Taxes - January 2007

I took 20,000 out of my mutual funds this year so I know I will have to pay taxes on it. This amount basically doubles what I made in a year...will I get put in a higher tax bracket? Or are the taxes you pay on something like that different from income from working? I'm just trying to get a feel for how much I might owe.

2007-01-22 08:08:04 · 4 answers · asked by agendagal 2 in Other - Taxes

2007-01-22 08:06:30 · 4 answers · asked by bst1201 2 in United States

2007-01-22 08:01:48 · 5 answers · asked by Pam T 2 in United States

2007-01-22 08:01:12 · 2 answers · asked by lillian j 1 in United States

If you owe money to the state they will keep your tax refund from the state but can they keep your federal tax refund too? or is it different??

2007-01-22 07:53:23 · 3 answers · asked by NINA 2 in United States

OKAY I GET PAID WEEKLY BUT NO TAXES COME OUT OF MY CHECK. TODAY I GOT A 1099-MISC FORM FROM THE PAYROLL CLERK, SO WHAT DO I DO NOW. IT ONLY STATES THAT MY NONEMPLOYEE COMPENSATION WAS 9510.00 IN BOX # 7 NOTHING IS WRITTEN IN THE OTHER BOXES.

2007-01-22 07:35:51 · 2 answers · asked by bigshaheem 1 in United States

I didn't pay any of my quarterly taxes this year. I am just wondering what kind of penalties come from doing that.

2007-01-22 07:34:10 · 4 answers · asked by Isaac C 3 in United States

2007-01-22 07:26:26 · 3 answers · asked by bporter81@verizon.net 1 in United States

2007-01-22 07:23:16 · 3 answers · asked by mnj0012 1 in United States

How about earned income credit?

2007-01-22 07:23:06 · 2 answers · asked by Yogi M 1 in United States

Why Do People With Kids get Tax Credits....?***SERIOUS QUESTION***.....wouldn't it makes more sense to give people who DON'T have kids tax credits as a incentive for not pro-creating and draining our scare resources...i mean as long as an influx of illegals come over wouldn't it be wise to reward those will not try to reproduce....your thoughts....

2007-01-22 07:08:21 · 8 answers · asked by Vox Populi Vox Dei 2 in United States

I earned less than $10 in interest this year. My bank did not send a 1099-INT form, because it was less than $10. Am I required to report it to the IRS as income somewhere?

2007-01-22 06:59:53 · 10 answers · asked by rpertusio 1 in United States

2007-01-22 06:44:44 · 9 answers · asked by Anonymous in United States

2007-01-22 06:37:35 · 8 answers · asked by T 1 in United States

I had to quick claim the deed to my house into my father's name im Jan of 2006. When my home sold I cleared 64,000.00. To avoid a huge tax penalty, my step-mother (who is my agent) did a property trade into a parcel. Now I want to sell it, but I dont want to lose tons of money to taxes!

2007-01-22 06:36:05 · 4 answers · asked by cmftruss 1 in United States

My wife and I both have full-time job, we are hiring someone taking care of our 10 months old son for the last 7 months and paid the babysit cash, we have no receipt from her. Can I claim child care credit on my tax retrurn if I don't have any receipt from the babysit?

2007-01-22 06:32:11 · 8 answers · asked by ChildCare 2 in United States

When claiming your daycare expenses on your taxes, do you get everything back that you paid???

2007-01-22 06:30:36 · 7 answers · asked by mcnees79 3 in United States

This is the only income except salary which i guess is already taxed. So if I need to report it could you tell me what form do i need to fill and send or should i receive this forms? I never did it before.

2007-01-22 06:26:59 · 18 answers · asked by Balda 1 in United States

last year how much taxes will you have to pay?

2007-01-22 06:25:54 · 11 answers · asked by elisabeth 1 in United States

here's the deal. i went to hr block to efile my taxes and i got approved for the refund anticipation loan and i signed the paperwork before i left that was about a week and a half ago and the irs just keep saying they are processing my taxes and i don't owe anybody so it should be no problem, can somebody tell me what the loan papers were for if i got to wait almost two weeks to get my return and what's the difference between that and the rapid refund check. how do i find out if it was accepted and how long does it take to process a tax return, it was proccessed last thursday on the 18th.

2007-01-22 06:23:41 · 3 answers · asked by kccutie 1 in United States

My son and I live with my fiance (not related to my son). He makes about twice as much as I do in a year. Someone suggested that we would get a bigger refund if he claims my son as a dependent, filing head of household, and I file single, and take the earned income credit for my son. However, I don't believe this is legal. From what I have read on the IRS website, I can't take the earned income credit unless I file using my son as a dependent. Can someone tell me if I am correct?

2007-01-22 06:10:56 · 4 answers · asked by Becky 1 in United States

I a student, live in tn and made around $10,000 this year. About $1,000 was withheld for fed taxes. I will file file a simple tax form with deductinons of any sort.. i guess EZ. Can anyone give an estimate as to how much I will get as a refund?

2007-01-22 06:10:28 · 5 answers · asked by *ae* 3 in United States

My wife claimed zero on her w-4 form and I claimed 2 exemptions on mine. When I did my taxes this weekend it came out that we owed almost $1200.00. I don't see how this could be.

2007-01-22 06:08:38 · 2 answers · asked by smoothie 5 in United States

My child (17) got his first job in 2006 and didn't set his withholdings high enough so that he had federal taxes taken out of his check. He is well below the personal exemption limit and I still will claim him on my return. How do I get his federal tax back if I claim him on mine?

Thanks

2007-01-22 06:08:07 · 4 answers · asked by tinman97prn 7 in United States

I went to H & R Block with my paystub and was turned down by HSBC. Now I have my W2 - I wonder if I will be able to qualify for a RAL. Does anyone know the requirements?

2007-01-22 06:06:41 · 2 answers · asked by Anihop 2 in United States

2007-01-22 06:00:53 · 5 answers · asked by milo 1 in United States

I have the Turbo Tax 2005. Now I have to buy this years version. Is there a tax prgram that lets you download updates every year so you won't have to purchase a new program?

2007-01-22 06:00:11 · 2 answers · asked by Anonymous in United States

She's sold about $30 worth of items in 2006, (none in the state of NY where we live, so she doesn't even have to pay tax on those sales..right?) Yet we have lots of expenses we go through for this "home business" that she's started, (heat, electric, phone, etc..)
she keeps all the transactions seperate by using (paypal). so i shouldn't have a problem filing a schedule C right?? My buddies keep telling me that the law doesn't state that you "have to make money", but i feel weird stating that we only made 30 bucks and yet deduct a couple hundred in expenses...

what do you think??

2007-01-22 05:53:24 · 2 answers · asked by Doug J 1 in Other - Taxes

if a person cheated in 2005 will they go after him right away or wait and let interest pile up or even worse let themcheat again?

2007-01-22 05:53:11 · 6 answers · asked by NONAME 1 in United States

Personal income taxes are due to be filed on April 15th. They were originally due March 15th. When was that?

2007-01-22 05:50:01 · 3 answers · asked by Norman B 1 in United States