Các Tín Khoản I-CAN!® Free File Có Thể Giúp Quý Vị Khai

I-CAN!® Free File có thể giúp quý vị khai xin các tín khoản và khấu trừ sau đây nếu quý vị hội đủ điều kiện được hưởng trong đơn khai thuế Liên Bang, California, Michigan, Montana, New York và Pennsylvania của quý vị. Muốn biết thêm chi tiết về các giới hạn của I-CAN!® Free File, hãy bấm vào đây.

Liên Bang


Credits

Deductions

Other Forms and Worksheets

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Credits


Earned Income Credit (Schedule EIC & EIC Worksheet A or B)

The Earned Income Tax Credit (EITC) is a special tax credit for low-income working families that can return up to $5,657 to eligible taxpayers. The EITC was created by congress in 1975 to ease the tax burden on working families and individuals and to offset some of their living expenses. Unfortunately 15% to 25% of those eligible for the Earned Income Tax Credit fail to claim it, leaving billions of dollars unclaimed each year. I-CAN!® will help you claim this credit if you are eligible.

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Information to Claim Earned Income Credit After Disallowance (Form 8862)

This form is used to claim the Earned Income Credit after it was reduced or you were not allowed to claim the credit in a prior year.

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Making Work Pay (Schedule M)

You may be able to claim this credit if you or your spouse earned income from work during the year.

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Child tax credit (Child Tax Credit Worksheet, Publication 972 Child Tax Credit Worksheet)

The child tax credit is a credit you might be able to claim if you have a child under the age of 17. You must have provided over half of his/her support and he/she must have lived with you for at least 6 months. This child can be your own child or a relative, but must be claimed as a dependent on your tax return.

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Additional child tax credit (Form 8812)

This credit is for certain individuals who get less than the full amount of the child tax credit. If you answered “yes” on line 9, or line 10 of the Child Tax Credit Worksheet you may qualify for the additional child tax credit.

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Child and dependent care credit (Form 2441)

If you paid for someone or a facility to care for your child so you could work or look for work you may be able to claim this credit. Your child must be under the age of 13 or an adult that is not able to care for themselves and someone that you claim as a dependent.

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Education credits (American Opportunity Credit and Lifetime Learning Credit) (Form 8863)

If you, your spouse, or a dependent you claimed on your tax return attended an eligible college you may be able to take the education credits. You cannot take both the education credits and the tuition and fees deduction. I-CAN!® will include in your return the one that gives you the best federal refund or the least tax owed.

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First Time Home Buyer Credit and Repayment of Credit (Form 5405)

This form is used to claim the 2010 first-time homebuyer credit. This form is also used to claim the credit for a qualified long-time resident who purchased a home in 2010. You must meet certain requirements to claim either credit. This form is also used for repayment for the 2008 First-Time Homebuyer Credit.

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Credit for the elderly and disabled (Schedule R)

You may be able to claim this credit if you are permanently and totally disabled or over the age of 65. This credit will be based on your filing status, age, and income. Your income must be $17,500 or less ($25,000 or less if married filing together).

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Retirement savings contributions credit (Saver's Credit).(Form 8880)

If you are saving for retirement and you meet the qualifications you may be able to take this credit. You must not be a full-time student and you must be at least age 18. Your income must be $26,500 or less ($39,750 or less for head of household, $53,000 for married filing together).

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Residential Energy Credits (Form 5695)

If you have made energy saving improvements to your home you may be eligible to take this credit. You may also be able to claim 30% of the cost of energy efficient products (for example solar electric panels, solar water heater, small wind energy property, or geothermal heat pumps) installed in your home.

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Reduction of Tax Attributes Due to Discharge of Indebtedness (Form 982)

This form is used to claim Mortgage Forgiveness when a taxpayer had a mortgage debt canceled from a foreclosure or refinance.

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Deductions


Standard Deduction Worksheet

The standard deduction is a dollar amount that reduces your taxable income. The standard deduction amount depends on your filing status. The standard deduction is higher for taxpayers who are 65 or older or blind. This worksheet calculates the standard deduction for taxpayers and spouses who are 65 or older or blind.

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Itemized deductions (Schedule A)

An itemized deduction is an eligible expense that you can report on your income tax return in order to reduce your taxable income. You have the choice between taking the standard deduction and itemizing your deductions. If you choose to itemize, I-CAN!® will give you whichever is greater.

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IRA deduction (IRA Deduction Worksheet)

If you made contributions to a traditional IRA for 2010, you may be able to take an IRA deduction. But you, or your spouse if filing a joint return, must have earned an income to do so.

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Tuition and fees deduction (Form 8917)

If you, your spouse, or dependent you claim, attended an eligible college you may be able to claim this deduction. If you claim the Tuition and Fees deduction then you cannot claim the Education Credits. If you qualify I-CAN!® will give you whichever is better for your return.

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Student loan interest deduction (Student Loan Interest Deduction Worksheet)

If you have a student loan that you are paying interest on you may be able to deduct the interest you paid on it. You do not have to itemize your deductions to claim the interest. The deduction is limited by your total income.

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Health savings account contribution deduction (Form 8889)

If you have a Health Savings Account (HSA), you may be able to deduct the amount you or your employer on your behalf contributed to your account. If you made contributions to or received distributions from a Health Savings Account you will need to submit a form 8889.

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Moving expenses (Form 3903)

If you moved to be closer to a new workplace or business area, you may be able to deduct your moving expenses such as transportation of your belongings, travel and hotel stays. In order to take the deduction, your move has to pass the “distance test” and the “time test”.

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Employee Business Expenses (Form 2106)

If you had job-related expenses, you may be able to deduct these expenses if they were not covered by your employer. You must have records to prove these expenses and you must itemize your deductions to claim this deduction.

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Casualty and Theft Losses (Form 4684)

You may be able to deduct casualty and theft losses to your home, household items and vehicles. Some examples of casualty losses are car accident, fire, earthquake, flood, or vandalism. Casualty losses do not include normal wear and tear. You must itemize your deductions to claim this deduction.

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Noncash Charitable Contributions (Form 8283)

If you itemize your deductions you may be able to deduct your noncash contributions to charitable organizations. If you made a noncash donation of over $500 you must fill out this form. I-CAN!® does not support the donation of vehicles.

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Expenses for Business use of Your Home (Form 8829)

If you used part of your house exclusively for your business you may be able to deduct expenses.

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Depreciation and Amortization (Form 4562)

This form reports the loss in value of long term assets. This allows you to recover the cost of your business property. You can only claim depreciation for business assets using I-CAN!®.

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Other Forms and Worksheets


Interest and Ordinary Dividends (Schedule B)

This form is used to report interest and ordinary dividends reported on Form 1099-Div and Form 1099-INT. You must file Schedule B if your taxable interest income is more than $1,500; you received interest from a seller financed mortgage and the buyer used the property as a personal residence; or you have accrued interest from a bond.

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Self Employment Income (Schedule C)

If you are self-employed you will need to file a Schedule C with your tax return. Schedule C is used to report income and deduct expenses. If you have nonemployee income on 1099-MISC or statutory income on your W-2 (Box 13 is checked) the IRS considers you to be self-employed and you will need to file Schedule C.

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Self-Employment Tax (Schedule SE)

If you were self-employed and made more than $400 you need to file Schedule SE. This schedule determines the tax due on self employment earnings. In addition, Schedule SE is used by the Social Security Administration to determine your benefits under the social security program.

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Capital Gains and Losses (Schedule D)

Most property you own and use for personal purposes, pleasure, or investment is a capital asset. This form is used to report any capital gains or losses from the sale or exchange of a capital asset. With I-CAN!® you can only enter up to 5 short term and 5 long term gains. You can deduct capital losses up to the amount of your capital gains plus $3,000 ($1,500 if married filing separately).

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Supplemental Income and Loss (Schedule E)

If you had rental real estate or royalties you will need to file a Schedule E with your tax return. This form is used to report income and deduct expenses. You can deduct all ordinary and necessary expenses, such as taxes, interest, repairs, insurance, management fees, and agents’ commissions. I-CAN!® does not allow you to deduct depreciation. Note: If you are in the business of renting equipment or vehicles, file Schedule C instead.

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Social Security and Medicare Tax on Unreported Tip Income (Form 4137)

This form is used to figure the social security and Medicare tax owed on any tips not already included in your income. You must file this form in order for your unreported tip income to be considered by the Social Security Administration to determine your benefits under the social security program. You also must file this form if your W-2 Box 8 shows allocated tips that you must report as income.

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Application for Automatic Extension of Time to File U.S. Individual Income Tax Return (Form 4868)

This form is used to apply for 6 more months to file your tax return. This form must be submitted by April 18th 2011. If you file this form, you will have until October 17, 2011 to file your return. To qualify for the extension you must estimate your 2010 tax liability using the information available to you. You do not have to provide a reason why you are asking for the extension.
Although, you are not required to make a payment of the tax you estimate as due, the form does not extend the time to pay taxes. If you do not pay the amount due by the regular due date, you will owe interest and you may also be charged penalties.

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Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts (Form 5329)

This form is used to report additional taxes on IRAs, other qualified retirement plans, or HSAs. The additional taxes can be due to excess contributions or early distributions.

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Alternative Minimum Tax - Individuals (Form 6251)

The AMT applies to taxpayers who have certain types of income that receive favorable treatment, or who qualify for certain deductions, under the tax law. These tax benefits can significantly reduce the regular tax some taxpayers with higher economic incomes. The AMT sets a limit on the amount these benefits can be used to reduce total tax.

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Direct Deposit into Multiple Accounts (Form 8888)

This form is used if you want all or part of your refund to be directly deposited. With this form you can directly deposit your refund in one or more account at a bank or another financial institution or you can buy up to $5000 in paper US Series I Savings Bonds. For any part of your refund not deposited directly in your accounts or not used to purchase series I saving bonds you can elect to have it sent to you as a check.

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Pensions and Annuities Simplified Method Worksheet

This worksheet is used to figure the amount of your pension or annuity payments that are taxable. I-CAN! will generate the Simplified Worksheet if the 1099-R is for a Pension or Annuity and the taxable amount is unknown.

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California

Credits

  • Child and dependent care credit
  • Renter's credit

Deductions

  • Interest on U.S. obligations and CA municipal bonds exclusion
  • Social security benefits exclusion
  • Standard deduction worksheet for dependents
  • State income tax refund deduction
  • State adjustment to federal itemized deductions
  • Unemployment compensation exclusion

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Michigan

Credits

  • College tuition and fees credit
  • Community foundation credit
  • Home heating credit
  • Homeless shelter/food bank credit
  • Homestead property tax credit
  • Homestead property tax credit for veterans and blind people
  • Income tax paid to Michigan cities
  • Michigan earned income tax credit
  • Public contributions credit
  • Vehicle donation credit

Deductions

  • Dividend/interest/capital gains deduction for seniors
  • Michigan education savings program deduction
  • Pension and annuity exclusion

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Montana

Credits

  • Elderly Care Credit
  • Elderly Homeowner/Renter Credit
  • Capital gains credit

Deductions

  • Dividend and interest exemption
  • Disability income exemption for taxpayers under age 65
  • Interest exemption for taxpayers 65 and older
  • Itemized deductions (including casualties and thefts, employee business expenses, child and dependent care expenses and the federal income tax deduction)
  • Montana family education savings account exemption
  • Qualified mortgage insurance premiums deduction
  • Pension and annuity income exclusion
  • Social security exemption
  • Standard deduction
  • Tier II Railroad benefits exclusion
  • Tips and gratuities exemption

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New York

Credits

  • Child and dependent care credit
  • College tuition credit
  • Empire state child credit
  • New York City earned income credit
  • New York City household credit
  • New York City school tax credit
  • New York State earned income credit
  • New York State earned income credit for noncustodial parent
  • New York State household credit
  • Real property tax credit for renters
  • Volunteer firefighters and ambulance worker's credit

Deductions

  • Pension and annuity income exclusion
  • Itemized deductions

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Pennsylvania

Credits

  • Property tax or rent rebate credit
  • Special tax forgiveness

Deductions

  • Disability income exclusion
  • Interest on U.S. obligations and PA municipal bonds exclusion
  • IRA distribution exclusion
  • Pension and annuity exclusion
  • Social security benefits exclusion
  • Unreimbursed employee business expenses (including moving expenses and business use of the home)

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