Question

On which Tax Form or Schedule do I report prior year tax liability?

On which Tax Form or Schedule do I report prior year tax liability?

Homework Answers

Answer #1

For federal tax purposes a prior year tax liability that you paid is not a deduction on your current year tax return.

  • A tax liability is what you owe to the IRS or other tax authority when you finished preparing your tax return.
  • Your tax liability is not based on your only earnings but on your taxable income after you take deductions and claim tax credits
  • Cuurrent year's tax liability appears on line 23 of the 2019 Form 1040, in this form we are reporting prior year tax liability, if any available.
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
What is the tax liability and how would you report the clock on a 1120 form
What is the tax liability and how would you report the clock on a 1120 form
When determining an employer's payroll tax deposit schedule, the determination is made based on _______. The...
When determining an employer's payroll tax deposit schedule, the determination is made based on _______. The start date of the tax year. The total tax liability in the lookback period. The prior-year absorption rate. The number of employees.
Henry is a 80% partner in HJ Partnership. This year, the tax form he receives from...
Henry is a 80% partner in HJ Partnership. This year, the tax form he receives from HJ (Schedule K-1 of Form 1065) shows business income of $59,000. During the year, Henry received a $14,000 distribution from HJ. Assume Henry's basis in the partnership is $28,000. a. How much must Henry report on his Form 1040 from HJ for the tax year? $ 47,200 b. Assume HJ is a S corporation. How much must Henry report on his Form 1040 from...
Bronson Industries reported a deferred tax liability of $6.0 million for the year ended December 31,...
Bronson Industries reported a deferred tax liability of $6.0 million for the year ended December 31, 2020, related to a temporary difference of $24 million. The tax rate was 25%. The temporary difference is expected to reverse in 2022, at which time the deferred tax liability will become payable. There are no other temporary differences in 2020–2022. Assume a new tax law is enacted in 2021 that causes the tax rate to change from 25% to 20% beginning in 2022....
Manually calculate Federal tax liability on $152,272.48 using the Marginal Tax Rate Schedule for 2019 for...
Manually calculate Federal tax liability on $152,272.48 using the Marginal Tax Rate Schedule for 2019 for a couple who filed Married filing jointly. How do you get the 152,272.48 ? Salary Components Dollars 1 Salary $   98,000.00 1 Bonus $   61,000.00 1 Term Ins $        132.48 1 Sub total $ 159,132.48 1 Pension $     6,860.00 1 1040 Line 1 $ 152,272.48 If your taxable income is: The tax is: Over— But not over— of the amount over- $0 $19,400 ............
Jake's tax liability for 2017 is $43,000; his 2016 liability was $50,000 He had withholding of...
Jake's tax liability for 2017 is $43,000; his 2016 liability was $50,000 He had withholding of $40,000 for 2017 and his AGI is $150,000. No estimated tax payments were made, and he will pay his tax liability on April 15, 2018. The form 2210 short method penalty calculation is based on 0.02660. What is his estimated tax penalty for the year?
"Which one of the following will reduce a corporation's tax liability? A) Distributing dividends to shareholders...
"Which one of the following will reduce a corporation's tax liability? A) Distributing dividends to shareholders instead of increasing their salaries by the same amount of the dividends B) Choosing a net operating loss carryback to prior years whose marginal tax rate was less than the expected marginal tax rate of future years Briefly explain why."
This year Lloyd, a single taxpayer, estimates that his tax liability will be $13,450. Last year,...
This year Lloyd, a single taxpayer, estimates that his tax liability will be $13,450. Last year, his total tax liability was $17,300. He estimates that his tax withholding from his employer will be $9,985. a. How much does Lloyd need to increase his withholding by (for the year), in order to avoid the underpayment penalty?
Ron, a calendar year taxpayer subject to a 35% marginal tax rate, claimed a Form 1040...
Ron, a calendar year taxpayer subject to a 35% marginal tax rate, claimed a Form 1040 charitable contribution deduction of $250,000 for a sculpture that the IRS later valued at $150,000. The applicable overvaluation penalty is: A. $0 B. $7,000 C. $10,000 (maximum penalty) D. $14,000 Concerning a taxpayer’s requirement to make quarterly estimated tax payments: A. An individual must make estimated payments if his or her balance due for the Federal income tax for the year will exceed $1,000....
Whenever the aggregate value of s tax payer’s fielreign sccount exceeds $10,000 taxpayer must report which...
Whenever the aggregate value of s tax payer’s fielreign sccount exceeds $10,000 taxpayer must report which of the following. A. Report excess on form 1040nr. B. Report this information on form 8889. C. Report this information to the dept of treasury on FinCEN form 114. D. Report this information to the department of the treasury on formTDF 9022.1
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT