posted
This isn't a federal issue, but they SAID I got my state tax refund, but clearly I haven't gotten it. I am very cross... I know I got that number right too and I can't do anything about it until Monday. Makes me so mad.
Posts: 9942 | Registered: Mar 2003
| IP: Logged |
posted
Yes... I checked it yesterday. No $$$$$. Then I checked on the website, they said I got it yesterday! So I went out in the rain to look into my account. No cash. I NEED THAT MONEY! *Growls*
Posts: 9942 | Registered: Mar 2003
| IP: Logged |
posted
This has never happened before As long as my money has not gone into some other account which would make folks go WOO HOO! I GOT ALL THIS MONEY. when it is MY money... grrrrr
I'll have to call them up on Monday, but I need to buy that ticket and pay rent.
Posts: 9942 | Registered: Mar 2003
| IP: Logged |
Boon
unregistered
posted
Lots of states (and the IRS) will put on their website that your refund has been sent to you when it really hasn't. The truth is, they have one "drain" day a week, when all electronic transactions take place. As of last year, it was Thursday for the IRS and Wednesday for Oklahoma.
Also, some banks (a lot of them, actually) will sit on electronic transactions for a day or three before posting them to an account. I dunno why.
IP: Logged |
posted
It was also on a Friday too. That could have something to do with it. I hope it gets resolved soon.
Posts: 9942 | Registered: Mar 2003
| IP: Logged |
quote:Also, some banks (a lot of them, actually) will sit on electronic transactions for a day or three before posting them to an account. I dunno why.
Because they legally can, and it is quite a bit of money in their pockets.
Posts: 32919 | Registered: Mar 2003
| IP: Logged |
I have a question for you regarding moving expenses. My family and I had an employment-related move in 2005. When we saw how much the move would cost if we were to rent a moving van, we decided instead to purchase a truck and drive across the country ourselves. We purchased a shell for the truck in order to keep our things locked up while we traveled (we were on the road for five days). We ended up staying at a relative's house on the way in order to save money.
So what can we deduct from our taxes? Only the price of gas for the truck? The shell? The truck payment for that month?
posted
Boon, I'm relaying a question for a friend. She had a house fire during 2005, and she sees that she can deduct for certain casualties on her return. First, does she have to itemize each and every item of damage/loss, or can she say "household supplies" with a total? Second, it seems that the recovery service hasn't put together a final inventory. Can she file without any casualty deductions now and then file an amended return once they get final information?
Posts: 4515 | Registered: Jul 2004
| IP: Logged |
quote:I have a question for you regarding moving expenses. My family and I had an employment-related move in 2005. When we saw how much the move would cost if we were to rent a moving van, we decided instead to purchase a truck and drive across the country ourselves. We purchased a shell for the truck in order to keep our things locked up while we traveled (we were on the road for five days). We ended up staying at a relative's house on the way in order to save money.
So what can we deduct from our taxes? Only the price of gas for the truck? The shell? The truck payment for that month?
Unfortunately, because you bought the truck, it falls under "using your own car to move" and you can either use standard mileage (15-22 cents depending on when you moved) or actual expenses (gas, oil, etc.). Only out-of-pocket expenses for overnights are deductible, and meals are not.
IP: Logged |
Boon
unregistered
posted
quote:Boon, I'm relaying a question for a friend. She had a house fire during 2005, and she sees that she can deduct for certain casualties on her return. First, does she have to itemize each and every item of damage/loss, or can she say "household supplies" with a total? Second, it seems that the recovery service hasn't put together a final inventory. Can she file without any casualty deductions now and then file an amended return once they get final information?
I'd call the entire thing "House fire" with a grand total. And yes, I'd go ahead and file with what I had and amend it later.
IP: Logged |
Boon
unregistered
posted
Syn, I'm not ignoring you, I just don't know what I could do to help.
IP: Logged |
posted
Boon, I'm extremely impressed by your effort in carrying on this thread so long. You're awesome! I don't pay tax yet but I have a little question and thought this might be the place to ask: Do banks pay tax like a business, or are they not considered businesses in the same sense as the rest of them?
Posts: 1138 | Registered: Nov 2005
| IP: Logged |
Boon
unregistered
posted
I don't know, as I really don't get into corporate returns. I can find out tonight, though. After Girl Scouts.
IP: Logged |
posted
That's all I needed to know. I'm a member of a Credit Union, and I guess no banks if they don't count as such.
Posts: 1138 | Registered: Nov 2005
| IP: Logged |
posted
What are the rules regarding having a 401k and an IRA? My wife had an IRA before we got married. I have a 401k through work. She has been wanting to put more money in hers, but it was my understanding that, because I have a 401k that I contribute to, we won't get the tax benefit for putting more money in the IRA.
Posts: 4625 | Registered: Jul 2002
| IP: Logged |
quote:quote: -------------------------------------------------------------------------------- Boon, I'm relaying a question for a friend. --------------------------------------------------------------------------------
I'd call the entire thing "House fire" with a grand total. And yes, I'd go ahead and file with what I had and amend it later.
OKay, same friend: they received cash payments from the insurance company to be put toward temporary housing while their home is being repaired. Does this count as income? Would they offset the loss deduction by this amount? They haven't yet received any sort of W2 or 1099 or anything like that to make the answer easily obvious.
Posts: 4515 | Registered: Jul 2004
| IP: Logged |
posted
zgator, depends on the type of IRA (Roth, regular, etc), firstly, and secondly it depends on the combined household income (you lose some retirement plan benefits once you start making a certain amount, IIRC).
posted
Boon- thanks for your help!
Posts: 4548 | Registered: May 2001
| IP: Logged |
Boon
unregistered
posted
Goody, it'll offset the loss.
zgator, if you, your spouse, or both of you are covered by a qualified retirement plan (the retirement box is checked on your W-2), your IRA deduction may be reduced or eliminated, depending on the amount of your Modified Adjusted Gross Income and your filing status.
To decide for sure if the tax break will help you, figure your taxes as though you won't, and then as if you will. Payments must be made by 4/15 to be deductible for last year. Here's your link.
IP: Logged |
Boon
unregistered
posted
I just have to say it again, I love this thread. It makes me happy.
IP: Logged |
posted
You and KPC are both strange in the head when it comes to taxes. My aunt, too, for that matter.
Posts: 21182 | Registered: Sep 2004
| IP: Logged |
posted
So I earned approximately $3,000, recieved an additional $2200 as into-pocket financial aid, another $6,000 was given as room and board, and I was charged about $19,000 for tuition, which was covered by a mishmash of scholarships, grants, Stafford, and PLUS loans. My mother is claiming me as a dependent, and filing some sort of educational tax credits. I don't know if the money I recieved from the school or that was applied to my room and board has been taxed; I'm fairly certain it should have been. Do I need to do anything as far as the federal government is concerned? This is the first year I've worked, so the first year I had anything to report and I'm beyond confused.
edit to note that a portion of my earned income was federal workstudy, if that makes a difference.
Posts: 349 | Registered: May 2003
| IP: Logged |
posted
Yay! My taxes are unofficially done. My federal taxes are done and am waiting for my refund, and my state taxes were mailed out today. I'm so relieved. Thank you SO much, Boon!
(((Boon)))
On a somewhat random hypothetical note, I was watching the Olympics today and they were talking about this guy who won gold and was donating all his winnings to charity. Would he be taxed for that? Or would it just cancel out if he wrote that off?
Posts: 298 | Registered: Sep 2004
| IP: Logged |
Boon
unregistered
posted
Audeo, I'm really sorry I haven't answered your questions yet, and now I'm getting ready for bed. I'll come back to this tomorrow, though.
signal, happy to help!
The winnings would be income. Take out of that his standard or itemized deductions, any personal exemptions, and what's left is taxable income.
Charitable donations would fall under itemized deductions.
quote: Those itemizing deductions reduce their taxable income by the total contributed to qualified tax-exempt organizations, with some limits. The tax saving usually equals the deduction times the marginal tax rate – the top rate for the person’s income level.
For example, an individual with a taxable income of $50,000 donates $2,000 to his or her church. The tax savings from this generosity will be $500 — $2,000 times the taxpayer’s marginal tax rate of 25 percent.
posted
Looks like this thread is still open for business, so here goes:
My wife was an AmeriCorps volunteer in 2005, for which she gets an "Education Award" towards her student loans. The actual award came in January, so I don't have to worry about it until next year's taxes, but they made a separate payment in December to cover the interest on her student loans while they were deferred (Americorps lets you defer the loans). It was something like ~$500.
According to the Americorps webiste we should have received a 1099 which would show that amount as miscellaneous income. We didn't get one, and when we emailed Americorps they said that you don't have to report it if the amount is under $600.
However, we did get a 1098 from the loan holder, showing how much interest was paid, which DOES include the amount paid by Americorps (plus some paid by us.)
So, my questions: Is it true that we don't have to report the interest reimbursement as income? And can we still take a deduction for the amount on the 1098 if we don't?
Posts: 47 | Registered: Mar 2005
| IP: Logged |
posted
So it turns out my return really is 326... So unfair... I cannot understand why it is that I'm making more money and get so less back! It's almost tempting to go back to working at Stop and Shop just so my rent can be lower and I don't have to pay 4324234 dollars for my student loans. At least I'd get more time at home with the rabbit... But would probably have no cash to pay for his food. I can't win.
Posts: 9942 | Registered: Mar 2003
| IP: Logged |
posted
Great... So I finally earn more money and the government is there ready to rob me, complete with a mask and bag with dollar signs on it. *moves to Ireland and becomes a writer*
Posts: 9942 | Registered: Mar 2003
| IP: Logged |
posted
Not exactly... You get all the money you would have before... And then everything in the next tax bracket, minus your tax owed. You never take home less when you get a raise.
And anyway, if you can help it, you should aim to NEVER get a return... All that means was you gave the government an interest-free loan, for the the appearance of a cash "present". Imagine if you had an extra buck a day (if you had not had any return, and spread it through the year).
posted
How could I do that? Arrange not to give the government a loan? I NEED all of my money and they do not.
Posts: 9942 | Registered: Mar 2003
| IP: Logged |
posted
One way is to adjust your deductions for your withholding with your employer. The thing is, if you end up owing in, especially a lot, the IRS will not be happy.
You should adjust deductions for withholdings only after consulting a tax preparer.
posted
There a way I can adjust deductions for withholdings WITHOUT owing a whole lot of money? Which I hate.
Posts: 9942 | Registered: Mar 2003
| IP: Logged |
posted
Syn, as to why you got less back, there are a few possibilities. In 2004 were you in school? If so, you would have gotten a deduction on your tuition on your '04 return that you would not have gotten this year. Also, I could be wrong, but I am fairly sure that student loan interest is deductable. If you have been paying off your loans, then your interest would be less...giving you less of a deduction. In both of these cases, your lower deduction would lead to more of your income being taxed. Of course on the upside, the reason you would have gotten the deduction before is that you had made payments to your school or to pay down loan interest...this year would would not have had to make those payments, so you actually had more money during the year to use.
It is also possible that in 04 you had your employer take more money out of your paycheck. You might not have even known it was happening...maybe you didn't take any deductions in 04, but when they had you check off W4 this year, you took the correct amount of deductions. So while you are getting less back this year, it is because you gave the government less money to start with...which is a good thing.
Your tax refund is not exactly based on how much money you made in a year. Your tax refund is based on how much you paid vs. how much tax you owed the government. Both of these things are highly correlated with how much you made...but they don't mirror it exactly, since other factors such as deductions and how much you asked to be witheld on your W4 can change them.
As for adjusting your deductions, with you only getting back a bit over 300, you likely have your witholding set at a good rate. If you don't know what you are doing, adjusting your allowances can cause you to owe big chunk at the end of the year. If you were getting say, 600 back...then I'd say that if I were you I would adjust things for the next year so that you don't put so quite as much in...but even then you have to be careful, and it is best to see a tax preparer first. When you make as little as we do, getting fined for not paying enough through the year is not as much of a risk as it is for people who make a lot more (unless you had nothing withheld) BUT, you do run the risk of having to pay more than you can afford in April.
In 2004, I actually had things worked out just about perfectly (I got 42.00 back), though in '03 I messed up a bit and owed around 150.00. This year I went the other way and am getting back around 500.00, but that is not due to a problem with my calculations at the start of the year, it was due to a change in my financial situation mid year that I could not have forseen at the start of the year. I guess I could have made adjustments then, but I didn't bother.
Posts: 1901 | Registered: May 2004
| IP: Logged |
posted
Am I the only one who hasn't done her taxes?
I have a question about declaring my state tax refund. Our divorce was final on 1/11/2005, so the ex and I filed joint returns for 2004, and split the rufunds 50/50. So how do we declare the state refund this year, each do our half or does one of us have to do the whole thing?
posted
Boon, thanks for helping me out earlier. I just got everything finished up. All told, I spent less than 4 hours on the 2005 Tax Project. Getting all the tax info I needed took the longest. I entered everything in on my own forms, and did my own calculations. Then I submitted everything via E-File.
I'm confident all the numbers and calculations are correct. Both E-File and my numbers matched up beautifully.
posted
Boon, are you still around and willing to help the extreme procrastinators?
I received a gift worth 499 from Apple computer and they gave me a W9 Gift Letter form and it says if an individual or organization receives $600 or more in non-employee compensation, prizes or awards, Apple is required to file a 1099-Misc. The guy who gave me the give said Aple was going to deduct the gift obviously and that I had to file this with my taxes. I have no idea where I would list this though. And do I even have to list it?
Posts: 1209 | Registered: Dec 2003
| IP: Logged |
Boon
unregistered
posted
Yes, you are legally required to claim things like this (although a lot of people don't). Put it on line 21 of your 1040.
IP: Logged |
I thought the other issue I have was going to be easy, but now I am a bit stumped.
I wrote an article for an online computer publisher and they sent me a 1099-MISC and listed the money given to me as nonemployee compensation (box 7). I'm now pretty sure that means I have to fill out a Schedule C-EZ and SE.
So I'm trying to fill out the Schedule C-EZ and SE like I know what I'm doing... I have NO idea what to use for the six-digit code that identifies the principal business or professional activity for Schedule C-EZ. Do I use:
Printer-friendly view of this topic
![[Frown]](frown.gif)
![[Smile]](smile.gif)
![[Kiss]](graemlins/kiss.gif)
![[Big Grin]](biggrin.gif)
