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FAQ - Form 5500 - Schedule I

If you have a financial investment in your residence, you may have a “net acquisition” of that property through tax exemption and the use of Form 5500 — Schedule I. If you have a total of two or more types of tax-exempt property, you will be taxed in the year the property is actually acquired by you. As explained below, for example, if a residential property in the residence is purchased for 5,000 and the residential property is actually acquired for 5,500, you will be taxed in the year the property is actually acquired. For each of the two or more types of property, you may choose for each to be considered to have been acquired by sale or exchange of the property. However, you may choose for one type of property to be considered to have been acquired in the month during which a sale or exchange took place and for a different type of property to be considered to have been acquired in the month during which a sale or exchange occurred. You are required to file Form 5500 — Schedule I to establish if your residences are described by Form 5500 — Schedule I as tax-exempt properties. Example 2: You buy a condominium unit with the intent to make the unit part of your residence. An election for the condominium unit under Form 5500 — Schedule I is filed for that residence. Although the value of your condominium unit during the year will not be more than the value of the residence as of the purchase, it will in fact, be a tax-exempt property. Example 3: You buy a principal residence with one intention, and complete a Form 5500 — Schedule I for more than one type of property. You are required to file Form 5500 — Schedule I for each of the property types to establish tax-exempt status. As explained in Example 3 below, you will be taxed once after you purchase the principal residence. If you acquire any property, property-like, and a separate intention to use it as a separate residence (for example, as a rental property), you must include on Form 5500 — Schedule I your name and address, your name and address in Canada as provided by the CRA, and the name of the taxpayer that holds the first title, and the name of the taxpayer that holds the first mortgage. Also, on Form 5500 — Schedule I, you can enter the value of any other property, property-like, or the name and address as provided by the CRA.
You (as the spouse) or the spouse of an eligible individual should complete Form 5500. If you want to take advantage of the additional deductions that a married filing married couple (MFA) is entitled to, the Form 5500 may be filed and/or updated as often as needed, beginning when married filing an individual return. Therefore, you should begin to file any Form 5500-A or Form 5498 (and any other applicable form if required in the application) even if your spouse does not complete Form 5500. Your spouse should complete and return the 5500-A or Form 5498 as soon as possible in the same calendar year when the Form 5500 and the previous Form 5498 are signed. Do not file and file again until the completed Form 5500 is signed by the Form 5498, Form 4878 and the other required information is completed. You or one of your dependent or non-dependent dependents should complete and return Form 5498, Form 4878 and any other required information by the deadline in the same calendar year during which the Form 5498 and the previous Form 4878 are signed—that is, not later than two days after the return was due and filed. In other words, you and your spouse should not wait until September 30 before completing Form 5498 if you want to complete and file an amended Form 5498 and to obtain the additional itemized deductions. Exceptions While the Form 5500-A and Form 5498 are the starting point, certain exceptions apply when Form 5498 is filing requirements are met: Certain child dependents may not be eligible for tax preparation services because they are not age 18 or under. As a result, you should not use a Form 5498 to obtain information, and you should not obtain a child's school and medical expenses report. If a Form 5498 is filed as a paper Form, Form 5498-O, or a paper Form 5498-S, it is treated like other paper forms filed for an original tax return. In the case that you are the individual filing the Form 5498, Form 4878 is received by the IRS on or before February 14, 2018, it is treated as a paper Form 940 and is received by the IRS on or before February 28, 2018.
A business (a partnership or for-profit corporation) needs to file Form 5500-I (or Form 5500-II) by June 30th of the year prior to the year it will hire an employee. The time limit for filing may be shortened as long as all information is available and complete. What happens to Form 5500-I before I've hired an employee? If you file Form 5500-I by June 30th prior to hiring an employee, the IRS does not have access to certain information and only partial copies of the forms are released to you during that time. Form 5500-II is released to you during that time. You have until the end of the second business day (that is, the day of the Form 5500-II filing) following that payment to file the forms with the IRS. If I do not hire a worker by June 30th of the prior year, am I required to file Form 5500-I? Yes. If you use Form 5500-F (or Form 5500-I), you are filing Form 5500-I. If you file no such forms, you must file Form 5500-F (or Form 5500-I, if it was filed prior to the year the employee will work for you). Note: The IRS does accept payments made with Form 5500-I as long as it is received before the end of the second business day following the month the employee will work for you. What information does Form 5500-I include? Filing a Form 5500-I has the following information required: An estimate of the tax to be paid for the year. An identification of the worker required by tax law. Information about the estimated employee and their home address. Information about the work done by the employee. Note: The IRS does not report the value of services performed by an employee. Who has access to Form 5500-I? Any business is legally required to allow the IRS access to any Forms 5500-I it receives. What type of information does the IRS get from Form 5500-I? The IRS receives the following types of information in response to an application for Form 5500-I: The name, address, phone number, physical address of the worker. The number of days the worker was employed. The name of the employer.
Form 5500 — Schedule I is submitted electronically. Please contact the University Bookstore for current information. Do I need a form to update my address, phone number, etc.? For current information relating to updating a contact, see Update My Information. Do I need a form to update my mailing address, fax number, etc.? For current information relating to updating a mailing address, see Update My Information. Will this information be useful or useful when I'm applying to other colleges and universities? No. This information will only help you in the application process with the University of Waterloo. Do I need a form to update my phone contact information? For current information relating to updating a phone number, see Update My Information. Do I need a form to update a fax number? For current information relating to updating a fax number, see Update My Information. Can I update my mailing address or phone number? No. You can update this information with current University Bookstore records, but we ask you not to change your mailing address on electronic applications. How is the email address I enter here processed? The email address you enter here must be valid and cannot have been deleted. If my personal information changes (for example: I move), will the university know about the change? Yes. Your information changes each time you create a new Form 5500. This allows the university to create your Form 5500 in the order it receives it in.
You should receive this form by mail, and should mail or bring it with you, or mail it back with you in the mail, to the nearest Department of Defense office. Do not present it without giving your name and address.
You need to attach your original or corrected Form 5500 — Schedule I with your application for the marriage license or other important document. Do not mail or hand-carry the form; the Form 5500 will not be accepted by the clerk's office. You do not need to have a letter from your pastor. You do, however, have to have your marriage license or other important document. To see the document types a marriage license or other document will need to show, see the next topic.
Most Form 5500-ES filings contain information on two tax years, and the income and deductions for those years. Schedule 1 has two tax years, from 1/1/1935 through 12/31/1939 and from 1/1/1940 through 12/31/1946. Schedule II has two tax years, from 1/1/1935 through 12/31/1955 and from 1/1/1956 through 12/31/1961. Schedule III has two tax years, from 1/1/1935 through 12/31/1961. Your income is listed on Schedules I, II, III, and/or T. Your deductions are listed on Schedules F and L. Form 5500-ES Income and Deductions You include your Social Security benefits in income as long as you've been working for an employer for 6 months before filing your return. If you're a full-time employee, you may include any of your qualifying disability benefits. Note: Certain Social Security benefits, such as benefits earned at age 66 or under from age 60, are not included. The following is a list of the most common types of social security benefits you may be eligible to include in income, depending on your income, age and marital status. Old-age insurance (A) Disability (B) Worker's compensation (C) Retirement, survivor, and disability (D) Old-age pension (E) Veterans' disability (F) Widow(er)'s pension (G) Other social security benefits (H) The maximum amount of benefits that can be included in income, depending on the person's age and the number of persons for each parent. You must have the maximum amount of benefits to be eligible for benefits for children younger than age 13. For more information, see Tax Benefits for Older and Disabled People. Social Security is an insurance program for people who live in the United States, pay Social Security taxes, and have some or all of their income from employment. Some people are eligible to have Social Security benefits paid to them through a survivor pension, and some people who qualify for Social Security retirement are also eligible for survivor benefits. Social Security is a private, employer-sponsored insurance program for older people who work because they cannot get any other type of retirement income.
Each year, about 20,000 people fill out Schedule I, but that number doesn't tell the whole story. “Schedules I is for people who are self-employed but want to be taxed as 'employees,'” said Daniel Wonderland, the vice president, communications and public affairs, with the American Council on Education. “The vast majority of Schedule I filers are for businesses, with another 10 to 15 percent for the self-employed.” Wonderland says the number is “hardly going to change.” A 2014 report from the Institute on Taxation & Economic Policy, a left-leaning think tank in Washington, D.C., indicated that, in 2012, about 5 percent of returns were filed by self-employed filers. That leaves about 10 million people — or more than 16 percent of the total number of returns — and Wonderland said it would be “unreasonable, if not impossible, to make changes to that figure.” According to Wonderland, the main reason the number of Schedule I filers hasn't changed significantly in recent years is that this is a relatively small chunk of the estimated 400 million business tax returns filed in 2012 — with a return of 5 trillion. And the returns aren't just filed by large corporations, it's also filed by small businesses, small sole-proprietorships and partnerships, and even some individuals. So what is the actual breakdown of those 4.6 million taxpayer filings by type? One of the main types of schedules for taxpayers filing their own taxes: Individuals: About 30 percent Small businesses: About 20 percent Groups of persons (sole proprietorship and certain businesses): About 14 percent Business entities: About 14 percent Who are the people filing their own taxes, and if they are sole proprietors and small businesses, is that the largest group? That's still up for debate. The biggest question is: Who are the people filing Schedule I — the small business and sole proprietorship tax returns — and how many are they? Wonderland and his team have been trying to answer that question for the last few years. What he and his team have found is that there are many more small business owners than the 4,000 number in the press release that IRS issued in August.
You must complete Form 5500 before filing your return. For complete details, refer to the instructions or the section near the end of this document. Form 5500 — Schedule I can be filed after the due date for your return. You can also file Form 5500 — Schedule I after the due date of the return that includes this form. The Form 5500 is completed with or without allowances and attachments, which are described in detail in the Instructions for the Form 5500 and at the end this document. Can I file Form 5500 by electronic means? Yes. To file a Form 5500 by electronic means, you must have a personal electronic filing system (e-filing system), including e-file. A personal electronic filing system, or e-filing system, includes e-file and e-check, which are electronic filing systems that can be used with the free e-filing software available online or from some filing locations. The e-filing software allows you to file your return electronically. You must have an active e-filing system and the software available before you take any action to file a return by electronic means. See the Instructions for the Form 5500 and at the end this document for more information. For purposes of computing your estimated taxes, you may qualify for a refund even if your e-filing system is not fully-functional. You may be able to get a refund if the amount that you are required to pay is less than the amount of taxes that you are required to pay on this return. For more details, see Pub. 1040, If You Are a U.S. Citizen or Registered Alien. What documentation do I need to attach to my Form 5500 — Schedule I? You must attach to each Schedule I am itemized statement showing the actual taxes and the estimated taxes for all items of income, deductions, credits, and expenses. For more details, see U.S. Individual Income Tax and Credits. Can a Form 5500 — Schedule I be used by anyone? Generally, no. However, if any information is wrong or incomplete on a document submitted to you by you or your spouse if you file separately, you cannot include that error or deficiency in your return, but you can correct the information on a subsequent return.
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