United States - September 2006

I need to know what is the percentage of tax due on a cash prize winning from a sweepstakes. I looked on the IRS website and it said that taxes were only due on cash winnings of $5,000 or more. Is this true? Is tax not due on any winnings less than $5,000?

2006-09-27 14:48:25 · 8 answers · asked by CMD 2

My wife and I make around 160K to 200K a year. we have 85K in student loan, 185K primary mtg, 160K rental property mtg. Our net worth is around 210K. This is the first year our income is above above 105K since my wife just graduate for school. I am looking for ways to reduce my taxes in addition to maxing out our retirement and ira's,

2006-09-27 14:09:34 · 7 answers · asked by ksp 1

I have a few investments over a year old, and want to know how much taxes I'll have to pay if I close out of these investments. I also want to know how much I'll have to pay on a few short term. Please let me know the tax percentages. If this matters, I'm based in New York. Please include references.

2006-09-27 13:54:46 · 3 answers · asked by jabbamonkey 2

When I go get my taxes done, my preparer only takes a few minutes and she is done, so maybe if I have the same program I can save some money. Thanks.

2006-09-27 12:27:31 · 8 answers · asked by LMN 1

I last lived in a state with income taxes, so I've been filing income taxes there. But it occurred to me that since I live and earn income entirely in another country, why shouldn't I be able to change my state of residence to a state without income taxes?

Thanks in advance.

2006-09-27 11:45:24 · 3 answers · asked by Dean in Japan 1

2006-09-27 11:20:26 · 16 answers · asked by vaar69 3

Please don't answer if you don't know for sure.

2006-09-27 11:06:58 · 3 answers · asked by mojo2093@sbcglobal.net 5

2006-09-27 10:39:39 · 10 answers · asked by alexia 2

im trying to figure how mortgage intrest and property tax will factor into my financials. so im wondering if it is resonable to think that i would get back 30% of whatever i paid over the year come tax return time.

2006-09-27 10:34:35 · 4 answers · asked by Fordie_ounces 2

Is it possible to file taxes for the years I missed? Could I request W-2's for previous years? What are the consequences for my actions?

2006-09-27 10:31:09 · 8 answers · asked by Jeremy 1

2006-09-27 09:35:13 · 4 answers · asked by cobainsluvchild 1

People over a certain income are not allowed to make any contributions to a Roth IRA. Why? Wouldn't people with high income rather pay the taxes later anyway (as they would do with a traditional IRA)? In other words, doesn't this rule just prohibit people from doing something they'd already rather not do?

2006-09-27 08:51:49 · 3 answers · asked by rainfingers 4

2006-09-27 07:56:09 · 10 answers · asked by colleen s 1

2006-09-27 07:18:42 · 6 answers · asked by sean_mchugh6 3

I hav no other entry of money except my retirement check

2006-09-27 06:56:44 · 9 answers · asked by frnhdl@sbcglobal.net 1

It seems to me (I could be wrong here) that the fees and expenses of college coursework (i.e. books, tuition, etc) can be deducted from your taxes IF the coursework is for the purpose of finding a new job, or changing employment, etc.
Again, I might be wrong, but I'm curious if this is the case. And if so, how does one prove this to the IRS?

If not, does university schooling ever qualify for tax deductability?

Thanks.

2006-09-27 06:54:23 · 3 answers · asked by Rob 5

2006-09-27 06:02:03 · 6 answers · asked by Anonymous

I need more income, and it just occurred to me that a single man with high tax liability might benefit by marrying me, and giving me money in return for my tax advantage. I am not sure this would work, and am embarrased to ask my accountant. A good lawyer and tax accountant for each of us would be involved of course, so all the legal and tax bases would be covered. If it's at all feasible, the next question would be how to find such an individual .

2006-09-27 05:45:32 · 3 answers · asked by Chenille 2

2006-09-27 05:42:20 · 4 answers · asked by John W 1

What is your opposition to the FairTax (www.fairtax.org)? Have you actually read the plan or are you just going by what some politician has said?

2006-09-27 05:29:27 · 2 answers · asked by Chris J 6

2006-09-27 05:27:50 · 3 answers · asked by Ang 1

I just brought a new car and i do not need my old car anymore so i am considering donating my car to a nonprofit charity. what my concern is how would that work as far as my taxes go? would i claim it and itemize it as a deduction? would i get the blue book value of my car?

2006-09-27 04:22:57 · 13 answers · asked by byrdman26 1

has anyone heard otf the Fairtax? apparently not many people have. even less have signed the petition: http://www.fairtax.org/
Sign the petition and support an American idea to get rid of the IRS!

2006-09-27 04:08:30 · 3 answers · asked by kunta kinte 2

2006-09-27 03:58:51 · 8 answers · asked by Agnes K 1

I want to start a charity org, how would I set it up so I can give tax receipts for tax write offs when people donate gifts?

2006-09-27 02:39:57 · 2 answers · asked by angelheart 2

2006-09-26 19:45:23 · 9 answers · asked by Anonymous

IRS guidelines for deductible medical expenses and those reimbursable under section 125 of the Flexible Spending provsion state that fertility treatments (including IVF) are eligible if used to "overcome an inability to have children". I have not been diagnosed with fertility and have not been trying to get pregnat, but I am wanting to extend my fertility by harvesting eggs and freezing them or resulting embryos (should I choose to fertilize before freezing) for potential use in the future.

I am at an age where fertility is generally accepted to be diminished but I have no medical evidence or diagnosis of infertility.

2006-09-26 17:30:48 · 2 answers · asked by aint_no_stoppin_us 4

Gave 75,000.00 a year for the last 10 years to one person. Gave 90,000.00 to one person last year. Gave 36,000.00 to one person every year for the last 5 years. Have never filed gift tax. How do you calculate percentage wise and how much would I owe the IRS now?

2006-09-26 16:37:49 · 5 answers · asked by salute333 1

1. workers compensation received for injury or illness is not taxable.
a. true
b. false

2. a taxpayer cannot contribute to an IRA if he has a pension plan at work
a. true
b. false

3. when a taxpayer dies, a tax return does not to be filed for the year he died.
a. true
b. false

4. if a dependent has total income consisting of $800 of unearned income, he does not have to file a return.
a. true
b.false

5.. the child tax credit is a refundable credit.
a. true
b. false

6. social security is not taxable if the recipient is filing single and has a total income of less than 15,000$ (inculdes social security payments received)
a. true
b. false

7 social security and railroad tier 1 benefits are never taxable
a. true
b. false

8. gross income filing requirements for a single taxpayer, age 30 not blind or self-employed is
a. 3,200$
b. 5,000$
b. 5,000$
c. 8,200$
d. 9,450$

2006-09-26 16:15:39 · 10 answers · asked by Lizzeth 3

1. Everyone who is self employed must file a tax return?
a. true
b. false

2. students over age 19 receive an extra deduction.
a. true
b. false

3. a tax payer must file a schedule B or scehdule I if his interest income is more than $1,500
a. true
b. false

4. anyone who does not itemize can flie a 1040EZ
a. true
b. false

5. the only time a taxpayer would use a 1040 is if he is required to submit additional forms (such as scehdule A or B) with his tax return.
a. true
b. false

6. an extension allows a taxpayer additional time to file his return and to pay any amount due.
a. true
b. false

7. most taxpayers pay on a fiscal year.
a. true
b. false

8. as long as you have your own home, you can file head of household.
a. true
b. false

9. dividens stock you own are taxable income even if you reinvest them.
a. true
b. false

2006-09-26 15:54:01 · 7 answers · asked by Lizzeth 3