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Taxes - February 2007

[Selected]: All categories Business & Finance Taxes

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I filed a 1040EZ last year and now I realize I should have filed a 1040 in order to take advantage of education tax credits. Is it possible to file an amended return and claim these credits now, or is it too late?

2007-02-26 02:37:18 · 9 answers · asked by Ashley C 2 in United States

My wife is a Creative Memories consultant. Not sure If I need to fill out a Schedule C since she is technically self-employed or what. Thanks for the help.

2007-02-26 02:31:59 · 6 answers · asked by Jon D 1 in United States

2007-02-26 02:22:08 · 9 answers · asked by om_chessking 2 in India

My total net gain from my margin account is 10k for 2006. IRS asks me to report this as part of my gross income. My real cost for making margin trades besides brokerage fees include margin interest and the total for 2006 is 1k. This cost is not reflected on the numbers that are provided by my brokerage to the IRS. Using my monthly statements, i can add the applicable margin interest to the cost of each transaction so that in total, my net gain for the year would be 10k-1k = 9k. Has anybody done this and is this legal? IRS tells me that i can only report the interest cost as a deduction which i may not be able to use if i take the standard deduction. This seems patently unfair. Does anybody know if there is any other way to report the margin interest so it reduces my gross income?

2007-02-26 02:17:40 · 3 answers · asked by golfingjake 1 in United States

Would a 1099R income of $14,085 with a code 3 in box 7 be taxable if the other source of income is from Social Security (in the amount of $19,458.) Filing Status is Single. No other income.

2007-02-26 02:11:46 · 2 answers · asked by C B 1 in United States

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What is the most you can earn (upper limit) for claiming child tax credit,before it's taken off you for earning too much money?

2007-02-26 02:09:20 · 4 answers · asked by Mea 5 in United Kingdom

I live and work in CA part of year (claim residency). Spouse resides in another state and claims that state as residence, also paying state income taxes.

2007-02-26 02:08:54 · 4 answers · asked by Anonymous in United States

Was denied "for internal reasons", I do owe to Husehold Bank. So no RAL, now what happens?

2007-02-26 01:42:30 · 5 answers · asked by 24gordonfan 2 in United States

2007-02-26 01:03:39 · 3 answers · asked by naveen s 1 in India

how do i found out if the IRS has received our injured spouse form and how long does it take to get back my portion on the money?

2007-02-26 01:03:21 · 4 answers · asked by kamp1963 1 in United States

they took our tax return to apply it to my old student loan, we just filed an injured spouse form, how long does it take to get that return? one site i checked said 6 months?

2007-02-26 00:52:39 · 5 answers · asked by kamp1963 1 in United States

The distribution totals less than the contribution. Does the 10% penalty apply because I am not yet 59.5? Also, is there any other tax liabilty, aside from the possible 10% penalty, that I may be subject to for an early distribution?

2007-02-26 00:51:51 · 8 answers · asked by dohcraw 2 in United States

Early in 2006 my spouse and I both contrinuted $5,000 each to IRA for tax year 2006. We are both over 50. On filling up the tax return for 2006, the tax program told us they the contributions are not deductible. What now? Will this be treated as excess contribution and subject to penalty? or we can let it sit there and not get the deduction? Can we recharacterize then as Roth contribution? Or can we just withdraw them without incurring penelty?

2007-02-26 00:38:35 · 4 answers · asked by Jay 1 in United States

can i file myself online for free ?
and can i file without one of my w-2's (i had 2 jobs last year)

2007-02-26 00:38:05 · 6 answers · asked by dniel c 2 in United States

My fiance was paid a "relocation bonus" of $5000, he received $3300 after taxes. He moved 160 miles due to a job transfer.

Nothing on his W-2 states that he was paid for moving expenses, the amount appears to have been included in his income.

Can he deduct moving expenses? What is deductable?

2007-02-26 00:36:00 · 4 answers · asked by Riannaa 2 in United States

A friend of mine said his tax preparer got him $300 extra for bein between 25 and 35 and no kids is this possible and how did he do it

2007-02-26 00:22:32 · 7 answers · asked by dniel c 2 in United States

I am currently working in Iraq and I am making alot more money this year than I did last year. In 2006 we moved three different times accross the country for work reasons. I know the moving expenses are deductable but want to apply those deducations to 2007 taxes. Is this possible? Thanks-

2007-02-26 00:15:20 · 5 answers · asked by MIDegn 1 in United States

2007-02-26 00:07:49 · 2 answers · asked by wilfrid n 1 in United States

Gambling is illegal in India. but what if an indian national goes to Las Vegas as a tourist, wins $100,000 (1 lakh) which is approx rs 45 lakh (Rs 4,50,0000). Can this money now be transferred into his Indian account. How and where will this income be declared and what will be the taxation around it?

or

Is it even illegal for an indian to gamble in a country where gambling is legal?

2007-02-25 23:58:48 · 5 answers · asked by harrycool 1 in India

taxes of $306@month and $85 2month in insurance.is it worthy holding on and how long should I?

2007-02-25 22:11:16 · 1 answers · asked by Rebecca G 1 in United States

pls send my tax identification number at my yahoo address eps_vvni@yahoo.com

2007-02-25 22:02:26 · 7 answers · asked by Lalie S 1 in Other - Taxes

my father is a elderly gentleman, needing to go into assisted living place. Can I convert his stock over to someone else's name to avoid a high tax penalty or the assisted living place from taking it from him and put him on Medicard or Medicade help?

2007-02-25 21:51:22 · 2 answers · asked by stjustcrusin 1 in United States

I am a PA resident and I've been working in NJ for about 6 months.
I know I have to complete both NJ and PA state tax return form. The question is do I have to report what I earned in NJ to PA ?

2007-02-25 20:34:39 · 2 answers · asked by Anonymous in Other - Taxes

2007-02-25 20:19:50 · 2 answers · asked by Anonymous in Other - Taxes

i,m living in chicago illinois

2007-02-25 19:40:01 · 5 answers · asked by brew 1 in United States

2007-02-25 19:15:21 · 4 answers · asked by Emmy 2 in Australia

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