Highlight new tax changes on your 2009 returns — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily

Highlight new tax changes on your 2009 returns

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in Employee Benefits Program,Human Resources

Here’s a summary of the Form 1040 changes you should know about.

Exemptions (Line 6): A noncustodial parent claiming an exemption for a child is required to attach Form 8332, Release/Revocation of Release of Claim to Exemption for Child by Custodial Parent, or a similar statement by the custodial parent. Other technical changes apply to the definition of a “qualifying child” for purposes of personal exemptions and the child tax credit.

Wages, salaries and tips (Line 7): For deferred amounts attributable to services performed after 2008, amounts received under a nonqualified deferred compensation arrangement are generally included in taxable income if there is no substantial risk of forfeiture.

Capital gains and losses (Line 13): New rules for “nonqualified use” can potentially make part of the gain from a home sale ineligible for the home sale gain exclusion break, which means part of the gain must be reported on t...(register to read more)

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