1099 Unanswered Tax Question

1099 Unanswered Tax Question

1099 Unanswered Tax Question

Do I have to file a 1099 if I earned under $3000 as an independent contractor?

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1099

by Heather
(KY)

I keep some money out when I rolled my 401k into an IRA. The bank said they would pay my taxes and penalty. Should my 1099r show where I paid taxes on the money I kept out when I rolled over my 401k?

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Calculate the Child and Dependent Care Credit

by Jim Anthony Taylor
(Wayne, MI)

How to calculate the child and dependent care credit and how the calculation for the credit is affected if the taxpayer's spouse does not work but is a full-time student instead.
Jim Anthony Taylor

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Unearned Income(SSI)

Will my unearned income(12,000$) bring down the amount of my earned income credit?

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Form 1098-T

If my company reimburses me for my tuition up to $5250, do I need to enter the amount on this form into my 1040?

Thanks

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Partner Guaranteed Payments/Loss

by Catie
(FL)

My mother started a business this year and decided to make me a partner in the hopes it would succeed. She is the only person that puts money into the business, and she paid me a total of $11,380 in 2010. I haven't put any money into the business at all, and I don't want to claim any of the loss because it will cancel out all of my income and I will therefor not get many credits that will give me my refund. I know that I have to pay self- employment taxes on the $11,380 however I don't think I should have to claim the loss, because I didn't lose any money. Isn't my mom the one that should claim the loss? Please help!!!!!!!!!!!!!!!!!

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Tax on Insurance Settlement Check

by Bobby
(Oklahoma)

If a family member deposits their insurance settlement check into my account will I have to pay taxes on the money also?

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State Residency Question

My wife and I have been long-term residents of Arizona. I retired in 2009 and receive monthly payments from a 401K (so I have AZ income). In Feb. 2010, my wife accepted a new job in CA and has had CA income tax witholdings since that time. We have always filed jointly in the past. I am still largely a resident of AZ, and she has lived in CA since February, but we maintain our AZ residence. How should we file state income taxes? Clearly my wife is a PY resident of AZ and CA, while I am an almost full-time AZ resident. Are we both considered part-year residents for income taxes on a joint return, or should we file separate returns? It seems by filing jointly and my maintaining AZ residency, we may get taxed twice for the same income
Sorry for the long question. Thanks for any advice you might provide.

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Still Married.....

My husband and I have not lived together foor nine years. I have owned my own home all this time. even though we have not gone through the courts to be legally seperated, can i file as married filing seperately head of household in order to be able to get the education tax break for paying for my sons school? I have never received help from my husband. Thank-you.

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Income Tax Increase

by Michael
(Shreveport)

My wife said that 47 dollars more was taken as income tax in January. Has there been a new tax increase on income?

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Worker's Compensation Income Taxable?

by lmcrae
(Durham, NC)

Is proceeds from a worker's compensation settlement taxable? Should I look to receive some form at year end to report on my 1040?

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Can I Claim 21 Year Old As a Dependent

by Amanda
(PA)

My 21 year old daughter lived with me 10 months last year but she earned 7700.00 in income last year. Can I claim her as a dependent and does she have to file income tax?

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1099-G - Unemployment Compensation but paid back to state

by Chuck
(Rhode Island)

I became unemployed and filed a claim for unemployment compensation. I received a few months income but because I had obtained a part time job, my payments were reduced. Then the state challenged my claim and resinded all payments - I had to pay back the monies they sent to me. I am entitled to work up to but not more than the claim weekly amount. I claimed only the amount that would have been paid under law. I have the action taken by the state to recall all of the monies under review, but I have paid back the monies to prevent interest penalties, waiting for the review date to settle my claim - currently I have received no money from the claim because I have paid it back. The state issued a 1099-G stating I received monies.
The problem is: Where (what form and line) do I make the balance payments so that my income is correct?

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Can I claim a loss for a lost home purchase deposit?

by Robert
(Norristown, PA)

Earlier this year, I placed a substantial deposit on home that I intended to purchase. Long story short, the builder went belly-up (Chapter 11 bankruptcy) and my earnest money deposit went with it. Can I claim the loss as a loss? How do I do this?

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Can I Claim My Daughter As a Dependent, a Student or Disabled?

by Lynne
(Cape Cod, MA, USA)

My (currently) 21 year old daughter was enrolled as a full time student in the spring of 2009, but had to withdraw for medical reasons after about 5 weeks. She re-enrolled as a full time student in the fall semester, but was unable to even attend a single class. (I do still owe the school money for the fall semester.)

She applied for disability in November, and her claim is pending.

She lived with me and I supported her financially for the entire year.

Can you tell me if I can claim her as a dependent, or as an adult disabled child, or both, or neither?

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Can Products In a Business Be Claimed On Taxes?

I work for a company that produces its own product. Much of the product is given away to those who are lacking in money or who are in a ministry or to employees.

Are these "giveaways" tax deductible. If they are, is it according to the cost or the resale value? What category/ expense would it be considered: COGS etc?

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Can They Garnish Your 401k

by Brett
(Minnesota)

I have been let go from my job and am now forced to cash in my 401k. I due owe both the state and feds back taxes can they take any or all of the money from that?

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Citizen Working Overseas

US (& Honduras)Citizen, retired, drawing SS, home/land owner in Honduras, Central America, no home in US and not returning to US. Working for US internet-based company as a consultant(independent-contractor), doing all work on-line from Honduras. What are US tax responsibilities, if any?

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Deductability of Legal Fees

by Brian
(Michigan)

I had to pay legal fees of $5000 to defend against a sexual harassment claim at my current employer. As this was to protect my taxable source of income, is this legal fee a valid deduction?

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About Dependet Care Flexible Spending Account

We have claimed the Dependent care Flexible Spending fund for my kid's daycare expenses for two years. But we just found out that parents must be working or actively looking for a job to be eligible for this Tax benefit. My wife have not been working for three years. Although she was trying to find a job, she didn't save any supporting documents such as interview appointments, etc. Now we are filing Tax form for 2009 and I need a help from you about the following questions:

1) Should we pay the tax on this fund that I have accumulated from my payroll?

2) Should we pay the tax only for the fund in 2009 or for the previous three years?

3) If we pay the tax for 2009, is it likely to trigger the auditing on my previous TAX forms?

4) If we also pay the tax for 2007 and 2008, should I include any penalty and how much?

Do appreciate your knowledge and help!

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Business By a Wife of a Public Servant/Govt. Employee

by Paramita
(Assam)

Is there any legal problem to do a business by a wife of a public servant /government employee? Is there any infringement of a service conduct rules? Whether husband are bound to show the income of a wife while filing property return?

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Deduction

by Gary Slatcher
(Phoenix Arizona)

I have heard that if you suffer from diabetes, and belong to a gym, that the monthly fee for the gym is tax deductible, is this so?

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Deferring An RSP

by Harold
(Maple Ridge, B.C.)

I received a severence package from the government.It was structured in a way that I received some in cash and the rest in an RSP.I received a T4A slip showing such. My question to you is can I defer the RSP amount to the following year?

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Effects of No Income on Sect 179 Deduction

I've done engineering consulting for about the past 12 years, and last year was the first year I earned no income.

I took a Sect 179 deduction in 2006 on two computers with a life of 5 years. Does not having any earned income play into my 2009 filing?

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Employer Provided Tuition Assistance

by Tim
(Pittsburgh, PA, USA)

Hello - I have a question regarding employer provided tuition reimbursement. I work full time, and attend graduate school part time. My schooling is job related and does not qualify me for a new profession/job. My employer reimburses me for over the tax free amount of $5,250.00 per year. When I am reimbursed for amounts exceeding $5,250.00, it is taxed as ordinary income. My question arises when I am calculating my eligible education expenses used to calculate the hope / lifetime learning tax credit. For example if I was billed $20,000 from my school for 2010, do I just deduct the tax free $5,250.00 from this total or do I need to deduct amounts reimbursed over $5,250.00 even though it was already taxed? Thanks for your help, Tim

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1099 Misc Box 17

Is the TIN number I put in box payer the same number I put in box 17?

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Farm Expense

by Cheryl Coyne
(Canada)

We bought a farm 10 years ago, and planted a Seabuckthorn Orchard. We have been running this as a business since then. We have never filed income tax on this business because it has never made a penny yet. We have many expenses but no revenue. I want to know if I can use any of these past 10 years expenses even though we have no income from it.

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Forcloseure Income?

by Joe
(Wisconsin)

Our house was in foreclosure,

then suddenly out of the blue the mortgage holder stopped it,

then a week later we get a letter from a collection agency saying they are now in charge of the mort.

I ask the original mort holder if this is true and they confirm. true they gave it to that agency.

Ok weird thing is the agency is only asking for a payment of about 4 grand, yet if we pay this 4 grand they say the balance of the mort will be gone 80 grand.

I asked the original mort holder and they say yes it is true. pay 4 and the mort is paid in full! and done.

I will investigate this fully for it sounds too good to be true,

but say it is true.

and it does happen,

is this 75 grand counted as income?

Thanks

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Foreign Income Without Formal Statement

by Scott Z
(arcata ca usa)

Greetings. I'd appreciate any assistance. I live in the U.S. but work online for a company in Tokyo. They pay me in yen, then transfer funds to my bank account. The company gave me a statement of earned income, but there doesn't seem to be anywhere to include this income on my tax form.

The two categories available for foreign income do not seem to allow for an amount without an accompanying 'company tax number', which the company in Tokyo did not provide. Any help would be very much appreciated. sz

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Format

by Camille

I am going to start a website soon about gardening.

I will be using Site Build It and I will like to keep all records of income, expenses and receipts with regards to the website.

What format should I use to record all financial transactions that relates to my website business?

What I mean is what type of bookkeeping system I should use and if you'll be able to give an example of how I can construct the financial statements that shows income flow and expenditure.

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Haven't Heard Anything From Tax Preparer Yet

We gave a tax preparer all our tax documents several weeks ago and still have not heard anything from her and can not get in touch with her. We have tried everything to contact her but can't. She is not working at her office, she has been working from home. My question is what do I do if we can't get with her before the 15th? We can't have someone else do them since she has all our documents. HELP!

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Sold a House Obtained Via Transfer on Death

by D. Grams
(Michigan)

My mother passed away in Feb 02' Upon her death there was a Transfer on Death Deed which stated me as the benificiary. She had a reverse mortgage on the house which gave me 1 year to sell the home and pay them their money. With what is remaining I have to split with 3 step siblings. I am sure there is tax that has to be paid to the IRS and State. I am using the H&R Block at home program. My question is How do I show this house on the tax return? I know that it will show up on the schedule D, but do I list it as an inheritence a gift or what. The house is in Ohio and I am in Michigan do I have to file Ohio and Michigan state taxes?

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About Eligibility

by bindu
(mumbai)

Could you please tell me that we have to satisfy the physical standards at the time of examinatin or while getting appointed...???????

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Heads of Salary

by urvashi
(delhi)

Why does salary has different meaning under different heads?

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HOME BUYERS CREDIT

by DENISE CLARK
(WILBRAHAM, MA.)

I WAS DIVORCED IN APRIL 2006. IN MY DIVORCE I GOT THE HOUSE WHICH I HAD TO ASSUME THE MORGAGE ON IN MY NAME. WILL I BE ELIGEABLE FOR THE TAX CREDIT?

THANK YOU,
DENISE CLARK

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Home Buyers Tax Credit

Is there any extension or "work-around" available for the Home Buyers Tax Credit beyond the April 30th cut off for being in contract. We entered into contract on May 23rd (about 3 weeks too late) and closed escrow on July 24th. I understand the "close by" date was extended to September but what about the "in contract" date. Unfortunately, we are not in the armed services either.

Thanks

Andy

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Housing Tax Incentives

We bought our home in 11-7-07 after a move to another state. This is our principle residence. Do we qualify for the $6,500 for purchasing a home within a two year period?

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How To Handle a 1099-Misc

by Alco
(FL USA)

I have been issued a 1099-misc for a tutoring job. Is there any way to handle this without starting a small business?

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1099-R

by Phillip Raborn
(Little rock, AR )

How to file your 1099-r?

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If Less Tax is Deducted How to Give Tax After Filing IT

by Pariksheet
(Pune,India)

Hi,

I have changed my company in the month of August 2010.

I asked my previous employer to provide me a Form 16 for the current financial year but they said they can provide me only in the month of April 2011. So i was not able to give Form 16 to my new employer.

Now my new employer has deducted my tax considering tax excemption of Rs 1.6 Lakhs. Also my previous employer has deducted tax considering excemption of Rs 1.6 Lakhs. So overall for the year 2010-11 my tax excemption has gone to 3.2 lakhs which is not correct.

So my question is can I submit this remaining tax after filing IT returns in the month of April 2011? If yes, what is the procedure to do that? Please help. Thanks, Pariksheet.

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Income Equalization or Balance

by Rob V
(Cathedral City, CA)

Dear Sir or Madam,

I received a lot more income (taxable) in 2009 versus 2008 and prior due to a large severance package paid to me towards the end of 2009. The severance income is taxable and it is really forcing me to pay much more taxes for the 2009 return. Someone inform me of a Income Equalization or Balance tax type method that might lower my taxes. Does such a program/method exist? I never heard of it...

Thanks

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Infocheck

by Terence Toomey
(Greater London)

How do I check if info you have on me is correct?

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Section 179

by Jerry
(Oregon)

If my business borrows $10000 to buy a piece of equipment and I deduct the full amount with Section 179, can I also deduct the interest on the loan?

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Inheritance Income

by James
(Wisconsin)

My mother passed away this past year and from the sale of her house I received 10,000 dollars and received a 1099-S form. Do I have to pay taxes on this money?

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About Paying Exceeding 20000/- Payment in a Day

by Raju Malkani
(Lucknow)

I m importing some goods from Nepal, the amount of goods is rs.2000000/- in a day. Can I pay it in cash to the Nepal party?

If answer is yes, then how? And what is the condition? Where is this in income tax circular. Please answer me.

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Inheritance Tax

by Dorine
(Indiana)

My mother has passed away amd I am getting 32,000 in inheritance in the state of indiana. How much inheritance tax will I have to pay?

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Interest Received on Compulsory Acquition of Land

My question is that my client has got interest on compulsory land acquisition for 15 years as per court decree in the manner of legal heirs.
Now the legal heirs are 5 and interest is received
rs.1545362/ for last 15 years. How can i calculate the tax?

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Is My Settlement Taxable?

by Rob
(KS)

I received a 1099-misc from a lawsuit settlement. Part of the out of court settlement was from lost wages which I received w-2 the rest and the vast majority of the monies paid to me are worded as non-wage damages which required the 1099-misc(Box 3). The settlement alleged discrimination, however my termination was facilitated when i called into work sick on doctors orders for high blood pressure and depression. I was terminated on the day i called in. Also, my atty was paid on a percentage of the settlement and was paid directly by my old employer

My question.. Do i claim the 1099 as taxable income? If not, do i include the 1099 on my return?

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Kids Dividends

Do I need to report my two minor kids' $52 of dividend income on my return----it is an UTMA account?

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Lump Sum Distribution On IRA

by Joanne
(Pittston, PA)

When my husband passed away in 1989, I rolled over his 401k into an IRA for myself. In 2009, I received a lump sum distribution from this IRA. Since neither of us was born before 1932, I cannot take the "Death benefit exclusion for a beneficiary of a plan participant who died before Aug.21,1996" of $5000, which would reduce the taxable amount of my distribution. Is there any other possibility to avoid being taxed on the entire distribution?
Thank you,

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Making Work Pay Tax Credit

by Vince
(Seattle,WA)

I was unemployed from the middle of June through the rest of the year. Therefore, I'm assuming that I did receive the majority of the credit. This is not reflected on my tax return. The turbo tax software states that "chances are you've already been receiving it in the form of reduced with-holdings on your paychecks." Obviously, I had nothing additional withheld because I had no employer from June on. Any info will be appreciated.

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1099 vs Draw for Corporation

by John
(Pittsburgh)

I am an officer/owner of a C corporation. I took money out of the corporation. Do I get to give myself a 1099 or do I call it a draw when having taxes done for the year?

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Matching This Year's Expenses With Next Year's Income

I wrote and published a book in late 2009, and haven't seen a royalty check yet, but I expect I will in 2010 and beyond. All associated expenses I'll ever incur in writing the book were incurred in 2009 (although they total less than 2% of my AGI) and I'd like to deduct them all for 2009 (I wrote the book with a profit motive, even though I earn my living in a different primary business). I sure don't want to get stuck with reportable income in 2010 and no ability to offset the associated expense incurred in 2009! Can I deduct the expenses for 2009? If so, how/where?

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Lifetime Learning Tax Credit

Can my student loans qualify for lifetime learning tax credit?

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Mileage & Student Housing Cost

by Craig
(Florida)

Is there a certain distance between home and your place of work that's deemed far enough to be deductible?

What if you were a contract employee for a period of time?

Is housing for a full time student deductible for the parents, whether its on campus or not?


Thanks for your help.

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Moved UGMA From Investment Firm to Bank..Now Taxes?

by Heather
(Odessa , Tx)

Last year I got nervous about the stock market and took my 17 yo's UGMA out of black rock mutual funds and put it in a savings account under her name. I then moved it into another bank (unsure about our Citibank) as a UGMA savings account for her. We will soon be incurring the college expenses. My CPA says i have to pay tax on this and I thought I was following what I needed to do to not have to loose money to tax from her account.

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Amended Tax Return

If I receive a "corrected" form 1099, for taxes I have already filed, what is the amount my gross income can change before I have to file an ammended return?

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No Federal Taxes Withheld

My income was 10,000 for 2009 and no federal taxes were withheld. I do have one dependant, my child.

Do I still need to file taxes? If so, will I get anything back?

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NOL

by Myra
(Florida)

If I had a negative AGI on my 2008 tax return is that a NOL on my 2009 tax return?

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Non- Resident Alien Tax

by Larry
(China)

I used to live and work in US and filed tax return every year until I left in 2005. I didn't file since 2006 as I am not a PR or citizen, but maintained a brokerage/bank account and continued trading stocks. As a non-resident alien, do I need to file tax return for that. The capital gains were less than $8K.

L

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NY Non Resident Tax Return

I live in NJ and worked from 1\09 through 5\09 in NYC and the rest of the year I worked in NJ.
On my W2 form from my employer the amount of income reported to NY was the same as my federal amount.
My Question is shouldn't the amount reported to NY be only the amount I made from 1/09 - 5/09?

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Oil & Gas Lease

by Don
(garlant, tx)

I sold land a few years ago but retained the mineral rights.

In 2008 I received $10,000 for and Oil & Gas Lease.

I this fully taxable, or do I get any depletion deduction?

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Part Time

by Ron
(st john's nl canada)

Do you have to take income tax from someone who is only going to work for you a few weeks?

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Prepaid FHA PMI

by Jill
(NJ)

I refinanced my home in July 2009 into an FHA loan. The prepaid upfront PMI was $4770 which was financed into the loan and it was my understanding I would have to divide this number by 84 (15 years) and then multiply it by the amount of months I paid my mortgage in 2009 since the refi. But I just got my tax statement from the bank and now I'm confused. The total amount in box 4 is $4770 so I wanted to know if I can just deduct this full amount from my taxes in 2009 or do I have to do the calculations as stated above?

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Online English Teacher: Reporting Income from other Countries

by Emily
(Changwon, South Korea )

Hello,

My name is Emily and I am currently working as an English in South Korea. I will be returning to the States the end of this month and a Korean friend has recently asked me to begin offering some online tutoring sessions for Koreans who are interested in conversational English.

These clients are interested in paying me via a Citibank account or Paypal, and depending on the number of clients I would receive, my income would probably range from 200-1000 USD per month. My question is: How should one report this kind of income to the IRS? I want to be very honest and to avoid any kind of tax problems later on down the road.


Thank you very much for any information you may have to offer!

Blessings,
Emily

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2 of 5 year rule - Does it apply when selling a house on contract?

by jwajwa
(Vancouver, WA, USA)

I have a house that is up-side down and cannot sell it in the market right now, unless I sell it in a short sale. I do not have the money to cover the difference in market value and mortgage owed.

If I do a short sale the window of having to have lived in the house 2 of the last 5 years would close. I have 2 months left. A short sale takes at least 6 months.

The question is can I sell the house on contract to be considered for the removal of the tax liability after the sale. I would make use of the having lived 2 of the last 5 years in the house myself + my family.

I would then continue the process of trying to sell the house on a short sale with the buyer (under contract).

I do realize I will have a tax liability of the difference between what I owe on the house and what we eventually settle at on the short sale. I however am interested to know what happens to the liability for the amount of the short sale to the base value of the house, am I liable for that amount as well?

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Proving First Time Homebuyer


(TN)

I added my friends name on my house deed and he used this address because I take care of his finances but his company pays him per diem to live and work on the road over 80% of the year. I sold my home and he bought one so how do I file the first time homebuyer tax credit when it looks like he had a primary home on paper?

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Question About Foreign Retirement Accounts

Dear Sir/Madam,

I live and work in the U.S.. I have a life insurance in Germany which is not taxable under German law. I also have a retirement account in the U.K. They both exceed $10,000. Am I required to report these to the IRS? Will I be penalized for not reporting them earlier?

Thank you very much for your help.

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Annual Investment Allowance

I purchased a replacement pick up for work. Can I claim this all back at once under the annual investmant allowance? uk thanks

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Receipts

by Dawn
(Ohio, USA)

I only have a handful of receipts for my husband. He is an OTR truck driver. I have been trying to find out if his PSP and games can be handled as an expense on 1040. The PSP and games are the greatest amount of receipts I do have. Is this deductible and is it subject to the 50% reduction and where is this deducted if so. I have about 350 dollars worth of receipts that includes the PSP and games. Are these even worth deducting? He has laundry expenses too but never kept a record. I'm just overwhelmed but do not want to pay a tax preparer half of what we are getting back so far. Pls help.

Dawn
Ohio

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Regarding Tax Rate

by mk_sons@yahoo.com
(india,Punajb(Jalandhar))

What is tax rate for a partnership firm? If any firm surrender Rs 10 Lac as stock excess in any raid, how can we show this stock in his vat return in purchase column? Or whether vat tax to be paid on such addition in vat return?

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Rental Income on UK Property

Hi,

I live in Switzerland and previoulsy lived in the UK (left 1999).

I now have a property in the uk.. and want to know if I have to pay tax in the UK for the rental income?

Do I have to complete a self-assessment tax return?

Do I get a personal allowance before tax is deducted? (I am married)

thanks

Laura

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Renting Upper Unit To Family

by Melody
(Wisconsin)

My husband and I bought a duplex in October 2008. We live in the lower and my In-laws live in the upper. The entire mortgage comes out of our bank account every month and they make monthly payments to us (via check). Must I claim this on my taxes as rental income or other income? For our 2008 taxes, I did claim the 3 months 'rent' as rental income and it wasn't a problem. But this year, I drafted our 2009 taxes using the same method and claiming a full year of rental income is making us have to pay in...a lot! I'm pretty sure I have to claim as income but we can't afford to pay in. And my in-laws found out and are basically calling me stupid for claiming it at all- if anything, i should claim it as a gift (it amounts to $7080). I want to do what's ethical and legal, but I also want to pay in as little as possible. Please help.

We also have a similar situation where we paid in full for a hottub for the house and they are making monthly payments to us until we've split the cost equally. I wouldn't think to count that as income because if they had the money up front, we would have split the cost right away. But because it's monthly payments, must this be claimed as income too?

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Roth Conversion Tax Question

by Ken
(Fremont, Ca)

When converting Rollover IRA to Roth IRA will the IRS tax the conversion amount 15%, or 10%, given the fact that my 2009 gross income of $21,600 is earned entirely from unemployment benefits?

Based on this answer, I would like to estimate what amount I can convert and still be taxed within the 10 or 15% bracket, given the fact that for 2009 the 10% single filler tax bracket is up to ~$34K, and 10% bracket is up to ~$8.5K income.

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Roth IRA & 401k

Can I roll over an inactive 401k into a Roth IRA and get a benefit for this year?

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Sale of Property in Alberta, Canada

When my husband and I got married we both owned our own homes. We sold mine and I moved in with him. We then bought a new house (bigger) that suited our needs better. We thought about renting my husbands house. We got a renter but he never paid rent. We managed to evict him and sold the home. Would this place constitute a rental property then being as we never actually got any rent from him? What would the implication be if we took him to court now to get rent paid?

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Schedule C Question

by Lively
(Florida)

We have a rental business. We rent pressure washers, backhoes, tractors, etc. We depreciate them over 7 years. Last year, we sold about $8,000 worth of our equipment. Where do I report the income and where do I report the gain?

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Section 1250 Unrecaptured Gain

by Steve
(Madison, WI USA)

Hello,

I have sold my share of a real estate partnership and have realized a large amount of both Section 1250 Unrecaptured Gain(25%) and Section 1231 Gain(15%). Many websites tell me that if I have capital losses from sales of stock that I can net these losses against the 1250 Gains first. Therefore, by taking these capital losses I would get a benefit at the 25% rate. However, when I do the Schedule D Tax Worksheet it appears the capital losses are being netted against the 1231 Gain first.

Do I put the 1250 Gain/Capital Loss Net on Line 19 of Schedule D, rather than the 1250 Gain?

Do I put the 1250 Gain/Capital Loss Net on Line 11 of the Schedule D Tax Worksheet, rather than the 1250 Gain?

Both of the above would make the numbers work, however,
I'm never instructed to do so on these forms nor am I instructed to net on the Unrecaptured Section 1250 Gain Worksheet which is required to fill out Line 19 of Schedule D.

Any help would be greatly appreciated.

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401k Problem

How do you file 401k money you got on your taxes for next year do you add it in with your wages or is there another line that you put it on?

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Self Employment Tax

by Aaron
(MICHIGAN)

I have a question, and I hope you can help me =)

State of Michigan

For 2009, I had $3426 in income that I earned from an employer, and there were taxes withheld.

For 2009, I also have a $5982 of self employment income that I received as a 1099. I never paid quarterly on this income, because after doing the math, It was below the $1000 of taxes to be owed ( I used the equation $6000 * 15.3% = $918)

When I claim my 2009 Taxes, how will I pay this tax? Will it just come directly out of my refund? I have an EIC of around $3000, and there are some other monies being refunded, to total about $3700.

It says I get a refund of $3700, is that after I pay the tax of the self employment? Or will I receive a separate tax bill for this?

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Anticipatory Income Tax Refund Loan

by Frank
(New York)

Can we get an anticipatory income tax refund loan prior to 1/1/2010, on our 2009 federal tax refund? If so, which banks are offering such a program?

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Selling Stock

March 2010, I received two checks from Well Fargo/shareowner services. The checks were a result of the Berkshire Hathaway purchase of Burlington Northern Railroad.

One check was for the balance of a "fractional share", the other a cash option I don't recall asking for.

My problem is now I must pay taxes on the two checks.

My tax advisors tells me I need to know what I paid for the shares (I bought thru payroll deduction while working for the BN RR. Computershare handled purchases for the BN, but now can't provided me with the info I need.
Between some of the older annual statements I received and more recent pay stubs, I determined how much I invested over the years.

As of 3/1/2010 I had 433 shares of Berkshire B shares, valued at $81.91 that day, a valve of $35,467.03 I have a total investment by payroll deduction only of $2,330.00.

Is it correct say I have an average cost of $15.22/share? $35,467.03 divided by $2,330.00 invested = $15.22/share. This sounds awful low, not helping my taxes to my benefit.

Is an average cost per share OK, or do I need to know the cost of each share?

Buying a small amount each month thru payroll deduction take awhile to buy just one share. Add in two or three stock splits, reinvesting dividends, adds to the confusion.

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Selling Stock While on Disability

by Thomas
(W. Columbia, S.C. U.S.A.)

My disability is $22,542.00 a year. I have stock currently valued at approximately $85,000.00 If I sell the stock, I will have a long term net gain of about $10,000.00 How will that affect my disability income? If I give the stock to my daughterand she sells it, what will be the effect on my income and how will it effect her income taxes? I am a resident of S.C, and she is a resident of Ida.

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Seperated from Common Law Partner

by Alicia

Hi, I've never done taxes before and I'm 24 years old. I have never worked and have separated from my common law partner in June of 2009. I have no children. I was living with him for only 2 years and I have no way of getting into contact with him. He was very abusive. I want to know how I can go about filing my taxes from the previous years not knowing any of his information. Any information would be very helpful, thank you very much for your time.

Hello Alicia,

Thank you for your question.

It sounds as if you do not need to file for the previous years. If you didn't make any income, had no children, and didn't pay in any taxes then you won't need to file until you have job earnings.

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Should I Have My Social Security Income Taxed?

Hello! My husband works and I receive social security disability. His income is high enough so that I am required to have my social security taxed. So every year at tax time we end up owing about $1000. We have children so we usually receive a few thousand back and the $1,000 is just deducted from that so we just receive a lower income tax return.My question is... should we continue as is or would it be better financially to start having my benefits taxed.

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Since Paying Income Taxes Is Voluntary

Is there an employer waiver form if you do not wish to comply?

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Tax Credit For Adoption

by JAMIE SANDERS
(WISE VA)

I HAVE ADOPTED 2 CHILDREN AND WAS TOLD I WOULD GET A TAX CREDIT .I TALKED TO MY TAX PREPERAR AND SHE TOLD ME IT WAS JUST FOR THE PAY IN MONEY THAT WENT OUT FOR THE ADOPTION HELP ME PLEASE,,ONE OF MY DAUGHTERS I ADOPTED IS SPECIAL NEEDS THE OTHER NOT

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Statue of Limitations

RETIRED FROM THE MILITARY IN 1984. OWED REVENUE CANADA A PALTRY AMOUNT AND WAS I TOLD I DID NOT HAVE TO PAY. NOW 26 YEARS LATER AND NO CORRESPONDENCE FROM REVENUE CANADA UNTIL NOW I RECEIVE A NOTICE FROM THEM SAYING I OWE $7000.00 (ALMOST ALL OF IT IN INTEREST.WHAT ARE MY OPTIONS?

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Student Loans

by Trisha Williams
(Charlotte, NC US)

I am a nurse and my loans were payed for me by the hospital that I work at. In order to "work off" my loans, they add a certain amt into my that I don't see but am taxed on, can i write that off in any way?

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Tax Break While Going To School & Unemployed?

I am a single mother, unemployed and going to school full time. Is there any tax break that I get? I heard that I don't have to pay tax on the first $2,400 but is there anything else?

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Tax Deduction For Education

by LJ
(Salt Lake City, UT, USA)

I have been told that I can't claim my education of $18000 because I am under 21 and my parents alive. I have been out on my own since I was 17 and this doesn't seem quite right. I am enrolled at Eagle Gate College and it is costing me not my parents. Why isn't this a deduction I can take?

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Tax Situation on Second Property

If a second house is purchased and relatives installed rent-free but asked to pay 'usual running/maintenance bills' what would be the owner's tax situation?

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Applicability of Income Tax on Perks

by Charan Singh
(India)

Dear Sir,

As we all know that FBT has been abolished w.e.f F.Y.2009-2010. Due to removal of FBT from this F.Y. all benefits (being provided by companies to employees) which were taxable under FBT will now be taxable in the hands of employees. In this reference we have some queries which we would like to clear:

(A) We are reimbursing Petrol expenses to employees against the use of CAR (Provided by company to its employees) which is partly being used for official & partly for personal purpose of employees. Till July-09 (Before the budget) company was paying FBT on this reimbursement as this was covered under the FBT. Now since FBT has been scrapped w.e.f.1st April-2009 so now will these petrol expenses will be covered under the personal IT of employees or still this will be out of tax net of personal IT of employees.


(B) We are also including Rs.1200/- PM as perquisite in the hands of employees (rule 3 (2) of section 1e7 (2)).

Please clear whether petrol expenses will be exempt in the hands of employees or this will be taxable in the current scenario considering that we are taking Rs.1200/-PM (rule 3 (2)) as perquisite of the individual employees?

Fixed Reimbursement of telephone (Mobile) expenses on monthly basis to employees. Telephone (Mobile) connection is in the name of individual employees. Will this reimbursement be covered in the tax
Calculation of the employees?

Payment of mobile expenses used by employee (as per the bill).Connection is in the name of company. Will this be covered in the tax calculation of the employees?
Payment of the landline telephone (Provided by company to employee) expenses by company. Will this payment amount will be taken as taxable in the hands of employees.?
Reimbursement of medical expenses (Section 17 (2)) upto Rs.27,500/- to employees. Till now company is giving exemption upto Rs.15,000/- and rest amount was taxable in the hands of employees. After the removal of FBT will this rule will still be applicable or now the entire amount will be taxable in the hands of employees?


Regards,

Charan

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About Claiming Dependants

by Tony Finotti
(Willow Spring, NC USA)

My son's pregnant girlfriend moved in our house back in May. Now she has just had the baby, will I be able to claim both them on my 2009 tax return sense they live in my home?

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Tax Questions

by Dannie
(nsw)

Dave Smith is a plumber. For a number of years he was employed by Triple A Plumbing Services, which was based in Randwick; and serviced customers in the Kensington, Randwick and Coogee areas. He left his job in June 2008 and in July 2008, commenced business as a sole trader under the name of Dynamic Dave Plumbing. Note that you can assume that he has complied with all of the requirements to be accepted as carrying on a business as a sole trader.

Question 1:

On 1 July 2008, Triple A Plumbing paid him a lump sum of $20,000 to not accept jobs from customers in Kensington, Randwick or Coogee for a period of 1 year.

Would this payment be:
a) Assessable income to Dave?
b) An allowable deduction for Triple A Plumbing Services?
Question 2:

During the 2008-2009 financial year, Dave did some plumbing work for a good friend of his, fixing a number of dripping taps. He did not receive any money for this, but his friend gave him a carton of beer as a thank you.

Would any amount be included in his assessable income?

Question 3:

Dave had the following expenses during the 2008-2009 financial year.
For each of the following expenses, would he be able to claim a deduction?
• At one of his jobs during the year, Dave parked illegally and received a parking fine of $50.
• He purchased $10,000 worth of tools, solely for use in his business.
• Dave has a one-tonne ute (acquired prior to the 2009 financial year) which he uses solely for carrying on his business. During the year the engine on the truck wears out. He replaces the trucks worn out engine with a diesel engine with a much greater economy of operation. This cost $8,000. Would he be able to claim a deduction for the cost of the engine?
• In regards to the overall operating costs of the ute, what records would he need to keep in order to claim a deduction for these?

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Taxes

I work for canada post and i have been off on wsib for a year, my work pays me and wsib payes them back how do i claim this when it is really wsib? I thought that wsib is tax free? what should i do?

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Taxes on Uniforms

by great.day@rock.com
(lewisville, texas, USA)

Must I pay taxes on work uniforms supplied by my employer, a municipality, even though I am not able to keep the uniform when after it is damaged/worn. Even if I quit, all uniforms must be returned. Since I don't own the uniforms why should I pay the taxes?

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New Family Member


(Atlanta, GA)

In September of 2009, my aunt, who is 50 years old and has Downs Syndrome moved from Louisiana to live with my husband and I in Georgia. She receives Social Security, Medicare, and Medicaid. My husband and I both work full time. We use her Social Security to pay for someone to stay with her while we are at work. Could we claim her as a dependent on our taxes for 2010?

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Tax Return

If my year to date is $2,359, I'm head of household, and claim one dependant, what is an approximate tax return I can expect?

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Taxes Witheld

by John
(FL)

Do taxes withheld include Federal, SS and Medicaid?

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Third Party Verification

by Jen
(VA)

My taxes are being delayed something about a third party verification all i want to know is what is that and how long does the process take?

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Too Late

by James
(clintontownship mich)

I have not filed income taxes in several years. How many years do i have to file in arears?

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Traditional IRA

I am 61 and withdrew 20,000 this year to loan my son and did not have taxes taken out. He has repaid me and I want to know if I deposit it back will I still have to pay taxes or what you suggest I do.
Thanks

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Trust Income

My wife's mother died in 2005. She left in a trust 318 acres of farm land to 7 siblings. They want to sell the land now and will split the money 7 ways. As I understand it we will owe taxes on the difference of what the land was worth when her mother died and what the land is sold for now. My question is, is this considered Capital gains or regular income? Also what form would we use to fill this out.

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Assisted Living Expenses.

Parent's are in assisted living. Is their expenses for staying there a medical deduction?

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Unfiled Schedule C

If I failed to file a schedule C for a business I started in 2007 & closed in 2008 can I file an amended return for both 2007 & 2008 & carry over the loss?

Is there still a one year deadline for the NOL if I have never filed a return reporting I had this company?

If I can do this then, should I file both amended returns the same time or file 2007 & after it has been processed, file 2008.

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Who Gets To Claim Child as Dependent?

by Sherri
(Clovis, CA USA)

My son and I are having an argument about who gets to claim his daughter on our tax return. My son, Kevin, and his daughter, Faith, lived with me all year in 2009. Kevin pays 1/2 the rent ($700) and buys half the food. I pay half the rent ($700), and buy half the food, pay all the utilities ($550), I buy all the household supplies (about $100), and I buy all of Faith's clothes ($50), a total of $1400/month (plus food). There are no other expenses either of us pay for Faith. Faith's mother is not involved, as Kevin has full legal and physical custody of Faith. My son says because Faith is his daughter and because I agreed to him paying $700 a month rent, that means that his $700 pays for all of Faith's support. I say I paid more than half the cost of keeping up a home for the year and I meet the requirements of Head of Household, that I file as Head of Household and Faith is my qualifying child and my dependent. Technically, I believe I should also be able to claim Kevin, as I also paid more than half the cost of keeping up a home for him for the year.

Can you please resolve this dispute? Thank you.

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Wrong Submit of Return

by Prince
(Guwahati)

Sir or mam, I had filed my it return for the F. Y 2007-08(Manully) & 2008-09 E-return. Whereas my aggregate total income was 108560, but wrongly I filled it as RS. 128560. Ot was due to a mistake for the boy who filled the return. But truly my income was 108560. Please advice me what to do now.

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