Taxes - December 2007

including the 10% penalty -- what happens to this 10%?

How is it classified on one's income tax return?

Is all 20% classified as federal income tax -- or just 10% And if so, what happens to the other 10% - does it just disappear into the govt's pocket? I'm pretty confused

2007-12-25 06:56:33 · 3 answers · asked by Anonymous in United States

Do I then have to re-file a 1040X to correct the 1040X or will they adjust the amount accordingly?

Also, they have one item in the CP2000 for a pension withdrawl (I have 2 such items) but when I called my old company pension company, they don't have a record of that amount that the CP2000 claims -- but they have the other one.

What do I do? Do I fill out the 1040X according to the IRS data (I'm assuming that this is the smartest way to resolve this thing quickly) -- and if so, then I have to assume that 20% was taken out already from that amount since the other withdrawl (which I have the original 1099-R for) took out 20% for federal income tax and it is the pension comany's standard policy to do so.

When I do the math, it is clear as day that the IRS made a mistake.

THANKS!

2007-12-25 06:43:48 · 3 answers · asked by Anonymous in United States

they would have to pay like 30% taxes on food when they already make nothing...it woudl benefit the wealthy, but the poor it would destroy.. right?

2007-12-25 06:41:50 · 6 answers · asked by akfortyseven 4 in United States

I have two W2 forms from different employers from different states. Which one do I file in my tax return. or do I file both

2007-12-25 06:17:33 · 5 answers · asked by . . 1 in United States

Does anyone have an idea?

I basically only have 1 item to change. I actually paid more taxes than the IRS is claiming and have the original 1099-R form my old pension plan.

If I send in a copy of the 1099-R along with the 1040X, will that expedite things more quickly with the IRS?

Also, I think I should wait to have this 1040X issue resolved first then file this year's taxes -- that would make things much simpler -- do you guys agree with this logic?

THANKS SO MUCH!

2007-12-25 05:39:06 · 5 answers · asked by Anonymous in United States

If your home is foreclosed on and you had no escrow in your account and you owe property taxes on that house, can the IRS take your tax refund to pay for those taxes? I know they can for delinquent child support, back income taxes, but I'm not sure about this...thanks!

2007-12-25 05:20:38 · 3 answers · asked by MommieM750 2 in United States

Is it possible for someone to pay taxes now on money made in the future? Suppose you know you'll make $20,000 next year, can you pay taxes on that this year...meaning that you won't have to pay taxes on that money next year?

I don't see why not, that would be a great deal for the government as they are getting an advance on the taxes due to it.

2007-12-25 05:19:41 · 5 answers · asked by ? 2 in United States

I am paying for my health insurance myself not my employer. Means I am paying from my post tax income.

Is it possible to apply this amount as itemised deductible?

Also is there any option to pay this amount from my pre tax income?

2007-12-25 05:15:12 · 2 answers · asked by rabisankar 1 in United States

Approximately how much in taxes do you guys estimate I will owe?

2007-12-25 04:54:20 · 4 answers · asked by louisevuittonn 1 in United States

I used to work in LA before i moved to florida(same year). Should I contact my company in LA for my W2 form form or will just recieve my W2 form from florida company.

2007-12-25 04:47:21 · 9 answers · asked by . . 1 in United States

what would happen with social security?

2007-12-25 04:45:21 · 5 answers · asked by Anonymous in United States

My wife and myself bought a home 24 years ago. We only lived in it for 4 years. We bougt another one to live in and had that one as a rental. We paid 25,0000 for it and sold it for 18,000. The home was completly paid for as you can see we took a big loss. we sold the home due to or divorce. All money was divided. I was told that all the money had to be claimed on my federal incolm tax. Will this be considered incolm even though we took a loss? How much of a % ? A nother note the rental propery was empty for 5 years.

2007-12-25 04:39:22 · 6 answers · asked by DR. Care 3 in United States

I was filing for unemployment for 2 weeks. My employer told me to have my pay stuff front of me. I applied for unemployment online. I wonder if i answer this question wrong that why it didn't do that. It asked if I am currently working full time I said yes...then are you working full time for this employer I said....I didn't know if it meant usually if I work full time or if the weeks i'm filing for i'm working full time...plz help

2007-12-25 04:03:57 · 2 answers · asked by Anonymous in United States

Did we have the Alternative Minimum Tax last year or was it a new tax? For the first time ever I am to owe the federal Government taxes for 2007 instead of getting a refund. I am a single mom and a teacher and don't know why this year I am projected to owe close to $1500 if last year I got a refund. I had no major changes in income. I made a little more (only 4 grand) but they took out more which should've balanced that out. Don't know what's going on..................any insight?

2007-12-25 04:02:01 · 4 answers · asked by MO 4 in United States

then can they deduct that amount from my tax refund?

In other words, I agree to the IRS saying that I owe them X dollars and agree to pay Y dollars every month -- can the IRS then say that since I'm getting Z dollars from my tax refund check, that the IRS will instead just take the lump sum from the tax refund instead?

I hope I'm being clear. I'm so worried about this.

Thanks in advance.

2007-12-25 03:54:39 · 5 answers · asked by Anonymous in United States

2007-12-25 01:24:35 · 2 answers · asked by hartwig961 1 in United States

2007-12-25 01:15:14 · 3 answers · asked by pnkumaresh 2 in United States

if me and my wife made 70, 000?

2007-12-24 20:42:30 · 3 answers · asked by Robots 4 in United States

Approximately 1980, my parents deeded our home to me with a life estate for themselves. Upon father's death, 2001 the house was mine. Valued at about 90k then, I sold it at 63k early this year/2007. The estate was not large enough to pay any taxes and I am a direct heir if that is relevant. Where does this fit in federal income taxes? A quick websearch was not assuring and I have never received IRS answers that matched. Thanks for any self-help direction you can provide. I do my own taxes.

2007-12-24 18:47:01 · 4 answers · asked by Joseph B 2 in United States

is there a way to see if someone has been claiming me for taxes?

2007-12-24 18:29:06 · 4 answers · asked by babyphat.1984 2 in United States

my daughter and her son are my earned income credit because she is under 18 and both of them are living in my house and she makes way under around 4 or 5 thousand a year.

My question is can my daughter try for earned income credit all by herself.?

I have heard that people can get earned income credit with out children.

Can she.? Even tho she does have a child but he is going on my taxes..?

On her taxes it is stated that she is depended of someone else. Me..

2007-12-24 16:39:11 · 6 answers · asked by LadyCatherine 7 in United States

2007-12-24 16:20:24 · 5 answers · asked by bjr4613 1 in United States

My stock broker deducted a "Backup Withholding" charge when I sold some shares this year. The charge was much higher than what I should have paid in taxes (it basically assumed the entire amount of the shares as "income", when in fact my income was close to 0 because I sold the shares for the same price I bought them for).

How do I enter this information in my tax returns to get the money back from IRS? I was told that this might be a "deduction". However, I thought deductions were amounts that you didn't want to be taxed for (for example, if you donated money to charity). But this seems to be different --- this is money I want back from the IRS!

Any help will be greatly appreciated! Happy holidays guys!

2007-12-24 15:57:12 · 3 answers · asked by Gistak 1 in United States

2007-12-24 13:23:05 · 3 answers · asked by go away 2 in United States

My dad never did his taxes this year, and I was wondering if it's too late?

The federal taxes say he gets 800 back, but owes thestate 600, but he never filed.

This is for this past April traxes, for the 2006 work year...

2007-12-24 13:15:08 · 5 answers · asked by festy1986 2 in United States

Someone told me that "audits" are usually reserved for those who have very very suspicious income exclusions and are usually for those making at least $35K per year.

Any truth?

2007-12-24 10:35:55 · 6 answers · asked by Anonymous in United States

when can i file my federal income taxes? i have been at the same job all year and our last paycheck is this friday the 28th. i know places here in town will rapid file with your last paycheck stub.is there a date in which this starts?

i know doing a rapid return is expensive and such. i dont want the lectures there. christmas has drained me and i need this money as soon as possible. thanks:)

2007-12-24 09:21:04 · 2 answers · asked by Lucky 5 in United States

If so I have 1 dependent my son, I made $541.89 HOW much will I possible get back in tax return. Just an est. Best answer get 10 points today. EXAMPLE: $900, $800, $1200

2007-12-24 09:15:41 · 11 answers · asked by LivingMyLife 5 in United States

he pays at just about 10,000 in support a year and his ex-wife works part time, and from what I have read her income has to be double what his support is.

2007-12-24 09:02:45 · 26 answers · asked by abwinters1 2 in United States

Is there a website that will allow you to file your income taxes online with your last paycheck stub of the year.

2007-12-24 08:35:19 · 8 answers · asked by Ti Ti 1 in United States