United States - April 2007

I went to college in Maryland for 4 years, but remained a California resident. While living in Maryland I earned nontaxed (scholarship) and taxed (but claimed exempt from state) income. I moved to Virginia and became a resident in August and earned only nontaxed (scholarship) income. Do I need to file as a resident or a non resident of California (or file at all)? Do I need to file as a part time resident of Virginia?

2007-04-08 14:04:02 · 1 answers · asked by Anonymous

2007-04-08 13:50:32 · 2 answers · asked by River 1

Let's say, I have $100 in my account today and deposit $50,000 tomorrow. Will I have to account for the lump sum I deposited and pay taxes on it or do I only pay taxes on the interest accrued on the account?

2007-04-08 13:43:22 · 4 answers · asked by Anonymous

I moved from NY to CA in 09/2006. My question is about how to report bank interest income on the state income tax forms. Do I need to determine how much interest was earned from my bank accounts during the period when I lived in each state? I imagine that the interest income needs to be reported somewhere. Do I need to use my statements to figure out exactly how much was earned in each location?

2007-04-08 13:42:32 · 2 answers · asked by Kim D 1

I filed last year, but I didn't have to. This year, I only made about $1000. I just don't have the time to figure it all out, and I hate paying to have them done, because I don't even get enough back to pay to have them done. I only got about $25 last year. I'm a college student, so its a very very part time job situation. Any help will be appreciated!

2007-04-08 13:39:25 · 6 answers · asked by Abcde 2

So that all Americans help fund schools?

2007-04-08 13:36:06 · 2 answers · asked by Youdontneedto know 2

Hi,

Can I deduct home mortgage interest deduction for a home purchased outside US. I have statement from a bank regarding interest paid in FY 2006.

Please advice

Thanks

2007-04-08 12:26:19 · 1 answers · asked by TaxDeduct 1

I am making around $100,000/year and want to buy a house around $ 300,000 what is the best to pay as down payment to lower my payment and also get benefit of tax bracket change.

2007-04-08 12:25:55 · 4 answers · asked by Ardy 1

Yes, it was an accident. I filed electronically yesterday. Can I re-file?
If I do re-file, would I do it 100% over again, or just the K1 to report the income from a partnership?

2007-04-08 11:41:59 · 6 answers · asked by Tom 2

2007-04-08 11:40:31 · 6 answers · asked by Anonymous

I was paid mileage by a company I did some contractual work for in 2006. This mileage was paid to me at the IRS reimbursement rate by the contractor for all of my mileage. My total income including the amount of mileage I was paid for was all included in the 7. Nonemployment compensation box of my 1099-MISC form and I want to verify that this is correct. Should paid mileage be taxed the same as income?

Finally, for future reference is it more beneficial for me to simply take a deduction from the IRS instead of being paid by the contractor for mileage?

Thanks in advance.

2007-04-08 11:22:27 · 3 answers · asked by digerati 1

IRS tax guidelines simply state the child must be younger than 19 years at the end of the tax year. What about if the baby has not been born yet? Technically -1 day is less than 19 years and the baby is considered still a baby while inside the mother. How far can this be extended? What about a baby born on Jan 2nd? If the birth certificate time is what is official, how do time zone's factor in? Is simply by locality? Why doesn't the government just simply prorate this credit hence taking the guess work and unfairness out of it altogether.

2007-04-08 11:18:30 · 7 answers · asked by the_lord_apophis 1

2007-04-08 10:55:18 · 10 answers · asked by sidney213 1

I owe Federal like $624.00 and I have no job anymore, and no possible way to pay this amount. I have no choice but to not pay. What are my options? what could I do, do I still send them in, just no money? Do I have to pay in a lump sum?

2007-04-08 10:49:06 · 8 answers · asked by Meckeala B 2

I'm claiming a parent to be a dependent (she is divorced and I provide for her). I do not have any children. Is there a problem with me filing as the head of household?

2007-04-08 10:23:39 · 4 answers · asked by Caribou2 1

2007-04-08 10:20:17 · 1 answers · asked by rickeh32066 1

Thinking of buying a plot of land and building on it later. Currently renting now. No tax breaks at all now.

2007-04-08 10:17:39 · 4 answers · asked by tklines 3

I have a VERY unexpected surgery for a work related injury that My employer is contesting the validity of.

Can I change the with-holding of my tax rate while I am still on light-duty, to 'save' money for my surgery/leave? I have a good 401k w/ my employer that I want to defer 10% or more of my pre-tax earnings to. I have about $4k in outstanding credit that I won't be able to pay, if I'm not working. My family probably won't be much help, they don't have much money.

I make $14/hour, paid bi-weekly & take home about $815. I currently need about $1500/mo. to live on for rent and fixed expenses. i.e. rent, food, gas, insurance, bills

Can I change my with-holding Rate w/o giving myself a BIG tax headache at the end of the year?
Who can I call to get advice about how to better manage this Work-Comp fiasco, so I can get my surgery, heal, and get on with my life?

This is SERIOUS, so please, no cutesy One-line answers, not this time.
God Bless you for helping!

2007-04-08 09:52:45 · 3 answers · asked by greydragon_710 2

I was talking to my mother this afternoon and she told me that her accountant said that if she doesn't show a profit this year that the government will shut her business down and not let her claim any deductions; that they will consider it a hobby rather than a business. This will be her 3rd year filing taxes for her shop. It is a metaphysical studio that has a gift shop and holds classes and groups. She and I have never heard of such a thing. I thought that most young businesses don't show profit for years! Is it possible for her shop to be shut down? If so, is there anything she can do to prevent this from happening? She is just a wreck and I told her I would see what I could find out. Thanks for your help!

2007-04-08 09:47:47 · 7 answers · asked by Betsy 2

I haven't worked in a few years and I was told I don't have to file even to say I didn't work at all, what is the truth?

2007-04-08 09:35:57 · 3 answers · asked by Gilda r 1

My wife and I married in August of last year. We both earn professional salaries and recently bought a home. Which way to file - separate or joint?

2007-04-08 09:27:34 · 6 answers · asked by jcBoston 1

I am dependent on my mom for support but according to new rules she cannot(and hasn't this year and last) claimed me as dependent. I don't file taxes because I don't earn enough(only minimal amount of unearned income). Am I likely to be audited because of this? My status hasn't changed in real life, but I can no longer be claimed as dependent(even though I am).

2007-04-08 09:09:54 · 3 answers · asked by sherri e 1

He said he was going to claim me as a dependent but didn't. Instead he filed us jointly. I signed where it said "spouse's signature" at the bottom but I asked him about it & he told me he would make sure the lady at H&R Block was aware that we were not married. I assumed all was ok since the top of the form said "Income Tax Return for Single & Joint Filers with or without dependents" I just took it as, we were filing single but he was claiming me as a dependent.

2007-04-08 09:05:18 · 7 answers · asked by stassalicious 1

I sold the stock after I became vested and I received a 1099B. I also had to pay 40% as a gift tax.

2007-04-08 08:53:36 · 2 answers · asked by sals 1

I had two jobs last year both in different states. What should I put in my 1040 form for wages? The total income I earned from both jobs?

2007-04-08 08:53:14 · 3 answers · asked by jenahfah 3

I filed the first few years I was here, then a tax assistent at the embassy said it wasn't necessary if I made under the limit. Now I've had my own company for 3 years but still make WELL UNDER the limit of $80,000. Is there any point filing a return and if so do I need to file for previous years?

2007-04-08 07:17:40 · 2 answers · asked by Franki!!! 2

I have heard that the income I put, should only be for what I earned when I lived there. But the forms do not support that infomation. I did not have any tax withheld as my company does not take out city taxes. I am completely confused.

2007-04-08 05:59:14 · 4 answers · asked by Anonymous

My daughter spent most of the last year with my parents abroad. We did provide support for her living cost. Can we claim her as our dependent? Can we claim child tax credit? Thanks!

2007-04-08 05:50:53 · 3 answers · asked by WL 1

United States (California): If a foreclosure has been completed and the bank takes back the property, and forgave debt in the amount of 397k (non-recourse), but the Fair Market Value as listed on the 1099-c is 550k. Are there any tax implications?

2007-04-08 04:52:51 · 3 answers · asked by Bizzy Bee 1

I know it stands for amount something (the other part please?) but I would also like to know what happens when you go into AMT. What does it mean?

2007-04-08 04:38:27 · 3 answers · asked by Anonymous