What is the deadline for filing taxes?
April 18: Due date to file 2021 tax return or request extension and pay tax owed due to Emancipation Day holiday in Washington, D.C., even for those who live outside the area.
How is acquisition premium reported on tax return?
For a taxable covered security acquired with acquisition premium, your payer generally must report either (1) a net amount of OID that reflects the offset of OID by the amount of acquisition premium amortization for the year or (2) a gross amount for both the OID and the acquisition premium amortization for the year.
What is the deadline to file taxes 2022?
April 18, 2022
An extension of time to file will also automatically process when taxpayers pay all or part of their taxes electronically by this year’s original due date of April 18, 2022. Although taxpayers can file up to six months later when they have an extension, taxes are still owed by the original due date.
How do I report acquisition premium on tax-exempt bonds?
Also, if you acquired a tax-exempt OID bond at an acquisition premium, only report the net amount of tax-exempt OID on line 2a of your Form 1040 or 1040-SR (that is, the excess of the tax-exempt OID for the year over the amortized acquisition premium for the year).
Is OID taxable income?
For bonds issued after 1984, the OID is treated as interest. It’s taxable as it accrues over the term of the bond. You also get to increase your basis in the bond by the amount of OID included in income. This reduces your capital gain — or increases your loss — when you sell it.
Is it too late to file taxes 2021?
You can still file your tax return for free after the April 18 deadline. If your 2021 federal adjusted gross income is $73,000 or less, you can use the IRS’s Free File program up until October 17.
Is tax-exempt bond premium taxable?
If the bond yields tax-exempt interest, you must amortize the premium. This amortized amount is not deductible in determining taxable income.
How do I report bond interest on my tax return?
Taxes on Savings Bonds – Form 8815 & More
- Report the interest in the year you earn it.
- Report the entire amount of interest earned when the bond matures or when you redeem it, whichever comes first.
Do I need to report tax-exempt OID?
Yes, this is a required entry on your tax return. Tax exempt interest is used for some tax calculations even though the earnings are tax exempt. Also, some tax exempt bond interest is not fully tax exempt from the state return.
Does the IRS know if your married or not?
If your marital status changed during the last tax year, you may wonder if you need to pull out your marriage certificate to prove you got married. The answer to that is no. The IRS uses information from the Social Security Administration to verify taxpayer information.
Is there a publication 17 for 2019?
Internal Revenue Service. “Publication 17–Tax Guide 2019,” Page 3.