Can someone answer another tax question?

Can someone answer another tax question?
by

1 Answer

Answer :

You can claim what ever you like, but if you have to pay at the end of the year, you will have an underpayment penalty if you owe more than $1000.
by

Related questions

Can someone answer a tax question for me?

Description : Can someone answer a tax question for me?

Last Answer : You’ve simply got to file this year’s return, and file for the years past as well. You can get on line to the IRS home page for past years forms.

How do I answer the question, “What do you do for living”?

Description : How do I answer the question, “What do you do for living”?

Last Answer : If the symptoms of your illness don’t cause disruption to the lives of others I see absolutely NO reason for them to know about it.

How do you send money to someone in another country without putting a check in the mail?

Description : How do you send money to someone in another country without putting a check in the mail?

Last Answer : Use an electronic bank transfer. You’ll need lots of different routing numbers, but it’s the safest way. Or just go to Western Union.

Would it be fair to have a tax on unrealized capital gains?

Description : Would it be fair to have a tax on unrealized capital gains?

Last Answer : No, for the very reason you have listed. If the gains are not realized, you don’t have the cash to pay the taxes. This is an astonishingly stupid proposal.

What's the largest tax refund you have received?

Description : What's the largest tax refund you have received?

Last Answer : Well, when I was claiming four kids, and my gross income was right at that break off point of about $13,000, I got about $7,000 back.

When filing your tax returns, can you designate a certain amount of your return to go to a second party, such as a lender?

Description : When filing your tax returns, can you designate a certain amount of your return to go to a second party, such as a lender?

Last Answer : answer:There are tax preparers that will give you a “tax refund” loan. But they will charge you a lot for the privilege of a short term loan. And you have to get your return done by them. Check with H&R Block if you can have it electronically deposited at a third party.

What tax precautions should we be taking?

Description : What tax precautions should we be taking?

Last Answer : answer:I always call my tax person before the end of the year to discuss this. We had our chat last week; my issues were how much capital loss from stock sales I was carrying forward from last year. Give your lady a buzz and ask her this question.

Would anyone care to recommend a reputable online tax service?

Description : Would anyone care to recommend a reputable online tax service?

Last Answer : I always use Turbotax and have found them easy to use, reliable and safe.

Wait, what? The right thinks if they reduce federal spending then we will climb out of all our problems and all the needs that these tax dollars were meeting will evaporate?

Description : Wait, what? The right thinks if they reduce federal spending then we will climb out of all our problems and all the needs that these tax dollars were meeting will evaporate?

Last Answer : answer:No, no, no. That would just be pushing the problem down so congress can look good playing high and mighty and not have to deal with it or the peeved, headache inducing, voters. ... , you die, whichever. Please avoid standing in the sarcasm for prolonged periods, it may prove disorientating.

Are re-invested stock dividends tax-exempt?

Description : Are re-invested stock dividends tax-exempt?

Last Answer : no. You should have gotten a 1099 from WalMart (or the broker) and the dividends will show up as taxable income.

Are federal tax returns running behind the posted dates?

Description : Are federal tax returns running behind the posted dates?

Last Answer : I’m still waiting on mine. It’s my money, and I need it now!

Should I file my taxes online or see a tax consultant?

Description : Should I file my taxes online or see a tax consultant?

Last Answer : I love TurboTax. I did my own taxes for many years, then I had HR Block do it for a few. Unless your taxes are really complicated, TurboTax is the cheapest, easiest way to do your taxes.

No politicking, just economics. Would simply taxing all goods and services work better than the American system of taxation? Akin to sales tax.

Description : No politicking, just economics. Would simply taxing all goods and services work better than the American system of taxation? Akin to sales tax.

Last Answer : I think, and have for awhile, taxing individuals is messy and inefficient. Taxing all goods and services is even more messy and inefficient. If I had to redo from scratch, I’d perhaps only tax corporations, inheritances, and capital gains as a way to simplify everything.

Can anyone explain sales tax in Colorado?

Description : Can anyone explain sales tax in Colorado?

Last Answer : answer:According to Colorado's government website: The City and County of Denver has a general sales tax of 3.62%, a 4.0% sales tax on food and liquor for immediate consumption, and a 7.25% sales tax ... with sales and use tax of .1%, and the Football Stadium District with a .1% sales and use tax.

What is the break down for one federal tax dollar in 2010?

Description : What is the break down for one federal tax dollar in 2010?

Last Answer : answer:You might have to do a little bit of math to break it down to specifically one dollar, but here’s an excellent infographic for the federal budget: http://www.wallstats.com/deathandtaxes/

Filling Out Tax Information For The First Time?

Description : Filling Out Tax Information For The First Time?

Last Answer : You should use your own SSN, and just fill in the blanks that are shown. Tax is what you pay, not what you receive. The government charges taxes on income over a certain amount, and the Adsense company needs your SSN to report your earnings to the IRS.

When finding the tax on an item, do you round the number of cents?

Description : When finding the tax on an item, do you round the number of cents?

Last Answer : This question can be interpreted in two ways. If you mean Do you round the cost of the item to the nearest dollar, and then compute the tax? , then: No. The tax applies to the actual cost of the item, not a more- ... tax is 10.62 * 0.05 = 0.531. The total cost is therefore $10.62 + $0.53 = $11.15

Child Tax Credit?

Description : Child Tax Credit?

Last Answer : If you look at the bottom of the link you posted, there is a link to pub 972 which has a worksheet. Basically, you take 110k off whatever your AGI is, so let's say your AGI is $130k. You take ... Or for any number inbetween there, you basically lose $50 of the credit for every 1,000 in income (5%).

Do you plan on spending your tax rebate check (thus stimulating the economy as intended) or will you save your money?

Description : Do you plan on spending your tax rebate check (thus stimulating the economy as intended) or will you save your money?

Last Answer : Probably going to end up blowing it on stupid stuff. Though I’d really like to save it if possible.

With the "$600" tax rebate from the government in effort to boost the economy,what will u do with yours?

Description : With the "$600" tax rebate from the government in effort to boost the economy,what will u do with yours?

Last Answer : Save it. Part of the reason the economy is tanking is because Americans are overextended in debt—both on an individual level, with maxed-out credit cards and houses leveraged to the max, and on a collective level, with soaring federal deficits to pay for military adventurism.

I am unemployed. Do I pay federal tax on interest rate income i make from investing in treasury notes?

Description : I am unemployed. Do I pay federal tax on interest rate income i make from investing in treasury notes?

Last Answer : I would check the IRS website….but you probably do have to pay taxes on that income if it exceeds a certain amount.

How much tax can I expect to pay on my first paycheck?

Description : How much tax can I expect to pay on my first paycheck?

Last Answer : Be sure and include money for the Self Employment tax (a little more than 14% of gross) that you will need to pay too. Federal varies. To be on the safe side, I save out 25%. Some people do 30%.

How long do I really need to keep my tax returns?

Description : How long do I really need to keep my tax returns?

Last Answer : answer:From Kiplinger.com: You'll want to keep tax returns forever. You'll need them when you apply for a loan or apply for disability insurance. Plus, old tax forms can be useful if you can't ... have your own business. You generally can't be audited after that. Note: the IRS says the same.

Is that Quicken Loans Super Bowl ad an omen of another housing crash?

Description : Is that Quicken Loans Super Bowl ad an omen of another housing crash?

Last Answer : answer:Was the Doritos commercial an omen of a large rise in birthrate? No, of course no. Hyperbolic advertising. I mean really, how many people are going to download an app, apply for a mortgage, ... I think, was ease. I cannot imagine that they have any expectation of a rush of instant mortgages.

Are pay-per-view video chats in prisons and jails a valuable link between inmates and their families, a circumvention of the incarceration-as-punishment principle, or another example of money talks? [Details - link]?

Description : Are pay-per-view video chats in prisons and jails a valuable link between inmates and their families, a circumvention of the incarceration-as-punishment principle, or another example of money talks? [Details - link]?

Last Answer : answer:“Once video visitation systems are in place, most jails eliminate in-person family visits, securing a captive market for private firms.” More like an egregious example of abuse. Every day this country comes up with a new way to disgust me.

If you borrow the very first dollar into existence, but promise to pay it back with another dollars worth of interest, where do you get the second dollar? How do you pay it off?

Description : If you borrow the very first dollar into existence, but promise to pay it back with another dollars worth of interest, where do you get the second dollar? How do you pay it off?

Last Answer : By making more debt from another party. The entirety of today’s economy is based on creating more and more debt. Because of interest, you have to create more debt, there is no way around it, and this cumulative debt grows and grows, until the entire house of cards invariably collapses.

How do I move to another state, on a budget?

Description : How do I move to another state, on a budget?

Last Answer : Do you have a place to live yet? How much stuff will you be moving? How far are you moving?

If someone's name is in ChexSystems can they sign a check over to another person to have it cashed?

Description : If someone's name is in ChexSystems can they sign a check over to another person to have it cashed?

Last Answer : answer:Except what I would do, if I were you, is to take the next cash you have on hand, and open a checking and/or savings account in another bank before you do end up in Chexsystems. But to answer ... specifically, yes, most banks will let you do this. My dad used to cash my ex's checks that way.

Would it make sense for me to pay off a loan with another?

Description : Would it make sense for me to pay off a loan with another?

Last Answer : You should pay off the loan with the higher interest rate first.

Here's another one, what's fair here? (please see details)

Description : Here's another one, what's fair here? (please see details)

Last Answer : Specify children’s ages?

Given the state of the economy, what do you think about the fact that we're going to set another record for ********* spending?

Description : Given the state of the economy, what do you think about the fact that we're going to set another record for Christmas spending?

Last Answer : Hey, that is great news Joker! Hopefully, this means we are coming out of this recession for good!

Banks in the US, active with the FDIC, only insure $100,000. So if a person has, for example, 10 million dollars and wants to deposit the money in a bank, does he have to look for 100 banks or is there another way to invest that is as low risk as a savings account?

Description : Banks in the US, active with the FDIC, only insure $100,000. So if a person has, for example, 10 million dollars and wants to deposit the money in a bank, does he have to look for 100 banks or is there another way to invest that is as low risk as a savings account?

Last Answer : A person with 10 million dollars probably has a diversified investment portfolio with a variety of risk levels and return levels. As a result, his insurance is that not everything will collapse at the ... 10% above inflation, banks are a very poor choice for someone with lots of money to invest.

Can I "sell" my student loans to another company?

Description : Can I "sell" my student loans to another company?

Last Answer : I'm actually sort of in the same position. From what I've been able to tell, there aren't many, if any loan companies that will consolidate all your loans and put off repayment. You may have to ... so hardly any US lenders wanted to deal with me other than Sallie Mae (but they're super corrupt).

Will the fallout from the cumulative effects of multiple major bank collapses trigger another "Great Depression?"?

Description : Will the fallout from the cumulative effects of multiple major bank collapses trigger another "Great Depression?"?

Last Answer : 2 years ago, I told my mom indymac would probably go out of business….

Another day on the market, what are your thoughts?

Description : Another day on the market, what are your thoughts?

Last Answer : It’s down 600ish now. So. Yeah.

People in long term relationships, but not married, will you answer some questions?

Description : People in long term relationships, but not married, will you answer some questions?

Last Answer : answer:1. Yes. 2. Yes. I fail to see how having the state’s blessing of my relationship would change any of that.

Credit card/credit question.

Description : Credit card/credit question.

Last Answer : I would just ask the bank,or the credit company the card was issued under, BUT if I had to guess I would think you would have to use it somewhat, but why not, just don’t go nuts and make sure you pay it off completely every month and your credit will soar.

Boring question #68: Who would win these dating/relationship smack downs?

Description : Boring question #68: Who would win these dating/relationship smack downs?

Last Answer : MIlo here: I’d date the gerbil any time. If he gets too boring, I can always eat him.

Compound interest question?

Description : Compound interest question?

Last Answer : Most payment schedule pay both interest and principal each month. I’ve never heard of compounding principal. I have a couple of amortization formulas in the office.

Boring question #86: How wealthy do you have to be to not bother bending over to pick up abandoned pennies?

Description : Boring question #86: How wealthy do you have to be to not bother bending over to pick up abandoned pennies?

Last Answer : answer:My great uncle is incredibly rich. He owns a company that makes artificial hearts, one that makes exercise equipment and a couple other that I forget what they do. He will still bend over ... it, he actually understands the value of money unlike some other rich people who grew up rich.

Marital finances/credit history question.

Description : Marital finances/credit history question.

Last Answer : No. The three credit bureaus in the US look at individual’s credit; not married couples an in individual entity. If a couple has a joint debt, like a home purchase; the debt shows up on each individual’s credit report.

Etiquette question: when should you offer (or ask for) gas money?

Description : Etiquette question: when should you offer (or ask for) gas money?

Last Answer : answer:For me, it's only if it's a long distance trip. I don't generally ask for gas money if I'm just giving a friend or family member a ride somewhere. BUT I guess if I were driving someone ... , and they didn't have a car with which to return the favor, I might try to work something out.

(Yes, yes, I've procrastinated.) Can you help me with a TurboTax question re: new car credit?

Description : (Yes, yes, I've procrastinated.) Can you help me with a TurboTax question re: new car credit?

Last Answer : answer:It would appear that the requested input is any tax that you have already paid on the vehicle, such as sales tax or (perhaps) a registration fee that is based on the value of the ... file an extension request instead of your tax return by April 15, and the first extension is automatic.

**Shallow Question Ahead** Which would you rather have, money or looks?

Description : **Shallow Question Ahead** Which would you rather have, money or looks?

Last Answer : Honestly? Money.

Question on the mega million.

Description : Question on the mega million.

Last Answer : According to the website there are nine ways to win.

Fun Question: How much have you lost so far?

Description : Fun Question: How much have you lost so far?

Last Answer : answer:From my tracking… Personal Rate of Return from 01/01/2008 to 10/09/2008 is [too much, but not surprising right now]%

If a stranger gives you $1,000 with the stipulation that you give half to someone else, who do you give it to and why?

Description : If a stranger gives you $1,000 with the stipulation that you give half to someone else, who do you give it to and why?

Last Answer : I’d either give it to my nephew whose money is tight or a good friend who could use some extra for a vacation.

If someone is given a lottery ticket is there an unspoken agreement about what happens if it is a winner?

Description : If someone is given a lottery ticket is there an unspoken agreement about what happens if it is a winner?

Last Answer : It is entirely arbitrary. An agreement can be made in advance, but usually a ticket given as a gift, the winnings then become the gift. The winner might share out of the goodness of their heart. In ... the one she bought personally, but a judge didn't agree. He ruled the winnings must be shared.

Hey people, can someone in the USA look up what the fee is to send 60$ AUD to Australia from the USA? It keeps defaulting to sending it to the USA. Thanks!

Description : Hey people, can someone in the USA look up what the fee is to send 60$ AUD to Australia from the USA? It keeps defaulting to sending it to the USA. Thanks!

Last Answer : It would cost £1.15 to send 60AUD from the UK using transferwise. I would think it would be much the same from the US.

Can you send money to someone that doesn't have a bank account?

Description : Can you send money to someone that doesn't have a bank account?

Last Answer : You can send cash per mail.