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Hi. Don't call the line in which you will wait 30-45 minutes.
Try this one: 1-800-829-3676
may be you can get through or may be the prompts won't give the option
Then, try this one:
1-800-829-1954
If neither work, go to a payphone. There may be something wrong with your landline or your cell.
Will I need my 2006 return? If you itemized, in most instances you will. Good examples are if you paid alternative minimum tax {AMT} in 2006, depreciation
tables; year ending inventory for 2006, IRA information because software asks you for fair market value of the investments, net operating loss carryover, and, especially, if you sold stock, stock funds or mutual funds. I say that because the brokerages only send to the IRS proof of the sale transaction. That means the IRS thinks that is all income. You have to prove that you bought the stock and paid commission - you were not given the shares. I say if you paid alternative minimum tax in 2006 because you would need lines 1, 6, 10 and 35 of the Form 6251 to fill out the Form 8801. Depending upon your situation, you may need our 2255 or 2255-EZ Form and the Form 1041, Schedule I, Line 56. If you use software, most programs provide these Forms. If you had a business, you will need the 2006 Schedule C. If you used software, you probably filled out depreciation and it should still be in there.
There's a lot of things you could have forgotten or what you need: e.g, social security numbers of your dependents, taxpayer identification number of your
child care provider, 2006 adjusted gross income {AGI} - your adjusted gross income and your income tax liability if any of your children are applying for a student loan. Frequently, FAFSA applications ask for YOUR tax return. If your software carries everything over, you appear to have no problem. However, sooner or later, you will want to check to make sure the software did it correctly. The previous year's adjusted gross income comes up frequently. If you are buying a dwelling or land, the bank will ask for your prior three years Federal income tax returns.
Unless you are a real estate professional, only 25,000 of real estate passive activity losses can be deducted on the Schedule E. You had to carry over the remainder. You will need the 2006 to see how much you had to carry over.
You will need Line 10 or your Schedule A. You need to see if your deductible mortgage interest is a little lower than 2006 {all other things being equal, of course}. If you paid on the house or investment the entire year, if the bank 1098 has a much lower figure thamn 2006, you will need to call the bank to find out why you can deduct so little for 2007. Having the 2006 will "trigger" your memory. E.g, maybe you forgot that you refinanced in 2006 and you need to fill out an Amended to deduct the remainder of the points on the original loan.
I could go on but you see my point. Adjusted gross income and carryovers are the big thing. Refundable credits: Credit for Tax on Undistributed Capital Gain
Health Coverage Tax Credit
Refundable Credit for Prior Year Minimum Tax
Credit for Excess Social Security Tax or Railroad Retirement Tax Withheld
Hope you find your 2006. This may help a little:
2006 THIS YEAR
Exemption worth: 3300 3400
Standard deduction
single worth: 5150 5350
MFJ: 10300 10700
Medical miles: .18/mile .20/mile
Charitable
miles .14/mile .14/mile
Standard mileage rate for
hurricane Katrina: .32/mile
Employee
business expense
auto miles: .445 .485
IRA deduction: 4000* 5000*
You mentioned that you itemized for 2006. You may need those forms because you may have had to carry over some charitable contributions that were disallowed last year. It is best to have a designated and safe place to store you prior year's income tax returns, along with the receipts, documentation and diaries of expenses for that particular tax year.
Don't forget to check the box beside the line to get your telephone tax refund on last year's 2006 1040, 1040A or 1040-EZ Federal tax. It's Line 71 on the 1040 form.
*1000.00 in addition if age 50 or older on the last calendar day of the year.
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