Where’s my refund?

Is there an age limit on claiming my child as a dependent?

To be claimed as your dependent, your child must meet the qualifying child test or the qualifying relative test. To meet the qualifying child test, your child must be younger than you and, as of the end of the calendar year, either be younger than 19 years old or be a student and younger than 24 years old. There is no age limit on claiming your child as a dependent if the child meets the qualifying relative test.

How much can I contribute to an IRA?

The contribution limit for 2013 and 2014 is $5,500, or $6,500 if you are age 50 or older. Your Roth IRA contributions may also be limited based on your filing status and income.

Is my IRA contribution deductible on my tax return?

If neither you nor your spouse is covered by a retirement plan at work, your deduction is allowed in full.

For contributions to a traditional IRA, the amount you can deduct may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels.

Roth IRA contributions are not deductible.

Can I contribute to a traditional or Roth IRA if I am covered by a retirement plan at work?

Yes, you can contribute to a traditional and/or Roth IRA even if you participate in an employer-sponsored retirement plan (including a SEP or SIMPLE IRA plan). If you or your spouse is covered by an employer-sponsored retirement plan and your income exceeds certain levels, you may not be able to deduct your entire contribution.

How do I know if I have to file quarterly individual estimated tax payments?

You must make estimated tax payments for the current tax year if both of the following apply:

  • You expect to owe at least $1,000 in tax for the current year, after subtracting your withholding and refundable credits.
  • You expect your withholding and refundable credits to be less than the smaller of:
    • 90% of the tax to be shown on your current year’s return, or
    • 100% of the tax shown on your prior year’s tax return. (Your prior year tax return must cover all 12 months.)

How much can I contribute to my health saving account?

The contribution limit for 2014 is $3,300 for a plan that covers yourself only and $6,550 for a plan that covers a family.

How many cents per mile can I deduct on my tax return?

  • Business mileage rate – 56/mile
  • Medical & moving mileage rate – 23.5/mile
  • Charitable mileage rate – 14.0/mile