The instructions state that you can take the tuition or the LLC which ever is better for you.Originally posted by: Jnetty99
Here is my questions and concerns, I?m all confused.
2007 was my last year in college. I always take the lifetime learning credit. I spent about $8000 on 2007. But I now see this new Tuition and Fees Deduction ?What is the tax benefit of the tuition and fees deduction . The tuition and fees deduction can reduce the amount of your income subject to tax by up to $4,000.?
Should I stick to the lifetime learning credit or try the tuition and fees deduction?
My other question is about itemized. I?m single and made only $30g?s. I don?t know if I should do standard deduction or itemized. I spent $5550 on Dental expenses this year. Thats my only expense that I could itemized, nothing else.
Originally posted by: Don Rodriguez
I had a stock purchase plan from an old job through the broker Computershare which basically bought QQQQ's with post-tax salary. after i left the job for convenience i kept the money there and it kept reinvesting dividends. For some reason my former employer liquidated my account earlier this year (i think they shut the plan down or something). So apparently I sold a wopping 3.952377 shares of QQQQ at 48.49 (was a nice small check for a weekend out a few months ago).
OK - Now - the majority of these shares were purchased before August 1, 2006 (there were a string of dividend reinvestments all along - the most recent one was on may 1, 2007 -- in fact via dividend reinvestment I have purchased .41 shares between november 2006 and when my shares were liquidated (9/14/07) ... and I hadnt made a non-dividend purchase in a while (i left that job in March of 2006).
How do i file this ? do i do the .41 as a short term gain and enter each transaction in (3 for the short term, the rest for the long term) and determine my basis?
Computer share doesnt have a cost basis on their tax forms and i dont see them anywhere else.
THANKS!
When i file this - do i file the .41 shares as a short term basis and the rest on a long term basis? how do i figure out my cost basis - there are a ton of allocations and dividend reinvestments (well, about 30)
Tax S/W will alert you to the filing deadlines.Originally posted by: FoBoT
i got my last paperwork today from my broker
my wife went back to college last year, so we have a form from the college to get the education credit
if we are claiming the education credit, will we have to wait for Feb. 11 to E-File? I read that the form for education credit was affected by Congress failure to act on the ATM legislation
thank you
The 1099-R is a tracking mechanism to show you withdrew money from the 401KOriginally posted by: HellHawk
I did not see anything relating to this, so here is my question...
In 2007, I rolled over the balance of a 401k into a traditional IRA account. I did this with the intention of taking a distribution from the IRA in 2008 to go towards a first time home purchase. I took the distribution in early 2008. I received in the mail today a form 1099-R from the company that I had the 401k with, stating I took a distribution, which I suppose I did but it was rolled into an IRA. When I pulled the money out of the IRA in early January, I set aside money for taxes, so I guess my question is, what on earth is this 1099-R and how am I supposed to treat this? Any insight would be appreciated.
Originally posted by: redgtxdi
Purposely redirected here for irony's sake.......
So in the last 2 years.........(in an effort to figure out WHY we keep owing so much California state tax)..........my wife and I have trimmed our W-4's down to the bones!!!
We're married w/ 2 kids and I think we're now officially both filing married & claiming ZERO!!!!!!!!!
So how do I still owe the state of Caifornia over $1K in taxes??? (My fed refund is around $2,500 and all's pretty normal there). Plenty of church donations, charities, mortgage, etc.
Heck, my boss even adjusted his payroll software to shave a few extra bucks off every paycheck for my state witholding and it STILL didn't help.
IMPORTANT PART RIGHT HERE-------> Now, if government CREATES the W-4 forms to accurately withhold taxes..........why aren't the #'s working out??? (I'd assume California and the Feds work together so W-4's gel)
(I fully expect answers like, "Hey, California is basically the most Fsck'd up state in the nation!) Did you expect an answer like "Hey, there's a stickied tax thread at the top of the forum"?? -DrPizza <---- Had to italicize to really extrapolate all the irony out of it.
Originally posted by: BaNzaiDags
Question:
Last year I spent $45k in home renovations, the only place that i see where I can deduct the money i spent is the building material costs... am i missing something?
(I remodeled kitchen, bathroom, removed walls, paint ,electrical, drywall.. new doors/moldings/casing/floors. nothing that would go toward energy star rebates. )
so if i did deduct the building materials only, how do i get totals for material if i paid contractor by the job as a flat fee where materials where included in the bid, I have a receipts but it doesn't specify what is the material cost and what is labor.
Originally posted by: BoomerD
I didn't think you could deduct renovation costs until you sold the house...
(hope to learn something new here)
Originally posted by: Nocturnal
I recently opened up an IRA, well my wife and I both opened one up. Will we be receiving the 1099 form in the mail soon? We've only contributed to it a very minute amount of money.
Originally posted by: E equals MC2
Here's an easy one for ya: What's a good, cheap tax software? My family's accountant is an aloof idiot and I think I'm gonna do it my own this year.
Turbotax, Taxcut, TaxAct, etc...
Which is the cheapest that would also allow me to file BOTH federal and state?
Instead of just saying and of them are good, I'd like it if there's more in-depth perspective on each. OTHER members are welcome to comment on this as well.
Originally posted by: EagleKeeper
Originally posted by: E equals MC2
Here's an easy one for ya: What's a good, cheap tax software? My family's accountant is an aloof idiot and I think I'm gonna do it my own this year.
Turbotax, Taxcut, TaxAct, etc...
Which is the cheapest that would also allow me to file BOTH federal and state?
Instead of just saying and of them are good, I'd like it if there's more in-depth perspective on each. OTHER members are welcome to comment on this as well.
If you read the original post - We WILL NOT recommend any one over the other. It is the user preference. The internals of all have to be blessed by the IRS.
The cheapest way to go is online, ensuring that your income situation meet the free filing requirements.
You can look around each online S/W site for clues to checking on free filing.
The big 3 have it and there are some other small ones that also offer free filing.
You also need to check do they offer the state as well.
Some states have their own online filing for full time residents.
Originally posted by: EagleKeeper
Originally posted by: Don Rodriguez
I had a stock purchase plan from an old job through the broker Computershare which basically bought QQQQ's with post-tax salary. after i left the job for convenience i kept the money there and it kept reinvesting dividends. For some reason my former employer liquidated my account earlier this year (i think they shut the plan down or something). So apparently I sold a wopping 3.952377 shares of QQQQ at 48.49 (was a nice small check for a weekend out a few months ago).
OK - Now - the majority of these shares were purchased before August 1, 2006 (there were a string of dividend reinvestments all along - the most recent one was on may 1, 2007 -- in fact via dividend reinvestment I have purchased .41 shares between november 2006 and when my shares were liquidated (9/14/07) ... and I hadnt made a non-dividend purchase in a while (i left that job in March of 2006).
How do i file this ? do i do the .41 as a short term gain and enter each transaction in (3 for the short term, the rest for the long term) and determine my basis?
Computer share doesnt have a cost basis on their tax forms and i dont see them anywhere else.
THANKS!
When i file this - do i file the .41 shares as a short term basis and the rest on a long term basis? how do i figure out my cost basis - there are a ton of allocations and dividend reinvestments (well, about 30)
This is why you keep accurate records of your stock purchases.
If you have the dates that the dividends were issued, you can find what the share prices was.
Or just take the first share price known and the last share price known, get the average and use that. You numbers seem to be small enough that the IRS will not care.
The 2007 should be classified as a short term gain, the rest would be long terms.
That is my recommendation.Originally posted by: Don Rodriguez
Originally posted by: EagleKeeper
Originally posted by: Don Rodriguez
I had a stock purchase plan from an old job through the broker Computershare which basically bought QQQQ's with post-tax salary. after i left the job for convenience i kept the money there and it kept reinvesting dividends. For some reason my former employer liquidated my account earlier this year (i think they shut the plan down or something). So apparently I sold a wopping 3.952377 shares of QQQQ at 48.49 (was a nice small check for a weekend out a few months ago).
OK - Now - the majority of these shares were purchased before August 1, 2006 (there were a string of dividend reinvestments all along - the most recent one was on may 1, 2007 -- in fact via dividend reinvestment I have purchased .41 shares between november 2006 and when my shares were liquidated (9/14/07) ... and I hadnt made a non-dividend purchase in a while (i left that job in March of 2006).
How do i file this ? do i do the .41 as a short term gain and enter each transaction in (3 for the short term, the rest for the long term) and determine my basis?
Computer share doesnt have a cost basis on their tax forms and i dont see them anywhere else.
THANKS!
When i file this - do i file the .41 shares as a short term basis and the rest on a long term basis? how do i figure out my cost basis - there are a ton of allocations and dividend reinvestments (well, about 30)
This is why you keep accurate records of your stock purchases.
If you have the dates that the dividends were issued, you can find what the share prices was.
Or just take the first share price known and the last share price known, get the average and use that. You numbers seem to be small enough that the IRS will not care.
The 2007 should be classified as a short term gain, the rest would be long terms.
so file the .41 shares as short term and the remaineder as long term?
As long as you intended on being in Colorado for the required time, you can put the relo on the 3903 for 2007Originally posted by: Gooberlx2
Relocation question:
The wife and I relocated in October 2007 from Florida to Colorado for employment reasons. Obviously we meet the 50 mile requirement, but do we have to wait one year until we can claim the deductions? Or can we do it for this tax year?
Originally posted by: EagleKeeper
As long as you intended on being in Colorado for the required time, you can put the relo on the 3903 for 2007Originally posted by: Gooberlx2
Relocation question:
The wife and I relocated in October 2007 from Florida to Colorado for employment reasons. Obviously we meet the 50 mile requirement, but do we have to wait one year until we can claim the deductions? Or can we do it for this tax year?
Originally posted by: steppinthrax
Just a little question regarding medical expenses. Do Medical Expenses include those paid to an HMO insurance company though your employer? Example, money is deducted from my paycheck for Health insurance.
I'm assuming NOT in my case since when I got my W-4 my employer backed out my Box 1 with my medical expenses. Is this what is supposed to be done?
Originally posted by: EagleKeeper
Originally posted by: steppinthrax
Just a little question regarding medical expenses. Do Medical Expenses include those paid to an HMO insurance company though your employer? Example, money is deducted from my paycheck for Health insurance.
I'm assuming NOT in my case since when I got my W-4 my employer backed out my Box 1 with my medical expenses. Is this what is supposed to be done?
The premiums that YOU pay are deductible on the Schedule A along with any other health care costs.
Note theese costs must exceed 7.5% of your income to have any effect.
Originally posted by: EagleKeeper
Originally posted by: BaNzaiDags
Question:
Last year I spent $45k in home renovations, the only place that i see where I can deduct the money i spent is the building material costs... am i missing something?
(I remodeled kitchen, bathroom, removed walls, paint ,electrical, drywall.. new doors/moldings/casing/floors. nothing that would go toward energy star rebates. )
so if i did deduct the building materials only, how do i get totals for material if i paid contractor by the job as a flat fee where materials where included in the bid, I have a receipts but it doesn't specify what is the material cost and what is labor.
The only thing that would be deductible is new energy reduction improvements.
Material costs are not deductible. Depending on your state, the sales tax could be used instead of income tax for Schedule A.
Unless this is an investment property - then everything is allowed.