Thanks, I plan on offsetting as much as possible with a stack of tickets and possible getting a win/loss statement from casino. Thanks again, guess I'll go ahead and cash them incase I get a 2004 W2-G that way not worrying about any correction or maybe sweet talking my way into a 2005 form.
Thanks, I plan on offsetting as much as possible with a stack of tickets and possible getting a win/loss statement from casino. Thanks again, guess I'll go ahead and cash them incase I get a 2004 W2-G that way not worrying about any correction or maybe sweet talking my way into a 2005 form.
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If it is not considered to be a valid school according to the Fed School look-up ,you are out of luck (officially).
However, there is no place that you need to enter the school code that the interest applies to.
StageLeft
No Lifer
- Sep 29, 2000
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Thanks - that answers it (it's not on there).Originally posted by: EagleKeeper
If it is not considered to be a valid school according to the Fed School look-up ,you are out of luck (officially).
However, there is no place that you need to enter the school code that the interest applies to.
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Sweet talking will not work.. They will operate according to the Federal regulations on reporting the income. I am sure that Uncle has a plan on how this must be handled.
Remember lottery losses are also able to offset winnings.
Ceasars will be happy to provide you with a statement from whatever tracking mechanism that you used with the betting and gaming.
I know of people, that if they hit a decent win, will scrounge around for losing tickts to play CYA.
- Oct 30, 2000
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If it needs to be reported, then you have the choice.
Most businesses will log It work expenses as a business expense. should the IRS audit them, they can then start tracking down those payments to make sure that they are legit. Unraveling the expense to you, youi would then have to document that you filed them.
People that you do a favor for would not normally deduct such an expense, because it is personal, not business related.
As previously stated, if listing the income will increase your tax burdne, then look into the Form 2106 (if you iteminze) or a Schedule C for expenses to offset some of the declared income.
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The scholarship should be non-taxable unless indicated otherwise.
If it is, then unless your income from other sources requires you to file, then just let you parent claim you as a dependent. Because of the scholarship, the Hope Credit will not apply.
If the scholarship is classigfifed as taxcable, then you may be best to check with the local IRS on best to handle this issue.
You seem to have caught a crack in the Tax S/W system
Thanks for the response.
But, I was under the impression that all scholarships were now considered taxable income, less the tuition/expenses. That would give me a net taxable amount of around $8000-9000.
You're saying I don't need to file? It really seems like I do, since I'm sure the IRS is receiving the same 1098-T form from my university that I got.
But, I was under the impression that all scholarships were now considered taxable income, less the tuition/expenses. That would give me a net taxable amount of around $8000-9000.
You're saying I don't need to file? It really seems like I do, since I'm sure the IRS is receiving the same 1098-T form from my university that I got.
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You will have to review how the scholarship(s) and the taxable definition(s) thereof are set up.
IRS - FAQ - Scholarships - Taxable
IRS - FAQ - Scholarships - Taxable
As a dependant, the 9K becomes reduced after dependency exemption of $4850 to a taxable income of about $4K. Now figure out the tax on that.
Given your situation, contacting the IRS would be the best bet. Make sure that you record all pertinent information on who you talked with if they are able to assist you.
If you have to pay taxes, it makes no sense to use the on-line sites.
doing it on paper also allows you to actually determine what is being asked with relation to your situation.
unless you have some crazy amount of money in the bank that will give you a lot of interest income it's not going to raise red flags at the IRS. Banks report interest on form 1099-INT i think it is and then report it to the IRS. The IRS can look at the interest, the prevailing rates and figure out how much money you have in the bank and then look at your return and see if you are lying.
it sounds like big brother but in reality unless you are john gotti reporting $36,000 of income as a plumber you have nothing to worry about. your money is better served in your pocket instead of having the government give it to lazy scum
Yeah, I was considering doing it on paper... but I tried eSmartTax and it looks right. Total scholarship amounts $15173, minus 4000 max for tuition/fees, minus that dependency exemption $4850, to $6323 in taxable income and $633 in taxes.
I've already filed my taxes, so this is merely curiosity.
I was playing around with TurboTax by entering various amounts just for fun, and I discovered that if I were to lie and say that I earned $7711 in business income (rather than the real amount of $6220) I would get a refund $200 larger.
Presumably some odd place where self-employment taxes and earned income credit converge?
I could very easily say that I took in a bit more in cash. The question is, WHAT COULD THEY DO TO ME? With numbers this low, I don't even need reciepts - what would be the downside? Except for my conscience, of course.
I was playing around with TurboTax by entering various amounts just for fun, and I discovered that if I were to lie and say that I earned $7711 in business income (rather than the real amount of $6220) I would get a refund $200 larger.
Presumably some odd place where self-employment taxes and earned income credit converge?
I could very easily say that I took in a bit more in cash. The question is, WHAT COULD THEY DO TO ME? With numbers this low, I don't even need reciepts - what would be the downside? Except for my conscience, of course.
I have a question about the sales tax deduction.
I live in CA, and since I pay state income taxes, I can choose the sales tax deduction or the income tax deduction, right?
I bought a car in 2003, can I deduct the sales tax for this purchase now?
I live in CA, and since I pay state income taxes, I can choose the sales tax deduction or the income tax deduction, right?
I bought a car in 2003, can I deduct the sales tax for this purchase now?
- Oct 30, 2000
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Vehicle must be purchased in 2004 for the special line item to apply to the sale tax selection.
Also, if you take income tax deduction, you can not take the sales tax deduction.
StageLeft
No Lifer
- Sep 29, 2000
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OK a quick quesiton. I submitted last night with taxcut and it was rejected because of a bad AIG from 2003. I can't find a better one. I managed to resubmit right now (will sign with paper). I made a very slight change between last night's rejection and this morning's submission. I think that since IRS rejected the first one that doesn't matter, right? I'd forgotten to deduct my car tax
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Originally posted by: Skoorb
OK a quick quesiton. I submitted last night with taxcut and it was rejected because of a bad AIG from 2003. I can't find a better one. I managed to resubmit right now (will sign with paper). I made a very slight change between last night's rejection and this morning's submission. I think that since IRS rejected the first one that doesn't matter, right? I'd forgotten to deduct my car tax
If an E-Filed return is rejected by your favorite Uncle, then none of the transmitted information is recorded.
You can start over with a clean slate and conscience. :evil;
w/ respect to the vehicle sales tax, the vehicle must have been purchased in 2004
CPA, can one claim a dependant that is collecting SSI and SDI on my income tax return, and if I can, will it affect his benefits? Thnx.
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You have two seperate questions.
1) This disability dependant question was answered by myself in the post of 01/26/2005 09:43 AM.
2) How it affects the benefits of the dependent is not really a tax issue w/ respect to your return. You would have to find that answer from the SS office.
StageLeft
No Lifer
- Sep 29, 2000
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Hey thanks - it wasn't actually the sales tax on the car, but rather the tax that I have to pay yearly for tagging the vehicles. On both it works out to $200 and it's based upon value of the car, so I put that in as a deduction. That's fine, right? Taxcut seemed to imply it was...
One thing I can't find out is if it's fine for Alabama...If it's legal in alabama what would I call it in the box next to where I'm writing it? "Annual vehicle tax"?
Hmm, now i wonder if I was allowed to do that for federal. I do pay annually, based on vehicle value, but taxcut says "The following states have deductible vehicle taxes or fees: Arizona, California (partial), Colorado, Connecticut, Georgia, Indiana, Iowa (partial), Maine, Massachusetts, Michigan, Minnesota (subtract $35), Mississippi, Montana (county option tax), Nebraska, Nevada, New Hampshire (partial), Washington (RTA), and Wyoming. " and AL isn't in that.
One thing I can't find out is if it's fine for Alabama...If it's legal in alabama what would I call it in the box next to where I'm writing it? "Annual vehicle tax"?
Hmm, now i wonder if I was allowed to do that for federal. I do pay annually, based on vehicle value, but taxcut says "The following states have deductible vehicle taxes or fees: Arizona, California (partial), Colorado, Connecticut, Georgia, Indiana, Iowa (partial), Maine, Massachusetts, Michigan, Minnesota (subtract $35), Mississippi, Montana (county option tax), Nebraska, Nevada, New Hampshire (partial), Washington (RTA), and Wyoming. " and AL isn't in that.
I was a fulltime student for the first two months of '04. I graduated at the end of February. I'm wondering what I can do as far as student status on taxes.
Another thing I realized when I was looking over last years stuff was that I forgot to deduct one of my book expenses for the '03 filing year($500+). Is it possible for me to deduct that now? I've got proof(bank statements) of purchase or whatever. Just wondering if I can somehow tag that on this year or if I missed the ball on that one.
Another thing I realized when I was looking over last years stuff was that I forgot to deduct one of my book expenses for the '03 filing year($500+). Is it possible for me to deduct that now? I've got proof(bank statements) of purchase or whatever. Just wondering if I can somehow tag that on this year or if I missed the ball on that one.
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There are property taxes that one pays based on the value of a vehicle. sometimes it is a seperate bill, othertimes it is part of the registration fee. Those are deductible.
That is not the sales tax for vehicles that was implimented for 2004.
It is up to the state if they choose to cut you a break on there state income tax. Alabama does not think that you deserve a break today.
If you want a break today, better go to McDonalds
StageLeft
No Lifer
- Sep 29, 2000
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OK, so that $195 for my vehicles that I claimed on my federal was in error. It's already been filed, so I'll have to do an amended return, preferably prior to April, right? I will simply not claim it on the state, and file state according to as if I'd done my federal without having included this 195. That sounds about right? thanksOriginally posted by: EagleKeeper
There are property taxes that one pays based on the value of a vehicle. sometimes it is a seperate bill, othertimes it is part of the registration fee. Those are deductible.
That is not the sales tax for vehicles that was implimented for 2004.
It is up to the state if they choose to cut you a break on there state income tax. Alabama does not think that you deserve a break today.
If you want a break today, better go to McDonalds
- Oct 30, 2000
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You can deduct the tutition costs paid (not used) for 2004 as part of the Lifetime Learning Credit.
There is no student status when it comes to taxes.
You are a regular taxpayer that bends over to take the shaft just like everyone else.
You can file an 1040X form for your 2003 taxes to claim the books. If the books were paid for in 2003, then they should not be claimed on the 2004 return.
StageLeft
No Lifer
- Sep 29, 2000
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OK, eagle was PMing me and all is clear, I think
Federally one can deduct annual tag fees/registration tax on a car, if it's based upon vehicle value. I have done that.
Statewise, however, only some states allow it, and since Alabama is not one of the states that does I cannot deduct my yearly car registration fee for my state return.
So: Federal: $195 deducted/State: $0 deducted for automobiles
--
It was recommended to spend that money saved (worked out to about $30 I think) bringing out the family for dinner, but I already spent $22 today at lunch
Federally one can deduct annual tag fees/registration tax on a car, if it's based upon vehicle value. I have done that.
Statewise, however, only some states allow it, and since Alabama is not one of the states that does I cannot deduct my yearly car registration fee for my state return.
So: Federal: $195 deducted/State: $0 deducted for automobiles
--
It was recommended to spend that money saved (worked out to about $30 I think) bringing out the family for dinner, but I already spent $22 today at lunch
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