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Three tax years have already ended. X's 25 Excess Federal Investment Income tax is $40,000. X must pay $40,000 on or before April 15, 2024, when X reaches age 70. If X does not meet the April 2024 deadline, X may make an installment payment of $40,000 if X can afford to do so. X must file Form 1040, U.S. Individual Income Tax Return, for tax year 2022. X is not exempt from filing so X is required to purchase Form 1040-NR, a waiver of requirement to file. X may also claim an earned income credit of $6,000.
The daughter of taxpayer X is an active duty Air Force pilot. She began her active duty in January 2019. The daughter qualifies for drawing tax-free interest on the $250 monthly reserve retirement (pilot) benefit (to the extent of $1,824.50 per month) on securities owned by the Air Force Reserve (pilot) on the date of the daughter's initial active duty (January 31, 2019). Any amount withheld above $1,824.50 per month must be reported on line 28, Income or Loss From Military Personnel, on both her and X's tax return. Additionally, the interest income must be reported on line 12 of the daughter's tax return.
State income tax withholdings are not the same for each income tax filing period. You must make quarterly withholding estimates before April 15 in order to plan for future events. You must reconcile taxable income with tax withholding
Your business plan indicates that your average monthly expenses will be $4,500 in 2019. Your estimated income will be $12,000 per month. You reported $4,500 in charitable contributions on your 2018 tax return. On line 9, “Subtotal,” you have $4,500 in box 2, “Itemize Deductions.” You have $10,000 of "other income" on line 15. You may enter only your total itemized deductions. d2c66b5586