Idaho Tax Forms

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Idaho Tax Forms: Everything You Need to Know

Filing your taxes can be a daunting task. With so many forms and regulations, it’s easy to get overwhelmed. But don’t worry; in this article, we’re going to cover everything you need to know about Idaho tax forms, including who needs to file, what forms you’ll need, and where to find them. We’ll also go over some common tax credits and deductions that can help you lower your tax bill. Let’s get started!

Who Needs to File Taxes in Idaho?

If you are a resident of Idaho and you earned income during the tax year, you are required to file a state tax return. This includes income from various sources, such as wages, tips, interest, dividends, and capital gains. Non-residents who earned income in Idaho also need to file a state tax return.

There are a few exceptions to this rule. If your income falls below a certain threshold, you may not be required to file a tax return. For single filers, this threshold is $12,400; for married couples filing jointly, it’s $24,800. However, even if you are not required to file a tax return, you may want to do so anyway if you had taxes withheld from your paycheck. You may be eligible for a refund.

What Forms Will You Need?

The first form you’ll need is the Idaho Resident Individual Income Tax Return (Form 40). This form is used by Idaho residents to report their income, deductions, and credits for the tax year. You can file this form electronically or by mail. If you choose to file by mail, you’ll need to attach copies of any relevant documents, such as W-2s or 1099s.

If you are a non-resident who earned income in Idaho, you’ll need to file the Idaho Nonresident and Part-Year Resident Income Tax Return (Form 43). This form is for individuals who lived in Idaho for part of the tax year or who earned income from Idaho sources but do not live in the state. You’ll need to attach a copy of your federal tax return to this form.

Other forms you may need to file include:

- Form 39R – Idaho Supplemental Schedule for Residency (for part-year residents)

- Form 39NR – Idaho Supplemental Schedule for Non-Residents (for non-residents)
- Form 49 – Idaho Grocery Credit Refund (for eligible taxpayers who paid sales tax on groceries)
- Form 51 – Idaho Child Care Credit (for taxpayers who paid for child care expenses)
- Form 65 – Idaho Partnership Income Tax Return (for partnerships)
- Form 75 – Idaho Corporation Income Tax Return (for corporations)
- Form 850 – Idaho Estate Tax Return (for estates of decedents)

Where to Find Idaho Tax Forms

You can find Idaho tax forms on the Idaho State Tax Commission website (https://tax.idaho.gov/forms). You can download and print forms from this website or file your taxes electronically using Idaho’s free e-file system.

If you need help filling out your tax forms, you can also contact the Idaho State Tax Commission. They offer free, confidential assistance to taxpayers via phone, email, or in-person appointments. You can find their contact information on their website.

Common Tax Credits and Deductions

Now that you know what forms you’ll need to file your Idaho taxes, let’s talk about some common tax credits and deductions that can help you lower your tax bill.

Tax Credits

- Idaho Earned Income Tax Credit (EITC) – This credit is for low-to-moderate-income earners. Depending on your income, you may be eligible for a credit of up to $534.
- Grocery Credit – If you paid sales tax on groceries, you may be eligible for a credit of up to $100 per person on your tax return.
- Child Care Credit – If you paid for child care expenses so you can work, you may be eligible for a credit of up to $200 per child on your tax return.

Tax Deductions

- Standard Deduction – Idaho taxpayers can choose to take the standard deduction or itemize their deductions. For 2020, the standard deduction is $6,550 for single filers and $13,100 for married couples filing jointly.
- Charitable Contributions – If you made charitable contributions during the tax year, you may be able to deduct them on your tax return.
- Mortgage Interest – If you own a home and paid mortgage interest during the tax year, you may be able to deduct it on your tax return.

Conclusion

Filing your taxes can be a complex and time-consuming process, but with the right information and resources, it doesn’t have to be overwhelming. Remember, if you are a resident of Idaho or earned income in the state, you are required to file a tax return. You’ll need to fill out the appropriate forms, such as the Idaho Resident Individual Income Tax Return or the Idaho Nonresident and Part-Year Resident Income Tax Return. Be sure to take advantage of any tax credits and deductions that you are eligible for, such as the Idaho EITC, grocery credit, or mortgage interest deduction. You can find all the forms and information you need on the Idaho State Tax Commission website, and if you need help, don’t hesitate to reach out to the Commission for assistance. With a little bit of preparation and knowledge, you’ll be well on your way to successfully filing your Idaho taxes.