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Taxes - February 2007

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My sister is 25 years old and attending grad school full time. She has been living at home for about 3 years since finishing her undergraduate studies. Her income last year was reported about a little over $3,000. The previous year tax preparer told my parents that she could not be claimed as a dependent once she is over 24 years old. We went to a different tax preparer this year and my parents were told she could still be considered as a dependent because she is a student with a low income. Who is correct?

2007-02-14 17:43:48 · 5 answers · asked by Kalyfornia 2 in United States

2007-02-14 17:16:43 · 5 answers · asked by lina 1 in United States

I did my taxes using H&R Taxcut. I used Direct Deposit, with the "Simple Pay" option. The bank that handles H&R is HSBC. I currently have a credit card with them that has an outstanding balance. The IRS says the refund was deposited on Feb. 9th. Nothing in my account. Can HSBC withold my return because I owe them money?

2007-02-14 17:03:16 · 3 answers · asked by Tyler 1 in United States

Let's say it is 78 billion dollars a year.
War is not an answer.

2007-02-14 16:11:50 · 2 answers · asked by dorthix 1 in United States

This is for head of house hold.

2007-02-14 15:10:35 · 4 answers · asked by Julio G 1 in Other - Taxes

Last year, I was going to buy a second house as a rental home and paid $20,000 as honest money. But I changed my mind not to buy that house so that I lost all honest money. Can I deduct this as capital loss or else?

2007-02-14 14:54:27 · 4 answers · asked by mounties 1 in United States

If you paid the alternative minimum tax last year because you had a sizable deduction with little income (MBA), can you restate your prior year taxes to take the sizable deduction this year?

2007-02-14 14:36:22 · 2 answers · asked by Chris S 1 in United States

My income is within the required limits of most e-file sites, but last year a website tried to stick me with fees after I entered all my info. Don't want that to happen again. Please help!

2007-02-14 14:25:59 · 8 answers · asked by Carissa S 1 in United States

i (and my husband) filed my taxes a little over a week ago (at Jackson Hewitt). i tried to do the "money now" refund, but i found out the next day that i was denied. they then said that it would be 2 weeks before i got my refund back. okay...i could handle that. then about 4 days later they called and said the "bank" (no one has told me who this bank is....) "has received my refund and used it to pay any fees or outstanding debts that are owed. the net refund will be avaliable if any refund deposit is received by the bank, any remaning balance will be deducted from the proceeds".....and that was all it said (they had a peice of paper). Jackson Hewitt gave us some numbers to call, but of course they are all automated. we cant get a hold of anybody. what should i do??? I'M SO FRUSTRATED!!!! PLEASE HELP

2007-02-14 14:18:08 · 5 answers · asked by Anonymous in United States

the defendant was a bad contractor, who never fulfilled the contract.

if we could claim it as a financial loss, what additional documents would we need? Right now, all i have is a judement mailed to me from the court.

2007-02-14 14:09:47 · 8 answers · asked by bill 1 in United States

Ok..Here's another problem. The Irs website states that my refund will be deposited on 2-16. I originally applied for a Refund Anticipation Loan (through Santa Barbara Bank and trust) and was denied, and that my refund would turn into a Refund transfer. (they will collect funds then disperse them to my bank account. I checked with SBBT for my account status and this is what it said

The IRS issues refund deposits each Friday, so your delayed deposit may not arrive until the following Friday. You may visit www.irs.gov to check the status of your refund.
The IRS did not deposit funds to your account as originally expected. The IRS usually makes refund deposits within 9 to 16 days, but your deposit was not received within that timeframe. At times the IRS will delay a refund deposit by one week, so you may check back at this site seven days from now. If no deposit is made by then, you should contact the IRS. For more information on the status of your refund. IT'S ONLY WEDNESDAY HELP!!

2007-02-14 14:01:18 · 2 answers · asked by Anonymous in United States

In 2006, I transfered money from my employer sponsor 401K directly into my Rollover IRA account. They sent me a 1099-R form for the distribution although this money is tax exemption. How am I going to report this 1099-R in my income tax? Thanks for your help! Le Nghp

2007-02-14 13:53:16 · 6 answers · asked by le_nghp 1 in United States

2007-02-14 13:46:07 · 4 answers · asked by jsnider39452 1 in Other - Taxes

Im trying to fill out tax return for year 2006, but Im having trouble handling long-term capital gain. If i report full amount of long-term capital gain on line 13 of the 1040 tax return, I will be on high tax bracket. I heard that long-term capital gains are treated differently based on which tax bracket your taxable income is on. Do i include capital gain on adjusted gross income to arrive at taxable income so i can determine which tax bracket i am on or do i calculate taxable income without including capital gain to determine which tax bracket i am on so i can handle capital gain favorably if i am on low tax bracket?

2007-02-14 13:40:28 · 3 answers · asked by ephemeralious 1 in United States

I used turbo tax this year and i normally pay a tax person. I got about 1500.00 more of a return this year using turbotax and my income was about the same as last year but this year i have deductions and last year i didn't. I am wondering if this sounds right? I just don't want to get too much back and end up owing next year too much.

2007-02-14 13:32:42 · 7 answers · asked by pooh bear 4 in Other - Taxes

just anxious

2007-02-14 13:13:48 · 7 answers · asked by averyjea 2 in United States

If my kid worked, do I claim her as dependant? Does she file own taxes?

2007-02-14 12:55:30 · 7 answers · asked by asheyknees 2 in United States

my wife won a trip and we have a 1099 that came in after we did r taxes .we filed feb 2 and got the 1099 on the 4th.do we have to file it this year or next year.it says other income 1,555. so i guess thats what we have to pay.

2007-02-14 12:18:29 · 7 answers · asked by quiksilver23 3 in Other - Taxes

Having a sales tax on all purchased goods would be a fair way to collect taxes for the government. Say, maybe 15% on all purchases. Then do away with the IRS!

2007-02-14 12:13:30 · 5 answers · asked by cinderella 1 in United States

I was expecting to get about 2500 back in earned income credit, but they are saying i owe 300. I only made 23,500 and I had 8000 in expenses. I didn't pay in my medicare or ss through the year, but the other contractors say that they still always get a big refund as long as they don't make over 45000. Is H&R block screwing something up? Or should I just take it like a man....

2007-02-14 12:01:16 · 8 answers · asked by cdxx420 1 in United States

I am independent 24, college student, i have college loans that i took this past year, my only source of income was a $4,300 lottery winnings on which i never paid taxes on NJ, i recieved a W-2G form though.........but then i read that if my income was under $8,450 i do not have to file ???

2007-02-14 11:56:50 · 5 answers · asked by uknosergio 1 in United States

my girlfriend won a trip and we have to pay tax on it 1500 taxes. the problem is i done my taxes already and got the w2 late from them .do i have to file this year or wait till next year.

2007-02-14 11:56:05 · 3 answers · asked by quiksilver23 3 in Other - Taxes

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