United States - September 2007

I am considering buying a house that I would immediately have to build on to. I have about $64k in equity on my current home, but if that is not enough I am considering taking $20k out of my 401k to supplement the building costs. If I do this how stiffly will I be penalized by the IRS for withdrawing the money?

2007-09-13 09:07:28 · 7 answers · asked by kmcpmgoodson 5

2007-09-13 08:32:54 · 4 answers · asked by jjjguo2003 1

2007-09-13 08:18:54 · 7 answers · asked by Justin M 1

2007-09-13 08:13:45 · 11 answers · asked by Anonymous

Any ideas to save on income tax before one has to start making withdrawals from IRA?
I thought one way would be if you're 67 years old and you know you will have major medical expenses in these next 2 years, should you withdraw some out of your IRA since you will be able to deduct the medical expenses from your taxes? Otherwise, if you wait till 70 1/2, then you will not have the deduction benefit.
Any other ways to save income tax when you start making IRA withdrawals?

2007-09-13 07:51:25 · 8 answers · asked by violetkites 3

Do I have to declare it to US Customs at the point of entry? If yes, will I be charged for any custom tax? Or I just simply need to declare that I have such an amount?

2007-09-13 07:23:54 · 9 answers · asked by prettysweetymarga 1

I was ordained in May of this year, what is a website that lists all the benefits of being a minister or a tax-related book that shows what I am allowed to use for tax exempt purposes. Thanks, Reverend Craig

2007-09-13 06:30:23 · 7 answers · asked by craigcnnll 2

His father left the country and left him a long time ago, his mother (dumb *****) abandoned him/kicked him out of the house and married some other guy and had a baby with him. He sleeps at his job in the park and friend's houses everyday. A long story on how I got to know him and he has become a friend. I let him stay at my place, I feel so bad for him. I'm a college student myself, but he looks up to me/respects me like I'm his dad. I recently convinced him to go to college, He hasn't filed his taxes for a couple years. He wants to fill out FAFSA for student loan, but can he get financial aid or not? What should I tell him to do? How do fill the application correctly if he didn't file his taxes?
Also, what other "assistance" can he get as far as housing/food ect... that you know of? He has got absolutely No-one, execpt me really helping him. He will do his taxes from now on as I have advised him to do. He is working as in a grocery store now. He wants to go school Spring 08

2007-09-13 06:26:26 · 3 answers · asked by Anonymous

Its for $ 62.00. We have a privledge tax here but i don't thats what it is and thats supposed to come out in January.

2007-09-13 06:20:57 · 4 answers · asked by honeygirl17403 1

I just disputed two of them and got a credit $$ :)

2007-09-13 05:16:26 · 4 answers · asked by May Hegglin 3

Do we have to change our dependants to only 1 between us in order to not pay in a ton at tax time??

2007-09-13 05:02:29 · 2 answers · asked by cowwhiskers 2

I am a self employed photographers assistant and I was just curious, what part of my money do i get back? say I bought a new lens for my camera, do I get the tax back? or does the government just decide? thanks

2007-09-13 04:27:19 · 14 answers · asked by Jacob M 2

When paid weekly, I had lost about 15% of my check to taxes. When paid bi-weekly for the same job, i lost about 21% to taxes. Would I make more money if i was paid weekly? I really don't understand how taxes are decided, any help?

2007-09-13 04:07:49 · 11 answers · asked by Anonymous

I just wanted to know about what i get back when I'm making about 36 a year. If so please tell me where to look on my check stub. I thought i heard something like i get all the federal back or something.

BTW. I claim no Dependants and I am a single 21 year old on my own.

2007-09-13 03:53:29 · 5 answers · asked by Justin 2

My wife started working part-time at Target nearly a year ago, and since she's been there she hasn't had *any* federal or state taxes taken out. Ever. She makes less than $800/mo gross pay. When she filled out her W-4 form, she had put "1 - married". (She didn't claim "exempt" or anything.) Her paystub clearly shows "1 - married."

This doesn't seem right. I would expect the lower the number of exemptions she claims, the more taxes they would take out of her check each month. I don't encounter this with my full-time job. I claim "1 - married" and I have a lot of taxes taken out of my check each month!

Is retail different or does it have to do with her lower income? We're going to call their corporate office to learn more, but any suggestions would be appreciated.

2007-09-13 03:32:34 · 5 answers · asked by Anonymous

How much are you taxed on when you recieve money gifts (5 to 6 figures)? Is there a $ limit you can recieve as a gift?

2007-09-13 03:23:53 · 3 answers · asked by questionable 1

my brother passed away and i just was a bum of about 6 months. I worked odd jobs, never really made any money. i just have not gotten to it. and i going to get in trouble or what. or should i do it now?

2007-09-13 02:28:36 · 4 answers · asked by moneybrik90 1

We both make about 45,000.00 total from Social security and other pensions and investments.

2007-09-13 02:13:37 · 5 answers · asked by orangefouch 1

The purpose behind this questions is because I want to write it off as an expense on my Schedule C, however I don't want to be audited!!!!

2007-09-13 01:45:17 · 3 answers · asked by J C 1

2007-09-13 01:44:26 · 5 answers · asked by nn 1

2007-09-12 22:09:44 · 5 answers · asked by lito 1

i am about to sell my home and the market isn't good. so, if i sell at a loss, do i need to pay tax?if not then can i claim the losses and how much even if i do not convert the primary home (the one i a,m selling) into a rental property prior to the sale? I've heard that one can deduct $3000 from IRS if home is sold at loss but what if it is not converted into rental property before sale??really confused.

2007-09-12 21:47:21 · 5 answers · asked by Anonymous

2007-09-12 20:24:57 · 3 answers · asked by KeyKey S 2

can i add my daughters to my w-4 forms as exempt withholdings even though there mothers claim the as dependants....will i get in trouble with the i.r.s

2007-09-12 19:40:07 · 4 answers · asked by mr122 1

2007-09-12 19:24:55 · 3 answers · asked by Anonymous

what amount of money do i have to earn as a single without dependants or being claimed as a dependant so i wont have to file...and what do i put in the form given from my employer in order for that money not to be taken off my paycheck

2007-09-12 19:19:50 · 2 answers · asked by mr122 1

i'm a bit confused about a few things concerning taxes. this year will be the first year that i can claim my child and i am wondering what i am eligable for ect. first off i am married but my husband and i have not lived together since two days after being married because of events that caused a protection order to be put on him due to domestic violence. we have not been to court to settle anything reguarding our child as of yet. there is no court order on child support or custody and he does not come to see our child and very very rarely has made any efforts to help me out with money. i live with my mother and father and last year my father claimed my child on his taxes. however, this month i have begun working and claimed my child myself seeing that he lives with me and not his father (he has never stayed with his father) what i am wondering is will i get a refund on my taxes with having my son as a dependent? i have heard of something called eic (?) but would i be able to get that ?

2007-09-12 18:14:11 · 6 answers · asked by Anonymous

2007-09-12 18:01:11 · 5 answers · asked by drzdenizen 1

I need to remove my child who no longer lives with me from my tax return. He cannot receive financial aid from school because I included him as a dependent on my taxes. He does not make very much money and really needs the money for school. WHAT CAN I DO???!!! We are in California. Thanks for any help!!!

2007-09-12 17:55:45 · 7 answers · asked by e e in california 1

I got $6000.00 back from my 06 return cause a friend let me claim her 2 kids. I think that she told this to the IRS and now they want me to pay all that money back. I split it down the middle with her. She was right there at Jackson Hewitt when i claimed them on my taxes. The preparer asked me my relation to the children and i told her "other" she told me that she was going to put that i was their aunt so i could get more money, I was uneasy about it but i agreed. What can i do now? I don't have $6000.00 to give them by the end of this week

2007-09-12 15:50:19 · 13 answers · asked by blueaquaqueen 1