Check out the following new Questions for the Tax Lady answers and feel free to ask me questions through one of the links below. You can send me an email, direct message or @ reply, and I will do my best to get an answer for you!
Question: If Congress fails to pass any legislation, what will happen to the estate tax next year?
Answer: This question is haunting people all over the country. When the Bush Tax Cuts were enacted, the plan was to phase them out over a number of years, and then have a one-year repeal. The way the law is written, the estate tax will return to pre-2001 levels. Meaning estates valued over $1 million dollars are subject to a top rate of 55%. This is only if Congress does not take any action at all.
How likely is this? At this point, who can say? Several different plans are circulating through the halls of Congress right now, but it’s anyone’s guess what actually sticks.
Question: I saw in the news that the IRS announced they have a lot of money in undeliverable refunds? How do I find out if the IRS owes me a check?
Answer: Good question! Every year, millions of dollars in refund checks are returned to the IRS, usually due to a bad address. The good news is that, so long as you figure out that your refund is missing within 3 years of its issue, the IRS will issue you a new check. Visit www.IRS.gov and look at the “Where’s My Refund” page (http://www.irs.gov/individuals/article/0,,id=96596,00.html). You’ll need to enter in your Social Security or Individual Taxpayer Identification Number, your filing status, and the exact whole dollar amount of your refund (which should be displayed on line 72 of your Form 1040). It’s free, it’s quick and the best part, it could put hundreds more dollars in your pocket!
Answer: This question is haunting people all over the country. When the Bush Tax Cuts were enacted, the plan was to phase them out over a number of years, and then have a one-year repeal. The way the law is written, the estate tax will return to pre-2001 levels. Meaning estates valued over $1 million dollars are subject to a top rate of 55%. This is only if Congress does not take any action at all.
How likely is this? At this point, who can say? Several different plans are circulating through the halls of Congress right now, but it’s anyone’s guess what actually sticks.
Question: I saw in the news that the IRS announced they have a lot of money in undeliverable refunds? How do I find out if the IRS owes me a check?
Answer: Good question! Every year, millions of dollars in refund checks are returned to the IRS, usually due to a bad address. The good news is that, so long as you figure out that your refund is missing within 3 years of its issue, the IRS will issue you a new check. Visit www.IRS.gov and look at the “Where’s My Refund” page (http://www.irs.gov/individuals/article/0,,id=96596,00.html). You’ll need to enter in your Social Security or Individual Taxpayer Identification Number, your filing status, and the exact whole dollar amount of your refund (which should be displayed on line 72 of your Form 1040). It’s free, it’s quick and the best part, it could put hundreds more dollars in your pocket!