United States - July 2006

I really screwed up and have over $50,000 in investment losses this year! Our gross income from salaries for this year will only be around $50,000.

In addition, I lost $5000 in my Roth IRA. I just read that I can only deduct $3,000 in investment losses. Does that include IRAs PLUS regular investment activities?

Also, will any interest I accrue via CDs or dividends from stocks or mutual funds essentially be tax-free now since I have such a large investment loss? Or is that a different category?

Please help, I really screwed up this year and am hoping somebody has some suggestions to make this better. Thanks in advance!

2006-07-23 09:03:07 · 4 answers · asked by Anonymous

Anybody on Long Island?

2006-07-23 06:46:35 · 6 answers · asked by bopbo 3

In the state of Michigan if you get pregnant and dont have any money the list goes on and on with the charities our taxes pay for. Health insurance that covers everything without a dime to pay 4 a copayment. Food stamps to pay for all the food. Wic to pay 4 all the formula. Section 8 will pay your rent. Hud will buy you a brand new home. The state will pay 4 a new car. They will also pay $1200 to fix a car. They will pay 4 your gas. They will buy you clothes. They will give you carseats. The list goes on and on and on. How will they get people and teens especially 2 stop having kids if you live better once you have them. I work my butt off 40+ hours a week and my husband goes to college full time so we can have a good life. The girl I work with has 2 kids at 18 walks around on a cell phone all day. In the city I live in we have more teen pregnany then any other city in MI and people wonder why! Michigan has one of the highest unemployment rates. Why not make it just a little tougher?

2006-07-23 06:23:24 · 7 answers · asked by Zya 2

i own a construction company and one of my employes wants to be 10-99 i need to find out if i can do this what web site will tell me the rules

2006-07-23 04:15:12 · 3 answers · asked by Anonymous

2006-07-23 03:41:01 · 3 answers · asked by gasman19b 1

2006-07-22 17:07:50 · 6 answers · asked by Makita H 1

my daughter's father is in arrears for child support, if he files he's taxes I will get the return, but he wont file b/c of me getting them. I filed a violation petition on him for non payment but havn't gotten a court date yet. Is there any way that the court magistrate can MAKE him file his taxes. I work my a$$ of & barley get by.. I do the best I can for myself & my 2&half yr. old daughter. any suggestions?? btw I live in New York. thanks a bunch for any help or advice

2006-07-22 14:47:20 · 7 answers · asked by i wanna know 2

2006-07-22 12:20:16 · 4 answers · asked by sootie1313 1

I've never received this kind of money before at one time. Are there any tax exemptions up to a certain dollar amount that you can receive before you have to claim it?

2006-07-22 12:09:30 · 8 answers · asked by jp_457 3

2006-07-22 11:02:17 · 4 answers · asked by Keith D 1

2006-07-22 10:36:35 · 7 answers · asked by JennyRocks_PaperScissor 2

And what is the percentage of State Income Tax on a person's income in the U.S? Is there a set percentage or no?

2006-07-22 10:26:05 · 3 answers · asked by Raines 1

2006-07-22 09:38:12 · 3 answers · asked by ria813 1

I have heard this rough statistc before. Is it true and if so where can I find information confirming its veracity?

2006-07-22 08:20:51 · 8 answers · asked by coloneldax2003 1

ex. if i only made $3,000 do i have to file?
if im seventeen and my brother claims me, can i still file?

2006-07-22 02:38:56 · 6 answers · asked by keimalez19 2

2006-07-22 02:17:11 · 5 answers · asked by Eric Inri 6

And the least productive people taxed the least (or not at all)?
Does this make any sense to anybody but a communist?

2006-07-22 02:08:59 · 15 answers · asked by Dave B 4

We have serious IRS problems and more to come. Can the IRS take our home we are remodeling? Can we put it in our names and it still be safe?

2006-07-22 00:29:01 · 6 answers · asked by k9resq 3

I would like to start a career in tax prep. but on some the "big" websites it says 12 weeks for courses1 and 2 but then it says they prefer to hire graduates that took tax prep school program for nine weeks. Im confused?!?

2006-07-21 20:09:06 · 4 answers · asked by rose 2

2006-07-21 13:38:05 · 3 answers · asked by Anonymous

FYI - Certain people on this site are violating Circular 230 by not disclosing the following (do you guys think 230 applies even when the advice is anonymous?:

Treasury Circular 230 Disclosure - Any U.S. tax advice contained in the body of this message was not intended or written to be used, and cannot be used, by the recipient for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions.

2006-07-21 12:12:21 · 7 answers · asked by aka Astra 2

2006-07-21 09:43:51 · 22 answers · asked by Ms. Inquisitive 2

In 1986 my mother passed away suddenly with no individual will - only my parents' joint will. This year my father sold all of her land (for $85k) in Louisiana (we live in MS) with the plan of paying the capital gains tax and giving the proceeds to all of us, his children (who would then pay taxes too being over $11k). According to Louisiana law (Napoleanic code?), since there was no will, the proceeds of the sale go to the children - all now in their 40s not the spouse. Each will get about $27k. My question is, in April of '07, on my '06 taxes, will this be counted as a tax-free (I think if under $2 million) inheritance or will I need to get a record of its appraised price in '86 and pay capital gains tax on the proceeds using a cost basis on the price difference from '86 to '06?

2006-07-21 09:35:01 · 5 answers · asked by stklotto 4

if you make less then 10k a year, i am 16 and make minimum wage, do you get all the money that they took out in taxes back? please say yes!!....lol...... : )

2006-07-20 16:21:23 · 5 answers · asked by matt i 1

2006-07-20 14:13:07 · 3 answers · asked by kesha c 1

2006-07-20 13:44:41 · 5 answers · asked by Anonymous

I want to apply for financial aid for college but I have concerns. I'm worried because even though I'm married, I file single to get my earned income tax credit. I use a different address and my husband files single also( he makes too much money for us to get earned income credit). Also should I use my current address( we own this house together)?
I have been told by friends to apply for financial aid as single also. Does anyone know if that's a good idea or not? How soes financial aid work anyway? do they check everything with a magnifying glass? I just want to go to college.

2006-07-20 13:35:54 · 6 answers · asked by Veronique 3

2006-07-20 12:19:20 · 4 answers · asked by redskinsfan20714 1

what a good legal way of making money on the side?

2006-07-20 11:57:48 · 11 answers · asked by worker 1

2006-07-20 11:55:57 · 16 answers · asked by hilda 2