Refund and Amount OwedLesson 311040 LinesRefund 73 75Owe 76 -
77CalculationLine 60 Total Tax DueLess Line 72 Total Payments=
Refund or oweRefund optionsApply to next year ---- not a good
ideaReceive it as a check takes the longest to getDirect Deposit to
your existing checking account or creating a USBank debit card
10-14 daysPurchase Series I Savings Bond Form 8888In Multiples of
$50
Can be put in several options pg 31-3 Always uses the last
account for any adjustments
Refund Monitor on Taxwise
If OweSubmit the returnAmount must be paid by 4/18Filing an
extension does not extend what you oweForms of payment1040-V
Voucher check or money orderElectronic withdrawal -- Hard to make
sure it happensCredit Card will have a feeElectronic Federal Tax
Payment SystemIf Cant PayHave 60 or 120 days with no user
feeInterest and penalties are included if over $1000Monthly
Payments Form 9465 Installment Agreement Request IRS person can
help you prepare this with the client includes a user feeExtension
of time due to hardship Form 1127Exercises and ExamplesExercise pg
31-8Example 31-9Exercise 31-10Correcting withholdingChange W-4
Withholding allowancesCaused by change in life: Marriage, children,
death, divorceExact amount: 1. Amount of total tax line 60 2.
Divide by number of paychecks 3. Tax Withholding by payperiod (941)
4. Look up the number of allowances that match the amount of tax in
number 2
