Originally posted by: Iilac
Hey EagleKeeper
This might had been answered aleady but I recently sold a stock. Am I taxed on the difference that I brought in and sold at or am I taxed of the whole amount that I sold the stock for? Also where on the tax form, where I will put down this infomation? How do I get schedule B?
Thanks
The CC statement should be able to be used to justify information on the Form 2106Originally posted by: EKKC
I have a question, more for this year and not 2006. but it won't hurt to prepare:
My job currently gets me about 110k-120k before tax, and it's through W-2. I believe that the SS tax stops after the first 97,500 of income from your employer.
However, I also started a side job on the weekend via 1099, which makes me quite some money (had 7k in 2006 that I did not invoice the customer until January, so it's all going to 2007 Income Tax, I estimate it to be in the 30k range by end of year), I am wondering if I would be TAXED separately for the social security tax for my 1099-income. The article I have read does not specify what happens if you have both W2 and 1099 income.
Article in reference: http://law.freeadvice.com/government_la...l_security_law/social_security_tax.htm
edit: another question, for my unreimbursed job expenses and side job expenses, I put them all in a separate credit card, I get paper statements but I do not keep all the receipts (example: municipal parking, gas, etc). Would that be okay?
Thanks in advance
Originally posted by: bleeb
I didn't recieve a 1099 form from my bank for my savings account, I called and they said I made too little interested to receive a form (my estimate is less than 10 dollars). Will I be penalized for not reporting this small amount? The Bank records don't even show values to be reported for interest earned.
1) The Tax S/W will only report what you enter and what options you select. It is very possible that you ignored some questions which led to the large discrepency.Originally posted by: Fritzo
We pay an accountant to do our taxes, and it is WELL WORTH IT. Turbotax was going to give us $654 for a refund. Our accountant found we were eligible for huge tax breaks because of our new house, the way our income was distributed, and other assets we had---we're getting back $7000+ now!
7000 X WOOOT!!! = ME!!!
Originally posted by: fallenangel99
I opened a Roth IRA in 2005 with $4000. I withdrew everything, which was only $3900 in March of 2006. I didn't take any penalty since I didn't earn any money on it and I only took out what I put in (with a $100 loss).
Anyway, I got a 1099-R from Fidelity and none of the taxable boxes are checked off. However, when I put the above info in TurboTax, my Refund Due goes from $856 to -$600 (meaning I owe $600 now). How do I tell TurboTax that I only withdrew what I put in?
Is it ok just to skip the entire 1099-R in TurboTax?
I also opened another IRA account in 12/06 with $4000 but I didn't withdraw anything out of it. (I don't know if TurboTax is confusing the 2 different IRA accounts - even though one is open while the other is closed)
Some states may require a seperate line item for a local tax, others will lump it under the state tax.Originally posted by: Sukhoi
On the W-2 does box 17 (state tax withheld) include box 18 (local tax withheld)? Basically from what I can tell state tax forms only ever ask for box 17, so if box 18 is not included I don't understand how you know if you paid the right local tax or not.
Yes this is somewhat a state question, but I think it's the same for every state.
and bleeb I never got a 1099 for a savings account until this year (when I made $22 interest), so you're probably fine. I had always made far less interest in past years.
Originally posted by: edprush
I'm preparing my tax returns with TaxActOnline.com
I use 15% of my home for my business.
Would you have any idea why the Indirect Utility expenses are not increasing my "Allowable 2006 Expense for the Business Use of Your Home"?
Thanks.
Originally posted by: slsmnaz
I'll put all my questions in this post:
(1) I'm stuck on an issue dealing with the sale of stocks. These were ESPP shares and I held them less than a year. My company advised me that some of the gain was included in my w-2. I also received a 1099-B showing the total amt sold.
Am I correct is assuming I would take the amt on the 1099 then subtract the purchase price and taxes on the w-2 to find what I need to report to the IRS?
(2) I think I saw that medical expenses had to be over a certain % of your gross to be deducted. Mine were about 3% over last year. Is this still too small an amount?
(3) Moving expenses that were reimbursed by my company can still be deducted right?
(4) Can I deduct job search expenses even if I took a job in the same company? I persued a couple of outside jobs but did not take them.
Sorry if these have been asked and thanks for your help during this time of year. You guys make a great difference to this forum!
Originally posted by: EagleKeeper
Originally posted by: slsmnaz
I'll put all my questions in this post:
(1) I'm stuck on an issue dealing with the sale of stocks. These were ESPP shares and I held them less than a year. My company advised me that some of the gain was included in my w-2. I also received a 1099-B showing the total amt sold.
Am I correct is assuming I would take the amt on the 1099 then subtract the purchase price and taxes on the w-2 to find what I need to report to the IRS?
(2) I think I saw that medical expenses had to be over a certain % of your gross to be deducted. Mine were about 3% over last year. Is this still too small an amount?
(3) Moving expenses that were reimbursed by my company can still be deducted right?
(4) Can I deduct job search expenses even if I took a job in the same company? I persued a couple of outside jobs but did not take them.
Sorry if these have been asked and thanks for your help during this time of year. You guys make a great difference to this forum!
1) You need to determine what exactly is being reported on the W2. They should not have reported this as wages, but in some other box on the W2 with an identification code.
3) If you were re-imbursed for moving expenses as non-taxed income, then it would be fraud to claim that you paid for them.
For rental property, it should include the whole package.Originally posted by: jinduy
I'm going through turbotax right now and am working on the rental property section.
Right now i have to go through this depreciation section and it's asking me what the 'Asset Cost' is. Let's say I bought this home for $100k with $10k down. It says 'Cost' may include more than what you paid for the asset. Examples include: Sales tax, Freight, installation expenses, legal fees spent to acquire asset.
1. What do I put in the Asset Cost field? Total purchase price of the home?
2. Do i include escow fees, etc?
thanks
Originally posted by: Avalon
Upon checking up on my taxes this year, I was disappointed to learn that after standard deductions and the long distance phone credit of $30, I still owed the fed $2. I'm a full time student, 22 years of age, and neither of my parents claim me on their taxes. I made ~$11,500 part time this year. Last year, I made ~$8000 part time, and received ALL of my $500 in fed income tax back without saying I owed any at all. This year it said I owed $364 and paid $362. Is there a cutoff point as far as anual income goes that I've landed on that's suddenly caused me to incur tax?
Originally posted by: Dissipate
These tax threads crack me up. So many people begging to know how to be 'good little citizens' and conform to the byzantine tax code. As for me I am a non-filer. Haven't filed in years and don't plan on filing anytime soon. Paying 0 income tax makes my life a lot easier. I talk to people all the time who struggle to make ends meet after paying taxes.
Marital bliss does not equal a medical necessity.Originally posted by: PokerGuy
First, thanks for the great thread and service!
Now my question.... I'm itemizing as usual this year, and I'm in the process of tallying up medical expenses for the year. My wife was in the hospital for an extended stay in 2006, pregnant with our twin boys. I have significantly more than 7.5% of agi in medical expenses. While my wife was in the hospital, I drove to and from the hospital at least once every day, and parked at the hospital. I know miles driven to get medical care can be expensed (at $.18 per mile), but would I be able to claim medical driving expenses for my daily visits to her at the hospital? I know if I had driven her back and forth to a dr or hospital I could definitely claim it, but what about driving to be with her during surgeries/ultrasounds/consultations/discussions with dr's etc?
Many thanks!