United States - August 2007

Got laid off after a few months from a new job. I have $2,300 in the 401K . I really could use the money and its not alot of money. Can I withdrawl this penalty free or is the penalty on any amount of money.

Thanks.

2007-08-15 08:38:52 · 6 answers · asked by Anonymous

I was just wondering this because I don't know for sure. My husband said that it does, but I don't believe that.

2007-08-15 08:03:54 · 3 answers · asked by 1982 3

due to company cutbacks, I was releived of my job at the beginning of '04. I started my own co. and kept it open for about 1 1/2 years unitl I started my new position in '06. SInce aug. of '06 my taxes have been taken right out of my paycheck. But from '04 unitl that time, I have yet to pay any taxes or file any returns. How screwed am I, and what should I do to remedy the situation? What will happen at teh end of this year if I file for '07 not having filed for 04-06?

2007-08-15 08:03:14 · 4 answers · asked by Anonymous

my elderly mother-in-law owns several rental properties. she complains constantly about managing them but absolutely refuses to hire a property manager. us kids help where we can but we all have our own jobs and families and busy lives. we're constantly encouraging her to sell the properties and relax (she has a steady income stream from other sources and money is NOT a problem for her) but she doesn't want to sell them because of "the tax consequences". she plans to leave the properties to us kids when she passes but i know not one of us wants them and would just end up selling them eventually anyway. my question: does it make any difference tax-wise whether the properties are sold now while she's alive or by us after she dies?

2007-08-15 07:49:41 · 5 answers · asked by norbert 1

Which version of the 1099?
It's a fee that was charged and was then challenged on Constitutional grounds (related to the California State Constitution -- this happenned in California) and the fee was struck down. They are now required to provide refunds.

2007-08-15 07:13:14 · 7 answers · asked by Scotty 3

I need to know for work

2007-08-15 06:46:10 · 5 answers · asked by Scotty 3

2007-08-15 06:41:34 · 10 answers · asked by Anonymous

I am single and live on my own in my own house. I know about the deductions you can file when you do your taxes (such as mortage interest deduction), but I'd like to know how I can get more money on my paycheck NOW. I just file the one exemption for me. I don't have any kids or anything like that. Is there a way to get more now even though I really don't qualify for any exemptions other than the one? Thanks for your help!!

2007-08-15 06:39:15 · 3 answers · asked by lindsey m 2

2007-08-15 05:55:59 · 7 answers · asked by nathanmboggs 2

This tax preparation occurs annually and includes both state and federal. The company has 5-6 employees (if that matters). Thanks for your help!

2007-08-15 04:38:44 · 2 answers · asked by NJbizman 1

2007-08-15 04:32:57 · 3 answers · asked by cutiejulie_21 1

In NYC, there are numerous businesses that cheat tax. For example, the 99 cent store collects $1.08 for the item. They made $6480 per month. However, they only report $3000 to IRS.

I am sure they do this because they don't have credit card machines. When I ask them why, they said that they don't want to report to the IRS for earnings.

I want to uncover their unlawful acts. What should I do? I don't have any solid evidence but if you tell me what type of evidence is needed, I can do it. A bill, a photo, anything.

2007-08-15 04:28:46 · 5 answers · asked by Anonymous

2007-08-15 03:17:51 · 10 answers · asked by Anonymous

I bought a house this year and hope to get a big refund.

2007-08-15 00:46:44 · 7 answers · asked by Patrick C 2

This is a purely hypothetical question: Say someone wins a million dollars, I’m sure the taxes on that would be around $350,000 to $400,000 (??) – My question is, could those taxes be avoided with an equal donation to a church? If not avoided altogether in a situation like that, how much could the taxes be lowered through donations to a church?

2007-08-14 20:26:23 · 7 answers · asked by Jeff S 6

I do plan on setting up a living trust very soon as we just had a baby but I was curious... if I die tomorrow, I know my wife inherits everything but will she also have to pay taxes on my net worth?

2007-08-14 18:27:48 · 5 answers · asked by Rez 3

I heard I can only receive something like $12K tax free. If my parents give me more than that amount, Must I claim the excess gift money as regular income? Since the IRS has no mechanism for parents to report the gift giving, how will the IRS know if I do not file a claim? In other words, is this an "honor system" situation?

2007-08-14 18:16:10 · 2 answers · asked by sunseekerrv 3

I have a QTP (529 plan) for my daughter. Are any of the contributions I made during the year able to be written off in whole or in part on my personal income taxes? If so, how/where would I do this...it is for tax year 2006. Thanks in advance!

2007-08-14 17:29:24 · 3 answers · asked by frozenfun 2

We received a tax bill for 2005 from Michigan in the amout of $6,000. While I'm not even sure whether or not that money is actually owed to begin with, the main concern I have is this:

The letter advised that they could garnish wages, put a tax lein on any property we owned, or seize money from bank accounts if we don't pay it immediately.

Unfortunately, my husband and I are both unemployed right now (both laid off earlier this summer). So, there are no wages to garnish. And, after a few months of unemployment, savings account has dwindled - there isn't really anything left there for them to take. What little we have left is what we need to feed our family until at least one of us lands another full time job. (The job market in our area is horrendous)

We do have considerable equity in our home - I suppose a lein would be the state's best option to secure the amount they say is owed

Since we don't live in/own real estate in MI, will they be able to put a lein on our Ohio home?

2007-08-14 17:01:11 · 3 answers · asked by notshyviolet 2

This is a difficult situation. We own a piece of undeveloped land in FL and are considering selling to put a down payment on a house in CA. We have owned it for about 14 years. My husband is military and a FL resident. We currently are stationed in CA and I am a CA resident. The land is a joint tenancy. FL doesn't have a capital gains tax, but CA does. So I am guessing that we have to split the gain 50/50 and have 50% taxed by the state of CA. We are trying to use an online capital gains tax calculator to figure how much we will have to pay.

We had an assesment to pave the street. Would that be an improvement cost?

Also, the state bought a small portion to widen a highway. Would the money they paid us be deducted from the basis?

How do you come up with the depreciation? My property value has went up (according to the county assessment).

How do you figure out what the tax rate is on the gain?

I know this is tough one, but I appreciate all the help.

2007-08-14 16:55:16 · 3 answers · asked by Sus 1

well, i live in texas,and they have the $100 limit..
i was wondering if it was on ONE item.. or your whole bill..
thanks.

2007-08-14 16:51:07 · 4 answers · asked by taylorswift<3 3

or can you tell me who can give me my refund the fastest?

2007-08-14 15:38:59 · 2 answers · asked by Anonymous

My husbands financial aid is being audited and both of our W2s were destroyed when a leaking pipe flooded our apartment. Can the IRS provide copies? I need these in the next 4 weeks!

2007-08-14 15:37:37 · 4 answers · asked by Anonymous

I worked a summer job and I wonder if I need to file tax returns. Please help.

2007-08-14 15:36:36 · 4 answers · asked by Anonymous

2007-08-14 14:59:29 · 1 answers · asked by sbswinc 1

I make about $18k a year.. I am single and am not claimed by anyone else as a dependent. I want to just about break even, or else get a small refund or owe less than $300. I don't want a large refund. Thanks

2007-08-14 14:12:55 · 3 answers · asked by eyerotten 3

I'm trying to see if there is a way to get out of this Social Security BS. However I'm not sure if its possible to do this.
I don't work for cash and I'm not a capitalist.

Any ideas?

2007-08-14 14:00:47 · 12 answers · asked by Ram 2

I got a letter today that the IRS didn't get a return from me in 2001 and I now owe over $6,000 in penalties and interest from over 6 years ago.

I have filed every year since and because I have a child, have gotten refunds each year too. My question is how can they do this? Wouldn't a missing refund be caught in the 6 intervening years? And why am I being charges thousands for interest and penalties even though this is the first notice I've gotten about this?

Ugh......help please.

2007-08-14 13:04:36 · 4 answers · asked by akgirl 5

My employer used to contribute to a 401(a) retirement account with TIAA-CREF. I am an Alien in the United States and I am about to go back to my home country. If I withdraw from this retirement account next year, how much tax will I have to pay, assuming I will have no other income from US next year

2007-08-14 12:14:19 · 2 answers · asked by chikkus 2

2007-08-14 11:32:08 · 2 answers · asked by Gucci 2