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CPA's Annual Tax Time Help - Filing Day is over. This thread can be unstickied.

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not sure if this question has been covered before but parents no longer work and recently i have begun to pay their rent about 700/month.

rent is in their name but is it possible to claim them as dependents if u are paying for some of their expenses?

also what would be the best filing option for me: single, renter, no stocks, earning 47K?

tia guys
 
Originally posted by: alkemyst
to be a dependant you'd need to pay 50% or more of their support.
Click to expand...
Rent, Utilities, Food and all other living expenses 50% overall for the complete year.

IRS will want documentation to prove it if they come for a visit
 
Originally posted by: joe678
not sure if this question has been covered before but parents no longer work and recently i have begun to pay their rent about 700/month.

rent is in their name but is it possible to claim them as dependents if u are paying for some of their expenses?

also what would be the best filing option for me: single, renter, no stocks, earning 47K?

tia guys
Click to expand...

No choice of filing options if you are single with no kids.
 
Originally posted by: EagleKeeper
Originally posted by: joe678
not sure if this question has been covered before but parents no longer work and recently i have begun to pay their rent about 700/month.

rent is in their name but is it possible to claim them as dependents if u are paying for some of their expenses?

also what would be the best filing option for me: single, renter, no stocks, earning 47K?

tia guys
Click to expand...

No choice of filing options if you are single with no kids.
Click to expand...

Are you talking 1040 form? or filing options like single, married, head of household?

Single is your only option and probably then 1040EZ would be the quickest.....there is probably more to your tax situation you may benefit from though.

Å
 
Another question:
I filed my federal return and got my refund back already (Yay!)

Now I have to file my Virginia state return.

Situation: I have been a full year resident of Virginia. Got married in March of last year and my wife moved to Virginia in May of 2003. She did NOT work at all while she was living in Virginia.
I used turbotax 2003 to do my taxes this year. It recommended I do a Part-Year return for 2003 if I'm filing jointly. I put in all the information it wanted and printed out the form. Instead of printing out the 760PY it printed out a 760CG, 760C, and a 2003 Virginia Schedule INC/CG. I called the Virginia tax help line and the guy I spoke with told me he doesn't know why it printed out a 760CG. He recommended that I should file a married but separate return. On my wife's 760PY return, I should put $0 for the income she earned in Virginia. For mine, I just do a normal return he said. Which way would be better? Also is the 760CG form ok for what I need. I'd much rather just be done with it and mail off my check.

whew
TIA
 
Not exactly tax related but....

My wife has a Japanese friend getting ready to return home, for some reason she never opened a bank account here and has been cashing her paychecks and pretty much keeping what is now around $10,000 in a sock drawer. (I am not sure of the exact figure, my wife and her talked about it and it's 'around' that....I know in casinos they will report anything of 10k or more to the IRS which will be looked for as income on the next return).

She is afraid to carry it or put it into a check. She thought US banks were dangerous.

She would like us to take it deposit it and wire her the money in Japan (she has a bank account there). She is exempt from US income taxes, however I am not.

I am pretty sure if I put this money into my account and wire it, it will be suspicious. The money is not illegal, but if IRS knocks on my door that is 'what they all say' plus my only real witness will be in Japan and who knows if we will still be in touch with her in up to 3 years this can cause me a headache.

Anyone know of any 'tax-free' methods I can move this money or that she could? I don't know how 'gifts' work but I don't think I'd want to do it that way either as it may still be 'wierd' getting a large gift and sending it away.

I'd like to help her but if I am going to be responsible for $1000-2000 in taxes someday on this + the fact that this money is pretty much coming from something I have no involvement in, make this a deal that I may not be able to help in.

Å
 
Originally posted by: dabuddha
Another question:
I filed my federal return and got my refund back already (Yay!)

Now I have to file my Virginia state return.

Situation: I have been a full year resident of Virginia. Got married in March of last year and my wife moved to Virginia in May of 2003. She did NOT work at all while she was living in Virginia.
I used turbotax 2003 to do my taxes this year. It recommended I do a Part-Year return for 2003 if I'm filing jointly. I put in all the information it wanted and printed out the form. Instead of printing out the 760PY it printed out a 760CG, 760C, and a 2003 Virginia Schedule INC/CG. I called the Virginia tax help line and the guy I spoke with told me he doesn't know why it printed out a 760CG. He recommended that I should file a married but separate return. On my wife's 760PY return, I should put $0 for the income she earned in Virginia. For mine, I just do a normal return he said. Which way would be better? Also is the 760CG form ok for what I need. I'd much rather just be done with it and mail off my check.

whew
TIA
Click to expand...

Can not answer exactly what is the answer for VA.

However, one way would be to look at did your wife have income in the other state.
If yes, then she should just be able to file a part year return for that state. Because VA does not have the answer, why not just file a joint return for full year VA for both of you.

IF she did not have out of state income, just file a full VA return.


 
Originally posted by: EagleKeeper
Originally posted by: dabuddha
Another question:
I filed my federal return and got my refund back already (Yay!)

Now I have to file my Virginia state return.

Situation: I have been a full year resident of Virginia. Got married in March of last year and my wife moved to Virginia in May of 2003. She did NOT work at all while she was living in Virginia.
I used turbotax 2003 to do my taxes this year. It recommended I do a Part-Year return for 2003 if I'm filing jointly. I put in all the information it wanted and printed out the form. Instead of printing out the 760PY it printed out a 760CG, 760C, and a 2003 Virginia Schedule INC/CG. I called the Virginia tax help line and the guy I spoke with told me he doesn't know why it printed out a 760CG. He recommended that I should file a married but separate return. On my wife's 760PY return, I should put $0 for the income she earned in Virginia. For mine, I just do a normal return he said. Which way would be better? Also is the 760CG form ok for what I need. I'd much rather just be done with it and mail off my check.

whew
TIA
Click to expand...

Can not answer exactly what is the answer for VA.

However, one way would be to look at did your wife have income in the other state.
If yes, then she should just be able to file a part year return for that state. Because VA does not have the answer, why not just file a joint return for full year VA for both of you.

IF she did not have out of state income, just file a full VA return.
Click to expand...

So you mean a joint full VA return? Since she didn't have any Virginia income?
 
Turns out I put one two many exemptions on my W4 which is why I always end up paying more for the last 3 years. I guess if you live you yourself, you aren't the head of your household 😀
Who would have thunk it 🙂
 
Originally posted by: alkemyst
Originally posted by: EagleKeeper
Originally posted by: joe678
not sure if this question has been covered before but parents no longer work and recently i have begun to pay their rent about 700/month.

rent is in their name but is it possible to claim them as dependents if u are paying for some of their expenses?

also what would be the best filing option for me: single, renter, no stocks, earning 47K?

tia guys
Click to expand...

No choice of filing options if you are single with no kids.
Click to expand...

Are you talking 1040 form? or filing options like single, married, head of household?

Single is your only option and probably then 1040EZ would be the quickest.....there is probably more to your tax situation you may benefit from though.

Å
Click to expand...

in terms of filing as head of household, dependents. i know my situation is fairly simple as single no kids but any tips or filing strategies that would help minimize payments?
 
Originally posted by: joe678

in terms of filing as head of household, dependents. i know my situation is fairly simple as single no kids but any tips or filing strategies that would help minimize payments?
Click to expand...

Well your only option is single, you have no dependants. Unless you can itemize more than around $4000 in deductions (medical, moving, theft/casuality, donations, qualified business expenses...you'd be better taking the standard deduction. If you have educational costs that contributed to your job check out Lifetime Learning, IRA's can make for a barrier if you owe and have not contributed more than is allowed, plus there are some previous mentions of things that may or may not be helpful in the last 9 pages.

What are you looking at owing / paid in so far?

Å
 
Originally posted by: SuperTool
Turns out I put one two many exemptions on my W4 which is why I always end up paying more for the last 3 years. I guess if you live you yourself, you aren't the head of your household 😀
Who would have thunk it 🙂
Click to expand...

Key word is household.

No one to boss around 😛
 
Originally posted by: dabuddha
So you mean a joint full VA return? Since she didn't have any Virginia income?
Click to expand...

One can file a joint return even if either spouse did not have income.
You were married during 2003 and you lived in VA the whole year. VA should not complain that you file a full year joint return especially is they can not provide you with any other answers.

 
I actually have 3 questions. A bit embarrassing, but PM doesn't seem to be working for me... so I'll post it here. The 3 questions are sort of related.

1. I didn't fill for Federal Taxes last year (for 2002). Can I still fill for them?

2. I have to make an amendment for a mistake on an old 2000 tax return. I mistakenly filed for a academic credit I didn't qualify for. What is easy way to go about fixing this? I can't find my copies of papers I did for that year... 🙁

3. Related to #1 and #2, Do I make amendent for mistake in 2002 tax or this year's? I procrastinated too much on it and never got it done last year..

edit: Thanks for any help!
 
Originally posted by: aceO07
I actually have 3 questions. A bit embarrassing, but PM doesn't seem to be working for me... so I'll post it here. The 3 questions are sort of related.

1. I didn't fill for Federal Taxes last year (for 2002). Can I still fill for them?

2. I have to make an amendment for a mistake on an old 2000 tax return. I mistakenly filed for a academic credit I didn't qualify for. What is easy way to go about fixing this? I can't find my copies of papers I did for that year... 🙁

3. Related to #1 and #2, Do I make amendent for mistake in 2002 tax or this year's? I procrastinated too much on it and never got it done last year..

edit: Thanks for any help!
Click to expand...

Yes - you can file your 2002 return and probably should. IF Uncle finds income reported by an employer and no matching return, he can get upset. If he then comes looking for you, look out. Guilty until proven (impossible) innocent.

It is probably to late to change a 2000 return. Adjustments/compensation by making a modification for 2001, 2002 or adjusting on your 2003 return is taboo.

Regarding #3, the question is unclear. You have not filed 2002 so how can you have a mistake.


 
Originally posted by: EagleKeeper
Yes - you can file your 2002 return and probably should. IF Uncle finds income reported by an employer and no matching return, he can get upset. If he then comes looking for you, look out. Guilty until proven (impossible) innocent.

It is probably to late to change a 2000 return. Adjustments/compensation by making a modification for 2001, 2002 or adjusting on your 2003 return is taboo.

Regarding #3, the question is unclear. You have not filed 2002 so how can you have a mistake.
Click to expand...

In regards to #2+3, How do I fix my mistake from 2000? I was directed to the 1040x last year. Is that a form I do in conjunction with the other tax forms? Or is it a form that is separate from everything else?

I'm assuming that my mistake is not something that the IRS will forget about.. 🙂

edit: In filing for last year's taxes, do I just use last year's forms? Nothing different about it, like how I would do it normally?

I was assuming that the my 2000 tax mistake would affect my method of doing taxes for last year, which is why I asked if I could fix it in the 2002 return.
 
I found my old tax forms from 2000! 🙂

If I"m going to file for my 2002 tax return, I just use the 2002 forms, right?
 
Any 2000 tax year adjustments need to be done on a 1040X for that year. The 2002 can be done on a 2002 form.
 


Originally posted by: aceO07

If I"m going to file for my 2002 tax return, I just use the 2002 forms, right?
Click to expand...

Correct

Originally posted by: aceO07
I found my old tax forms from 2000! 🙂
Click to expand...
We are checking on how to (or is it is possible to) correct for 2000.

 
Originally posted by: EagleKeeper
Originally posted by: aceO07

If I"m going to file for my 2002 tax return, I just use the 2002 forms, right?
Click to expand...

Correct

Originally posted by: aceO07
I found my old tax forms from 2000! 🙂
Click to expand...
We are checking on how to (or is it is possible to) correct for 2000.
Click to expand...

As EagleKeep reminded me aceO07, you only have 3 years to file a 1040X for a refund. It seems that the statue of limitations has been met in this case. Sorry for the confusion, I read your question too fast. 😱
 
Flat tax. Consupmtion tax. VAT. forget about the complicated tax codes. (This from some one who works in an industry that try to take advantge of the loopholes in the tax codes).
 
Originally posted by: ectx
Flat tax. Consupmtion tax. VAT. forget about the complicated tax codes. (This from some one who works in an industry that try to take advantge of the loopholes in the tax codes).
Click to expand...

I think 'consumption' may have had a lot to do with this post 🙂 Care to rephrase this? 😉

Å

 
Originally posted by: CPA
As EagleKeep reminded me aceO07, you only have 3 years to file a 1040X for a refund. It seems that the statue of limitations has been met in this case. Sorry for the confusion, I read your question too fast. 😱
Click to expand...

It's not for a refund.. 🙁 I got overpaid for an education credit I wasn't supposed to get.. 🙁 So, what do I need to do now? I did the 1040x and figured out how much I owe them. Do I just mail that in, or is there a new procedure now?

Thanks for all your help guys, EagleKeeper and CPA.
 
Originally posted by: aceO07
Originally posted by: CPA
As EagleKeep reminded me aceO07, you only have 3 years to file a 1040X for a refund. It seems that the statue of limitations has been met in this case. Sorry for the confusion, I read your question too fast. 😱
Click to expand...

It's not for a refund.. 🙁 I got overpaid for an education credit I wasn't supposed to get.. 🙁 So, what do I need to do now? I did the 1040x and figured out how much I owe them. Do I just mail that in, or is there a new procedure now?

Thanks for all your help guys, EagleKeeper and CPA.
Click to expand...

There is nothing that can be done for Tax Year 2000. Paperwork can not be processed.
If you try to force the issue, Uncle may put you under a magnifing glass.

IF you wish to add a gift to your taxes as a seperate check, that is up to you.

 
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