United States - February 2007

2007-02-26 02:35:24 · 6 answers · asked by Monica H 1

My wife is a Creative Memories consultant. Not sure If I need to fill out a Schedule C since she is technically self-employed or what. Thanks for the help.

2007-02-26 02:31:59 · 6 answers · asked by Jon D 1

My total net gain from my margin account is 10k for 2006. IRS asks me to report this as part of my gross income. My real cost for making margin trades besides brokerage fees include margin interest and the total for 2006 is 1k. This cost is not reflected on the numbers that are provided by my brokerage to the IRS. Using my monthly statements, i can add the applicable margin interest to the cost of each transaction so that in total, my net gain for the year would be 10k-1k = 9k. Has anybody done this and is this legal? IRS tells me that i can only report the interest cost as a deduction which i may not be able to use if i take the standard deduction. This seems patently unfair. Does anybody know if there is any other way to report the margin interest so it reduces my gross income?

2007-02-26 02:17:40 · 3 answers · asked by golfingjake 1

Would a 1099R income of $14,085 with a code 3 in box 7 be taxable if the other source of income is from Social Security (in the amount of $19,458.) Filing Status is Single. No other income.

2007-02-26 02:11:46 · 2 answers · asked by C B 1

I live and work in CA part of year (claim residency). Spouse resides in another state and claims that state as residence, also paying state income taxes.

2007-02-26 02:08:54 · 4 answers · asked by Anonymous

2007-02-26 02:03:37 · 8 answers · asked by egyptianprincess 1

Was denied "for internal reasons", I do owe to Husehold Bank. So no RAL, now what happens?

2007-02-26 01:42:30 · 5 answers · asked by 24gordonfan 2

2007-02-26 01:42:13 · 3 answers · asked by bizzaro_23 1

how do i found out if the IRS has received our injured spouse form and how long does it take to get back my portion on the money?

2007-02-26 01:03:21 · 4 answers · asked by kamp1963 1

they took our tax return to apply it to my old student loan, we just filed an injured spouse form, how long does it take to get that return? one site i checked said 6 months?

2007-02-26 00:52:39 · 5 answers · asked by kamp1963 1

The distribution totals less than the contribution. Does the 10% penalty apply because I am not yet 59.5? Also, is there any other tax liabilty, aside from the possible 10% penalty, that I may be subject to for an early distribution?

2007-02-26 00:51:51 · 8 answers · asked by dohcraw 2

Early in 2006 my spouse and I both contrinuted $5,000 each to IRA for tax year 2006. We are both over 50. On filling up the tax return for 2006, the tax program told us they the contributions are not deductible. What now? Will this be treated as excess contribution and subject to penalty? or we can let it sit there and not get the deduction? Can we recharacterize then as Roth contribution? Or can we just withdraw them without incurring penelty?

2007-02-26 00:38:35 · 4 answers · asked by Jay 1

can i file myself online for free ?
and can i file without one of my w-2's (i had 2 jobs last year)

2007-02-26 00:38:05 · 6 answers · asked by dniel c 2

My fiance was paid a "relocation bonus" of $5000, he received $3300 after taxes. He moved 160 miles due to a job transfer.

Nothing on his W-2 states that he was paid for moving expenses, the amount appears to have been included in his income.

Can he deduct moving expenses? What is deductable?

2007-02-26 00:36:00 · 4 answers · asked by Riannaa 2

A friend of mine said his tax preparer got him $300 extra for bein between 25 and 35 and no kids is this possible and how did he do it

2007-02-26 00:22:32 · 7 answers · asked by dniel c 2

I am currently working in Iraq and I am making alot more money this year than I did last year. In 2006 we moved three different times accross the country for work reasons. I know the moving expenses are deductable but want to apply those deducations to 2007 taxes. Is this possible? Thanks-

2007-02-26 00:15:20 · 5 answers · asked by MIDegn 1

2007-02-26 00:07:49 · 2 answers · asked by wilfrid n 1

taxes of $306@month and $85 2month in insurance.is it worthy holding on and how long should I?

2007-02-25 22:11:16 · 1 answers · asked by Rebecca G 1

my father is a elderly gentleman, needing to go into assisted living place. Can I convert his stock over to someone else's name to avoid a high tax penalty or the assisted living place from taking it from him and put him on Medicard or Medicade help?

2007-02-25 21:51:22 · 2 answers · asked by stjustcrusin 1

2007-02-25 19:48:56 · 4 answers · asked by chasty 1

i,m living in chicago illinois

2007-02-25 19:40:01 · 5 answers · asked by brew 1

Doctor visit co-pays?

Prescription co-pays?

Pre-taxed medical deductions? (I assume not)

Before I add all my receipts up I want to be clear on these things.

2007-02-25 17:38:37 · 7 answers · asked by wendysorangeblossoms 5

We always used TaxCut for our taxes but in 2006 we had a baby and my husband was still in College and had to pay tuition etc.
Would it be better to get an accountant this year so we can get all the deductions and credits we are elligible for? Or do the advanced versions of the tax programs cover everything already??

2007-02-25 17:26:25 · 7 answers · asked by Boo 2

Like in NYC, do you get the state tax you pay back with your federal tax return?

2007-02-25 16:55:18 · 4 answers · asked by stephyrose87 3

Was estimating my 2006 tax liability for April and realized I forgot to include capital losses and Schedule D from 2004. I plan to submit a 1040X and I'm wondering if I need to fill in values for each line or simply lines #1, #5, #6, and etc...(basically, just the lines that changed between returns)?

2007-02-25 16:31:28 · 4 answers · asked by TheTotalStud_StudTotal 4

I filed my 2006 taxes already, and they took the full refund to pay outstanding student loans for my new husband, whom I married mid 2006. I filed the injured spouse form showing that all income was mine, none from him at all. What will happen to my refund?

2007-02-25 16:18:28 · 4 answers · asked by Anonymous

Do contributions to an Indian provident fund need to be reported on a US tax return? I am a US Green card holder but Indian citizen residing in the US

2007-02-25 16:08:33 · 3 answers · asked by timepass 1

i.e. if I took a $1500 distribution from my roth ira, and my origial contribution was at least $1501, do I owe taxes for the $1500 distribution?

2007-02-25 16:03:50 · 2 answers · asked by dohcraw 2

We upgraded from a townhouse to an SFH last year and rented out the TH. Taxwise, my rental income does not cover the property tax+mortgage interest+depreciation+maintenance so I'm not getting any deduction off this loss.

My question is, let's say I kept this property for 5 years and sell it then, how will the cost basis be calculated at that time? Will IRS take the depreciated amount off my cost basis even though I get no benefit out of it?

Thanks

2007-02-25 15:40:03 · 3 answers · asked by BMW 2

the difference in the tax is large if she is able to claim the original contribution

2007-02-25 15:23:03 · 2 answers · asked by dohcraw 2