Taxes - February 2007

He lived with his wife and child for more than 6 months of 2006, and contributed more than one half of the child's expenses for the year. His ex wife has remarried and wants to claim the Earned income credit, child tax credit, and their daughter as a dependent. Can my son claim the child and if so what happens if they both claim the child

2007-02-15 11:26:14 · 4 answers · asked by Eileen M 1 in United States

I am 24 years old and I made about 12k last year and have a 6 year old son. Also I got a 1098T from my school that I "paid" 15k for college(I said "paid" because of most of that is loans!)

Is it true that I CANT get the EIC because I am under 25? Is there any other type of credit for me?

2007-02-15 11:22:51 · 5 answers · asked by crlygrl34 1 in United States

I never got a chance to do my 2005 tax returns so I did them this year with my 06 taxes. Well It has not been 5 weeks and I have heard nothing. It has not even been send back for mistakes. What should I do? I have already checked the "Where's my Refund" site and they said they can't find anything on it. I just want to talk to someone to know that they got it and it is being processed.

2007-02-15 11:02:29 · 5 answers · asked by K.D. 2 in United States

I'm confused about this. Can you deduct sales tax paid in the year 2006? Do you have to keep track of it? Or is it better to deduct state income tax paid?

Does it make a difference if you bought a big ticket item? I bought a car in Dec. 2006. The price was 24000 in CA. Is the sales tax on this item deductible? Does it matter that I financed the vehicle and am making payments?

2007-02-15 11:00:03 · 5 answers · asked by Emma S 2 in United States

2007-02-15 10:59:38 · 5 answers · asked by Gunther T. 1 in United States

2007-02-15 10:58:28 · 15 answers · asked by Anonymous in Other - Taxes

I am looking to get advice, read about best practices, see examples, and/or learn the process. Any information will be helpful! (Yes, I will be working with a tax professional through this process.) Thanks!

2007-02-15 10:52:36 · 2 answers · asked by Thunderbird Clan 1 in United States

If i was a single adult living on my own, how much might i spend on each of these per month?

-Healthcare
-Gas(to heat your house)
-Electric
-Water
-Trash
-Cable
-Phone
Car Insurance
-Gasoline
-Maintenance(for your car)
-Groceries

2007-02-15 10:51:45 · 6 answers · asked by because7_8_9 2 in United States

I have 3 out of 4 tax returns and the last one is taking forever! I was wondering if I could go ahead and file what i have and when the 4th one comes in can i file that seperate?

2007-02-15 10:50:06 · 6 answers · asked by Anonymous in United States

You have two people who have been separated for over a year. One works, the other has not worked in 5 years. Last year, the one who works claimed their child on their taxes with the agreement of the other parent. This year, the one who has not worked in 5 years, claimed the child without the working parents knowlege or consent. How can this be done if that person has no income, and with no income, no taxes to file? Is it legal?

2007-02-15 10:47:24 · 4 answers · asked by Anonymous in United States

2007-02-15 10:38:57 · 7 answers · asked by Niki 2 in United States

could you in all actuallity really claim like 15 of so? I thought you could only claim yourself, spouse and kids legitimatly. We really needed the money last year so with a family of 5 we claimed 12 exemptions...Is that legal? I wondered if anyone knows....

2007-02-15 10:10:21 · 5 answers · asked by ntwrkadmngrl 1 in United States

Does everyone gets deducted no matter what their status is? (FT, PT, PD, etc)

2007-02-15 09:59:36 · 11 answers · asked by gansion 2 in United States

My step-son moved in with us in July 2006 and has lived with us fulltime since then. His mother and my husband were never married and never had any formal custody papers written up. Can we also claim him as a dependent for 2006? What is she claims him too?

2007-02-15 09:52:29 · 4 answers · asked by MeriGator 1 in United States

I had a complicated tax situation for the last 2 years, but this year my tax situation is quite simple. I have one W2 and 2 1099-INT forms. Thats it. I dont want to spend a fortune on a CPA.

I want to use TurboTax this year. I do have two states to file, and federal. I am going to itemize deductions due to my state taxes owed are huge.

Do I need to do my non resident state return first so I can claim the credit on my resident state return, or do I need to do my federal first?

2007-02-15 09:46:15 · 3 answers · asked by ? 3 in United States

2007-02-15 09:30:40 · 5 answers · asked by Sue S 1 in Other - Taxes

will child support take it

2007-02-15 09:25:17 · 33 answers · asked by hooya 3 in United States

Hi. I kinda fell into a side gig unrelated to my current work. I am already self-employed. I was willing to do the work for free, but the person whom I'm doing the work for wants to pay me money. I don't really want to add more income onto my self-employment taxes so I've asked them for a gift card(s) instead. Do I have to claim income from a gift card? Is there a limit to the amount the gift card can be? Can they still deduct the gift card as a business expense when doing their taxes? The "work" would be regular so could they continue to "pay" me with gift cards throughout the year?

2007-02-15 09:23:40 · 5 answers · asked by Emma S 2 in United States

2007-02-15 09:07:48 · 3 answers · asked by Kristine P 1 in United States

I think that there won't be a smoking ban in the uk for very long because the goverment will lose too much money by doing this because less and less people will stop buying ciggarettes etc and the goverment won't be getting the taxes so who will have to replace the lost millions it will be us taxpayers who will end up paying higher tax

2007-02-15 08:56:55 · 16 answers · asked by katherine B 1 in United Kingdom

My sister and I own a second home jointly and file separately. Can we claim the interest deduction? If so, can we each claim the full deduction on our federal income tax, or would it be a partial deduction split 50/50?

2007-02-15 08:48:50 · 6 answers · asked by vaxxbell 1 in United States

If so, would I do it on a 1040? Do I get the whole amount back? If you could just answer to the best of your knowledge. I know that answers isn't for legal advice. I'm jsut trying to get a clue about my mortgage interest deduction. I'm going through the process of trying to do my own taxes and I am a little confused.

2007-02-15 08:40:59 · 9 answers · asked by Anonymous in United States

I babysit and the parents want to cliam the child care credit next year. This means that I will have to claim the income. This is fine but, I need to know an approx. amount that I should set aside for taxes next year. She will be paying me about $500 a month if that helps. Thanks!!

2007-02-15 08:38:04 · 5 answers · asked by ea1825 2 in United States

can i change the amount of dependents? if so, how many dependents? is there a limit? im aware of the penalties at the end of the year, but i only want to do this on 1 check.

2007-02-15 08:35:21 · 10 answers · asked by uv 1 in United States

I just filed my 2005 taxes and sent them in by mail on 2-13-07.
I had prepared all previous years with Turbotax and filed electronically. Except for last year. I want to file my 2006 but it was rejected because of wrong AGI. Should I use the AGI from the last one I filed electronically ? which was 2004 which I have in my records is that the AGI I should use as my last electronic signature for my e-filing ?

2007-02-15 08:34:48 · 3 answers · asked by RGD 1 in Other - Taxes

2007-02-15 08:28:12 · 2 answers · asked by Anonymous in United States

The only thing that Canadians get is a tax deducation from "Total Income" on their return. Some people say the deduction is off Taxable Income, not right though - there is a diff between: Total Income,Net Income and Taxable Income
Anyway, getting back to my question, let's say for example your Total Income is 100,000. You decide to contribute 12,000 to your RRSP. Let's assume your marginal tax rate is 40%. So by contributing the $12,000 to yor RRSP you SAVE on your Tax Payable by $4,800. This I understand from the following calculation: Taxes w/o RRSP ded. = $40,000 - Tax w/ded $35,200 or (40000-35200) = $4,800

IBut why do people say you actually get a Tax "refund" of $4,800??

They think this is like a big fat cheque from CRA in the amount of $4,800. Is it???????????

Do you actually get "cash back" in the amount of $4,800 IN ADDITION to saving on your taxes by $4,800???. So then isn't this the SAME thing as getting to keep $9,600 right now???

please verify thanks

2007-02-15 08:22:16 · 6 answers · asked by jaymay2008 3 in Canada

does it effect my return in any way or the amount i get back?

2007-02-15 08:21:36 · 4 answers · asked by Anonymous in United States

My dad would like to give each of my brothers & sisters $5000 from my mothers life ins money, now in his name. Is that money tax-free? There are 5 of us, all older than 18. We would like to use the money to invest for our own family or get completely out of debt. But we worry that this might be taxable income and would have to pay up to $1,700 in tax, is this correct? Or are we worrying about nothing? Thank you so much in advance for anyone who can shed some light on this.

2007-02-15 08:19:14 · 6 answers · asked by johnny j 1 in United States

can i use my car payment as a write off??

2007-02-15 08:15:00 · 3 answers · asked by ♫♥♪♬♥♪Try Me♫♥♪♫♥♪♬ 4 in Other - Taxes