy the basic income requirements is for self-employed individuals. Self-employed individuals who make at least $400 in net earnings must file a federal income tax return.

  • And, of course, if you, your spouse, or a dependant who registered in coverage via the Health Insurance Marketplace received advance payments of the premium tax credit, you may be required to submit a tax return.
  • If you received distributions from your HSA, Archer MSA, or Medicare Advantage MSA during the year 2015, you must file a tax return.
  • If you did not get your minimum needed distribution – and you were obligated to do so – you will also be required to file a tax return.
  • You may also be eligible for a refund for over-withholdings or a refundable credit, such as the earned income tax credit, if you have a low income (EITC).
  • What you need to know about filing and health care is summarized here in a few sentences.
  • It is presumed that you are exempt from the shared responsibility payment in 2015 if you are not obliged to submit a tax return in that year, and you are not needed to file a tax return in order to claim the coverage exemption. If you are obliged to submit a 2015 tax return and you did not have minimal health insurance coverage for the whole year, you will also be needed to file an extra form, which is referred to as a health insurance coverage waiver (form 8965). Form 8965 will be used to request an exemption from the shared responsibility payment or to calculate the amount of the payment you will be required to make. (For further information about exemptions, please see this page.)
  • It is necessary to submit a tax return in 2016 in order to reconcile the advance payments you got in 2015. This is true even if you are entitled to tax breaks. The failure to report the premium tax credit on a federal tax return in 2015, even if you received advance payments, may result in your inability to obtain more advance payments in the future. What this means is that if you obtained health care tax credits or subsidies and wish to continue receiving those health care tax credits or subsidies, you are still obligated to submit your federal income tax returns, even if you would otherwise be excluded from doing so. If you fail to file, you will be liable for the full cost of your health care insurance, and you may be required to reimburse part or all of the premium tax credit advance payments made in 2015.

(More on health-care requirements will be provided later in the season.) It’s also vital to remember that these are federal rules, not state rules. It’s possible that the rules in your state are substantially different. For example, in my home state of Pennsylvania, there is no personal exemption, and as a result, people are liable to tax from the very first dollar they earn. Do not make the mistake of assuming that you will not be required to submit a state (or local) income tax return even if you are exempt from federal income tax; instead, be cautious.

If you’re still unsure after reading this, consult with a tax professional or contact the Internal Revenue Service (1.800.829.1040).

Sales and Use Tax

Payment of Sales and Use Tax in a More Timely Manner Taxpayers whose average monthly payment of Sales and Use tax for the preceding calendar year (or portion of a year if they were not in business for the whole year) exceeds $100,000 are required to make an expedited Sales and Use tax payment by June 20 of the following year. The tax owed for the first 15 days of June is the amount due for the expedited payment. The amount of the expedited payment may be equal to the actual amount owing or one-half of the amount due in May.

Combined Sales and Use Tax (also known as CST) Until specifically stated otherwise, all sales of goods and services are deemed to be subject to SalesUse Tax unless an exception is specifically stated.

In West Virginia, use tax is levied on the use of goods and services for which the corresponding sales tax has not been paid.

  • CST-240Application for a Refund or Credit of Sales Tax Paid to a Vendor or Reseller (Form CST-240). The following are the instructions: Import Spreadsheet.
  • CST-250Consumers Sales and Use Tax Application for Direct Pay Permit
  • CST-250Consumers Sales and Use Tax Application for Direct Pay Permit
  • Instructions for completing the F0003Streamlined Sales and Use Tax Certificate of Exemption
  • Certificate of Exemption from Purchases for Special Contractors (CST-286)
  • CST-290Consumers Sales and Use Tax Certificate of Capital Improvement
  • CST-290Consumers Sales and Use Tax Certificate of Capital Improvement

Table of Boundaries An Excel spreadsheet that has been comma-delimited, which you may save to your computer and open using the application of your choosing. This sort of file may be opened and edited using a text editor or a spreadsheet application. Boundary Description of the table Table of Tax Rates An Excel spreadsheet that has been comma-delimited, which you may save to your computer and open using the application of your choosing. This sort of file may be opened and edited using a text editor or a spreadsheet application.

  1. Revenue from sales taxes is reported on theCST-200CUCombined Sales and Use Tax Return, while revenue from extra Local Wine and Liquor Tax is recorded on theCST-270 Wine and Liquor Tax Return (CST-270).
  2. Spreadsheets are imported.
  3. In addition, any relevant Use Tax is reported on the CST-200CUCombined Sales and Use Tax Return, while the tax is submitted on the appropriate form for the particular district.
  4. In the following municipality, special district excise taxes on sales of tangible personal property and services within the jurisdiction are permitted at a rate of 6 percent on tangible personal property and services.
  5. The one percent local sales tax will continue to be levied at the same rate as before.

Please keep in mind that if you fulfill any of the requirements listed below, you will also be required to submit and remit on the Sales and Use Tax return (CST-200CU):

  • Sales to any site other than the Special District, including but not limited to:
  • Other physical company locations
  • Sales made by delivery to areas outside of the District
  • Sales made through the Internet
  • Any purchases made or products consumed by your company that are subject to Use Tax are listed below.

The filing and payment of tax are necessary, and both must be completed and submitted by the 20th day of the month following the month in which the sales were made. Penalties and interest will be assessed if a tax return is not filed or if a tax payment is not made on time. Use the form below to mail in your return or make payments, or you may use our online portal at MyTaxes.WVTax.Gov. RTL-348 Excise in the Special District Return Park Place is located in South Charleston. Instructions Fee for Fireworks Safety in West Virginia FSF-200 Fireworks Safety Fee for the State of West Virginia Bonds for Sales and Use Tax Paid by Nonresident Contractors must be returned.

A nonresident contractor is a person who engages in contracting but does not have a bona fide place of business in West Virginia or who is not actively conducting business in the state.

CST-284 Tangible Personal Property List of Tangible Personal Property Contractors who are not residents of the state When purchasing a factory-built home to be used as their primary year-round dwelling, individuals must pay sales tax at the rate of 6 percent of half the home’s sale price, which is equal to half the home’s purchase price.

  • Other than factory-built homes, all other sales of factory-built homes will be subject to the 6% tax rate.
  • Fee for Factory-Built Homes (FBH-100).
  • Instructions CST-200CUWest Virginia Combined Sales and Use Tax Return, effective July 1, 2016, through June 30, 2017, is filed electronically.
  • InstructionsCST-200CUWest Virginia Combined Sales and Use Tax Return (For the periods of July 1, 2015, through June 30, 2016, see the instructions).
  • Instructions The CST-270Liquor/Wine Distribution Return is valid from October 1, 2011 to June 30, 2017.

Last Chance to Claim Your Tax Refund

Currently being updated for Tax Year 2021 / January 11, 2022 at 8:21 p.m. OVERVIEW A taxpayer who fails to file their income taxes has three years to file a return and receive a refund under the provisions of the law. In most cases, the three-year countdown begins on the day that the return is due, including any extensions, and continues until the return is filed. In order to learn more about the third coronavirus relief package, please see our blog article entitled ” American Rescue Plan: What Does it Mean for You and a Third Stimulus Check.” Every year, over a million Americans fail to file their income tax returns.

Procrastinators have three years to file a return and receive a refund, according to the legislation.

Late filers who do not owe any taxes are not subject to any penalties, and they may even be entitled for credits in addition to the money withheld from their income.

Forgotten tax withholdings

The Internal Revenue Service establishes minimum gross income levels below which taxpayers are not required to file a tax return. Example: For tax year 2021, taxpayers under the age of 65 who are single and earned less than $12,550 or heads of household who earned less than $18,800 are generally exempt from filing their taxes, unless there are exceptional circumstances. These non-filers may have been unaware of the fact that their employer withheld income tax throughout the year, resulting in money owed to them by the Internal Revenue Service.

Non-filers also forfeit the opportunity to receive the Earned Income Tax Credit, also known as the EITC, if they do not file.

It’s possible that you’re overlooking an opportunity to earn a tax refund.

Time matters with tax refunds

The deadline to file your original 2018 tax return in order to be eligible for a refund is April 18, 2022. If you were granted an extension for your 2018 tax return, your new deadline is October 17, 2022, rather than October 17, 2018. You will not get any refund if you do not meet the deadline. Any excess in the amount of tax you paid with each paycheck or received as quarterly anticipated payments in 2018 will be transferred to the United States Treasury rather than to you. As a result, you forfeit the ability to apply any return monies to a subsequent tax year in which you owe income tax.

It may be used to pay for the following things:

  • Student debts that are past due, child support that is past due, and federal tax obligations that you owe

When the IRS does not receive the two consecutive yearly returns, it has the authority to withhold refund cheques. As a result, you should file your tax returns for 2019 and 2020 as soon as you possibly can. The three-year grace period expires on April 18, 2022, for the 2019 tax year, with a filing date in April 2020 and a filing deadline in April 2020.

Don’t forget your credits

It is possible that tax payers who do not employ a professional or online tax preparation service may not be aware of the tax credits that are available to them unless they read or keep up with tax-related news. Unclaimed 2018 tax credits account for a portion of the $1 billion in unclaimed funds in the Internal Revenue Service’s coffers. Low and moderate-income individuals may be eligible for the Earned Income Tax Credit even if they did not have to pay any taxes. If your 2018 income was below these thresholds, you may be eligible to claim the EITC if you file your claim before April 15, 2021:

  • 15270 ($20950 if married filing jointly) and no qualifying children
  • 40320 ($46010 if married filing jointly) and one qualifying child
  • 45802 ($51492 if married filing jointly) and two qualifying children
  • $49194 ($54884 if married filing jointly) and three or more qualifying children
  • And $49,194 ($54,884 if married filing jointly) and four or more qualifying children

People who need to claim refunds for the 2018 tax year may be eligible for various tax credits in addition to the EITC, which include the following:

  • Refundable credit for prior year minimum tax (Form 1040 required)
  • Credit for federal tax on fuels (Form 1040 required)
  • Additional child tax credit
  • American Opportunity Credit
  • Adoption credit
  • Refundable credit for prior year minimum tax
  • Health coverage tax credit (Form 1040 required)
  • Credit for federal tax on fuels (Form 1040 required).

Obstacles to your tax refund

One of the mountains you’ll have to conquer in order to receive your refund is assembling all of the relevant documentation. Your rise will be simple if your financial documents have been kept up to date. As a result, you must allow for additional time in your filing schedule in order to receive a copy of your W-2 from your employer, as well as any 1099 forms that you may be missing from your bank or other payers. If you are unable to locate the documents you need, the IRS can assist you. In order to get a transcript of these information returns, you must complete and submit Form 4506T, “Request for Transcript of Tax Return,” and tick the box marked “Box 8.” Please allow up to ten business days for a response.

Downloadable versions of the 1040 series of tax forms are available through the “Prior Year Returns” link on the agency’s “Forms and Publications” web page, and hard copies can be obtained by calling (800) 829-3676.

Regardless of the filing option you pick, make sure to sign it since the IRS will not pay refunds to late filers unless they have signed the paperwork.

Simply visit our Products from Previous Years page and download the software for the tax year that you want.

Remember, with TurboTax, we’ll ask you a few easy questions about your life and assist you in filling out all of the necessary tax paperwork. With TurboTax, you can be certain that your taxes will be completed correctly, whether they are basic or complex tax returns, regardless of your situation.

All you need to know is yourself

Provide straightforward answers to a few easy questions about your life, and TurboTax Free Edition will take care of the rest. Simple tax returns are all that are required. In the preceding article, generalist financial information intended to educate a broad part of the public is provided; however, customized tax, investment, legal, and other business and professional advice is not provided. Whenever possible, you should get counsel from an expert who is familiar with your specific circumstances before taking any action.

See also:  How Much Is My Tax Return? (Solved)

Individual Income Tax – Louisiana Department of Revenue

  1. In order to submit a federal income tax return for Louisiana residents, Louisiana part-year residents, and nonresidents having income from Louisiana sources, you must first complete and file a Louisiana Individual Income Tax Return. In order to get a refund or credit, taxpayers who have overpaid their taxes through withholding or the declaration of estimated tax are need to file a return. Anyone who is obligated to file a federal income tax return but whose domicile (house of record) is in Louisiana and who is compelled to do so must submit a return and declare their whole income, regardless of where they were stationed.

Due Date of Returns and Payments

In the next year, returns and payments must be submitted on or by May 15th of that year. Returns and payments for fiscal year taxpayers are due on the 15th day of the fifth month after the end of the fiscal year in which they were filed.

Determination of Tax

The tax is calculated by referring to tax tables provided by the Louisiana Department of Revenue (LDOR). Based on the taxpayer’s filing status as well as the taxpayer’s Louisiana taxable income, a graded scale is employed to determine the tax rate. Tax rates have changed recently, and the following changes are reflected in the figures:

Rate of tax
Effective January 1, 2009 Effective January 1, 2022
Single, married filing separately, or head of household:
First $12,500 2 percent 1.85 percent
Next $37,500 4 percent 3.50 percent
Over $50,000 6 percent 4.25 percent
Married filing jointly or qualified surviving spouse:
First $25,000 2 percent 1.85 percent
Next $75,000 4 percent 3.50 percent
Over $100,000 6 percent 4.25 percent

Requesting an Extension of Time for Filing a Return

In accordance with Revised Statute 47:103, an extension of time to file an individual income tax return of up to six months may be allowed upon request. The request for an extension must be submitted before the state tax filing deadline, which is May 15th for calendar year filers and the 15th day of the fifth month after the completion of a fiscal year for those who file on a quarterly basis. The following are the five possibilities available for obtaining an extension:

  1. Filing an extension request electronically through the Louisiana Department of Revenue’s Individual Income Online Tax Filing application or the Online Extension Filing application
  2. Filing an extension request electronically through the Louisiana Department of Revenue’s Interactive Voice Response phone system by calling 225-922-3270 or 888-829-3071
  3. If you want to make an extension request, choose option3, then option 1. When requesting an extension, taxpayers will need to provide their social security number as well as the principal account holder. Making a state extension request through the Louisiana Department of Revenue by “checking the state extension box” included in the tax preparation software for an electronically-filed return
  4. Making a state paper extension request on Form R-2868, Application for Extension of Time to File Louisiana Individual Income Tax
  5. Or making a federal paper extension request (Form R-4868, Application for Automatic Extension of Time to File United States Individual Income Tax Return)

Tax preparers who are subject to the electronic filing obligation set out in LAC 61:III.1501 are required to submit all extension requests over the internet. To file numerous extension requests, tax preparers can use the bulk extension filing application, which is available on the IRS website. This program can be utilized by any company that has registered for an Electronic Filing Identification Number (EFIN) with the Louisiana Department of Revenue (LDR), as well as by any taxpayer who has a current Louisiana Account Number on file with the LDR.

The interest and late payment penalty will be applied to any payments received after the return due date has passed.

Resident Individual Income Tax

Residents who are obliged to submit a federal individual income tax return are also required to file a Louisiana income tax return, IT-540, on which they must record all of their earned income, as well. Louisiana residents who make money in another state are subject to Louisiana’s taxation on the earnings from that other state. A brief absence from Louisiana does not automatically result in a change in your state of residence for the purposes of individual income taxation. In Louisiana, you are entitled to a credit on Schedule G for any net tax liability you have paid to another state provided the income from that state is reflected on your Louisiana return as a resident taxpayer.

A deduction of up to $30,000 is available to Louisiana citizens serving in the military forces who were stationed outside the state on active duty for a period of 120 or more consecutive days during the tax year.

Prior to a deduction being permitted in any of these cases, the amount of income subject to a deduction must be included on the Louisiana resident’s tax return. the top of the page

Nonresident and Part-Year Resident Individual Income Tax

Nonresident and part-year resident taxpayers who are obliged to file a federal individual income tax return are also required to submit a Louisiana individual income tax return, IT-540B, on which they must record any income obtained from sources in Louisiana. It is necessary to record all income from all sources in order to calculate the ratio of Louisiana adjusted gross income to federal adjusted gross income for the purposes of the IT-540B computation. Only income derived from Louisiana sources, on the other hand, is subject to taxation.

  1. Nonresidents who obtain gaming wins from Louisiana sources and who are obliged to submit a federal income tax return are also required to file a Louisiana income tax return, which reports the Louisiana income generated on the winnings.
  2. Employees of the military whose domicile (house of record) is located outside of Louisiana are not obliged to submit a Louisiana income tax return on the salary they earn while serving in the armed forces.
  3. In order to compute the amount of Louisiana tax payable based on the amount of their Louisiana taxable income, nonresident and part-year resident taxpayers must utilize the Tax Computation Worksheet, which is available online.
  4. Each dependant, as well as each taxpayer and/or spouse over the age of 65 or who is blind, receives a $1,000 tax credit that is applied in assessing the amount of tax owed on his or her behalf.

Nonresident Athlete Individual Income Tax

A nonresident individual who is a member of one or more of the following organizations is considered a professional athlete and is required to electronically submit a Louisiana income tax return, IT-540B, declaring any income obtained from sources within the state of Louisiana:

  • The Professional Golfers Association of America, also known as the PGA Tour, Inc., the National Football League, the National Basketball Association, the National Hockey League, the East Coast Hockey League, and the Pacific Coast League are among the organizations represented.

Earnings from Louisiana-based sources include remuneration for services given as a professional athlete as well as all other money derived from Louisiana-based sources such as endorsements, royalties, and promotional advertising, among others. It is necessary to divide the number of Louisiana Duty Days by the total number of Duty Days in order to calculate the revenue from compensation. An athlete’s “duty days” are defined as the number of days during which he or she participated as an athlete, beginning with formal preseason training and ending with their last game in which they played or were due to play, whichever comes first.

In accordance with the filing status, the Tax Computation Worksheet permits a deduction for a Personal Exemption.

Professional athletes, defined as residents of the state who are members of one of the organizations listed above, must electronically submit a Louisiana income tax return, Form IT-540, detailing all of their earnings. the top of the page

Declaration of Estimated Tax

According to Louisiana Revised Statute 47:116, taxpayers who expect their estimated Louisiana income tax after credits and taxes withheld to be more than $1,000 for single filers and $2,000 for joint filers must file a declaration of estimated income tax and make estimated tax payments to the Louisiana Department of Revenue. Residents should utilize the current year’s Income Tax Tables to estimate their income tax burden based on the anticipated amount of Louisiana taxable income in order to determine the projected tax.

In order to get general information on the calculation and payment of estimated tax, refer to the estimated payment instructions, Form IT-540ES (I).

Farmers and fishermen are entitled to special protections.

If a person files their individual income tax return before March 1st of the subsequent taxable year and pays the complete amount owed, Revised Statute 47:116(F) provides an exemption from the obligation to make estimated tax payments.

It is not possible to avoid the underpayment penalty if you failed to pay the estimated income tax that was due earlier in the year by filing a declaration, amended declaration, or paying the last installment on time by January 15th, or by filing an income tax return on time by January 31st, or by paying the last installment on time by January 31st.

  1. Electronically with the use of Louisiana File Online
  2. By credit card through the use of Official Payments
  3. Utilizing the Louisiana Estimated Tax Declaration Voucher for Individuals, FormIT-540ES, you can file your return by mail. Make checks payable to the Department of Revenue if you want to pay by check. Please do not send cash.

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Penalty For Failure to Pay or Underpayment of Estimated Tax

The failure to pay or underpayment of anticipated income tax, as provided in Revised Statute 47:118, is punishable by a penalty. The penalty is equal to 12 percent of the underpayment amount every year for the period during which the underpayment occurred. Making a determination on the amount of the underpayment

  1. If no return was filed, the underpayment is the difference between the installment amount that would have been required if the estimated tax had been 90 percent (66.66 percent for qualified farmers and fishermen) of the tax due for the previous taxable year or, if no return was filed, 90 percent (66.66 percent for qualified farmers and fishermen) of the tax due for the current year, and the installment amount that was paid on or before the last date prescribed for the payment. The needed installment amount is equal to 25 percent of the required yearly payment for the purpose of calculating the underpayment amount.

Definition of the Underpayment Period— The underpayment period runs from the day on which a payment was due to the date on which the payment was not received, whichever is earlier:

  1. Either the 15th day of the fourth month following the end of the taxable year
  2. Or, the date on which any portion of the underpayment is paid up to the amount of the payment

Exceptions to the underpayment of estimated tax penalty—If no declaration of estimated tax is required to be filed because the taxpayer did not reasonably expect their taxes to exceed $1,000 for single filers and $2,000 for joint filers as required by Revised Statute 47:116(A), or if the total amount of all estimated tax payments made on or before the last date prescribed for the payment of the installment equals or exceeds the amount of the installment, the underpayment of estimated tax penalty will not be imposed on the installment.

  1. Whichever of the following is the smallest amount that would have been required to be paid on or before the date if the expected tax had been the smallest
  • If the individual submitted a tax return for the prior year and the year was a taxable year of 12 months, the tax owed on that year’s return is calculated as follows: either the tax that would have been due for the preceding taxable year based on the taxpayer’s status and personal exemptions and credits for dependents, as well as the facts shown on his return
  • Or, ninety percent (66.66 percent for qualified farmers and fishermen) of the tax due on an annualized basis for each quarterly period

Ninety percent of the tax computed at the appropriate rates on the basis of real taxable income for the months in the taxable year ending before the month in which the installment is needed to be paid is deducted from the amount of the installment. Notification of Unpaid Tax Penalty Due to Underpayment of Estimated Tax Taxpayers who file an individual income tax return with a payment in excess of $1,000 for single filers and $2,000 for joint filers will be advised of the necessity to complete and submit an estimated tax declaration, as well as the payment of any estimated tax.

Request for Waiver of Penalties The form R-20128 (Request for Waiver of Penalties) and form R-210R (for residents) or R-210NR (for nonresidents/part-year residents) must be completed by the taxpayer in order for the penalty to be waived.

For example, if it can be demonstrated that the individual acted in good faith and that his or her failure to make the estimated payments was due to extraordinary circumstances beyond the individual’s control, or if it can be demonstrated that the individual made a declaration and paid estimated tax in accordance with the provisions of R.S.

It will be rejected if it is found that the individual acted with deliberate contempt for the laws of the state in which he or she resides.

Filing an Amended Return

If you submit your Louisiana income tax return and subsequently discover that you need to make changes to your income, deductions, or credits, you must file an updated (corrected) Louisiana income tax return to reflect the changes. To file an updated return on paper, follow these steps:

  1. Use either Form IT-540, Resident Return, or Form IT-540B, Nonresident and Part-year Resident Return, depending on which form is appropriate for your situation. A distinct form for amending a return does not exist in Louisiana
  2. Instead, Make sure you are using the right form for the tax year you are making the change. Filing the revised return as though the original return had not been submitted is the correct procedure. Do not make any modifications for refunds that have already been received or payments that have already been paid. The return should be clearly marked with a “X” in the “Amended Return” field to indicate that it has been amended. An explanation of the change(s) should be included with the updated return, as well as a copy of the federal amended return, Form 1040X, if one was filed.
  • The Louisiana Department of RevenueP.O. Box 3550Baton Rouge, La 70821-3550
  • Or mail an updated return that includes a payment to the following address: All other correspondence should be sent to the Louisiana Department of Revenue, P.O. Box 3440, Baton Rouge, Louisiana 70821-3440.

In addition, you have the option of filing the updated return online using Louisiana File Online, which is a free web service provided by the Louisiana Department of Revenue. the top of the page

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