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Form 8857 online Knoxville Tennessee: What You Should Know

If you did not know the answer, read on to learn about the basics of filing Form 8857. Q1. Why did my spouse file a joint return or separate returns? Q2. Which spouse was obligated to pay the tax? Q3. Are the partners married? The tax is owed to the spouse responsible For your answers, you will need this information. A. Joint Returns — In most cases, if you both file your taxes by the due date, your returns will be considered filed together. If the partners file separate returns, each of them is responsible for the full tax. Q4. Which Partner Is Obligated to Pay? The partner you have named on your tax returns is not responsible for the tax unless the partners are married, in which case the same rule applies as above. Therefore, a couple with identical schedules must file separate returns in order to be jointly responsible for the tax. Q5. How Long Does It Take to Receive a Payment? Payment by the due date of the return for which you filed must be received within 20 business days of the due date, as shown in the instructions. Payments made later than expected will be returned to you as a negative payment. Payments, if received after the due date, will be deducted at your request. In other cases, the partnership must receive you a check (or direct deposit) within 30 days of the due date of the return for which you filed. The IRS sends you a payment reminder by mail or email on the 20th of the month or one business day before the due date. Q6. Is a 1099-K Needed? A 1099-K Form is an IRS form that reports a person's earned income and is used to issue a Form 1045, Payment of Tax Due. Q7. Are I Accountable for the Tax if I File Form 8857? A person filing a joint return or separate returns can be personally liable for the tax if there is a breakdown of the partners in which one partner is liable for the entire tax and the other partner pays only a part of it. The partner who pays only a part of the tax is jointly and severally liable as follows:   Each partner's share of the tax must be calculated in his or her own separate return. A joint or qualifying relationship does not exist if one partner claims more than one exemption. The partner claiming more than one exemption must calculate his or her share of the tax in addition to that of the other partner.

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