United States - September 2007

2007-09-11 04:31:31 · 2 answers · asked by bart_boy_1 2

I currently have two IRAs, a Rollover IRA worth $7,100 and a Roth IRA worth $1,000. They are both at the same brokerage.

Is it wise for me to convert my Rollover IRA to my current Roth? What kind of penalties and taxes will I have to pay? Is there a better way to minimize taxes? Should I have the tax withheld or should I pay from the taxes/penalty from an outside source rather than from the IRA?

My current gross income is around 45k and in the 25% tax bracket.

2007-09-11 04:20:40 · 6 answers · asked by Robert 2

I recently planned to travel and had to cancel the trip but forgot to cancel the hotel. Under the agreement the hotel states "Should you need to cancel please contact us 24 hours prior to 05 Sep 2007 local property time to avoid cancellation penalties." Since my credit card was charged the full room rate for one night is it legal for the hotel to charge taxes? They did not perform a service and it was a penalty? Is this taxable?

2007-09-11 01:38:11 · 6 answers · asked by readi29 1

We will soon be moving to Perryville, Missouri and will have military retirement and would like to know what is the taxable amt. if any......... Thanks

2007-09-11 00:45:36 · 5 answers · asked by mary m 2

2007-09-11 00:36:38 · 5 answers · asked by Anonymous

Scenario: For simplicity, assume that my sould source of income for 2007 is the capital gains realized from a single real estate investment transacted through an LLC wherein in am the single manager (purchase a California single-family home for $175K, spend $13K on rehab and sell 2 months later for $260K net.)

Question: What are the federal and state tax consequences of this scenario?

Thanks!

2007-09-10 22:11:08 · 1 answers · asked by Chuck Z 2

i mean can i file taxes with no income and still get child tax credit as head of household in 2007.

2007-09-10 21:35:39 · 5 answers · asked by nj-gal 1

best way to decide who pays how much in taxes?

2007-09-10 21:35:01 · 1 answers · asked by Anonymous

I am a student and a part-time nanny who isn't earning minimum wage. :)

2007-09-10 18:51:04 · 5 answers · asked by Anonymous

2007-09-10 17:52:02 · 7 answers · asked by Jamie P 1

2007-09-10 15:21:50 · 2 answers · asked by maddy 2

My grandmother died and left me money. My financial advisor(the guy who my grandma left in charge of the money) said I do not have to pay taxes on it because I aquired the money through the death of a family member.

However, I just got a notice from the IRS saying that I now have to pay taxes on it. What the f?

So, DO I have to pay taxes on it?

2007-09-10 15:20:00 · 7 answers · asked by guerita135 2

I hear the phrase many time" it’s better to be cash Rich and equity poor then Cash poor and equity rich " Everyone recommends taking the equity out of your house and investing it because the market is slipping? They say if your house looses value 20K, you just lost that 20K because you did not pull the money out.....

But what is your "portfolio investment” don't yield as much as you interest on the Home Equity line of Credit? Also what if your house is work 200K, and then you pull that equity and the value drops, then what? Are you upside down?

I simple can't understand the urgency for people to do this unless then are paying down high interest credit cards?

What do you think?

2007-09-10 15:01:26 · 5 answers · asked by Anonymous

OK SO I WAS JUST WONDERING IF YOU ARE ABLE TO DEDUCT GAS USED AND MILEAGE ON YOUR ON UR TAXES?... IF THE SOLE PURPOSE OF YOUR VEHICAL IS USED FOR WORK, AND THE TRAVEL EXPENSES IT TAKES TO GET THERE

2007-09-10 14:54:19 · 3 answers · asked by openmindedfreesoul 3

2007-09-10 14:53:49 · 3 answers · asked by Anonymous

2007-09-10 14:37:50 · 5 answers · asked by ghet0z 1

2007-09-10 14:36:40 · 2 answers · asked by ghet0z 1

2007-09-10 14:20:42 · 1 answers · asked by jsnaughtywife 1

I am a working musician with a day job. May music-related expenses be deducted from my entire income tax due or just that pertaining to money generated by music? How much may I deduct?

2007-09-10 13:59:12 · 4 answers · asked by Harlock 1

I have a question about when I file my taxes. O.K. First I been claiming my niece for the past 2 years and this year I only been working for about a month and been getting unemployment for half the year but I've been taking care of my niece because my sister is young and has no job and my niece father is a Loser, and with my jobs and even my little unemployment checks and been doing everything for her from clothes to diapers anything she needs. well the question is when I claim her I get a nice amount of money back but is that because I work most of the year. will it drop since I only work about 1 month this year and collected unemployment for the rest?

2007-09-10 13:46:06 · 4 answers · asked by chimia112 2

Things like school trips, money given for class projects, crafts, parties? Day ONE of school and already I have to send in $25 for class projects. This DOESN'T include trips! AND they can't use school busses this year, so they will have to RENT buses... What's a trip to the zoo going to cost? $135??? SHEESH !!!

I know I was able to deduct my son's preschool tuition, but didnt' deduct any extras, so now I'm wondering.

2007-09-10 13:31:26 · 4 answers · asked by Fallen_Anjel 2

2007-09-10 13:30:47 · 4 answers · asked by Anonymous

I know an American citizen in Angelton, TX who is trying to abopt a 22 year old illegal immigrant from Brazil. He is illegal right from start as he crossed borders. I know that person cannot adopt him, but he is filing him as a dependant and getting a huge tax returns back from IRS. How does that work? Is it illegal?

2007-09-10 13:21:26 · 2 answers · asked by blabomckenzie 1

Several foreigners who worked for this company via a work visa are now finding out the owner claimed he filed taxes for them every year but it was a lie. They don't speak much English and are now finding out they need to file taxes. He also has paid overtime less than the minimum wage and in cash- not in their checks. How do I report him?

2007-09-10 12:13:52 · 6 answers · asked by Anonymous

I need some advice about tax refund information.
My husband and I we are living apart for about 5 month.
Now my husband wanted me to claim at my job " married 0", while last year we claim" married 1". Why he wants to change ?
Second: he wants us to do our taxes jointly, but reallly I do not want, because I think he is taking some advantage in that way..I tell why I think that is because he makes more than $60,000 per year . He makes very good money in a great company plus he has his own bussiness ( he is an electrician).
Only I make $30,000 per year ...He said:- we should do the taxes again jointly , but we are living apart ( he lives at his home and I'm living at my parents home) why we need to do again joint taxes when we are living apart?
Maybe is because cause of me we can get more money, more refund back.., because last year when we did jointly we had to pay and I pay 1/2
I preffer to do separeted because I think I'm going to get more refund back, What do you think? Advice

2007-09-10 12:10:26 · 10 answers · asked by mimi72 1

I am moving to Pennsylvania early next year and will still be working in Maryland. Will I have to pay any taxes to Maryland? People have told me they pay MD & PA taxes in this case, but I see on the state comptroller & revenue sites that these states have an agreement for people in this situation to just pay their taxes to their resident state(PA). Also, after I move, do I just fill out new tax forms at my employer? Thanks...

2007-09-10 11:56:16 · 3 answers · asked by mikesokay 1

2007-09-10 11:40:02 · 9 answers · asked by Carissa B 2

I was in the Navy and they use to pay me housing allowance and food allowance this were non taxable. does the government pay for theses allowances? if so, are they taxable?

2007-09-10 10:00:41 · 5 answers · asked by Anonymous

specifically 2005 and 2006, I need to file my back taxes for refund.

2007-09-10 09:52:38 · 6 answers · asked by Fat Nick 2

I have doing volunteer work for the past couple of years and recently a person I have met told me that I volunteering is tax deductible. I am 18 yrs old, When I was 17 yrs old and volunteering would my parents have gotten the tax deduction or what? Also, my main question is: Is volunteering tax deductible and how much would be deducted from taxes?

2007-09-10 09:00:51 · 7 answers · asked by lex_824 3