Federal Taxes

[jtc]

question 1.
couple married in October 2004
each received a MN tax refund for 2003
do we just add both of those together and record on line 10
on the 1040 form?

question 2.
form 8283
is this the proper form to attach for Schedule A
donations...couple donated household furnishings, furniture,
dishes etc when they combined households...it is more than
500.00

thanks

 

[Paul A Thomas]

question 1.
couple married in October 2004
each received a MN tax refund for 2003
do we just add both of those together and record on line 10
on the 1040 form?
Yup.

question 2.
form 8283
is this the proper form to attach for Schedule A
donations...couple donated household furnishings, furniture,
dishes etc when they combined households...it is more than
500.00

Yup again.

 

[Don Priebe]

couple married in October 2004

each received a MN tax refund for 2003
do we just add both of those together and record on line 10
on the 1040 form?

Yes, assuming that each of them itemized deductions in 2003
and that their individual deductions would have been greater
than their standard deductions even without the MN taxes.
(Usual rule)

form 8283
is this the proper form to attach for Schedule A
donations...couple donated household furnishings, furniture,
dishes etc when they combined households...it is more than
500.00

Yes.

 

[Harlan Lunsford]

question 1.
couple married in October 2004
each received a MN tax refund for 2003
do we just add both of those together and record on line 10
on the 1040 form?

Yes; assuming that for each, the deduction last year
resulting in a tax benefit. Fill out two different
worksheets to figure amount includible in income.

question 2.
form 8283
is this the proper form to attach for Schedule A
donations...couple donated household furnishings, furniture,
dishes etc when they combined households...it is more than
500.00

Right.

ChEAr$,
Harlan Lunsford, EA n LA
Wed 26 Jan 2005

 

[A.G. Kalman]

question 1.
couple married in October 2004
each received a MN tax refund for 2003
do we just add both of those together and record on line 10
on the 1040 form?

question 2.
form 8283
is this the proper form to attach for Schedule A
donations...couple donated household furnishings, furniture,
dishes etc when they combined households...it is more than
500.00

Q1. Assuming they are filing a joint return, you would
always add together any items of income they both received.
Whether or not they have to declare each of their state tax
refunds as 2004 income is a different question. First you
must determine if each person itemized their 2003 tax
deductions and took a deduction for state income taxes paid.
Generally, if they did, the refund would be taxable.
However, under certain circumstances, they may not have
received the full tax benefit for their itemized deductions
because the income level was too high and the deductions
were reduced or the amount of itemized deductions was only
marginally higher than the standard deduction and the amount
of the refund is less than that marginal difference. This
requires an additional step to make the determination as to
how much of the refund must be declared as taxable in 2004.

Q2. Yes.

 

[mytax]

1. yes, after you run the worksheet to see if any or all of
it is reportable.
2. yes, signed by the donee.

Missy Doyle

 

[Arthur L. Rubin]

question 1.
couple married in October 2004
each received a MN tax refund for 2003
do we just add both of those together and record on line 10
on the 1040 form?

If you each itemized deductions in 2003, yes. If either
did not, then that refund is not taxable.

question 2.
form 8283
is this the proper form to attach for Schedule A
donations...couple donated household furnishings, furniture,
dishes etc when they combined households...it is more than
500.00

Yes. If no individual item is more than $500, you don't
need to keep track of the basis and date acquired.

Furniture, on the other hand....

 

[jtc]

Form 8283 is 2 pages...
Section A, Part 1 will be the only section filled in.

Here's the question:
Section A Part 2 does not apply
Section B Parts 1,2,3 do not apply
Section B Part IV seems to apply only to any part of Section B
donations nowhere on this 8283 Form does there seem to be a
line that identifies the total donation and only on Schedule
A line 16 do we have a place for the total
amount....$1,035.00

are we reading this correctly?
seems like a lot of paperwork to make a donation of
household goods

thanks

 

[Phil Marti]

question 1.
couple married in October 2004
each received a MN tax refund for 2003
do we just add both of those together and record on line 10
on the 1040 form?

You look at them individually to determine what part, if
any, of the refund is taxable 2004 income. (See the
instructions for line 10 of the 1040.) Put the taxable total
for the two of you on line 10.

question 2.
form 8283
is this the proper form to attach for Schedule A
donations...couple donated household furnishings, furniture,
dishes etc when they combined households...it is more than
500.00

Yes.

Phil Marti
Clarksburg, MD

 

[Richard Barndt]

jtc wrote:

Q1. Assuming they are filing a joint return, you would
always add together any items of income they both received.
Whether or not they have to declare each of their state tax
refunds as 2004 income is a different question. First you
must determine if each person itemized their 2003 tax
deductions and took a deduction for state income taxes paid.
Generally, if they did, the refund would be taxable.
However, under certain circumstances, they may not have
received the full tax benefit for their itemized deductions
because the income level was too high and the deductions
were reduced or the amount of itemized deductions was only
marginally higher than the standard deduction and the amount
of the refund is less than that marginal difference. This
requires an additional step to make the determination as to
how much of the refund must be declared as taxable in 2004.

I was not following this whole thread, so I may have missed
something. I have what appears to be a similar situation.
Single last year, married joint this year. I itemized, she
did not. Both received a refund of state income tax. My
refund is potentially taxable (and is taxable according to
the worksheet instructions) and hers is not. Is that
correct?

 

[Phil Marti]

Form 8283 is 2 pages...
Section A, Part 1 will be the only section filled in.

nowhere on this 8283 Form does there seem to be a
line that identifies the total donation and only on Schedule
A line 16 do we have a place for the total
amount....$1,035.00

are we reading this correctly?

Yes. The total doesn't go on the 8283 in your situation.

Phil Marti
Clarksburg, MD

 

[A.G. Kalman]

I was not following this whole thread, so I may have missed
something. I have what appears to be a similar situation.
Single last year, married joint this year. I itemized, she
did not. Both received a refund of state income tax. My
refund is potentially taxable (and is taxable according to
the worksheet instructions) and hers is not. Is that
correct?

Hers is not taxable as she did not itemize. Yours is
taxable if you received a tax benefit for the deduction of
state income taxes.

 

[jtc]

Yes. The total doesn't go on the 8283 in your situation.

thank you...after much reading we were able to fill out this
form properly, we think, and the taxes are in the mail. this
forum offered some good information and we appreciate those
who reply to even those questions that sound very "dumb".