The Daily Banner, Greencastle, Putnam County, 17 April 1968 — Page 4

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The Daily Banner, Greencastle, Indiana

IRS questions and answers

Wednesday April 17, 1t>8

Q-I’ve been unable to get a W-2 from my former employer. Should I file my return without it? A-Yes, file your return by April 15 even if you have not received all your W-2 forms. If a W-2 is missing, attach a note in explanation including your name and social security number, employer’s name, wages and taxes withheld.

If wages and taxes are not known estimate them to the best of your knowledge. Q-I just got my refund. Can I throw away last year’s tax records? A-No. Records should be kept as long as they are material in administering Federal tax law. Generally, this is three years from the date the return was due.

Some records, like those on the purchase of a home or stock, may have to be kept indefinitely. Q-Do weekends count in computing the waiting period for a sick pay exclusion? A-Yes, count them unless the illness began on a weekend. In that case, the waiting period begins on the next work day. Q-Where should I send my return?

A-On page 10 of the 1040 instructions and on the back cover of the 1040A instructions, you will find the mailing address to use. If you have a refund coming, use the envelope that came with your tax package. Q-I read where missing schedules held up some refunds. Which ones were they talking about? A-Listed below are the schedules taxpayers are most often required to complete and send in with the Form 1040. Schedule B-Required when income is from pensions, annuities,

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START YOUR SET TODAY Young Children's Library

VOLUME ONE

C VOLUMES

2-10

A|LL PRICES

FECTIVE THRU SATURDAY, APRIL 20, 1968

rents, royalties, partnerships, estates and trusts. This schedule should be used to claim the retirement income credit. Schedule C-Required to report profit or loss from a business or profession. Schedule D-Required to report gains or losses from the sale or exchange of property. Copies of these schedules and instructions for filling them out are available at many banks and post offices as well as all local offices of the IRS. Q-I support my uncle who lives with us. Will his social security pension affect my dependency claim for him? A-Social security benefits do not have to be included in determining whether your uncle met the $600 gross income test, but they are counted in determining the support test. Check page 4 of the 1040 instructions for details on the dependency tests. Q-I got a divorce in January 1968 and my ex-husband wants me to file a joint return with him for 1967. Can we do that? A-Your marital status for 1967 is determined by whether you were married on the final day of the tax year, so you may file a joint return for 1967. Keep in mind, however, that if you file ajoint return with your exhusband, you will be as legally responsible as he is for payment of any tax due. Q-How much do I have to pay on my estimated tax when I file April 15? A-A payment of one-fourth of the total estimated tax due must be made with declarations filed April 15. Taxpayers filing estimated tax declarations at the same time they file their annual return should make payments on these two taxes with separate checks. Using separate envelopes for the tax return and declaration will also help assure that each payment is properly credited.

Remember to put your social security number on your check or money order as well as on your tax return and declaration for identification purposes. Q-When is the next social security payment due on my maid’s wages? A-Employers required to withhold social security taxes on household help should file Form 942 for the first quarter by April

30.

Q-How does the new rule on medical insurance deductions work? Can you only deduct $150 for this expense now? A-Taxpayers who itemize their deductions, may now deduct onehalf of their medical insurance premiums up to $150 without regard to the three percent limit. The balance of the taxpayer’s medical insurance premiums should be added to his other medical and dental expenses and may be deducted subject to the three percent of income limitation. Q-I paid some medical bills for my daughter last year. Can I deduct them even though I’m divorced and my wife has custody of the child? A-If you are entitled to claim your daughter as a dependent, then you may deduct the medical expenses you paid for her. If your former wife claims the child as a dependent, then you may not deduct these expenses. Q-How much can you deduct for car expenses to obtain medical treatment—five or ten cents per mile? A-The deduction is five cents a mile for travel costs to obtain medical care or treatment. However, when allowable travel expenses exceed this rate you may deduct your actual expenses. The ten cents per mile figure is tor business travel.

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Engaged

Mr. and Mrs. Eugene Scotten of Stilesville, Indiana, wish to announce the engagment and marriage of their daughter, Eugenia June, to Mr. Larry Wayne Hayden, son of Mr. and Mrs. Otis Hayden Sr. of Coatesville, Indiana. Miss Scotten is a 1963 graduate of Stilesville High School and has attended I.U. Extension. Mr. Hayden attended Pelfe

Union High School and then worked for Galyan’s. He is now the owner of the Y Cafe, Coatsville, Indiana. The wedding is set for April 28, 1968, at the Bethel Baptist Church, Rt. 1, Fillmore, Indiana. All of the family and friends are invited. An open reception will be held immediately following the ceremony.

GOLDEN ANNIVERSARY—Friends and relatives of George and Mina Mercer are cordially invited to join them Sunday afternoon, April 28, as they celebrate their golden wedding anniversary. An open house will be held at their home located northwest of Reelsvilie between the hours of 1:30 and 4:30. They are the parents of two sons, Wayne Mercer of Indianapol is and Halford Mercer ofReelsville and one daughter, Mrs. Lennie Burger of Reel svi lie. They also have three grand-daughters and two grand-sons. Guests are asked to please omit gifts.

IRS news

Businessmen should be sure to use the new tax deposit forms for 1968 deposits of withheld income and social security taxes, certain excise taxes and railroad retirement taxes, James E. Daly, District Director for Indiana, said today. Deposits of corporate and estimated income taxes should also continue to be made with the new forms. These forms are part of the new Federal tax deposit system which provides a more accurate and economical means to credit tax deposits to the businessman’s tax account through use of proper forms for the respective types of tax. Mr. Daly said that it is important for businessmen making deposits to use these forms because they are pre-inscribed with identifying information including the businessman’s name, address and identifying number. The new system eliminates the need to attach depositary receipts to tax returns showing that had been made as businessmen have previously been required to do. Failure to attach these receipts was frequent cause of delay in processing returns, according to

IRS.

Under the new procedures, the businessman enters the amount of payment in the spaces provided on the deposit form and stub, and records the check or money order number and date on the stub. The stub is detached and retained as the taxpayer’s record of the deposit. The new forms are mailed to taxpayers on a quarterly or annual basis depending on the due date of the related return. Sufficient quantities of the proper forms are sent each businessman to cover the number of deposits that may have to be made during the period covered by the r e-

turn.

Businessmen who do not receive copies of the new form in the mail or who need extra copies should contact either their IRS District Office or the regional Service Center. Requests for the forms should include the businessman’s identifying

number, his name and address, and the type of tax and tax period for which the deposit is to be made and number of forms requested. Federal depositaryreceipt forms, now obsolete, may not be used, nor should one type of Federal tax deposit form be substituted for another in making deposits. The new tax deposit system has been used since early 1967 for corporation estimated income tax payments.

4-H news I

The Busy Lassies 4-H Club of Jones School met on March 27 after school. Myra Brown and Diane Oney read the minutes and they were approved. The treasurer told us how much money we had and collected the dues. The secretary called the roll. Leata Boesen gave a demonstration on how to give a demonstration. There will be a meeting May 4 at 1:30 p.m. at the Junior High building. During the club’s March 20 meeting, Mrs. Torr, Kim Richardson, Jackie Albright and Marcia Wilson made program books and the rest of the club played telephone. The president called the meeting to order. Allison Albin led the Pledge of Allegiance and Jackie Albright led the 4-H Pledge. The secretary’s minutes were read and approved. Roll call was by telling which project you think you will like best. Patty Burks showed a poster on safety. Mrs. Torr discussed the officers’ training meeting and urged all to be present. The meeting was then adjourned to talk with the Junior Leaders.

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