I have all my tel. and cell. bills I paid about $115 excise taxes, on the form 8913 ,there is a column(e)Interest.. in the instruction says multiply line1by .260351533 . so they will give u the interest for that taxes to.question is .as an individual person can i use that or not. I did not understand the whole instruction.(confused) can someone help me please. u can e-mail me too. thank u so much..
2007-02-25 11:02:34 · 4 answers · asked by SHALO 2 in Business & Finance ➔ Taxes ➔ United States
It sounds like you have documentation to support paying the higher tax, so Form 8913 can be used. The interest column lets you catch the interest that the IRS owes you for the overpayments. A different interest factor applies to each period of time, so you multiply the overpayment for each period by the interest factor for that period to get the actual interest earned. All these interest amounts are then added up, and added to the actual amount of the overpayments to get the total amount that the IRS will credit you. The instructions note that the interest total needs to be reported as income when you do your 2007 taxes.
2007-02-25 11:22:16 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If you have all of your bills, there is no problem. There is an automatic credit, without having to use form 8913, of $30 for a single taxpayer. It is on line 71 of the 1040 form. Two exemptions would get $40 back, three exemptions gets $50, four or more exemptions gets $60.
2007-02-25 19:14:28 · answer #2 · answered by anr 3 · 0⤊ 0⤋
as long as you have proof of the Federal Excise Tax being paid from your bills you can claim the actual expense rather than the set amount allowed by the IRS
2007-02-25 19:12:16 · answer #3 · answered by Rob 7 · 1⤊ 0⤋
Just go ahead and claim $60. That is the maximum allowed by the IRS and will not raise any red flags.
2007-02-25 19:08:23 · answer #4 · answered by Akbar B 6 · 0⤊ 4⤋