William Penn Life, 2004 (39. évfolyam, 1-12. szám)
2004-04-01 / 4. szám
MoneywiSe Check your return twice (or more) before fling THAT’S A QUESTION YOU MAY not have asked yourself very often, if ever. But, it’s one you should ask yourself at least once a year. We can’t stress enough the importance of regularly checking the beneficiaries listed on your life insurance policies. It is the only way to ensure that the people you want to receive the benefits of your life insurance are the ones who will receive it. Think about the changes that have occurred in your life since you purchased your life insurance. Getting married, having children, losing a loved one, getting divorced, getting remarried-all these life changes affect your responsibilities. Do the beneficiaries currently listed on your life insurance policies reflect such changes? If you think you need to update the beneficiaries listed on your policies-either primary or secondary beneficiaries-contact your WPA representative. Or, call our Home Office toll-free at 1-800-848-7366. WE PROBABLY DON'T NEED TO remind you that the deadline for filing your federal income tax return is just days away. If you've waited until the last minute to complete and file your return, please remember that it is very easy to make costly mistakes while rushing to meet the deadline. Please, before filing your return, review it to make sure it is correct and complete. The following checklist from the Internal Revenue Service may help you avoid such errors. • Did you use the peel-off label and enter any corrections? • If you used the label, did you enter your social security number in the space provided? • If you do not have a label, or there are too many corrections, did you clearly print your name, social security number, and address, including zip code directly on your return? • Did you enter the names and social security numbers for yourself, your spouse, your dependents, and qualifying children for earned income credit or child tax credit, exactly as they appear on the social security cards? If there have been any name changes be sure to contact the Social Security Administration at 1-800- 772-1213. • Did you check only one filing status? • Did you check the appropriate exemption boxes and enter the names and social security numbers exactly as they appear on the Social Security Card, for all of the dependents claimed? • Is the total number of exemptions entered? • Did you enter income, deductions, and credits on the correct lines and are the totals correct? • If you show a negative amount on your return, did you put brackets around it? • If you are taking the standard deduction and checked any box indicating either you or your spouse were age 65 or older or blind, did you find the correct standard deduction to enter on line 24 of Form 1040A or line 37 of Form 1040? • Did you figure the tax correctly? • If you used the tax tables, did you use the correct column for your filing status? • Did you sign and date the return? • If it is a joint return, did your spouse also sign and date the return? • Do you have a Form W-2 from all of your employers and did you attach Copy B of each to your return? File only one return, even if you have more than one job. Combine the wages and withholding from all Form W-2's, on one return. • Did you attach any Form 1099- R that shows tax withheld? • Did you attach all other necessary schedules and forms in sequence number order given in the upper right-hand corner? • If you owe tax, did you enclose a check or money order with the return and write your social security number, tax form, and tax year on the payment? Refer to Topic 158 for more information. • Did you make a copy of the signed return and all schedules for your records? A few of the most common errors are:- incorrect or missing social security numbers;- incorrect tax entered from the tables;- computation errors in figuring the child and dependent care credit or the earned income credit, also, missing or incorrect identification numbers for child care providers;- withholding and estimated tax payments entered on the wrong line, and- math errors, both addition and subtraction. BE 4 William Penn Lile, April 2004
