i'm not sure if i did all this stuff right. in 2005, i made about $5000, i was filing my CA tax return online, and it said my return is $13. does this sound right or did i screw up?
i'm in wisconsin so anyone doing taxes in wisconsin might be able to help. i have noted a capital loss on my federal forms. however, when i follow the instructions for the wisconsin forms, the loss somehow gets added to my income instead of subtracted. is that only a wisconsin thing or do other states do that?
hi
I got my federal return already, but not my state. Is there a way to find out why? im worried there might be a problem. Dosnt the state come first before the federal?
I got my federal return already, but not my state. Is there a way to find out why? im worried there might be a problem. Dosnt the state come first before the federal?
Last year, I was a full time student and turned 24 in August of 2004. I also made well over the limit of $3,100 for the gross income test. My parents provided over 50% of the support.
Can they claim me as a dependent? They already did, however I feel that because I was 24 at the end of the year as opposed to 23, they did not meet the Gross Income test and should not be able to claim me as a dependent.
Am I correct? And if so, is it proper for them to have to refile their taxes. Or if they do not, will I get flagged for not claiming my personal exemption even when I qualified for it?
Thanks for the help
Can they claim me as a dependent? They already did, however I feel that because I was 24 at the end of the year as opposed to 23, they did not meet the Gross Income test and should not be able to claim me as a dependent.
Am I correct? And if so, is it proper for them to have to refile their taxes. Or if they do not, will I get flagged for not claiming my personal exemption even when I qualified for it?
Thanks for the help
- Oct 30, 2000
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Uncle uses the last day of the year as a final determination of status.
You never get in trouble for claiming a lower exemption than you are entitled to. That means more $$ for Uncle when you make a mistake in his favor.
How much mortgage interest is deductible?
Here's my quandry. I plan to borrow $90k as a mortgage. I can get a mortgage from a lender and be able to deduct the interest OR I can get a personal loan for the same amount from a family member BUT at a lower interest rate.
I don't know how I could deduct the interest on that personal loan so I am wondering how much of the mortgage interest I can deduct...then I'll try to figure which loan option is best for me.
Thanks.
Here's my quandry. I plan to borrow $90k as a mortgage. I can get a mortgage from a lender and be able to deduct the interest OR I can get a personal loan for the same amount from a family member BUT at a lower interest rate.
I don't know how I could deduct the interest on that personal loan so I am wondering how much of the mortgage interest I can deduct...then I'll try to figure which loan option is best for me.
Thanks.
I have several Roth IRA-related questions:
Graduate student living off a fellowship that is not considered income, therefore my gross income is just from interest on savings/investment acct. Or I can report part of the fellowship as income that does not fall under necessary tuition/books/etc.
I have a Roth IRA setup a few years ago when I did have an income. Can I contribute to the Roth this year if my gross income is zilch (<$300 total in interest?)? If not, must I make adjustment to the portion of the fellowship to qualify for Roth contribution? And if I already made the Roth contribution, must I get it undone (and are there penalties involved if I get it done before April 15)?
Graduate student living off a fellowship that is not considered income, therefore my gross income is just from interest on savings/investment acct. Or I can report part of the fellowship as income that does not fall under necessary tuition/books/etc.
I have a Roth IRA setup a few years ago when I did have an income. Can I contribute to the Roth this year if my gross income is zilch (<$300 total in interest?)? If not, must I make adjustment to the portion of the fellowship to qualify for Roth contribution? And if I already made the Roth contribution, must I get it undone (and are there penalties involved if I get it done before April 15)?
If you make under a certain amount u don't have to file? I forgot that amount and just made 5k doing work study last year.
*newb alert* *newb alert*
Alright, first year claiming myself, and I moved, which is making things more difficult. I lived and worked/went to school in MI until July and then moved to CO for a full-time job. I have a couple questions that I'm hoping someone can answer:
1. The first paycheck I received in CO had both CO and MI state tax deductions. How do I go about getting reimbursed for the MI tax?
2. I took a class in November that I will eventually be reimbursed for by my employer. I still haven?t paid for the class, but will be doing so in the next week or so. Can I deduct it? The tuition reimbursement is going to show up in my paycheck once it is approved.
Alright, first year claiming myself, and I moved, which is making things more difficult. I lived and worked/went to school in MI until July and then moved to CO for a full-time job. I have a couple questions that I'm hoping someone can answer:
1. The first paycheck I received in CO had both CO and MI state tax deductions. How do I go about getting reimbursed for the MI tax?
2. I took a class in November that I will eventually be reimbursed for by my employer. I still haven?t paid for the class, but will be doing so in the next week or so. Can I deduct it? The tuition reimbursement is going to show up in my paycheck once it is approved.
Home Office Questions
Does the office space have to be finished space in the home?
Does the space have to be strictly used for office work? (i.e. can I use it for the occasional visitor to sleep in?
What has to be in the room to make it an office?
I use a laptop which is sometimes @ home and lots of books and folders a desk and a chair...good enough for the IRS?
TIA!
Muse
Lifer
- Jul 11, 2001
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I apologize if this was answered in a different post.
I donated a few bucks to Americares a couple of days ago, online (using my credit card). I think it was actually about 2 hours after the 8.7 quake the other day, although I hadn't heard about it yet. Can I declare this as a charitable donation for tax year 2004? Shortly after the tsunami I heard that donations to tsunami relief in early 2005 would be declarable on 2004 returns. Also heard that Americares donations are deductible, whereas many other organizations' contributions are not (e.g. Intl' Red Cross). Can anyone please clear this up for me? Thanks.
I donated a few bucks to Americares a couple of days ago, online (using my credit card). I think it was actually about 2 hours after the 8.7 quake the other day, although I hadn't heard about it yet. Can I declare this as a charitable donation for tax year 2004? Shortly after the tsunami I heard that donations to tsunami relief in early 2005 would be declarable on 2004 returns. Also heard that Americares donations are deductible, whereas many other organizations' contributions are not (e.g. Intl' Red Cross). Can anyone please clear this up for me? Thanks.
Muse
Lifer
- Jul 11, 2001
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One more question, please:
I had a (very) part time job in 2004, which is telecommute and doesn't take much of my time, which I still have. I have a W2 for it. Fine.
In November 2004 I was hired full time on a temporary basis on a different job that was to last through approximately the end of 2004, possibly to be extended. The guy who hired me told me it was on a "contract" basis (however, I don't recall signing a contract!). After 4 days on the job he decided it wasn't working out and he showed me the door. They sent me a check a week or two later and I got a W2 from them for tax filing purposes. Do I just treat this like my other job and file my return with two W2's? I guess this didn't turn out to be a contract job, right? Thanks for the information.
I had a (very) part time job in 2004, which is telecommute and doesn't take much of my time, which I still have. I have a W2 for it. Fine.
In November 2004 I was hired full time on a temporary basis on a different job that was to last through approximately the end of 2004, possibly to be extended. The guy who hired me told me it was on a "contract" basis (however, I don't recall signing a contract!). After 4 days on the job he decided it wasn't working out and he showed me the door. They sent me a check a week or two later and I got a W2 from them for tax filing purposes. Do I just treat this like my other job and file my return with two W2's? I guess this didn't turn out to be a contract job, right? Thanks for the information.
- Oct 30, 2000
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Where the funds come from does not matter with respect for the deductability as long as it is for a residence.
A lender will provide you a statement at the end of the year showing interest paid to them.
A private loan may not. You would then have to determine the interest paid on the private loan and also report the person that you paid the interest to on your Schedule A.
Other than the color of money, as long as it is used for the same purpose, the end effect is the same. The interest is fully deductible.
Make sure on a personal loan that it is indicated that it is for the purchase of property. That covers your tail with respect to the IRS.
- Oct 30, 2000
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Wrong.
You must file if you owe taxes.
You should file to ensure that Uncle does not get upset that some-one else reported income on you and you did not. That makes people curious (do not want that ever).
- Oct 30, 2000
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File a Mich non-resident state income tax form. Check out their web site for instructions if needed.
If the class has not been paid for, then it will be classified for 2005. That is when the tutition was paid.
If your employer reimburses you for the class and it does not show in your 2005 W2, then you should not file for it.
If it shows in the W2, then you will need to file for it, otherwise it is being declared as taxable income.
- Oct 30, 2000
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Originally posted by: Tanner
Home Office Questions
Does the office space have to be finished space in the home?
Does the space have to be strictly used for office work? (i.e. can I use it for the occasional visitor to sleep in?
What has to be in the room to make it an office?
I use a laptop which is sometimes @ home and lots of books and folders a desk and a chair...good enough for the IRS?
TIA!
The space must be a physical space. Quality does not matter.
The percentage of use of the area with respect to the business is what counts.
If the same furnishing would be found in a seperate room in an office building and one could operate from such an area, then Uncle shold be happy.
To determine what the IRS considers a home office, it would be best to look on their web site for accurate examples.
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