United States - December 2007

what are the penalties for making mistakes - i.e., reporting numbers in the wrong place thereby changing AGI (for example)?

I just don't want to go to jail for making honest mistakes.

What types of mistakes would land someone in prison? I know the obvious - such as reporting $45K income when the IRS gets reports of $150K - but I was wondering if mistakes in my stock trades data will get me in trouble since it is pretty complicated to fill out for stock trades.

Cheers!

2007-12-21 07:48:29 · 9 answers · asked by Anonymous

Has anyone ever won a legal battle against the IRS, as far as proving that they didn't make "income" for a particular tax year?

2007-12-21 06:51:04 · 8 answers · asked by Flam Glamalam 2

I was recently employed for a performance gig on-campus this month. I wasn't told when I received the paycheck that I would have to file this payment under "self-employed" status and if I did not, it would be punishable by law.
As a college student, I do not keep important documents such as those in my dorm room because it's too risky (idiot facilities workers and students). My mother tells me that I cannot claim this because I am still a dependent until I graduate.

What is the proper procedure for this when I have to file taxes? The payment was only $25, so I'm not sure if the amount is even enough to file--last I knew, if you earned $600 and above independently, you had to file it. I could be completely wrong here, so I'm hoping you guys can help me!

Thanks!

2007-12-21 06:32:35 · 5 answers · asked by Anonymous

I'm from the U.S. To me I don't feel that it is the same because these online casinoes are usually based in other countries. I've used King.com run by UK and it's not really gambling but I play games and have won over 3,000 from that website competing with others. I've never claimed it on my tax forms. If i were to get audited how far back do they audit me? 1 or 5 years back?

It sounds like a stupid question, but really why do i need to file these for taxes?

2007-12-21 06:31:17 · 6 answers · asked by KnowMe 4

I start work in Jan 2008 but I want to contribute to my ROTH 07 as well since the deadline for it is around April 2008.

Do I need reported income on 2007 to be able to contribute to my ROTH IRA for 2007?

2007-12-21 06:15:15 · 1 answers · asked by Michael B 1

But I have the returns for 2003, 2004 , 2005 and 2006

can I complete My state forms from the information on the completed federal forms


I realize I have to get the W2 to actually file with the state but I was wondering is this a possiblity

2007-12-21 06:14:10 · 2 answers · asked by Olive Crayon 4

2007-12-21 05:58:43 · 5 answers · asked by Elia V 1

my kids father is lying about his income and the courts are demanding that i pay an enormous amount of child support

2007-12-21 05:36:10 · 5 answers · asked by idunno 2

Referring to the EITC?? Can you claim yourself? I mean if you have a job and are working full time AND ARE ALSO a full time college student???

2007-12-21 04:29:06 · 3 answers · asked by Anonymous

I have been considering doing a short sale. But I know if I owe $358 and I get $300, then I owe taxes on the $58 difference because the bank considers it a gift. If I do a foreclosure, will I have to pay taxes on that?

2007-12-21 04:19:47 · 4 answers · asked by Tracy L 1

2007-12-21 02:56:51 · 2 answers · asked by bestlggs 2

My mother, who is married to my father who is not working, is still working and contributing to her 401k at her job in a grocery store in Florida. She is 78 years old and my father is 84. Can my mother take any distributions from that 401 k? Are these distributions taxable just like a normal 401k?

2007-12-21 02:30:53 · 5 answers · asked by Anonymous

A new job I am starting wants to see my tax returns for the past 2 years, but I have been out of work and have not had any income. Where can I get a fake return made up?

2007-12-21 02:23:18 · 5 answers · asked by Anonymous

I've missplaced my 2005 income tax paper, I filed them myself was wondering if somewhere online I could go to find out how much I made that year.

2007-12-21 01:34:51 · 5 answers · asked by shirley44004 1

Hi, I just turned 18, and my place of work is asking me to fill out IRS forms. What do my employers need these forms for? How would this affect my income? Or say how much would it affect my income? Is there a step-by-step process that I can do to ensure everything is filed correctly?

2007-12-20 22:33:25 · 5 answers · asked by Anonymous

what this form do and what is it for? do i have to file this information to the annual tax income during april? even i only make about 1000-2000 dollar a year, on what amount that i must file this information for the annual income tax?

2007-12-20 19:28:29 · 3 answers · asked by chogoku217 1

I file single and claim zero on my taxes, so needless to say this damn government takes the max out. I dont have kids, my total federal taxes withheld is usually 4000 each year, however my refund is alway less than 1000, usually 900. How come its not even close to what i pay in. I feel i should get more back. I just dont understand. Please someone explain.

2007-12-20 16:30:42 · 8 answers · asked by rogersjwr 1

2007-12-20 15:57:49 · 6 answers · asked by Anonymous

is there a chance the tax amount will be higher due to like government changes or something to that nature,than if just pay taxes on it now and find a equivelent interest bearing account to save it in? This would be an account without empl. match. or will the interest make up for any tax changes?(raises)

2007-12-20 15:43:33 · 5 answers · asked by cariebeara 1

The IRS website say "some" refunds "may" be delayed. Not sure what it means. Thanks

2007-12-20 15:37:27 · 3 answers · asked by rorybellows 4

I filed one too many exemptions for a child deduction so I received a 1040X to amend this. I know I will have to fill out lines 1-5 and 25-32 on the back.
1) Can I skip lines 6-10 if nothing changed?
2) Can I skip lines 11-18 if nothing changed?
3) Can I skip lines 19-24 if nothing changed?
4) Line 6 (if I need to complete) - How do you check the method originally used (I attached a Sched. D to my original, so is that it?) and what do I write in which column?
Thanks in advance!

2007-12-20 15:24:59 · 5 answers · asked by stonedfenix 1

2007-12-20 15:16:38 · 3 answers · asked by firenice 2

I usually use taxact.com , but I started an event planning (LLC in Texas) business this year and have many things to write off and taxact only allows sole prop. ...any suggestions???

2007-12-20 14:39:15 · 3 answers · asked by D B 2

2007-12-20 14:10:19 · 2 answers · asked by Shelly 2

this will be my first job but i want to know whether i would still have to pay this coming year (file april 15, 2008) or whether i will wait until 09?

2007-12-20 13:53:52 · 7 answers · asked by nedoglover 4

I know economics is complicated, but I don't think economists really understand how complicated it is. By trying to complicate the tax code to match the complexity of economics they're just creating so much wasted productivity. Also, economics is so complex that it's not possible to take every income, expense, fairness and equitabity factor into consideration. Its just like insurance. There are so many risk factors to consider in determining someone's chance of an accident its not rational to even bother considering them. The best solution to both taxes and insurance should be simplification.

2007-12-20 13:52:46 · 7 answers · asked by wisemancumth 5

what do i get for medicare tax?

i have a basic understanding of what i get for income tax, sales tax, social security tax, auto registration tax, etc...but what do i get for medicare tax if i have an HMO?

2007-12-20 13:51:34 · 5 answers · asked by viajero_intergalactico 6

My husband is in the military stationed in Iraq right now. He is coming home for R&R sometime in January. R&R lasts only 18 days and we don't have money saved up right now to do something special while he is here. His W-2 form is available online on January 22nd, but I was wondering if there was a way that H&R Block ( or another tax place) gave RALs with just the last paycheck stub of the year? That way we will have money to do something before he goes back to Iraq. Thanks in advance.

2007-12-20 13:48:32 · 7 answers · asked by candicekellie 2

2007-12-20 13:31:46 · 4 answers · asked by amithshah 1

I have received a compensation check: IF I CASH it in 08, THEN I REPORT THE INCOME ON '08 TAXES...CORRECT?

2007-12-20 13:18:26 · 4 answers · asked by alntes 1