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What kind of Tax Returns do athletes have?
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What kind of Tax Returns do athletes have?
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| 20/12 2013 00:32
It would be simple, except hat they'd use form 1040A, not EZ. EZ has an upper income limit to use it and they'e over that.
| 20/12 2013 04:46
You really should look at a copy of the 1040EZ and the instructions for a start so that you would know who and how much income and the limited types and amount of the income that would be able to use the 1040EZ for that tax year during the tax filing season for the past tax year. Go to the www.irs.gov website and use the search box for Form 1040EZ, Income Tax Return for Single and Joint Filers With No Dependents http://www.irs.gov/instructions/i1040ez/index.html Checklist for Using Form 1040EZ You can use Form 1040EZ if all the items in this checklist apply. Your filing status is single or married filing jointly. If you were a nonresident alien at any time in 2012, see Nonresident aliens below. You do not claim any dependents. You do not claim any adjustments to income. See the TeleTax topics for Adjustments to Income at www.irs.gov/taxtopics. If you claim a tax credit, you claim only the earned income credit. See the TeleTax topics for Tax Credits at www.irs.gov/taxtopics. You (and your spouse if filing a joint return) were under age 65 and not blind at the end of 2012. If you were born on January 1, 1948, you are considered to be age 65 at the end of 2012 and cannot use Form 1040EZ. Your taxable income (line 6 of Form 1040EZ) is less than $100,000. You had only wages, salaries, tips, taxable scholarship or fellowship grants, unemployment compensation, or Alaska Permanent Fund dividends, and your taxable interest was not over $1,500. If you earned tips, they are included in boxes 5 and 7 of your Form W-2. You do not owe any household employment taxes on wages you paid to a household employee. To find out who owes these taxes, use TeleTax topic 756. You are not a debtor in a chapter 11 bankruptcy case filed after October 16, 2005. If you do not meet all of the requirements, you must use Form 1040A or 1040. Use TeleTax topic 352 to find out which form to use. http://www.irs.gov/instructions/i1040ez/ar02.html#d0e154 Hope that you find the above enclosed information useful. 12/20/2013
| 20/12 2013 08:39
you can't use a 1040EZ for that amount of income and 'high net worth' is NOT an occupation, it is a description if you are an actor or an athlete, that is the occupation you enter
| 20/12 2013 03:43
They don't have withholdings, they are contract workers and receive a 1099. They file a state tax return in any state they played in all year, so usually 20+ state returns. They make estimated payments throughout the year instead of withholdings, so an overpayment is minimal if any (they have people doing this for them...people smart enough to know that a refund is not a good thing).
| 20/12 2013 14:03
Speaking generally, what makes a tax return complex is not how much money someone makes. Rather, its the sources of that income. A person who makes a great deal of W-2 wages is easier to file for than someone who makes much less, but has his own business. For each of the professions (actress and athlete) you mention, though, there would be some complicating factors, even if the person's entire income is reported on a W-2 (or in the case of the one performer who is my client, several dozen W-2s). There is a special rule for actors regarding their expenses. Unlike most others, they get to directly deduct their employee business expenses. Others must itemize to do so, and there are percentage of AGI restrictions. For athletes, they would file a normal federal return. They often, however, have to file many different state returns. Most states have rules which require visiting team athletes to pay state tax in the state in which they played. Consequently, a major league baseball player has to prorate his income to each state he plays in. That means he will probably have to file several dozen state tax returns each year.
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