United States - February 2007

I need the IRS 1040A or whatever (not sure exactly which form it is) to correct the info on my FAFSA and I need to have the IRS sheets faxed by March 1st, and my parents have yet to fill out their taxes.

I was wondering how much H&R Block charges, and how long they take to fill out the forms (there isn't much to my parents' W2 forms by the way, it's pretty straightforward), since there's another guy doing it for around $170 for both parents (I think).

Any info would be greatly appreciated.

2007-02-27 13:00:09 · 6 answers · asked by my nickname 2

Does anyone know what to do on Schedule D if you are unsure of the date you acquired stock and the original cost? I sold a handful of shares of stock (less than $500) which I acquired from various spinoffs from other companies.

2007-02-27 12:57:11 · 2 answers · asked by heybeerman29 2

Apparently, the guy who does income tax for my parents took me and my brother off of parents' income tax' dependent list when we became 18. Now I'm 21 and my brother 23. Recently I found out from friends that my parents can still claim me as a dependent even though I'm over 18. Can anyone help please? Who is right or wrong? Is there anything I can do for those deduction that my parents were supposed to get a few years back? Thank you, Yahoo community!

2007-02-27 12:45:57 · 6 answers · asked by NNU 2

So this person paid me interest on a personal loan and on the unpaid balance of their debt to me for work done as an indepenedent contractor. I know how to report the interest as income for myself, but don't I need to file something so they can prove they paid me interest? Some sort of 1099?

2007-02-27 12:23:11 · 2 answers · asked by Jen626 3

I filed chapter 7 bankruptcy and when i had the meeting of creditors the trustee handed me a note about my 2006 income tax return. What it said is that i would have to submit a copy of this tax return and the refund check to her. I dont have a problem turning over a copy of the taxes, but the refund check? I dont know why they would need that if it is chapter 7 and all debt was erased, nothing is being paid back. And this was understood by my lawyer as well. So we are both puzzled to why they need this check. has anybody else seen or had to do this?

2007-02-27 12:21:10 · 1 answers · asked by magickitty0621 3

I wrote covered call options which I was assigned. I understand that I should add the premium received to the proceeds from the associated stock sale and report that on Schedule D on the line for the stock itself.

Do I report the option anywhere on the tax form or does the one line for the sale of the stock cover it all? If it does, how does the IRS match up that one line on my tax return with the numbers reported to them by my brokerage firm? All I see on the 1099 is the sale price of the stock itself, not the call option price.

2007-02-27 11:57:44 · 4 answers · asked by Dave W 6

My husband owns a house. He owned the house prior to our marriage. He paid a substantial amount of interest on the house in 2006. He did not work in 2006 so we are using my W2 to get back the interest he paid in 2006 on our joint tax return. Does this legally bind me to this house in any way? I am not on the bank note or deed and do not want to be legally tied to the house. Can you include your sources when answering please? Thank you.

2007-02-27 11:57:26 · 4 answers · asked by curious22707 1

I was going to have my taxes done by a local taxes service, but decided against it because they seemed to be were not giving me the best service. So I cancelled their service.I had also the next day had them put a stop on my RAL.They said nothing was put through so the process was stopped on anything going through. I took back my W-2 and the woman I talk to said I did not owe them anything because I stopped their services before anything could be processed. Now a week and a couple of days later, I have a credit in my bank account from a tax refund. The tax service had put it through anyway, and they have taken out their processing fee. Because the refund cam back this late(RAL is 48 hours right), I think they processed after I this week without my permission. Now I have other deductions to be added and I was going to use another more reliable service, but how do I give the IRS the money back, with out just making admendments to my taxes. Also what do I do about this bad tax company.

2007-02-27 11:56:46 · 5 answers · asked by kenbfos 2

please include your State if answering seriously

2007-02-27 11:43:23 · 5 answers · asked by Anonymous

I hadnt filed my state taxes for '05 and I am doing it late now. Its ok since i only had a refund due to me of a small amount and had filed my fed returns..
Do I use my current address (which is in a different state than the state that i am filing my returns for)?

2007-02-27 11:26:04 · 4 answers · asked by Anonymous

My husband started a new job early in 2006 and they did not withold taxes. We received 1099-misc for the job. When I put in his salary (significantly less than the year prior), it requires the Schedule C - which "double whammys" us. It is input as non-employee comp. He doesn't have any expenses per se. We have always gotten a return....and this has us paying over $10,000. What am I doing wrong here?
Oh, I'm using TurboTax to calculate it, by the way.

2007-02-27 11:24:26 · 6 answers · asked by princesspeapot 1

2007-02-27 11:12:49 · 6 answers · asked by Rasheed F 1

i put the wrong routing number on my e file. it was supposed to be direct deposited in my account on february 16, but it wasn't. does anyone know how long it will take to get my check or has anyone out there done the same thing and finally received their check?

2007-02-27 11:02:58 · 3 answers · asked by Anonymous

I claim my mother as a dependent, she has no income and does not yet receive social security. I do not live with her, but every month I give her an alloted amount of money to pay for Mortgage, untilities, food and other misc things. I do pay for over 50% of her household fee's but i give her cash and she writes the checks (the untilities are in her name). Does this qualify me as HOH? Will a written afadavit from my mother stating that I pay for the household fee's suffice as proof?

2007-02-27 10:55:44 · 4 answers · asked by kfay 1

2007-02-27 10:28:54 · 3 answers · asked by Yolanda M 1

If I recently sold my business for 10,000, completely intangible, no inventory included. What are the tax implications, is it capital gains or ordinary income? Whart form and line, (or box), do I put this in. And likewise where does the buyer expense this purchase.

The business was a simple partnership between two people, no LLC or anything complex, and was in business for 3 years. The former partner bought out the business and is running it as a sole proprietership.

2007-02-27 10:09:43 · 4 answers · asked by jonny b 2

I cashed in 25 savings bonds in 2006 and I got a receipt for them that has 3 sections.

Section 1=Customer Information
Section 2=Savings Bonds- a list of all the bonds and their values

Section 3=TIN Certification and Customer Acknowledgment of Receipt- it states the following...

"I understand that the Total Interest will be reported to the International Revenue Service for this taxable year and I acknowledge receipt of the Total Value shown above.

Under penalty or perjury, I certify that the number shown above is my correct Taxpayer Identification Number and that I am not subject to backup withholding for interest payments made to me or credited to my account"

Which I then signed and dated.

Below that it says "Please retain a copy of this form for your records. This form is not a Form 1099 INT"

My question is am I supposed to receive a 1099 INT for this interest, if not, how do I report it?

I live in Minnesota if thats important.

2007-02-27 10:04:57 · 7 answers · asked by Justaguyinaplace 4

My deposit date for my federal was feb.23 but when i asked them if it has been deposited they say it doesn't show up but she said that when the irs makes a deposit to the bank it usually takes to the next friday to post to your accout is this true or not i have been given the run around on this the whole time someone can tell me why?

2007-02-27 10:02:52 · 3 answers · asked by Anthony G 1

I have a question concerning child care and taxes. I currently am enrolled in the dependent care via my employer. Our initial thoughts were to have my mother (66 years old) watch our new baby and use the dependant care to pay for this because of the tax benefits. Since enrolling and everything my mother has informed me that she is now worried that this income $4000 (her only income) may cause a reduction in her VA benefits that she receives.

My question is how much at risk are we if she doesn’t file taxes for next year – could this result in some outrageous back taxes she would be required to pay?

2007-02-27 10:01:36 · 3 answers · asked by pramos67 2

I understand that Continuing Legal Education courses (CLE's) are deductible, as are professional dues and unreimbursed travel expenses...as a business deduction.

However, could you use the Lifetime Learning Credit? And would you be better off doing so?

2007-02-27 09:48:56 · 4 answers · asked by Islandkiwi 2

I had a loss of about $9000 on Google Call options which expired underwater the same month I bought them.

2007-02-27 09:45:41 · 4 answers · asked by Bruce C 1

2007-02-27 09:41:15 · 4 answers · asked by max z 1

I recently had insulation installed in my home. I need the insulation contractor to break out the material from the total bill. They said it is not possible. Do they leagally have to? Why or why not?

2007-02-27 09:30:56 · 3 answers · asked by erica_kaufmann 1

My daughter is a full time student,lives with me and has a part time job.She claimed herself on her tax return.Can I claim her at all since she didn't contribute to the household expenses?

2007-02-27 09:28:22 · 7 answers · asked by elizabeth h 1

I'm a stock broker, which means that i am an independent contractor, which means that i am on 1099. Does anybody know how i can prepare for taxes and what i can write off.

2007-02-27 09:19:29 · 2 answers · asked by nugs 2

If not, what is a real estimated time they should arrive by?

2007-02-27 09:07:42 · 3 answers · asked by NestleGirl 2

are there options for filing last years taxes online? or is there a web sight containing printable forms?

2007-02-27 09:06:09 · 12 answers · asked by ? 1

What is the current:

1. U.S. federal income tax?

2. California income tax?

2007-02-27 08:51:13 · 4 answers · asked by bpark73 1

I know the income limit for 2007 before SS/ Medicare stops being deducted from payroll is $97,500. If someone maxes their amount out every year, will they eventually be exempt from contributing?

2007-02-27 08:37:42 · 3 answers · asked by Erin N 1

My fiance and I have been living together all of part of 2005 and all of 2006. His two sons moved in June 1, 006. My fiance is the "stay at home dad" taking care of the boys and I have supported him and the boys completely with him having no income at all. So I would think I could claim them as dependetns as their mother doen't work (she gets welfare for the boys (which she keeps) and that is what she lives off of. I have reported her to Welfare many times telling them that she is still collecting welfare for the kids and they are not in her custody, but tthey don't do anything about it.

But I want to claim the kids as I have provided ALL of their support since June, but reading the publication in the IRS book it looks like I can't because they are not my kids. Does this sound right to any of you professionals out there? What about the child tax credit, can I get that too?

I really need some good advice or else I will owe them big time, I went exempt for the whole year!

2007-02-27 08:33:34 · 4 answers · asked by hargonagain 4