Form 1040 for 2009 tax year has two new schedules.
Schedule L is used for claiming (a) the additional $500 or $1,000 tax deduction for property tax paid, (b) the sales tax paid on a new car purchased between Feb. 17, 2009 and December 31, 2009, and (c) a net disaster loss (together with Form 4684).
While we are at it, here’s a list of the tax forms you will need for the various new tax incentives for 2009 tax year.
|Home Buyer||Form 5405|
|Residential Energy Efficient Property||Form 5695|
|American Opportunity (college expenses)||Form 8863|
|Alternative Motor Vehicle (hybrid and diesel cars)||Form 8910|
If you qualify for these incentives, make sure your tax return includes these forms and schedules.
Now, here’s a quiz about the $400-per-worker Making Work Pay tax credit. As you may know, the IRS changed the tax withholding tables in February 2009 to reflect this credit. In effect, people have already received this $400 credit through lower withholding and bigger paychecks. If you fill out a Schedule M and ask for the tax credit, are you double-dipping on the credit? Why and why not?