5th Annual Tax Thread - 2007

[MageXX9]

Here's my situation:

-I recieved money from a trust in April of 2007. The trust ended and everyone recieved their money. I now have a Schedule K-1 (Form 1041). My father said I didn't need to do anything with this, but I'm not sure.

-I'm a dumbass (long story), and was paid from a job I worked all through 2007 with not taxes taken out. I now have a 1099, anything I can do to deduct how much I'm having to pay back. Can I really deduct mileage getting to/from the office?

-I have a W-2 from another job, that's easy.

-I have some charity donations, and tuition information, I saw where to enter the tuition, but where do I put the charity.

-I plan on using the free file since I only made about $13,000, but it won't allow me to enter the 1041, so if I have to do something with it, I guess I'll go to someone.

Thanks!

 

[biff 24 2000]

Originally posted by: EagleKeeper

Originally posted by: biff 24 2000
hey guys i have question about filing my federal tax return. I'm active duty military and taxslayer.com will file my taxes for free, so i used it and put in all my W-2 info an my refund came out to be 1,010. that is the same amount of my federal tax income withheld, so it says I'm getting back all my money? that cant be right can it? so i wanted to see what another site would say and turbo tax said i would get a return of like 357. so I'm confused. any help please, thanks.

It is very possible that with credits, your total taxes due will be zero. Therefore any Federal taxes paid will be refunded to you.

what are credits?

 

[EagleKeeper]

Originally posted by: biff 24 2000

Originally posted by: EagleKeeper

Originally posted by: biff 24 2000
hey guys i have question about filing my federal tax return. I'm active duty military and taxslayer.com will file my taxes for free, so i used it and put in all my W-2 info an my refund came out to be 1,010. that is the same amount of my federal tax income withheld, so it says I'm getting back all my money? that cant be right can it? so i wanted to see what another site would say and turbo tax said i would get a return of like 357. so I'm confused. any help please, thanks.

It is very possible that with credits, your total taxes due will be zero. Therefore any Federal taxes paid will be refunded to you.

what are credits?

Adjustments to your taxable income based on overall income,dependents, tuition, etc

 

[EagleKeeper]

Originally posted by: MageXX9
Here's my situation:

-I received money from a trust in April of 2007. The trust ended and everyone received their money. I now have a Schedule K-1 (Form 1041). My father said I didn't need to do anything with this, but I'm not sure.

-I'm a dumbass (long story), and was paid from a job I worked all through 2007 with not taxes taken out. I now have a 1099, anything I can do to deduct how much I'm having to pay back. Can I really deduct mileage getting to/from the office?

-I have a W-2 from another job, that's easy.

-I have some charity donations, and tuition information, I saw where to enter the tuition, but where do I put the charity.

-I plan on using the free file since I only made about $13,000, but it won't allow me to enter the 1041, so if I have to do something with it, I guess I'll go to someone.

Thanks!

The 1099 allows you to deduct any related expenses regarding that income via the Schedule C.

Charity will only be relevant if you itemize. You will have to have over 5K of itemizations / expenses for anything to be of a benefit there.

Most tax S/W should handle a Schedule K-1.

I checked on TaxCut and TurboTax - both ask questions about it.

 

[biff 24 2000]

Originally posted by: EagleKeeper

Originally posted by: biff 24 2000

Originally posted by: EagleKeeper

Originally posted by: biff 24 2000
hey guys i have question about filing my federal tax return. I'm active duty military and taxslayer.com will file my taxes for free, so i used it and put in all my W-2 info an my refund came out to be 1,010. that is the same amount of my federal tax income withheld, so it says I'm getting back all my money? that cant be right can it? so i wanted to see what another site would say and turbo tax said i would get a return of like 357. so I'm confused. any help please, thanks.

It is very possible that with credits, your total taxes due will be zero. Therefore any Federal taxes paid will be refunded to you.

what are credits?

Adjustments to your taxable income based on overall income,dependents, tuition, etc

ok thanks.

 

[MageXX9]

Originally posted by: EagleKeeper

Originally posted by: MageXX9
Here's my situation:

-I received money from a trust in April of 2007. The trust ended and everyone received their money. I now have a Schedule K-1 (Form 1041). My father said I didn't need to do anything with this, but I'm not sure.

-I'm a dumbass (long story), and was paid from a job I worked all through 2007 with not taxes taken out. I now have a 1099, anything I can do to deduct how much I'm having to pay back. Can I really deduct mileage getting to/from the office?

-I have a W-2 from another job, that's easy.

-I have some charity donations, and tuition information, I saw where to enter the tuition, but where do I put the charity.

-I plan on using the free file since I only made about $13,000, but it won't allow me to enter the 1041, so if I have to do something with it, I guess I'll go to someone.

Thanks!

The 1099 allows you to deduct any related expenses regarding that income via the Schedule C.

Charity will only be relevant if you itemize. You will have to have over 5K of itemizations / expenses for anything to be of a benefit there.

Most tax S/W should handle a Schedule K-1.

I checked on TaxCut and TurboTax - both ask questions about it.

I used this software and it said the free version doesn't support the K-1.

Should I expense my mileage to/from the office? About 28 miles each way. Can I?

Thanks

 

[EagleKeeper]

Originally posted by: MageXX9

Originally posted by: EagleKeeper

Originally posted by: MageXX9
Here's my situation:

-I received money from a trust in April of 2007. The trust ended and everyone received their money. I now have a Schedule K-1 (Form 1041). My father said I didn't need to do anything with this, but I'm not sure.

-I'm a dumbass (long story), and was paid from a job I worked all through 2007 with not taxes taken out. I now have a 1099, anything I can do to deduct how much I'm having to pay back. Can I really deduct mileage getting to/from the office?

-I have a W-2 from another job, that's easy.

-I have some charity donations, and tuition information, I saw where to enter the tuition, but where do I put the charity.

-I plan on using the free file since I only made about $13,000, but it won't allow me to enter the 1041, so if I have to do something with it, I guess I'll go to someone.

Thanks!

The 1099 allows you to deduct any related expenses regarding that income via the Schedule C.

Charity will only be relevant if you itemize. You will have to have over 5K of itemizations / expenses for anything to be of a benefit there.

Most tax S/W should handle a Schedule K-1.

I checked on TaxCut and Turbo Tax - both ask questions about it.

I used this software and it said the free version doesn't support the K-1.

Should I expense my mileage to/from the office? About 28 miles each way. Can I?

Thanks

Checking the TT help for online shows this web page info

I checked also TaxCut and TaxAct online and they both have references to entering the data within the help system.

As stated before, I have checked the both TaxCut and TT S/W and those paid packages also support it.


Mileage for travel to a client is able to be expensed on the Schedule C

When you do so, also check the mileage benefit against using actual expenses for the vehicle (including maintenance, fuel, insurance, registration, depreciation, cleaning, etc)

 

[Ns1]

Yo EK-

Got a fairly simple question for you.

I got a friend who made about 1k in 2006 - 1099, nonemployee compensation. His taxable income = 0. His SE tax is 147. So the return is basically a bunch of 0's, with 0 tax on line 44, but 147 SE tax on line 58 correct? Total tax due = 147.

Also, since it is a 2006 return, do I just mail it into the IRS with payment (147) and let them figure out the penalty + interest?

 

[pennylane]

Hello. I'm filing taxes for the first time (using TurboTax) and I just want to double-check something.

I made my Roth IRA 2007 contribution in 2008 (just a couple weeks ago). I don't have to report that in my income right? I didn't receive a Form 1099-R. I tried downloading it from Fidelity (I have the IRA through them) and Fidelity said it was unavailable or some other generic error message. Would I have to report it for 2008 since it's a Roth IRA?

Thanks.

 

[Ns1]

Originally posted by: fanerman91
Hello. I'm filing taxes for the first time (using TurboTax) and I just want to double-check something.

I made my Roth IRA 2007 contribution in 2008 (just a couple weeks ago). I don't have to report that in my income right? I didn't receive a Form 1099-R. I tried downloading it from Fidelity (I have the IRA through them) and Fidelity said it was unavailable or some other generic error message. Would I have to report it for 2008 since it's a Roth IRA?

Thanks.

No, your roth IRA has no impact on your tax situation (unless you hit the threshold limits) because it's made with after-tax dollars (ie you derive no tax benefit from it this year).

 

[JJChicken]

Originally posted by: Ns1

Originally posted by: fanerman91
Hello. I'm filing taxes for the first time (using TurboTax) and I just want to double-check something.

I made my Roth IRA 2007 contribution in 2008 (just a couple weeks ago). I don't have to report that in my income right? I didn't receive a Form 1099-R. I tried downloading it from Fidelity (I have the IRA through them) and Fidelity said it was unavailable or some other generic error message. Would I have to report it for 2008 since it's a Roth IRA?

Thanks.

No, your roth IRA has no impact on your tax situation (unless you hit the threshold limits) because it's made with after-tax dollars (ie you derive no tax benefit from it this year).

Yep, spot on.

 

[EagleKeeper]

Originally posted by: Ns1
Yo EK-

Got a fairly simple question for you.

I got a friend who made about 1k in 2006 - 1099, nonemployee compensation. His taxable income = 0. His SE tax is 147. So the return is basically a bunch of 0's, with 0 tax on line 44, but 147 SE tax on line 58 correct? Total tax due = 147.

Also, since it is a 2006 return, do I just mail it into the IRS with payment (147) and let them figure out the penalty + interest?

Yes - the taxpayer is not allowed to make that determination.

 

[pennylane]

Originally posted by: Barack Obama

Originally posted by: Ns1

Originally posted by: fanerman91
Hello. I'm filing taxes for the first time (using TurboTax) and I just want to double-check something.

I made my Roth IRA 2007 contribution in 2008 (just a couple weeks ago). I don't have to report that in my income right? I didn't receive a Form 1099-R. I tried downloading it from Fidelity (I have the IRA through them) and Fidelity said it was unavailable or some other generic error message. Would I have to report it for 2008 since it's a Roth IRA?

Thanks.

No, your roth IRA has no impact on your tax situation (unless you hit the threshold limits) because it's made with after-tax dollars (ie you derive no tax benefit from it this year).

Yep, spot on.

Thanks. Finally done with my first taxes. This has been a long and frustrating experience, but it should make taxes easier to deal with next year and beyond.

 

[Spacehead]

I'm filing a 1040 & have a question about unemployment.
I received a UC-1099G from PA showing the total payments for the year & $200 of tax withheld. On the 1040 form, line 64 "Federal income tax withheld from W-2 & 1099", should i include the $200 along with the amount on my W-2?

The instructions for line 64 say only W-2, W-2G & 1099R should be included.

 

[EagleKeeper]

Originally posted by: Spacehead
I'm filing a 1040 & have a question about unemployment.
I received a UC-1099G from PA showing the total payments for the year & $200 of tax withheld. On the 1040 form, line 64 "Federal income tax withheld from W-2 & 1099", should i include the $200 along with the amount on my W-2?

The instructions for line 64 say only W-2, W-2G & 1099R should be included.

You should also put in any Federal Taxes withheld.

Most times, peopel do not have Fed tax withheld from unemployment payments.

Tax S/W will handle this for you.

 

[nakedfrog]

I don't suppose our tax-knowledgeable folks have any insight on whether or not the tax credit for having Energy Star windows installed will be available when I file my 2008 taxes? Having the windows installed today.

 

[Spacehead]

Originally posted by: EagleKeeper

Originally posted by: Spacehead
I'm filing a 1040 & have a question about unemployment.
I received a UC-1099G from PA showing the total payments for the year & $200 of tax withheld. On the 1040 form, line 64 "Federal income tax withheld from W-2 & 1099", should i include the $200 along with the amount on my W-2?

The instructions for line 64 say only W-2, W-2G & 1099R should be included.

You should also put in any Federal Taxes withheld.

Most times, peopel do not have Fed tax withheld from unemployment payments.

Tax S/W will handle this for you.

Thanks you

When i got laid off in Oct of '06 i didn't have any taxes taken out as i figured that late in the year things would be covered.
When i was still laid off at the beginning of '07 i figured i better have taxes taken out, not knowing how much longer i'd still be off work.

Not using software... still doing it the old fashioned way

 

[Ns1]

Originally posted by: nakedfrog
I don't suppose our tax-knowledgeable folks have any insight on whether or not the tax credit for having Energy Star windows installed will be available when I file my 2008 taxes? Having the windows installed today.

expired

 

[nakedfrog]

Originally posted by: Ns1

Originally posted by: nakedfrog
I don't suppose our tax-knowledgeable folks have any insight on whether or not the tax credit for having Energy Star windows installed will be available when I file my 2008 taxes? Having the windows installed today.

expired

Yeah, I know that, I'm wondering if they know if there will be one for this tax year as well

Edit: answered my own question via Google

On February 27, 2008, the House passed $18.1 billion in renewable energy tax incentives (H.R. 5351), including an extension of the tax credit for energy-efficient home improvements. The bill is similar to the one passed last year, which was ultimately removed from the 2007 Energy Bill, signed into law in December 2007. This bill must still pass in the Senate, and be signed by the President to become law.

 

[Ns1]

Originally posted by: nakedfrog

Originally posted by: Ns1

Originally posted by: nakedfrog
I don't suppose our tax-knowledgeable folks have any insight on whether or not the tax credit for having Energy Star windows installed will be available when I file my 2008 taxes? Having the windows installed today.

expired

Yeah, I know that, I'm wondering if they know if there will be one for this tax year as well

negative

increase your basis though so you can report less gain when you sell the house

 

[nakedfrog]

Originally posted by: Ns1

Originally posted by: nakedfrog

Originally posted by: Ns1

Originally posted by: nakedfrog
I don't suppose our tax-knowledgeable folks have any insight on whether or not the tax credit for having Energy Star windows installed will be available when I file my 2008 taxes? Having the windows installed today.

expired

Yeah, I know that, I'm wondering if they know if there will be one for this tax year as well

negative

increase your basis though so you can report less gain when you sell the house

Increase my what?

 

[EagleKeeper]

Originally posted by: Spacehead

Originally posted by: EagleKeeper

Originally posted by: Spacehead
I'm filing a 1040 & have a question about unemployment.
I received a UC-1099G from PA showing the total payments for the year & $200 of tax withheld. On the 1040 form, line 64 "Federal income tax withheld from W-2 & 1099", should i include the $200 along with the amount on my W-2?

The instructions for line 64 say only W-2, W-2G & 1099R should be included.

You should also put in any Federal Taxes withheld.

Most times, peopel do not have Fed tax withheld from unemployment payments.

Tax S/W will handle this for you.

Thanks you

When i got laid off in Oct of '06 i didn't have any taxes taken out as i figured that late in the year things would be covered.
When i was still laid off at the beginning of '07 i figured i better have taxes taken out, not knowing how much longer i'd still be off work.

Not using software... still doing it the old fashioned way

Some online S/W is free - at least use it w/out filing to verify your numbers (placement)

 

[Ns1]

Originally posted by: nakedfrog

Originally posted by: Ns1

Originally posted by: nakedfrog

Originally posted by: Ns1

Originally posted by: nakedfrog
I don't suppose our tax-knowledgeable folks have any insight on whether or not the tax credit for having Energy Star windows installed will be available when I file my 2008 taxes? Having the windows installed today.

expired

Yeah, I know that, I'm wondering if they know if there will be one for this tax year as well

negative

increase your basis though so you can report less gain when you sell the house

Increase my what?

Basis of your house. When you sell it the formula is

Sale Price - Basis - Exclusion = Gain

Generally basis is the "cost" of your house, +household improvements.

So keep your receipts.

 

[EagleKeeper]

Originally posted by: nakedfrog

Originally posted by: Ns1

Originally posted by: nakedfrog

Originally posted by: Ns1

Originally posted by: nakedfrog
I don't suppose our tax-knowledgeable folks have any insight on whether or not the tax credit for having Energy Star windows installed will be available when I file my 2008 taxes? Having the windows installed today.

expired

Yeah, I know that, I'm wondering if they know if there will be one for this tax year as well

negative

increase your basis though so you can report less gain when you sell the house

Increase my what?

Cost basis of the house.

Equivalent to the amount you paid for the house + what ever enhancements/improvements you have added to make the house more valuable.

However, unless you end up with $250K (single) / $500K (married) in profit (selling price of the house vs overall cost), it will have no difference.

 

[nakedfrog]

Originally posted by: EagleKeeper
Cost basis of the house.

Equivalent to the amount you paid for the house + what ever enhancements/improvements you have added to make the house more valuable.

However, unless you end up with $250K (single) / $500K (married) in profit (selling price of the house vs overall cost), it will have no difference.

Okay, thanks
There's pretty much no way that could possibly happen (I only paid $77k for it to begin with), but I'll keep my receipts all the same.