The Daily Banner, Greencastle, Putnam County, 3 April 1968 — Page 9

April 3, 1968

The Daily Banner, Greencastle, Indiana

IRS questions and answers

Send right amount

T**® column of questions and answers on federal tax matters is provided by the local office of the U. S. Internal Revenue Service and is published as a public service to taxpayers. The column answers questions most frequently asked by taxpayers. Q - My buddy says you can deduct all your medical insurance premiums this year and I say only half of them can be deducted. Who’s right? A - In a way, you both are. Premiums paid for medical insurance have always been deductible as a medical expense by taxpayers who itemize their deductions. For 1967 however, one half of these premiums up to $150 may be deducted without regard to the requirement that medical expenses be reduced by three percent of the taxpayer’s income. In effect, the new rule on medical insurance premiums, allows a deduction for part of these premiums even when the taxpayer’s other medical expenses don’t exceed three percent of his income. Any excess premiums are included with other medical expenses. The 1040 instructions explain this in detail. Q - I‘m expecting a refund but don’t have one of the envelopes you’re supposed to use to mail the return. What should I do? A - Mail your return to the Internal Revenue Service center for your area. You can obtain the exact address by checking page 10 of the 1040 instructions or by calling the local Internal Revenue office. Q - Are membership fees in a charitable organization like the YMCA deductible as a contribution? A - No, dues, membership fees and assessments paid to a charitable organization are not deductible if you receive benefits and privileges in return. However you may deduct any gift you make to a qualified organization. Q - I’ve been supporting my mother since she retired last fall. Can I claim her as a dependent? A - If your mother had gross income of $600 or more last year you cannot claim her as a dependent. Check the 1040 instructions for full details on the dependency tests. Q - My losses from stock transactions were greater than my gains last year. Can I carry

over any of my unused capital losses from 1967 to offset 1968 profits? A - Yes. Unused capital losses may be carried over from year to year until they are used up. Q - I read where a retired person is entitled to a credit against his tax. Is that right? A - There is a provision in the law which permits retired persons to reduce their income tax by up to 15 percent of their “retirement income.” This provision is explained on Schedule B, Form 1040. Copies are available at many banks, post offices and local IRS offices. Q - I had to hire someone last year to take care of the children while my wife was recovering from an operation. Can I deduct what I paid her? A - You may be able to take a child-care deduction if your wife’s illness incapacitated her for 90 days or more. There are limitations, however. Page 9 of the 1040 instructions explains this provision in detail. Q - My bank sent me a statement on the interest I earned last year on my savings account. Should I send this in with my return? A - No, interest or dividend statements do not have to be filed with your tax return. Q - I got married last year. Do I need another Social Security number since my name changed? A - No, continue to use your same number but notify the Social Security Administration that your name has changed so they can bring their records up to date. Don’t forget to put your number accurately on any tax return you file. file. Failure to do so delays refunds for many taxpayers each year. Q - I held two jobs last year, and too much was withheld for Social Security. How do I get it back? A - If more than $290.40 was withheld for Social Security in 1967 because you had two or more employers, you may take a credit for the overpayment against your income tax. Enter the overpayment on line 18 of Page 1 of Form 1040. Q - Is the Federal tax I pay on my monthly phone bill deductible?

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A - No, Federal excise taxes are not deductible. Q - Are special assessments or service charges paid by homeowners deductible? A - Local assessments for sidewalks or other additons that improve the value of your property are generally not deductible. Water bills and similar service charges are not deductible either. Q - My son is stationed in Vietnam with the Marines. What do we do about his tax return? A - Military personnel in a Combat Zone do not have to file tax returns while stationed there. They may wait to file a 1967 tax return until 180 days after leaving Vietnam.

INDIANAPOLIS-Are you one of the taxpayers who gets a tax bill after your payment has been sent to the Internal Revenue Service? James E. Daly, IRS Indianapolis District Director said today that many taxpayers send one payment with two tax returns, and their tax account is not credited with the proper amount until after they correspond with ms. “If one check or money order is made for two types of taxes, such as a 1968 estimated tax payment and the balance of 1967 income tax due,” he explained, “when the two returns are separated for processing, the payment may be credited to only one account, leaving the other with tax due.” In this situation, Mr. Daly said, one account would have received an overpayment of tax, and a refund would be issued to the taxpayer. The unpaid account generates a bill. High volume, high speed pro-

cessing is essential to handle millions upon millions of documents, the Director said. Separate checks may take a little more time, but in the end it really saves time for the taxpayers and IRS. To further assure the taxpayer that his account will be credited promply, he suggested including the Social Security number on all checks and money orders sent to the IRS, since this number is the key to individual identification within the IRS' computer system. —Heloise DEAR HELOISE: An idea we've been using for some time is making use of our name on expired plastic credit cards. The cards have to be destroyed anyway, so we just snip off the name and glue it to our luggage, cameras, eyeglasses and anything else of value. Margaret White

Morton community news

Public Instllation of Morton O.E.S. officers for the ensuing year was held at the Masonic Hall in Morton last Friday evening. Mr. and Mrs. Marion Griffin were installed as Worthy Patron and Worthy Matron. Mr. and Mrs. Lloyd O’Haver of Indianapolis called on friends in Greencastle Saturday afternoon. They had supper with Mr. and Mrs. Jesse Ensor and visited with Mrs. Russell O’Haver in the evening. Mr. and Mrs. Phillip Goode visited Mrs. Goode’s mother, Mrs. Mae Truex, Sunday afternoon at the home of her son, Jack Hurst and wife at Mt. Meridian. She is convalescing after several weeks of illness in the Putnam County Hospital. Mrs. Ernest Miller and Wayne Phipps attended the funeral of Mrs. Miller’s cousin last week at Windsor, Indiana. Mr. and Mrs. Phil King and daughter of Greencastle were

Sunday visitors of Mr. and Mrs. Rex Call. Mr. and Mrs. Glen Crodian and daughter, Julia, of Indianapolis called on Floyd Yochum and Mrs. Daisy Alexander Saturday afternoon. Mr. and Mrs. Jerry Malayer and children of Lizton were Sunday afternoon visitors of Mr. and Mrs. Warren Caywood. Laurie Porter, of Bainbridge, spent the weekend in the Caywood home. Mr. and Mrs. Lee Martin and children were Sunday afternoon visitors of Mrs. Martin’s parents Mr. and Mrs. Taylor, and helped Mr. Taylor celebrate his birthday. Mr. and Mrs. Hubert McGaughey and family were .Saturday evening dinner guests of Mr. and Mrs. David Clodfelter and family. Mrs. A. J. Sadler returned to her home after spending several days with her daughter in Indianapolis.

Mr. and Mrs. W. A. Sadler of Rockville called on Mrs. A. J. Sadler and Mr. and Mrs. Albert Sadler Sunday afternoon. Mr. and Mrs. Joe Stultz and sons spent Sunday at the honu of Mrs. Stultz’s parents, Mr. and Mrs. James Frazier near North Salem. It was a family dinner affair celebrating Patty Woodrum’s birthday. Others present besides the Woodrum family were Mr. and Mrs. Art Thomas, Ted and Don Frazier, and Marilyn Kincaid. Sunday guests of Mr. and Mrs. Leland Allgood were Mr. and Mrs. Roscoe Stevens. Mr. Lively is a brother of Mrs. Stevens. Mrs. Daisy Alexander and Floyd Yochum were Sunday dinner guests of Mr. and Mrs. Sanford Romine in Indianapolis. Mr. and Mrs. George Stultz and son were Sunday afternoon callers on Mrs. Dewey Stultz. Mr. and Mrs. Eugene Clark Continued on Page 11

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