The Return of Publication 17

Submitted by rkoreto on Tue, 12/27/2011 - 16:06

Just as the tax season gets underway, the IRS has posted the 2011 edition of Publication 17, Your Federal Income Tax. Publication 17 has been updated each year since the 1940s, according to the IRS. The new version has 303 pages and provides more than 5,000 links, useful for both consumers and CPAs.

Highlights this year, according to the IRS, are information on the American opportunity credit for parents and college students and the child tax credit and expanded earned income tax credit for low- and moderate-income workers.
 
Other new items found in the publication include increased exemption amounts, instructions on repaying the first-time homebuyer credit and changed rules on health savings accounts.
 
In addition, the IRS has already posted the following forms, updated for 2011: Form 1040,  Form 1040A, Form 1040EZ, Schedule A and Form 8949 for reporting sales of stocks, bonds and other capital assets.

 

 

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