United States - March 2007

I have a savings related question that has some tax implications and feel like I have a couple options:

1. Sell off stock and pay capital gains tax now (long term status but significant gain) to contribute to 2 Roth IRAs. This could yield up to 2K in taxes immediately (around 15% + 10% state CA)

2. Sell and contribute to a regular IRA to offset current taxes (though all my IRAs are currently Roth).

3. Just set aside the value of stocks in a non-tax deferred account.

Does one seem obviously better or is it mostly just personal preference?

2007-03-29 08:41:02 · 5 answers · asked by BlazoBoy 1

Family of four at 24k or less pays no federal income tax and receives no credits. They still have local taxes and sales tax.

2007-03-29 08:23:26 · 4 answers · asked by Chi Guy 5

2007-03-29 08:08:20 · 6 answers · asked by jackie m 1

-- 2.5% on the first $2,570 of taxable income
-- 3% on taxable income between $2,571 and $5,140
-- 4% on taxable income between $5,141 and $7,710
-- 5% on taxable income between $7,711 and $10,280
-- 6% on taxable income between $10,281 and $12,850
-- 7% on taxable income of $12,851 and above.

That's the scale of South Carolina state tax. How do I interprit that?

2007-03-29 07:45:14 · 8 answers · asked by Enterrador 3

Or should they still be exempt while they claim to be non-profit while hording Millions in the bank?

2007-03-29 07:36:27 · 6 answers · asked by Anonymous

2007-03-29 07:34:03 · 6 answers · asked by btplowing 1

My Colleagues at work claim that US States pay taxes to the Federal Government but that this amount is less than they get back from the Federal Government.

2007-03-29 07:33:09 · 7 answers · asked by TheAmberOtter 3

i was working in an individule business but i did not get my w2. every time i was asking my boss about it was telling me some story then i found out that he did not file me for tax.

2007-03-29 07:11:29 · 7 answers · asked by nick m 1

I had only one job last year, and my adjusted gross income was approximately $1,500. I'm 31 y/o, single with no dependents. Is there a way for me to get all that money back as a refund? If so how?

Or do I have to settle for a small refund amount of a few hundred dollars?

2007-03-29 07:00:51 · 6 answers · asked by Anonymous

i have came to a delima. we have a child but or mother-in-law has gardianship of her, temp. gardianship. we have had her for 9 months out of the year. not the mother-in-law. so we want to file our taxes and wonder if we can claim our child being we have had her for the 9 months . but what will the gardianship do? please help. e-mails to bigjakajohn@hotmail.com thanks

2007-03-29 06:27:01 · 5 answers · asked by john m 1

If one spouse files first and takes the itemized deduction, and LATER the other spouse files and use STANDARD, what will happen?

Nobody can file as head of household, filing jointly is not an option.

2007-03-29 06:16:18 · 7 answers · asked by QKG 2

what all can i itemize for tax credit to get refunded?

2007-03-29 06:05:35 · 3 answers · asked by mooney p 2

If anyone made $32,991 or close to it how much did the goverment take for tax purposes my dad is supid and keeps sending me the wrong in for and my college getting mad at me

2007-03-29 05:31:52 · 4 answers · asked by ladyscorpian14 2

2007-03-29 04:23:44 · 3 answers · asked by mike/ekim 1

My family moved more than 300 miles to a new home. Since we had twins born last year and a four year old, we needed help and my in-laws live near us now. My wife has found a job as an RN, which is what her previous position was as well. Are we allowed to claim the moving expenses on our taxes or does that apply only for certain circumstances which we don't qualify for? Thanks in advance.

2007-03-29 04:21:10 · 4 answers · asked by Chris F 2

I moved mid year. I am otherwise eligible for e file.

2007-03-29 04:02:50 · 5 answers · asked by briadangelo 1

1. He worked as independent sales during that period of time so taxes were not deducted from the pay check.
2.Now were filling jointly and taxes were deducted last year. we are expecting a refund.
3. What IRS will do in this situation?


Thanks

2007-03-29 04:01:57 · 12 answers · asked by ginany25 1

2007-03-29 03:34:57 · 3 answers · asked by SG 2

My son is 18, is in college and will get more of a tax refund if he is not claimed as a dependent on anyone else's tax return. His mother (my ex) wants to claim him so she gets more of a deduction. In spring of 2006 he was in high school and lived 1/2 time in each of our houses. In fall of 2006 he was in college and his tuition room & board was paid for by funds that he received as a gift from his grand father.

Who wins?

2007-03-29 03:09:45 · 6 answers · asked by Anonymous

My ex CFO told me that as a Florida resident, he does not pay any state income tax. How do I go about setting that up for myself? I am self employed and living in NYC.

Thanks.

2007-03-29 02:56:10 · 4 answers · asked by Anonymous

If I will be getting a refund, is it ok if I file late? Is there any penalties for filing late?

2007-03-29 02:49:47 · 10 answers · asked by caligirl 1

Guys, and gals, ok, I know most of you are not tax attorneys (and I am not either!) but I want to see what others think. Ok I got my federal tax refund, right. It was $693. TurboTax, however, had calculated $698, and the data they sent into the IRS electronically said $698. So I got a Notice 54 with it, saying that "in a few days" I would get a notice with more info (because the amount was lower than expected). It also said "please do not call the IRS until you get the notice" or words to that effect. Well, I got that stuff on 9 March and it is now 29 March. Nothing more has come from the IRS. Should I just cash the check? It's only $5. Or should I wait, in case they want the check back??????? The check would help me cover a deposit on a rented room I would like to move into (I can cover the rent every month but the deposit puts it over my budget). Give me some advise guys and girls!!!!!!!! Please!!

2007-03-29 02:32:50 · 7 answers · asked by TaoSeeker 1

I have two questions. Is the dependent child tax credit $1000/child? How do I enter the information on the online version of Tax Act?

Here is my situation. While using the software, it asks how long has each child lived with you in 2006 in months. I am married and we have a 4 year old. For him it is easy since he lived with us the whole 12 months, it looks like I am receiving the full tax credit. We had twins who were born in August of 2006. If I insert that they lived with us for 4 months, it doesn't look like we are receiving the credit probably because it is calculating it as partial year. If I enter 12 months, it is a lie because they were born in August. What is the solution? Would most software programs work the same way as far as calculating the amount? I'm sure others have come across this. Thanks in advance.

2007-03-29 01:07:05 · 6 answers · asked by Chris F 2

I have a mortgage at 6% and I have been told for tax reasons it is good to refinance the house, just not sure if it is worth the expense to refinance; will it help that much with the interest I claim.

2007-03-29 01:03:19 · 6 answers · asked by Phyllis B 1

2007-03-29 00:38:15 · 3 answers · asked by Anonymous

We want to give both set of parents a large $ gift to hold for us. We are going to law school next year and want to utilize as much of the aid as possible. We have three children so we need to have money to live on also, how can we give this money to my parents to hold for us and get it back when we need it. And is this legal?

2007-03-29 00:12:43 · 3 answers · asked by Tammy 2

I live in Massachusetts and can't find the stupid mailing address for the federal taxes. Help would be appreciated. Thank youuu.

2007-03-28 23:43:44 · 4 answers · asked by Leesher 2

I was wondering what are the rules on filing your taxes being self-employed. I've been told to file quarterly but also if you file and pay before jan 31 of the next year its the same thing. When do they penalize you? Cant you just hold it back in a saving account then pay when you file next year? The reason i ask is because my work is real seasonal. I work real strong for four months then its kind of dead. From Jan to may theres almost hardly any work. I have only made around 6000 dollars this quarter, but with 2200 dollars worth of bills every months i cant save money..From may to oct is when i make all my money..

2007-03-28 20:43:36 · 3 answers · asked by johnson7454 1

I had to cash in some Savings Bonds for a Family Emergency, over $2000 worth, and now I do not know if I need to claim them or not. Do they qualify as a gift since they were from my Grandparents or maybe an inheritance? I really do not want to have to pay the IRS if I do not have to.

2007-03-28 19:16:36 · 3 answers · asked by Anonymous

i estimated my taxes and i found out that my hubby and i paid out more in expenses than what we actually brought home, i just want to know if it is possible.

2007-03-28 18:10:37 · 6 answers · asked by jalex12 1