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Sr. Citizen Very Simple Question, Please. Thanks.

Hello,

I realize that the other misc.taxes Forum is probably more appropriate, as I am not a "tax professional".

But I am a Sr. Citizen, very, and find that I miss a lot of the nuances these days.

I still like to do the taxes myself, and this is probably a super simple question, but I have not been able to find the answers myself, or receive a reply from the misc.taxes forum folks.

If anyone could help me out with this, would be most appreciative.

Thank you very much, Bob

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Have two very simple questions, please:

I will be taking the standard deduction, and using 1040.

My adult son lives with us, and has no income. Will be taking him as a Dependent deduction; $ 500 I believe.

a. Is there any supplemental Form or Schedule for this credit that must be filled out and submitted along with the 1040 ?

Or, is just filling out the Dependents Information on the first page of the 1040 ?enough? ?

b. Regarding Capital Gains. I have just a few statements I received that show the amount I received. Probably quite basic and simple.

Is filling out Line 6 on the front of the 1040 enough, or, again, are there any supplemental Forms or Schedules relative to Capital Gains that I must submit with the 1040 ?

I determined the amount on Line 6 from my own worksheet notes.

Schedule D, to the best I can determine, is Not required, and I have checked that box to signify this.

Thank you very much; really appreciate the help,

Reply to
Robert11
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No, asking sensible questions is fine. Asking "tax protester" questions, which seems to be most of the unmoderated misc.taxes, is not fine, here.

....

Checking the "Credit for other dependents" box should be sufficient.

Schedule D _is_ required unless you have only capital gain dividends. If you have any reportable capital asset sales (e.g., stocks, mutual funds, personal assets sold at a gain), you must fill out form 8949 and Schedule D.

-- Arthur L. Rubin, Brea, CA

Reply to
Arthur Rubin

Be careful defining Dependent Deduction, it is a tax credit. Big difference. In other words you subtract other dependent(s) form your tax liability.

bw

Reply to
billwat1945

There are a exceptions to the requirement for filing Form(s) 8949. For many people who only have capital asset transactions involving the sale of securities where the 1099-B or substitute document from the broker states that all the transactions had basis reported to the IRS and there are no adjustments listed or needed, then the sum of the short-term and sum of the long-term entries can be made directly on the Schedule D Lines 1a and 8a respectively.

Reply to
Alan

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