What’s New for 2006 Form 1040A?
One of the new elements of the 1040A is that individuals who paid federal telephone excise tax on their long distance service may be able to receive a credit. Something else new is that the form 1040A has an increased AMT, or alternative minimum tax exception. The amount for 2006 is $42,500 or $62,550 for those married filing jointly or $31,275 for those married and filing separately. Those who were on jury duty may report their income on the form 1040A. Those who paid their jury duty to their employers may possibly be able to deduct it.
Knowing this information about the tax form 1040A will help you file correctly for tax year 2006 and take advantage of all of the deductions and credits available to you.