Ernst and Young Tax Guide 1999,9780471296478

Ernst and Young Tax Guide 1999

by ;
Edition: Yearly Ed.
ISBN13: 9780471296478
ISBN10: 0471296473
Format: Paperback
Pub. Date: 1999-01-01
Publisher(s): John Wiley & Sons
List Price: $16.75

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Summary

The most current, authoritative, and bestselling tax guide on the market. Each year, hundreds of thousands of people turn to The Ernst & Young Tax Guide for the most up-to-date and comprehensive coverage of the tax system. The new tax guide for 1999 is the only guide which includes the official IRS tax guide, Publication 17, "Your Federal Income Tax," along with Ernst & Young2s comprehensive commentary and tax trimming tips. There is also a special chapter on mutual funds that covers when to make new investments, and how to treat distributions, transfers, and redemptions. Covers many tax changes that first affect tax payers this year. Includes more final useable tax return forms than any other tax guide, in the book and on the Internet. Features new information on the gift tax. Over 450 TaxSavers, TaxAlerts, TaxOrganizers, and TaxPlanners. Ernst & Young LLP is one of the nation2s leading professional services firms. Its tax and personal finance counseling practice specializes in tailoring financial strategies to people at all income levels.

Table of Contents

1999 Tax Calendar ii(8)
Special Tables of Contents x(4)
How to Use This Guide xiv(1)
The Ernst & Young Tax Guide Editorial Board 1999 xv(1)
Changes in the Tax Law You Should Know About xvi(4)
Important 1998 Tax Reminders from the IRS xx(2)
How to Avoid 25 Common Errors xxii(1)
50 of the Most Easily Overlooked Deductions xxiii(1)
Individual Tax Organizer xxiv(8)
Income and Expense Records You Should Keep in Addition to Your Income Tax Return xxxii
PART I THE INCOME TAX RETURN 1(76)
Where Do You File 2(1)
CHAPTER 1. Filing Information
3(22)
Tables: 1998 Filing Requirements for Most Taxpayers
5(1)
1998 Filing Requirements for Dependents
6(1)
Other Situations When You Must File a 1998 Return
7(3)
Benefits of IRS e-file
10(2)
When to File Your 1998 Return
12(2)
6 Steps for Preparing Your Return
14(11)
CHAPTER 2. Filing Status
25(8)
Table: Qualifying Person
30(1)
WORKSHEET: Cost of Maintaining a Household
31(2)
CHAPTER 3. Personal Exemptions and Dependents
33(15)
Figure: Can You Claim an Exemption for a Dependent?
36(4)
Table: Worksheet for Determining Support
40(4)
Figure: Support Test for Children of Divorced or Separated Parents
44(3)
WORKSHEET: Deduction for Exemptions
47(1)
CHAPTER 4. Decedents
48(11)
SAMPLE FORM: 1998 Form 1040
52(7)
CHAPTER 5. Tax Withholding and Estimated Tax
59(18)
Do You Have to Pay Estimated Tax?
68(9)
PART II INCOME 77(216)
Chart: Income
78(1)
CHAPTER 6. Wages, Salaries, and Other Earnings
79(12)
CHAPTER 7. Tip Income
91(6)
CHAPTER 8. Interest Income
97(19)
Tables: Who Pays Tax on U.S. Savings Bond Interest
106(7)
Equivalent Yield Needed From A Taxable Bond
113(1)
SAMPLE FORM: 1998 Form 1099-INT
114(2)
CHAPTER 9. Dividends and Other Corporate Distributions
116(11)
SAMPLE FORM: 1998 Form 1099-DIV
125(2)
CHAPTER 10. Rental Income and Expenses
127(19)
Tables: Worksheet for Figuring the Limit on Rental Deductions for a Dwelling Unit Used as a Home
136(4)
MACRS Recovery Periods for Property Used in Rental Activities
140(2)
Optional MACRS Tables
142(4)
CHAPTER 11. Retirement Plans, Pensions, and Annuities
146(13)
WORKSHEET: Simplified Method/
151(8)
CHAPTER 12. Social Security and Equivalent Railroad Retirement Benefits
159(7)
WORKSHEET: Figuring Total Income
161(5)
CHAPTER 13. Other Income
166(25)
WORKSHEET: State and Local Income Tax Refund
178(8)
Table: Are Your Sickness and Injury Benefits Taxable?
186(5)
CHAPTER 14. Basis of Property
191(12)
Table: Examples of Adjustments to Basis
194(9)
CHAPTER 15. Sale of Property
203(25)
CHAPTER 16. Selling Your Home
228(9)
CHAPTER 17. Reporting Gains and Losses
237(12)
Tables: Capital Gains Rate
244(3)
SAMPLE FORM: Schedule D: Capital Gains and Losses
247(2)
CHAPTER 18. Individual Retirement Arrangements (IRAs)
249(22)
Tables: Can I Take a Traditional IRA Deduction?
254(10)
You Can Contribute to a Roth IRA
264(1)
You Contribution Limit is Reduced
265(6)
CHAPTER 19. Moving Expenses
271(10)
Figure: Illustration of Distance Test
273(2)
Table: Satisfying the Time Test for Employees and Self-Employed Persons
275(2)
Figure: Qualifying Moves Within the United States (Non-Military)
277(4)
CHAPTER 20. Alimony
281(12)
Table: Alimony Requirements (Instruments executed after 1984)
282(11)
PART III STANDARD DEDUCTION AND ITEMIZED DEDUCTIONS 293(128)
Chart: Should I Take the Standard Deduction or Should I Itemize?
294(1)
CHAPTER 21. Standard Deduction
295(4)
Tables: Standard Deduction Chart for Most People
297(1)
Standard Deduction Chart for People Age 65 or Older or Blind
297(1)
Standard Deduction Worksheet for Dependent
297(2)
CHAPTER 22. Limit on Itemized Deductions
299(3)
CHAPTER 23. Medical and Dental Expenses
302(11)
Table: Medical and Dental Expenses Checklist
305(6)
Figure: Is Your Excess Medical Reimbursement Taxable?
311(2)
CHAPTER 24. Taxes You May Deduct
313(8)
Chart: Which Taxes Can You Deduct?
314(7)
CHAPTER 25. Interest Expense
321(14)
Figures: Is My Interest Fully Deductible?
324(3)
Are My Points Fully Deductible This Year?
327(5)
Table: Where to Deduct Your Interest
332(3)
CHAPTER 26. Contributions
335(16)
Tables: Examples of Charitable Contributions-A Quick Check
337(4)
Volunteers' Questions and Answers
341(10)
CHAPTER 27. Casuality and Theft Losses
351(15)
Tables: Deduction Limit Rules
360(1)
When To Deduct a Loss
361(1)
Listing: Designated Disaster Areas
362(4)
CHAPTER 28. Car Expenses and Other Employee Business Expenses
366(32)
Table: Travel Expenses You Can Deduct
369(11)
Figures: Does the 50% Limit Apply to Your Expenses?
380(2)
When are Local Transportion Expenses Deductible?
382(6)
Tables: How To Prove Certain Business Expenses
388(6)
Reporting Travel, Entertainment, Gift, and Car Expenses and Reimbursements
394(3)
SAMPLE FORM 2106-EZ: Unreimbursed Employee Business Expenses
397(1)
CHAPTER 29. Employees' Educational Expenses
398(9)
Figure: Does Your Education Qualify?
400(7)
CHAPTER 30. Miscellaneous Deductions
407(14)
PART IV FIGURING YOUR TAXES AND CREDITS 421(62)
CHAPTER 31. How to Figure Your Tax
423(6)
CHAPTER 32. Tax on Investment Income of Certain Minor Children
429(9)
Figures: Can You Include Your Child's Income On Your Tax Return?
431(2)
Do You Have To Use Form 8615 To Figure Your Child's Tax
433(1)
SAMPLE FORM 8814: Parent's Election To Report Child's Interest and Dividends
434(3)
SAMPLE FORM 8615: Tax for Children Under Age 14 Who Have Investment Income of More Than $1,400
437(1)
CHAPTER 33. Child and Dependent Care Credit
438(14)
Figures: Can You Claim the Credit?
440(2)
Is a Child of Divorced or Separated Parents a Qualifying Person?
442(8)
SAMPLE FORM 2441: Child and Dependent Care Expenses
450(2)
CHAPTER 34. Credit for the Elderly or the Disabled
452(11)
Figures: Are You a Qualified Individual?
453(1)
Income Limits
453(3)
Table: Overall Income Limits
456(4)
SAMPLE SCHEDULE R: (Form 1040) Credit for the Elderly or the Disabled
460(3)
CHAPTER 35. Child Tax Credit
463(3)
WORKSHEET: Child Tax Credit
465(1)
CHAPTER 36. Education Credits
466(5)
SAMPLE FORM 8863: Education Credits (Hope and Lifetime Learning Credits)
470(1)
CHAPTER 37. Other Credits Including the Earned Income Credit
471(12)
WORKSHEETS: How to Figure the Credit if You Did Not Work for a Railroad
474(1)
If You Worked for a Railroad
475(2)
Checklist: Earned Income Credit at a Glance
477(1)
Table: Examples of Earned Income for the Earned Income Credit
478(3)
Checklist: Earned Income Credit (EIC) Eligibility Checklist
481(2)
PART V SPECIAL SITUATIONS AND TAX PLANNING 483(76)
CHAPTER 38. If You Are Self-Employed: How to File Schedule C
485(23)
SAMPLE FORMS: Schedule C (Form 1040)
503(2)
Schedule SE (Form 1040)
505(2)
Form 8829
507(1)
CHAPTER 39. Mutual Funds
508(11)
SAMPLE FORM: (1099-DIV) Dividends and Distributions
511(2)
Tables: Reporting Mutual Fund Distribution on Form 1040
513(1)
Choosing a Cost Basis Method
514(1)
Mutual Fund Activity
515(4)
CHAPTER 40. The Gift Tax
519(4)
CHAPTER 41. What to Do If You Employ Domestic Help
523(7)
Tables: IRS Offices for EIN Application
525(1)
What is Taxable Compensation
526(1)
Figure: Worksheet for Domestic Employee's Wages
527(2)
SAMPLE FORM: Schedule H(From 1040) Household Employment Taxes
529(1)
CHAPTER 42. U.S. Citizens Working Abroad: Tax Treatment of foreign Earned Income
530(5)
CHAPTER 43. Foregin Citizens Living in the United States
535(6)
CHAPTER 44. How to Prepare for Your Accountant
541(3)
Checklist: What to Bring to Your Accountant
542(1)
Table: Check Analysis
543(1)
CHAPTER 45. If Your Return Is Examined
544(10)
CHAPTER 46. Planning Ahead for 1999 and Beyond
554(5)
Personal Records and Advisors
557(2)
PART VI FILLING OUT YOUR TAX RETURN AND TAX FORMS YOU CAN USE 559(140)
CHAPTER 47. Filling Out Form 1040
561(33)
CHAPTER 48. 1997 Federal Tax Forms and Schedules You Can Use
594(85)
Form SS-4: Application for Employer Identification Number
595(2)
Form SS-5: Application for a Social Security Card
597(2)
Form 709: United States Gift (and Generation-Skipping Transfer) Tax Return
599(4)
Form 1040X: Amended U.S. Individual Income Tax Return
603(2)
Form 1040EZ: Income Tax Return for Single and Joint Filers With No Dependents
605(2)
Form 1040A: U.S. Individual Income Tax Return
607(8)
Schedule 1: Interest and Ordinary Dividends for Form 1040A Filers
609(2)
Schedule 2: Child and Dependent Care Expenses for Form 1040A Filers
611(2)
Schedule 3: Credit for the Elderly or the Disabled for Form 1040A Filers
613(2)
Form 1040: U.S. Individual Income Tax Return
615(20)
Schedule A: Itemized Deductions
617(1)
Schedule B: Interest and Ordinary Dividends
618(1)
Schedule C: Profit or Loss from Business (Sole Proprietorship)
619(2)
Schedule D: Capital Gains and Losses
621(2)
Schedule E: Supplemental Income and Loss
623(2)
Schedule EIC: Earned Income Credit
625(2)
Schedule F: Profit or Loss From Farming
627(2)
Schedule H: Household Employment Taxes
629(2)
Schedule R: Credit for the Elderly or the Disabled
631(2)
Schedule SE: Self-Employment Tax
633(2)
Form 1116: Foreign Tax Credit
635(2)
Form 2106: Employee Business Expenses
637(2)
Form 2441: Child and Dependent Care Expenses
639(2)
Form 3903: Moving Expenses
641(2)
Form 4562: Depreciation and Amortization
643(2)
Form 4684: Casualties and Thefts
645(2)
Form 4797: Sales of Business Property
647(2)
Form 4868: Application for Automatic Extension of Time To File U.S. Individual Income Tax Return
649(2)
Form 4952: Investment Interest Expense Deduction
651(2)
Form 4972: Tax on Lump-Sum Distributions
653(2)
Form 5329: Additional Taxes Attributable to IRAs, Other Qualified Retirement Plans, Annuities, Modified Endowment Contracts, and MSAs
655(2)
Form 6198: At-Risk Limitations
657(2)
Form 6251: Alternative Minimum Tax-Individuals
659(2)
Form 8283: Noncash Charitable Contributions
661(2)
Form 8615: Tax for Children Under Age 14 Who Have Investment Income of More Than $1,400
663(2)
Form 8812: Additional Child Tax Credit
665(2)
Form 8814: Parents' Election To Report Child's Interest and Dividends
667(2)
Form 8822: Change of Address
669(2)
Form 8824: Like-Kind Exchanges
671(2)
Form 8829: Expenses for Business Use of Your Home
673(2)
Form 8839: Qualified Adoption Expenses
675(2)
Form 8863: Education Credits (Hope and Lifetime Learning Credits)
677(2)
CHAPTER 49. Tax Tables and Tax Rate Schedules
679(20)
1998 Tax Tables
680(12)
1998 Tax Rate Schedules
692(1)
List of IRS Forms and Publications
693(1)
How to Get Forms and Publications
694(1)
What Is Tele Tax?
695(2)
Call the IRS With Your Tax Questions
697(2)
A GLOSSARY OF TAX AND FINANCIAL TERMS 699(7)
INDEX 706

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