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If you file a federal tax return as an individual, you could pay income tax on up to 50% of your Social Security benefits (assuming a combined income of $25,000 to $34,000).
The 2015 edition of Form 1040, the tax form ... Taxable income is ... with some people actually having a negative liability. The individual income tax rates in the ...
A negative income tax is structurally similar to a universal basic income, as both are capable of achieving the exact same net transfer of income. However, the two mechanisms may differ in the cost to the government, the timing of payments, and the psychological perceptions from taxpayers.
Form 1040-X (officially, the "Amended U.S. Individual Tax Return") is used to make corrections on Form 1040, Form 1040A, and Form 1040EZ tax returns that have been previously filed (note: forms 1040-A and 1040-EZ were discontinued starting with tax year 2018, but a 1040X may still be filed amending one of these tax forms filed for previous years).
For example, if you deducted $1,500 in state taxes last year, but your state refund this year was $2,000, you only need to report a tax refund of $500 on your federal income tax return.
If you are a single filer whose income ranges from $25,000 to $34,000, you might have to pay income tax on up to 50% of your benefits, and if you make more than $34,000, you might have to pay ...
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