Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-01-18
$4,000 INCOME
TAX FORMS ARE
READY TO FILE
Revenue Collector Will Mall
Blanks on Re-
quest.

Form 104OA. for filing individual in
come tax returns for incomes Of 5000
and less, will be ready for distribution
today, according to Mr.. Bert Thurman,
collector of internal revenue. According
to Collector Thurman a copy will be
mailed to taxpayers who last year fled
return, but failure to receive the form
does not relieve a taxpayer Of his Obli-
cation to file a return on time-on or be-
fore March Is, 1922. This form has been
reduced from six to four pages, two Of
which are devoted to instructions which
should be carefully read by the tax
payer before filling in the blanks. -
study of these instructions will greatly
lessen difficulties heretofore encountered
in correctly making out the returns.
On page l, under the head Of In
come" are spaces for reporting the fol-
lowing items: Salaries. wages, commits
sions, etc; income from partnerships, f.
duciaries, etc; rents and royalties; profit
Tor lOss) from sale Of real estate; profit
Tor loss) from sale of stocks, bonds, etc,
and other income. Beneath are spaces
for entering deductions, such as interest
and taxes paid during the year; losses
by fire. storm, shipwreck, or other cas-
ualty or by theft, contributions, bad
debts, etc.
On page are spaces for entering ex-
plantations Of various items, /. E., the total
amount of income from business or pro-
fessiOn, with description ("grocery," re
tail clothing" drug store" laundry"
doctor" lawyer" 'farmer'O, from rents
and royalties. sale Of property, etc
Returns are required of every single
person and every married person not liV-
ing with husband or wife, whose net in
come for 1921 was 1000 or more, and
Of every married person living with hus-
band or wife whose net income was
1000 or more. If the combined income
of husband, wife and dependent minor
children equalled or exceeded 1000, or
if the combined gross income Of hus-
band, wife and dependent minor chill
dren equaled or exceeded 5000, all such
income must be reported on a joint re-
turn or in separate returns of husband
and wife. II single and the net income,
including that of dependent minors, If
any. equalled or exceeded $1,000, or if the
gross income equalled or exceeded 50 900,
return. must be fled miner, how
ever. having a net income Of $1,000 or
$1,000, according to marital status or
a gross income of 5000, must file a
return. The requirement to file a return
Of gross income, regardless Of the amount
Of net income upon which the tax is
assessed is a new provision.
'.Net income" is gross income less
certain deductions which are explained
on the form.
Under each Of the above conditions, q
return must be filed even though no tax
Is due. The exemptions are $1,000 for
single persons and married persons not
living with husband or wife, 81 800 for
married persons living with husband or
wife whose net income for 1921 was
$500 or less and $1,000 for such per-
sons whose net income was more than
5000. The exemptions for dependents,
"a person under IS years Of age or
mentally or physically defective" has
been increased from $500 to $500
A head Of q family-a person who
actually supports in one household one or I
more persons closely related to him (or
herr by blood, marriage or adoption, is
granted the same exemptions allowed a
married person.
The normal tax rates are unchanged,
per cent on the first $1,000 Of net in
come above the exemptions and per
cent on the remaining net income. ne
tax this year, as last. may be paid in
full at the time of fling the return, or
in four equal installments, due on or
before March 10, June -, Sept. 10 and
Dec. 10.
Heavy penalties are provided by the
new revenue act for failure to file a re-
turn and pay the tax on time.
Announcement will be made through
the press of the date OF release Of Forms
1910 f6r fling individual return Of in
come of more than s. 900.