Taxes - July 2007

My fiance and I live in Nebraska, he works in Iowa. I have heard that he has to pay taxes in both states. Is this true? If so, will the credit issued for payment to one state equal the additional taxes paid to the other state? Will he wind up paying more combined taxes, than if we just lived in the same state he works in? We are not yet homeowners, but when we do buy, will the deduction for our mortgage interest in Nebraska be credited toward the taxes owed in Iowa?

2007-07-22 06:43:27 · 3 answers · asked by love 6 in United States

Over 10 years ago my father had put my brother, sis, and I into a lmtd. partnership or LLC. This is supposed to our inheritance. When I turned 18 and did taxes, he always did my taxes even though it is signed as self-prepared.He gave me copies of a K1 form. I never got any tax returns bc he said it made too much money. However, now I am married and now my husband is suffering since we file together by not receiving any tax returns as well. There were also distributions that I never received on K1 form. He always said he would pay the taxes as well. I think some of the distributions might be due to paying the taxes, but I also feel that something fishy is going on. Lately, I feel like telling him that he either needs to give me the distributions or get me out of partnership bc it is affecting my family. I have also decided I am doing my own tax returns next year. Do I have a right to get the money now or get out? How do I go about doing this?

2007-07-22 06:37:28 · 4 answers · asked by redsanda 1 in United States

2007-07-22 05:12:37 · 2 answers · asked by Bob Little 4 in United States

2007-07-22 04:14:05 · 4 answers · asked by kelli l 1 in United States

2007-07-22 03:40:22 · 4 answers · asked by alex c 1 in United States

2007-07-22 02:52:28 · 1 answers · asked by venkat r 1 in India

If someone comes into some money and wants to give gifts to each of their 3 children of $10,000, will anyone have to pay tax on these gifts?

Either the giver or then receipients?

2007-07-22 00:38:47 · 3 answers · asked by Craig P 1 in United States

2007-07-22 00:30:15 · 13 answers · asked by ✿Purple✿ 5 in United States

Is it the person with the lower tax bracket?

2007-07-21 23:52:28 · 6 answers · asked by MissJane 1 in United States

In 2006, my girlfriend was a non-resident alien who was in the U.S. temporarily for training and temporarily living in NYC. The company she worked for is located in NJ. She has a SS# so she federal and NY state taxes were withheld from her paychecks. She's filed a 1040NR-EZ for her federal return. Does she need to file an IT-203 for her NYS return? The directions on the IT-203 form says she needs to file only if she received New York source income...but the company was based in NJ?! I plugged in all the numbers using NY stats and it looks like she's getting a small refund but I'm not sure if that's the proper way to do it. Any help would be appreciated.

2007-07-21 19:56:37 · 2 answers · asked by koiboy 6 in United States

2007-07-21 19:48:02 · 2 answers · asked by jclintcol 1 in United States

2007-07-21 18:06:33 · 8 answers · asked by 6th Finger 2 in United States

2007-07-21 18:04:12 · 2 answers · asked by 6th Finger 2 in United States

ie. I think my employer is taking too much taxes out of my check . Combined witholding is 34%

A $950 check has
59 ss
14 medicare
143 federal
39 state

2007-07-21 17:10:13 · 3 answers · asked by DAN S 2 in United States

Since Congress has such a great health plan and the salary every Congressman earns comes out of the taxes paid by the US taxpayer, shouldnt the US government provide every US citizen with a similar health care medical plan with zero deductible and no monthly payment?

2007-07-21 16:55:32 · 3 answers · asked by Anonymous in United States

I recieved my property tax bill today, and it's $1,320.19. On the bill it says the real estate value is 159,340, I paid 192,500 for the house last Nowember . I want to refinance in a year. I'm confused. Please explain this to me because it doesn't sound good. Does real estate value have anything to do with me refinancing, appraisal etc.

2007-07-21 16:44:04 · 5 answers · asked by Anonymous in United States

I stay with my brother and wife and he claims head of house / Joint. But I bascally support his youngest child. And I knoe only one can claim head of household.

2007-07-21 16:36:43 · 6 answers · asked by Anonymous in United States

How does money made solely off investments usually work. If I made $10,000 in capital gains each year, would I have pay a capital gains tax in addition to federal income tax. Is that what investors have to do, get taxed twice?

2007-07-21 16:16:42 · 3 answers · asked by Anonymous in United States

2007-07-21 15:50:59 · 6 answers · asked by richbitchtie 1 in United States

My wife's w7 form was rejected which i submiteed along with my federal tax return. Previously i got a notice from IRS to submit additional documents within 45 days but within another 10 days i got a rejection notice. I did not pass the 45 day deadline...it was just 10 days. Now the rejection notice says that the federal tax return submitted with the w7 form will be processed seperately. I want to know as this is mistake on the IRS side if i re-sumit the w7 form will they reprosess it along with my federal tax return.

2007-07-21 15:20:18 · 2 answers · asked by sarfarazsaleem 2 in United States

If one has an income of $850,000 and owns stocks what is the:
-short-term capital gain%
-short-term capital loss%
-long-term capital gain%
-long-term capital loss%

I live in Pennsylvania so does anyone know what the total will be including state tax% for profit.

2007-07-21 15:18:42 · 2 answers · asked by Master S 1 in United States

2007-07-21 15:07:35 · 3 answers · asked by Anonymous in Other - Taxes

If I make $1millon in one year and have 4 dependents and about $175000 in itemized deductions, approx how much income tax will I pay?

2007-07-21 13:03:39 · 4 answers · asked by popydude13 2 in United States

Example: Tax year ends December 2007...Child born February 2007.

A friend of mind told me it is possible. What do you think?

No wise remarks please. Truthful, intelligent, mature responses.

2007-07-21 12:56:53 · 8 answers · asked by Anonymous in United States

2007-07-21 12:38:49 · 3 answers · asked by Anonymous in United States

2007-07-21 12:27:32 · 3 answers · asked by austin v 1 in United States

I'm 16 and i recently got my first job playing guitar at a restaurant a few nights a week. The restaurant is paying me 15 dollars an hour and i make quite a bit in tips (more than the restaurant pays). I know that i'm gonna have to pay tax on what the restaurant pays me but i was wondering about the tips. Also, is there any way that when i buy some music equipment i can write it off on my taxes as a business expense? Please don't respond unless you really know what you're talking about. thanks

2007-07-21 10:54:43 · 4 answers · asked by Anonymous in United States

I am a single mother living on my own. I always like getting the big return at the end of the year. Will I end up with nothing at the end of the year?

2007-07-21 10:09:36 · 3 answers · asked by rleatherby2003 1 in United States

If an individual owns a corporation and is using a tax ID # can I use that persons social security # to identify that corporation they may be using?

2007-07-21 10:09:27 · 3 answers · asked by S 1 in United States

School district A has an assessed valuation of taxable property of $49, 410,000 . It has 5,400 public school pupils. School District B has an assessed valuation of taxable property of $86,260,000 and 9, 500 public school pupils.
Which district has the greater ability to support its schools ?
In problem 13 , how much greater?

2007-07-21 09:53:07 · 2 answers · asked by sharon s 1 in Other - Taxes