Originally posted by: archcommus
I am a student and cannot deduct tuition payments or loan interest paid because I am claimed as my parents' dependent. All money paid WAS my own and not my parents'. Can my parents claim this money as deductions? If not that just seems wrong, SOMEONE should be able to deduct the 3 grand I paid for tuition.
You need to file a 1040 tax return with the W2s. You also can attach a Schedule C for the new business. The Schedule C will show expenses for the new business.Originally posted by: Mrfrog840
I started a business on December 17th in the state of Washington. It is a contractor business (home theater installation). I am contracted through CC. I never received payment from them until 2007 for the jobs we did in 2006. I also opened a bank account and deposited 20,000 USD to start my business in December. Do I still file my w2's from my previous years employers or do I need to fill out separate forms since I started my business in 2006?
I've used taxact.com for the past couple years, and it works well enough for my purposes. It was free to e-file federal and $12.95 to e-file state. The site is also listed on the IRS efile site, as are several others: TextOriginally posted by: Turin39789
I'm leaving on a trip on March 9th, and would like to have my federal return by then. How much of a delay do I get by using paper vs efile? H and R block and Turbotax won't freefile for me, and I'm not liking the other sites. I'm claiming a lifetime learning credit, so I'm not going to process right away anyway, If I get my paper return in the mail in the next few days what will you rate my chances of getting it back by March 9th? Should I bite the bullet and buy software?
Your question on timing was answered in response to a previous question of yours on the 23rd and additional answers on the 26th.Originally posted by: Turin39789
I'm leaving on a trip on March 9th, and would like to have my federal return by then. How much of a delay do I get by using paper vs efile? H and R block and Turbotax won't freefile for me, and I'm not liking the other sites. I'm claiming a lifetime learning credit, so I'm not going to process right away anyway, If I get my paper return in the mail in the next few days what will you rate my chances of getting it back by March 9th? Should I bite the bullet and buy software?
You can file as Head of Household, claiming the child as a dependant.Originally posted by: dirtylimey
I am in an interesting situation. I am married, but separated. I have 1 dependant, my son, who lives with me.
What would be my best course of action to get maximum refundage? Should I convince my wife to file with me, therefore married filing joint and end up having to split the money with her somehow, or should I file married separate? Will there be a difference in the refund between the two options?
Basically I have always been the one making the money, she barely brought any in for this tax year while we were together, she had about 3 low paying retail jobs.
Her unemployment income will be added to you regular income. She should receive a 1099-G from the state.Originally posted by: jhayx7
Unemployment question here. My wife was laid off last year at her job (sister company bought them out and moved operations to Texas) so for about 3-4 months she drew unemployment. Now, when she first started drawing unemployment she asked about taxes, they told her that should could have taxes taken out if she wanted to but she didn't.
They have not sent us anything on her unemployment for taxes but I assume that we will have to contact them to see how much she drew? Also, how bad will this hurt us since she did not have taxes withdrawn from her unemployment check?
Thanks a bunch for all of the advice you give everyone!
Thank you. My parents have no problem giving me my fair share of their refund, I just wanted to make sure they were legally allowed to deduct my tuition payments even though it was my money from my bank account. I'm assuming they can because I am their dependent.Originally posted by: EagleKeeper
Originally posted by: archcommus
I am a student and cannot deduct tuition payments or loan interest paid because I am claimed as my parents' dependent. All money paid WAS my own and not my parents'. Can my parents claim this money as deductions? If not that just seems wrong, SOMEONE should be able to deduct the 3 grand I paid for tuition.
Your parents do not have to claim the money.
Your parents do not have to claim you as a dependant.
If you can stand on your own, then file as single.
If not, then talk to your parents about you getting the tuition credit back from them.
PS: It costs between 100-150K to raise a child until age 18.
Originally posted by: UNCjigga
How do I request copies of all my 1099 forms from the IRS? I heard this was possible--since companies sending 1099s have already filed these items with the IRS and they should be available now. Do I need to make a request in writing, and if so what information must I provide and how long would the request take to process?
The reason I ask--I won't be getting my 1099s in a timely fashion since I've changed addresses twice (3 different states) during the past year and some of the organizations sending 1099s do not have my updated address. Some of my income over the past year has been from special one-time items (contest awards, etc.) and since I had to fill out tax forms to receive the awards/income I'm pretty sure there's a 1099 involved somewhere.
The LLC is available for all higher education beyond the first two undergraduate years.Originally posted by: upsciLLion
If I graduated in June 2006, can I still use the Lifetime Learning credit for the two quarters of tuition I paid in 2006, or is it only usable while you are a student?
The nursing school will qualify for the LLC or the Hope depending on how far she is into the program.Originally posted by: prontospyder
My sister (listed as my dependent) attends this non-accredited nursing school: Link
They don't provide 1098-T's. Would the tuition I help pay be tax deductible? Thanks in advance.
At that income level, you do not have to file.Originally posted by: yankeesfan
How much income before I have to file federal taxes? I only have about $1400.
What yuou are talking about is a 1099Originally posted by: Yreka
Looks like we are missing a W2(or whatever the equivalent document for a consultant). My wife had worked as a consultant for a market research firm for the first part of the year, however they are... not very professional. I understand businesses have until Jan 31, but assuming we never see a document from these guys, what is our recourse ? What (if any) would be an appropriate grace period to wait after the 31st ?
I wanna get these $^%% things done soon, and we are just waiting on this one last doc.
TYIA
They are advisory - you do not need to file the info on them.Originally posted by: Scarpozzi
Question:
I have a lot of 1098s and such from the classes I took over the last year. I basically got my tuition covered through grants. I don't have to pay taxes on them....do I even have to bother filing them? I haven't in the past simply because it didn't change anything in the taxes I owe...and still doesn't this year.
Thanks-
-Scar
Originally posted by: ScottFern
I have a question about receiving my tax forms from HSBC regarding my savings account. I earned probably $400 in interest in a money market savings account in 2006 and I have NOT received the form yet. Doesn't HSBC have to send me the form post marked by yesterday the 30th? So should I be expecting this form soon?