Download AARP J.K. Lasser's 1001 Deductions and Tax Breaks 2011. Your by Barbara Weltman PDF

By Barbara Weltman

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Additional resources for AARP J.K. Lasser's 1001 Deductions and Tax Breaks 2011. Your Complete Guide to Everything Deductible

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You lose out for 10 years if your claim was fraudulent. If you become ineligible because of negligence or fraud, the IRS issues a deficiency notice. You may counter the IRS's charge by filing Form 8862, Information to Claim Earned Income Credit after Disallowance, to show you are eligible. If the IRS accepts your position and recertifies eligibility, you don't have to file this form again (unless you again become ineligible). If you received the earned income credit on an advance basis and it turns out to be more than you were entitled to (for example, your unearned income for the year disqualifies you for the credit), you owe the money back as unpaid taxes.

Itemize them). Itemized deductions include: Medical expenses Taxes Interest payments Gifts to charity Casualty and theft losses Unreimbursed employee business expenses Investment expenses Legal fees to earn income Gambling losses Estate tax payments on income in respect of decedents You cannot claim any additional standard deduction that applies to those 65 or older and/or blind if you choose to itemize deductions in lieu of claiming the basic standard deduction amount. Generally, claim the standard deduction when it is greater than the total of your itemized deductions.

You can have the IRS figure your credit for you (you don't even have to look it up in the table). To do this, just complete your return up to the earned income credit line and put “EIC” on the dotted line next to it. If you have a qualifying child, complete and attach Schedule EIC to the return. Also attach Form 8862, Information to Claim Earned Income Credit after Disallowance, if you are required to do so as explained next. , as part of their paycheck throughout the year). However, because this option has been underutilized and Congress needed revenue to fund other programs, the advanced earned income credit option has been repealed effective in 2011.

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