United States - February 2007

Is it better to claim your son as a dependent eventhough he obtained 70% of support from parents (filed jointly married) and lived with us for 8 months? He is in his 3rd year in college and wants to get as much financial aid as possible. He has not worked for the last 3 years and have not filed taxes in the past. Parents income went up 20K from 2005 to 2006. For 2005-2006 school year, my son has received grant which would take care of the current school year. He wants to pursue a graduate degree and obtain more finanancial aid in the future. If I include him as a dependent, it reduces our taxes by $490 only. Thanks!

2007-02-22 10:03:27 · 4 answers · asked by D J 2

In Year 1 there is one owner of 500 shares in S-Corp with value of $50,000.
In Year 2 the 1st owner gives 100 shares each to 4 children resulting in 5 owners of S-corp with a value of $100,000
In Year 3 1st owner dies and 100 shares are given 25 each to children, Value of S-Corp is $200,000 at this time.
In Year 4 S-corp sells all assets for $1,000,000 for a gain within the S-Corp of $950,000. What is the basis for capital gains to the 4 children? One-fourth of the S-Corp gain ($237,500) or is it based on the value of their 125 shares which are now worth $30,000. Is their gain $237,500 - $30,000 (Share Cost) or $207,500?
Advantage is avoiding capital gains tax on the $237,500 vs only $207,500.

2007-02-22 09:55:55 · 2 answers · asked by Joe Ski 2

I have submitted both Federal and State electronically and realized that I forgot the interest from the savings account. Do I need to fill out an amendment to fix the error?

2007-02-22 09:55:08 · 3 answers · asked by Lisa S 1

2007-02-22 09:49:00 · 4 answers · asked by littlegirl 1

i need the forms for school and the accountant that did my taxes moved so i cant get the copies furthermore is tax season and the irs offices areswamped and is necesary for financial aid
any ideas ?

2007-02-22 09:40:28 · 6 answers · asked by cookiemonsta 2

2007-02-22 09:39:14 · 2 answers · asked by svergarasr 1

2007-02-22 09:35:45 · 5 answers · asked by 123321m 3

CAN WE CLAIM A TAX DEDUCTION FOR LODGING IF MY HUSBAND LIVED IN A DIFFERENT CITY OTHER THAN OUR HOME OF RESIDENCE FOR 9 MONTHS LAST YEAR FOR HIS JOB?

2007-02-22 09:15:14 · 4 answers · asked by LISA K 1

2007-02-22 09:06:48 · 1 answers · asked by Tuesday K 1

No matter how many hours we work, be it one or eight, my employer deducts 30 minutes for lunch. Is this legal.

2007-02-22 08:45:55 · 7 answers · asked by shelaray@sbcglobal.net 1

My girlfriend didnt make enough for 2005 and 2006 to have to file but I thought I could file both years and she would get a little better refund than if I just filed hers for this year

2007-02-22 08:39:04 · 10 answers · asked by shawnp089 2

Help me out here......I've made a bet that the wealthy people are paying the largest percentage of what's paid. Give me a source if you can because this hard -head I bet with needs proof. Thanks!!

2007-02-22 08:37:28 · 6 answers · asked by Anonymous

Help! I filed my Federal return, thanks to the helpers on Yahoo! Answers, now I just want to know if there's a place to file the State Return??

2007-02-22 08:37:05 · 5 answers · asked by Lauren C 2

I did my taxes for the year and I know I had to pay 308 but when I put in my intrest of 4,000 from my accounts and ect it brought me into a higher bracket. Is there a way that I can get back to that 308 again? Please help.

Joe

2007-02-22 08:32:55 · 1 answers · asked by Joe or Shell J 3

I know there are 2 types of property tax, real and tangible, but If ive made home improvements such as roofing, flooring and driveway. Im wondering if that can be written off?

2007-02-22 08:31:02 · 6 answers · asked by Ms_fab4u 1

i'm doing taxes in turbotax and have found the maximum amount i can contribute to my SEP IRA for 2006. Separately, I've seen ads for creating an IRA account for up to $4,000. can i do both? separately, my wife has a 401(k) account at work. can she do an IRA too for the maximum amount?

2007-02-22 08:24:58 · 1 answers · asked by samolean 1

a company my husband worked for towards the end of the year only took out 10% of what they should have been taking out, and now we won't be getting any tax return at all. he actually owes $17. how do companies get away with this? i thought they were obligated to take out the legally required amount. there were no changes in our tax status, and he claimed the same number of dependents he always does.

2007-02-22 07:37:59 · 8 answers · asked by Anonymous

I want mine back within the next 5 days. can that be done?

2007-02-22 07:32:28 · 4 answers · asked by ♥Future Mrs. Chandler 4

I want to file my taxes on the internet, and I wanted to know if there was a place to do it for free?

2007-02-22 07:30:42 · 6 answers · asked by Lauren C 2

How does IRS know how much you made on Ebay?

2007-02-22 07:22:51 · 7 answers · asked by 6th Finger 2

Im filling out payroll papers for my job

2007-02-22 07:04:30 · 2 answers · asked by Anonymous

When I inherited in 2000 the principal balance due was $422,735, payments were made and interest income was reported. The buyer paid me off in 2006 at $359,284, and I paid off the morgage company at $173,912. What do I report as capital gains income, what is my cost basis?

2007-02-22 06:44:18 · 1 answers · asked by Living1 1

When I inherited in 2000 the principal balance due was $422,735, payments were made and interest income was reported. The buyer paid me off in 2006 at $359,284, and I paid off the morgage company at $173,912. What do I report as capital gains income, what is my cost basis?

2007-02-22 06:43:56 · 2 answers · asked by Living1 1

Ok I guess I'm a little confused. I e-filed my taxes online this year, they said my refund would be around 900$. I owe around 600$ in back taxes. Now is the 900$ the amount I am receiving after the back taxes are taken out? Because the refund was just deposited in my bank account this morning and it was about 900$. I'm trying to figure out if the IRS messed up and didnt take my back taxes out, or that's my actual refund. Sorry if I didn't explain well. Any help would be great!

2007-02-22 06:43:05 · 3 answers · asked by ? 4

I understand that the gains on investments in a Roth IRA are not taxable upon withdrawl (as the original contributions have already been taxed) but does that apply to the gains resulting from the purchase and sale of stocks in a Roth Brokerage IRA as well?

2007-02-22 06:40:25 · 2 answers · asked by DoggyDogg 1

My husband is claiming me this year on his taxes. Does anyone know how much he will get back from me? I heard it was like 3,000.00

2007-02-22 06:32:18 · 4 answers · asked by ? 2

If we file jointly does that mean that we would be filing one income tax return with both our info on it, or would we be filing 2 returns with both our info on each one? Does it make a difference that we live in 2 different states? That were filing online(e-file)?

2007-02-22 06:28:06 · 4 answers · asked by jerry r 1

We have paid approximately $8,000 in medical bills. Can we claim this on our income tax & get a bigger refund? (We do have an accountant do our taxes).

2007-02-22 06:09:49 · 4 answers · asked by Anonymous

Hi if you could help me out here are my details
-live in california
-18 year old
-dependent
-claims 1 exemption
-single
-total gross earnings for 2006 = about $3,300
-worked one job @ retailer

please only answer if you know for sure, thanks

2007-02-22 05:48:27 · 3 answers · asked by superman 4

2007-02-22 05:39:01 · 1 answers · asked by laura.doolan 1