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For one thing, you should refuse to let Stupid Magazine use your likeness without doling out some Benjamins for the privilege.
Posts: 37449 | Registered: May 1999
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I have a question. I moved to Virginia from Texas last April. Virginia has income tax, and Texas doesn't. Do I just pay income tax on the money I earned while I was living in Virginia, or do I have to pay state income tax for the whole year? How do I separate that?
Posts: 26077 | Registered: Mar 2000
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Boon
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(My expertise is in federal, but I'll answer your question as well as I can.)
Generally, how it works is this: your total income goes somewhere on your state return, but you only pay taxes on the portion you actually earned there. You'll need to do a part-year return for Virginia.
If you find yourself confused, or just want some help, I'll be happy to read up on it and give you specific advice when you're ready.
For now, though, it's just too hard to know about all the states that have income tax. The instructions for the part-year return should have all the information you need.
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Boon
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I just finished filing my taxes online.
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Basically it was just me asking you to sign onto AIM if you get the chance, for like fifteen minutes, to answer some questions and guide me through filing online.
Posts: 21898 | Registered: Nov 2004
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posted
We also filed online already-- we're getting upwards of $5200 back from Federal and a little more than $60 back from the state. Considering that we had almost nothing withheld this year, that's not bad...
And tickets from here to Tulsa are less than $200/person... Hey, Boon! Know what that means? Even after most of it is set aside to pay debts looks like we're coming to visit you.
Posts: 21182 | Registered: Sep 2004
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Boon
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you have no idea how happy that makes me! WOOHOOOOO!!!
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I can't figure how (or whether) to deduct my expenses for a writing class I took last year. I'm not in college, not traditional age.
I recommend against TaxAct this year. It worked great for me the past 2 years, but this time, instead of asking me questions so it can tell me how to record an expense, it asks me how I want to record the expense, and I can't figure the right way. It also won't let me look at the forms it's going to print before I print them.
Posts: 1877 | Registered: Apr 2005
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I still haven't done my taxes yet. I went to H and R B and found out I won't get enough to skin a flea. That is sad.
Posts: 9942 | Registered: Mar 2003
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quote:Originally posted by Synesthesia: I still haven't done my taxes yet. I went to H and R B and found out I won't get enough to skin a flea. That is sad.
Sad the government did not get an interest free loan?
Posts: 3134 | Registered: Mar 2005
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quote:Originally posted by Boon: you have no idea how happy that makes me! WOOHOOOOO!!!
Of course, now Jeff is hemming and hawing about when he'd be able to do it. So it might be just me and the girls. But I'm sure you won't mind, right? Posts: 21182 | Registered: Sep 2004
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I just had HR Block look at mine, and they say that there was too much buying and selling of stocks to make my life easy. I think I'm going to have to file myself next year because it got REALLY expensive.
Makes me want to ruin some tea.
Posts: 1156 | Registered: Jan 2004
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Woah there, let's not go overboard with our reactions. Posts: 21898 | Registered: Nov 2004
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Boon
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quote:Originally posted by airmanfour: I just had HR Block look at mine, and they say that there was too much buying and selling of stocks to make my life easy. I think I'm going to have to file myself next year because it got REALLY expensive.
Makes me want to ruin some tea.
Stock buying/selling does NOT make them THAT much more complicated. It would add, maybe a minute per transaction to the process, if that. Much less if they were done through the same company and are reported on the same 1099-B.
The prep companies charge a lot for Schedule B because, well, they can. Most people don't realize how very...not hard...preparing your own taxes can be.
Furthermore, the software they use is EXTREMELY similar to the commercial software packages available in the retail stores and online. There's really not much you need to know to do a Sch B. Most of it, the software does for you.
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Boon
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quote:Originally posted by Lyrhawn: I just finished e-filing under the expert guiding hand of Boon and it was AMAZING.
Not only am I getting more back than I ever have before (pretty much everything I paid in taxes this year), but it was easy, free, and FUN!
Everyone should e-file! Everyone should also give Boon a HUGE friggin' round of applause for providing help. Utterly amazing.
(((Boon)))
I was very happy to help you. It really *was* fun seeing those numbers in the corner go up and up, wasn't it?
I recall you also referring to the software as "miraculous."
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Boon
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quote:Originally posted by Will B: I can't figure how (or whether) to deduct my expenses for a writing class I took last year. I'm not in college, not traditional age.
I recommend against TaxAct this year. It worked great for me the past 2 years, but this time, instead of asking me questions so it can tell me how to record an expense, it asks me how I want to record the expense, and I can't figure the right way. It also won't let me look at the forms it's going to print before I print them.
First of all, I'm confused by your "traditional age" comment. Your age has nothing to do with whether or not you get a credit for it.
Did you go to college for at least 1/2 a full load, for at least one semester? If so, you can claim it as either Hope or Lifetime Learning Credit.
If not, you can still claim it as an employee business expense if it helped you keep or get a job (or will) and you itemize.
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Boon
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quote:Originally posted by ketchupqueen: Of course, now Jeff is hemming and hawing about when he'd be able to do it. So it might be just me and the girls. But I'm sure you won't mind, right?
:thwacks Jeff:
Umm...no, of course I wouldn't mind. Not that I don't like Jeff or anything, but it may be more convenient that way, provided you don't mind travelling alone. First, it would make it easier to convince my husband to let you stay here. It would also make transportation easier, since we'd all fit in the van.
That would mean only two adults to deal with three little ones, though...although my older two are a big help in that regard. I still do have one stroller, but the toddlers would have to walk everywhere. And I'm assuming you'd bring at least one carseat on the plane. Since I have one extra, those'd be covered.
quote:Originally posted by Boon: Did you go to college for at least 1/2 a full load, for at least one semester? If so, you can claim it as either Hope or Lifetime Learning Credit.
If not, you can still claim it as an employee business expense if it helped you keep or get a job (or will) and you itemize.
I took a 3-hour class. It doesn't relate to my job. (It *may* get me a new job, but I can't prove that yet!)
Posts: 1877 | Registered: Apr 2005
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quote:Originally posted by Boon: I used TaxACT with my sister. It wasn't as user-friendly as TurboTax, but it was fine. I can get on AIM again if you'd like.
If you could get on AIM in like 15 minutes (I'm going to be eating dinner in just a moment) and can help me walk her through it, and so long as the e-filing is free, I'd be even more greatful than before (if that's even possible!)
She's just nervous about using anything other than our usual family tax guy for taxes.
Edit to add: or at any point in the next hour or so, I'll be around whenever you have a chance. Thanks
quote:Originally posted by ketchupqueen: Of course, now Jeff is hemming and hawing about when he'd be able to do it. So it might be just me and the girls. But I'm sure you won't mind, right?
:thwacks Jeff:
Umm...no, of course I wouldn't mind. Not that I don't like Jeff or anything, but it may be more convenient that way, provided you don't mind travelling alone. First, it would make it easier to convince my husband to let you stay here. It would also make transportation easier, since we'd all fit in the van.
That would mean only two adults to deal with three little ones, though...although my older two are a big help in that regard. I still do have one stroller, but the toddlers would have to walk everywhere. And I'm assuming you'd bring at least one carseat on the plane. Since I have one extra, those'd be covered.
This is so much fun...
That would be awesome. I'd bring strollers, of course (can't get through an airport without them!) We just ordered stroller connectors that connect our two umbrella strollers. So you deal with Boo and I can handle mine in their strollers. I'll bring a carseat for Bridget and we even have a portable one if you don't have an extra with a five-point harness for Ems (she's still skinny enough to need a five-point harness.) I do not, in fact, mind travelling alone with kids, and am pretty good at it most of the time. The only issue would be getting Emma over not seeing Abba for a few days, but she's dealt with that before... So the only thing to work out would be sleeping arrangements. And if necessary we could stay somewhere else, though of course I would prefer staying with you. But you might not like it because Emma and I are on weird sleep schedules and she tends to cry a lot about going to sleep at night.
Posts: 21182 | Registered: Sep 2004
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Boon, I guess I don't understand how the child tax credit works. We paid in $809 in FIT, but we are getting back $1,702. Does that sound reasonable?
Thanks for having this thread!
Posts: 399 | Registered: Sep 2002
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posted
Is one able to claim one's self as a dependent if one only rents, not owns one's home?
Posts: 6689 | Registered: Jan 2005
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Boon
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quote:Originally posted by Mama Squirrel: Boon, I guess I don't understand how the child tax credit works. We paid in $809 in FIT, but we are getting back $1,702. Does that sound reasonable?
Thanks for having this thread!
Well, without the rest of your numbers, it's hard to say. I'm sending you my phone number. Feel free to give me a call and I'll work up the numbers for you. Should take about ten minutes.
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Boon
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quote:Originally posted by Puffy Treat: Is one able to claim one's self as a dependent if one only rents, not owns one's home?
??
One does not ever claim one's self as a dependent. One does claim an exemption for one's self if no one else is claiming one as a dependent.
I think you're combining personal exemptions and standard/itemizing deductions. They're two different animals.
Personal exemptions are when you get to knock $3300 per person you support (including yourself) off your taxable income.
Deductions reduce your taxable income further by allowing you to either choose the standard rate for your marital status, or deducting your mortgage interest, taxes paid, part of your medical expenses, etc.
I hope you're feeling better by now. From the sounds of it, my version of tonsilitis/strep throat was much milder than yours.
A few posts up, you mentioned that my return sounded "fun", and I'm going to take your word for it.
I've got all the paperwork and numbers, and I even went through the forms once already. If you want to take a look, I just need to know how to get in touch with you.
(I sent an e-mail a few weeks ago, but it is possible that a spam-catcher ate it. Or vice-versa on your reply. At any rate, the e-mail in my Hatrack profile works fine.)
Posts: 1813 | Registered: Apr 2001
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This sucks. A few days before tax time, I forced myself to clean and found some sort of Americorps service thing which said I used $647 to pay interest on a student loan. Does this mean I will own the government MORE money? Worse, I finished my state taxes and have already gotten the refund. Why are these people driving me crazy? Do i have to include this in my fed taxes or will I get audited or something? I don't want to do it if they will charge me more money, and I have no idea how to add it!
Posts: 9942 | Registered: Mar 2003
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interest paid on student loans is tax deductible. So you would actually get back more money by reporting it.
Not including something doesn't necessarily mean anything...unless you get caught. Which is unlikely, but a possibility. But again, in this case you're actually losing out on money by not reporting that. I have no idea how to ammend a return(or if it's even possible) that's already been sent in.
Posts: 8741 | Registered: Apr 2001
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Ok, it seems I will get a refund, but I am confused because I don't understand so If I get audited, what can I do?
As long as they don't shoot me in front of a firing squad. It's really not enough money to skin a flea.
Posts: 9942 | Registered: Mar 2003
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It's not all that hard to file an amended return. I did so almost three years ago, when I forgot a measley amount of interest on a savings account. It only made a slight difference, but the freedom of conscience was worth it.
(I just submitted my return on Sunday. They took the money out of my account today. )
Posts: 1813 | Registered: Apr 2001
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I have a question. My father owns his house free-and-clear. He spends most of the year traveling in his RV, I am living in his house, and it's understood that it's going to be my house from now on. When he comes back to stay it'll be because he's an invalid and I'll just take care of him, but the mastery of the house has de facto already passed to me.
Would it be possible for me to "buy" his house from him? I could pay him every month and get to deduct the payments on my tax return, and he would just put the money in an investment account with me as the beneficiary, and when he dies I would inherit it all back again!
Does that work at all?
Posts: 454 | Registered: Mar 2005
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quote:Would it be possible for me to "buy" his house from him? I could pay him every month and get to deduct the payments on my tax return, and he would just put the money in an investment account with me as the beneficiary, and when he dies I would inherit it all back again!
An attorney specializing in estate planning with a federal income tax practice should be able to make it work. If it's possible, there will be requirements to make it a real transaction that might vary from state to state.
Not sure what you'd gain, though, except a stepped up basis on whatever he invests in. Your father would have to pay taxes on the interest portion of your payments, so I'm not sure that would be a benefit.
If you go to the estate planner, go with a set of goals and not a plan in mind. Depending on what you're trying to accomplish, there are many different possibilities that could serve your goals better.
Posts: 26071 | Registered: Oct 2003
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quote:Your father would have to pay taxes on the interest portion of your payments, so I'm not sure that would be a benefit.
Oh yeah. He currently lives on social security so he doesn't really pay taxes at all. I guess I couldn't buy the house for $10,000 a year or whatever the amount would have to be to still keep him at 0 taxes?
Probably more trouble (and risk of the wrath of the IRS) than it's worth.
Posts: 454 | Registered: Mar 2005
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In your situation, I'd still go see an estate planning attorney. I cannot make any specific suggestions, but there are useful, relatively cheap things that can be done in this situation that can save a lot of time and hassle while still protecting both you and your father.
Posts: 26071 | Registered: Oct 2003
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I don't have a mortgage, but it was my impression that only the interest was deductible and not the entire payment.
Posts: 26077 | Registered: Mar 2000
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I just finished and filed my taxes. It was pretty ugly. I'm sure there's a mistake in there somewhere, either on the filing end or elsewhere, and I'd like to avoid paying -- again -- next year. Would you mind doing a postmortem?
Posts: 753 | Registered: Mar 2001
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Even after most of it is set aside to pay debts looks like we're coming to visit you.
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So it might be just me and the girls. But I'm sure you won't mind, right? ![[Wink]](wink.gif)
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