United States - March 2007

The statement says "Amount reported to the IRS $339." What should I do? Even though it says that this is not a bill or notice of refund. Is there anyway I can find out exactly what this means? Do I have to put it on my return as earned or
un-earned income or is it a refund?? Please let me know if you need any more info.

Thanks.
Leslie H.

2007-03-14 16:41:16 · 6 answers · asked by Leslie H 1

Here's the situation... We're married but do not live together. I have three children from my previous marriage. Can we BOTH file as head of household and he claim one child (as a step-parent) and I claim two since we do not and have not lived together at all since we married or do we have to file either jointly or married filing separately?

2007-03-14 16:19:01 · 7 answers · asked by Chris 4

2007-03-14 15:57:25 · 4 answers · asked by Anonymous

I have money in an IRA I would like to withdraw and give to my church for their building campaign for a one time gift. (Given the history of cancer and heart disease in my family, it's unlikely I'll make it to age 59 1/2 for a regular distribution.) If I read the IRS tax code right, I'll have to claim it as income & then be hit for a 10% penalty, plus whatever tax is due on it for income, right?

So here's the second question. If I do take the IRS money out and have to claim it as income, then can I claim it as a charitable contribution since I'm giving it to the church?

Thanks for any assistance! :)

2007-03-14 15:48:20 · 6 answers · asked by DIANE S 1

I'm currently living in Australia for a few months. I moved here last November so part of my income for 2006 was from my company in the USA and part was from a company that I worked for in Australia. What forms do I need to use to file my US taxes when I have income from two countries?Also, do I have to claim my overseas income if it was below a certain amount? Thanks.

2007-03-14 15:42:53 · 2 answers · asked by Amanda R 1

iF YOUR COMPANY REIMBURSES YOU FRO THE MONEY YOU SPEND WHILE ON THE ROAD, CAN YOU CLAIM IT ON YOUR TAXES?
WOULDN'T THAT BE CONSIDERED DOUBLE DIPPING?

2007-03-14 15:41:31 · 5 answers · asked by leigh c 2

I do not claim the child as a dependant, but should I still see some kind of benefit when I file my taxes? I gave this info to my accountant and he told me that It wouln't do any benefit for me. I was puzzled...So can someone help me!

2007-03-14 15:35:47 · 12 answers · asked by Drake 1

I recently filed my state and fed taxes, and included some land tax for a house I just bought. Turns out, the land tax that was supposed to be paid in dec. was not paid by my bank. I am late and have to pay it now. Problem is - I already included that in my tax return. If I just pay it now, will I have to amend, if I do not claim it as deduction on this years?

2007-03-14 15:16:11 · 5 answers · asked by B 5

The money is being reinvested into the property to fix the defects, which I believe makes it non-taxable. How do I report this money without being taxed? If I enter the 1099 info., it automatically calculates the tax.

2007-03-14 15:07:56 · 6 answers · asked by spygirl 4

I am 65 years and my husband is 75 years depending on SSS income.

2007-03-14 15:07:55 · 6 answers · asked by Belen S 1

Which of the following statements regarding distributions of stock is not true?

a. Distributions of stock and stock rights are never treated as property.
b. Stock rights are distributions by a corporation of rights to acquire its stock.
c. Distributions of stock dividends and stock rights are generally tax free to shareholders.
d. Expenses of issuing a stock dividend are not deductible but must be capitalized.

2007-03-14 15:06:38 · 1 answers · asked by Ruben G 2

They emailed me when my federal and state efile was excepted and being processed, but does anyone know if they will email you when the processing is done and is being direct deposited into your account.

2007-03-14 14:42:34 · 2 answers · asked by Anonymous

2007-03-14 14:35:13 · 1 answers · asked by Leslie H 1

I sold covered calls on a stock I own (short-term holding period) and identified them as a straddle with the stock I own. They are not qualified. (I sold them less than 30 days before the expiration.) They expired worthless. I know I have a short term gain, but how/where do I report it? A single line on Schedule D like I would for a stock or do I have to use form 6781? If I have to use 6781, what do I put on what lines? I've never used that form before and don't really understand it.

Second situation: A few days after the previous expiration, I wrote new options against the same stock (and identified them as a straddle). I later bought the options back for a loss. I didn't have any more options transactions for 3 months, so this shouldn't be a wash sale. Because this is an "identified straddle", I think I add the loss to the basis of the stock. What, if anything, do I report on which forms? Again, if it's 6781, please help me understand what I put on which lines of 6781.

2007-03-14 14:14:09 · 2 answers · asked by Dave W 6

2007-03-14 13:28:15 · 2 answers · asked by eject911 3

If a teacher goes to school on the weekend to help coach the basketball team, can he claim those miles as a business expense, along with those where he drove to seminars etc?

2007-03-14 13:27:51 · 4 answers · asked by LC 2

Or does the IRS have them online somewhere?

2007-03-14 13:25:09 · 4 answers · asked by anissia 6

would it be good for thoes who are waitresses, dish washers, factories works and so on, to have tax breaks, beacuse they have jobs that may be considerd "undesirable" by most?

2007-03-14 13:21:24 · 2 answers · asked by Anonymous

2007-03-14 13:19:57 · 6 answers · asked by deltonabill 2

Here's another one. If I can't find the name of an organization on the IRS's list of approved charities, do I not allow the client to deduct that contribution? Is that list all inclusive? Should I send her back to the organization for more info?

And on a related note, if someone volunteers for an organization that provides help to the needy but it's not on that same IRS list, should I still put in the mileage for it?

Can't find info for this in my Master Tax Guide or IRS.gov and since I'm doing this "on the side," I can't ask my coworkers!
Thanks!

2007-03-14 13:11:44 · 5 answers · asked by LC 2

2007-03-14 13:06:25 · 6 answers · asked by pookierock 1

2007-03-14 13:03:54 · 9 answers · asked by AnswerGirl 3

I am engaged to a man that owes back taxes, and I am curious if we get married can the IRS come after my assets to pay his back taxes. Or can they garnish our taxes we file together in the future.. Also I would like to see this get paid. What is the best way to work with the IRS on a payment plan?

2007-03-14 12:59:10 · 4 answers · asked by Tawni F 1

I work from home as a freelancer and recieve 1099's under my name. I do not have a business name. I also recieved payments for freelance writing services for which I did not recieve a 1099. How do I file all my earnings?

2007-03-14 12:53:07 · 6 answers · asked by operaphantom2003 4

I received five 1099-R's this year (never received these before.) I am not sure which one's considered income as opposed to the ones that are considered distributions. Do I have to report all of them regardless or only those that they withheld federal taxes from. I can't afford to pay for someone to do my taxes for me. I have tried to find answer to this question on IRS website but was unsuccessfull.

2007-03-14 12:42:51 · 9 answers · asked by Anonymous

I am single, have 0 children & own no property. I usually do my own taxes (not itemized, only taking the standard deduction), but I keep hearing that I should have someone do my taxes. I have around $50,000 taxable income for 2006. I've been told that anyone who does their own taxes & takes the standard deduction is not getting back everything they should. I don't want to pay someone $100 to get an extra $50 back. Do you know of an easy & free way to figure this out?

2007-03-14 12:36:11 · 3 answers · asked by sarah 1

2007-03-14 12:24:15 · 4 answers · asked by bob s 1

I clean houses, work for cash....but I am going to school next semester. For financial aid I have to claim some income for 2006. In 05, I had taxable income, since then...no. Any thoughts appreciated. Documented facts better. Thank you.

2007-03-14 12:05:29 · 5 answers · asked by Tina S 2

I had this as an essay question and I am curious as to the answer. The situation sites: A woman and man have been married for over 25 years, unhappily. They no longer reside in the same residence, she works part time and has filed her taxes separately. The man works full time and has not filed his for the past 5 years. However, he came home one day and coerced his wife to sign a paper stating she would pay all the taxes he owed or he would personnally harm her. Five years go by, and the man goes to a lawyer to settle his taxes for the past ten years since he recieved a notice from the IRS. What will happen? The essay also poises the question, "If the wife signed the paper and it is in his posession, will she be responsible for everything? Can the IRS take her home and land? Could she file for innocent spouse protection? I know this is a huge scenario, but totally one I got from the Prof...any ideas ladies and gents???

2007-03-14 11:49:53 · 6 answers · asked by AnswerGirl 3

How do I figure out my state tax liability?

2007-03-14 11:40:16 · 6 answers · asked by steve m 1