United States - December 2006

Assuming that a self-employed person makes $5,000 net (as reported on the K-1, partnership income form). However, the person have medical expenses for the year of $1,900, which she intend to claim as medical deductions on the tax return form. Can that person still contribute the max of $4,000 to her Roth IRA account?

2006-12-07 05:11:46 · 3 answers · asked by CuriousGeorge 2

2006-12-07 05:08:59 · 8 answers · asked by Anonymous

I keep finding conflicting information on the internet regarding the authority of state courts. I, as the custodial parent, am the sole provider for my child's health/dental insurance (I footed the bill for braces and any co-payments), I solely pay the mortgage for the house she lives in, father does not want to see or know his child and she is now 17 years old. He pays $500 per month in mandate child support from age 13 to 18 years of age. The court order says he is allowed to claim her on his taxes every other year. He pays no state tax where I pay state tax and an additional local tax which is equal to half of what I pay for state taxes. I also pay property taxes. I provide more than 50% of her support. Do I have to confirm to the judges order? Because the case was heard in the NCP's state, I was allowed to participate by phone but at the last minute the judge decided I couldn't and my child's father had his lawyer present where I had no one acting on my behalf.

2006-12-07 03:59:38 · 10 answers · asked by msthanglila 3

Hi Folks,

Just wanted to know if I can use any money I sent overseas to family can be used as part of my Income tax deductibles?

Thanks.

---
Raffy

2006-12-07 03:53:28 · 8 answers · asked by xtremeprgrmer 1

Here’s their situation.
My wife’s sister and her 2 kids just came from the Philippines in late October. She just started working this week.
She is 38 years old and lives with her Dad and the wacko Step mom. She was wondering if she could file her 2 kids next year even though she only worked 1 month.
She was asking us because her step mom is charging her thousands of dollars for the money they spent petitioning her.
She will pay it back, but knowing here stepmom she will pocket the refund and still charge her for petioning her.
Or should the dad and step mom be the ones filing all 3 of them?
They already have their green cards and social security cards.
Do the kids need to be here more than 6 months to qualify for filing?
Thanks for your help.

2006-12-07 03:48:50 · 8 answers · asked by Anonymous

There seem to tax benefits in 2010 for putting money into a traditional IRA that I can later roll into a roth IRA. So, can I take the 401K that I have with a former employer and roll it into both a 401K with my new employer, and deduct 4,000 of that to put into a traditional IRA? Thanks so much for your help!!

2006-12-07 03:04:33 · 5 answers · asked by grlpwr777 2

My ex (who has full custody of the children) moved out in February. He thinks he can just claim them on his taxes, since I'm on SSI. But I looked on the IRS website and they said to claim a dependant, they have to live with you for over half the year. I can't file due to being on SSI and having no income, but don't want him to claim the kids because #1 he doesn't deserve the money, and #2 he hasn't covered half the cost of their living expenses for the year. What is your advice on the issue???

2006-12-07 02:52:33 · 15 answers · asked by sarahendrickson1979 1

im trying to calculate how much my check will be but i need to know how much is taken out for federal income tax, i just want what it usually is, i know its based off of your w-4 forms but i want the average or whatever. help

2006-12-07 01:37:37 · 3 answers · asked by ashuhhley 2

My boss gives us a Christmas Bonus but it is in the form of a payroll check with taxes taken out.

2006-12-07 01:24:50 · 10 answers · asked by 1951 1

How do I find out my past employers tax ID numbers so I may file my tax return. I tried the good old fashion ask nicely, but was told I would have to wait for my W-4's. That's all fine and dandy but I was hoping to use the last paycheck stub from my last job and be done with it much sooner. Faster return that way too.

Oh and if it is free the better. One site was charging over $99 just for one search!

2006-12-07 01:03:25 · 6 answers · asked by devisissy 3

i know it depends on your house, state etc....how about kentucky and military? One person working?

2006-12-07 00:53:03 · 4 answers · asked by juniper 1

i was with a employer that took out no taxes out of my income with them (700$) now its tax season aproching, and i was wondering, how much do i need to pay, and what forms do i need to pay social security and medicare tax (will a 1040 due?)

2006-12-06 21:17:55 · 7 answers · asked by Jen 5

i just had a baby in feb and just started back to work Nov 13th 06 till 07.. some say i can others say i cant. im makeing around 700.00 every to weeks part time apprx 25 hrs per week claiming 2 on w2's...
ANOTHER THING IS THAT I GOT UN EMP FOR 4 MONTHS 550.00 MONTH WITH NO TAXES TAKING OUT WILL THAT AFFECT ME? IN 2005 I ALSO HAD NO $$$ TAKING OUT AND I DIDNT GET THAT SCREWED,, DOES ANY ONE KNOW ABOUT THIS KIND OF STUFF.. WOULD I BE BETTER OFF HAVING SOMEONE WHO MADE MORE $$$ CLAIM MY SON? PLEASE HELP.

2006-12-06 16:59:03 · 4 answers · asked by g02082006 1

I am contemplating shutting down my sole proprietorship and joining another company as a W2 employee.

Having my own business affords me some benefit in the form of deductions/expenses (i.e. I deduct a portion of our mortgage for home office, one of our cars, gas, insurance etc.)

In closing up shop and joining another company, is there a way that I can continue to take some of these deductions (a portion of mortgage, phone bill etc.)? Or does the fact that I no longer have my own formal company preclude me from such deductions when I file my income taxes?

2006-12-06 16:48:47 · 2 answers · asked by new dad 1

2006-12-06 16:43:45 · 4 answers · asked by ooh la la 1

can i still deduct medical bills on my taxes even if they went to collections and i pay them this year???

2006-12-06 16:14:04 · 2 answers · asked by baseballjedi 3

i just had a baby in feb and just started back to work Nov 13th 06 till 07.. some say i can others say i cant. im makeing around 700.00 every to weeks part time apprx 25 hrs per week claiming 2 on w2's...

2006-12-06 15:53:36 · 3 answers · asked by g02082006 1

I want to know if they will just deduct the $1200.00 and give me the rest of my money or what. I always e-file and I have to wait until the IRS accepts it and then i get my money fast , Will they reject it. Help me with this one. I called and they said if I am intitled to a return they will take it.

2006-12-06 15:41:15 · 6 answers · asked by Nesha 2

Married couple recently audited (in the IRS office) for 2004. In 2004 we had a tax preparer do our personal taxes who is now being investigated for tax fraud. We had received a large refund of $9000, but now we owe $10000 because of his mistakes/fraud. Can we make an offer or do we just have to set up payments for the full amount?

2006-12-06 14:02:03 · 3 answers · asked by JAMES 8 1

2006-12-06 13:31:20 · 5 answers · asked by Kim M 1

2006-12-06 11:56:46 · 8 answers · asked by Anonymous

My daughter's father owes her about a year and a half in back child support and she's only 5. He purposely does not file his income taxes just so they cant garnish them and she cant get her money. I know he's not exempt from filing because he makes atleast 40k. What happens when you dont file your taxes for 3-4 years in a row? At what point does the IRS come looking for you? Is there a number you can call?

2006-12-06 11:36:10 · 9 answers · asked by knufflebunny 2

hey is it better to fill taxes married filling jointly or married filling seprate ? when would you get more money?

2006-12-06 11:08:11 · 3 answers · asked by erica g 1

I've purchased a new vehicle in October for my Real Estate practice. I bought it specifically because it was needed for my Real Estate career. It will be used primarily for work (90%). If I planned to use the mileage deduction for the first 10 months of the year, what kind of tax deduction can I get for this new car purchase for the other 2 months? Do I skip the mileage deduction and write off the total purchase price of the new vehicle for a one time deduction? Do I only write off 90% of the monthly car payment for the life of the loan? How do I do this? I DO know that I can write this off as a business expense, just not sure how. I'd like to get the biggest deduction THIS year, rather than depreciate it over a few years. It would be in my business expenses (not my families itemized deductions). Also, I'm just filing as self employed; I'm not incorporated. My husband has a normal W-2 taxes taken out kinda job and we file married filing jointly.

2006-12-06 08:57:53 · 6 answers · asked by alirealtor 2

I drive about 60 miles a day, 5 days a week, 185 days a year (I'm a teacher). I drive a Ford Escape, so you can imagine the amount of money I spend!

2006-12-06 08:50:42 · 5 answers · asked by conga_rich 3

As a British citizen who is now working in the US under and American social security number...does the british goverment need a court order in order to freeze your pay as an American even though you are a British Citizen in their eyes for failure to pay tax on income earned while working in Gibralter???

2006-12-06 08:23:34 · 4 answers · asked by coaster 1

2006-12-06 07:56:08 · 9 answers · asked by Elizabeth H 2

I was wondering...

2006-12-06 07:39:36 · 4 answers · asked by mountaingurl_27 1

My friend is married filing jointly and has 3 children. She was wondering what the minimum amount of money is that you have to make in order to be able to file taxes and claim the child tax credit for her children. Thank you in advance for any answers.

2006-12-06 07:19:10 · 3 answers · asked by marcy.1982 2

Why would someone do this? What are the pros and cons of doing this?

2006-12-06 07:05:36 · 7 answers · asked by pulchritudinous 6