And even then it might not be wholly taxable. you have to figure out (well the s/w does) how much benefit state the income taxes you claimed last year gave you in sch A. Just a point.
And even then it might not be wholly taxable. you have to figure out (well the s/w does) how much benefit state the income taxes you claimed last year gave you in sch A. Just a point.If you took the standard deduction in the prior year, the refund is not taxable in the current year. It can only be taxable if you itemize.
And even then it might not be wholly taxable. you have to figure out (well the s/w does) how much benefit state the income taxes you claimed last year gave you in sch A. Just a point.
If you took the standard deduction in the prior year, the refund is not taxable in the current year. It can only be taxable if you itemize.
I searched so I hope this hasn't been asked already.
I ran through my calculations for this year and it looks like I'm going to owe about $1000. As I understand it, I can contribute to an IRA until April 15, 2011 under the 2010 contribution limits. Does this mean that I can also deduct the amount of that contribution (assuming, for now, that its deductible) if I made it right now on my 2010 return?
I'd rather not owe if it means putting some of my savings into an IRA. Thanks in advance.
I searched so I hope this hasn't been asked already.
I ran through my calculations for this year and it looks like I'm going to owe about $1000. As I understand it, I can contribute to an IRA until April 15, 2011 under the 2010 contribution limits. Does this mean that I can also deduct the amount of that contribution (assuming, for now, that its deductible) if I made it right now on my 2010 return?
I'd rather not owe if it means putting some of my savings into an IRA. Thanks in advance.
Only is she showed up on 1 Jan. Otherwise nothing for 2010 except medical bills during pregnancy that the insurance did not cover.any tax break for my 2010 filing for a daughter born in Jan 2011? not sure there is, but that's why I am asking here.
ie: can I open an IRA for her now and mark the contribution as 2010?? I have her SSN already.
Repairs are also deductible as maintenance on the Schedule E. The HVAC work may also fall under maintenance rather than a depreciated improvement.
A special benefit the upgrade to HVAC may provide, is the Federal energy credit for 2010 if the physical units meet the criterea.
Someone should check to see if the energy credit will apply to residental income property.
She should be able to tell if taxes were withheld by looking at the pay stubs. If the tax was forwarded, that is a different story.My wife's original papers showed tax being taken out of her paycheck (which I'm guessing never actually went to New York State, since the business was founded on fraud).
I'm just about done with preparing my taxes, but I'm curious how I should be handling one part. I moved to AL in February and made all of my income (barring unemployment) in AL. For some reason, NY was set as my primary residence and as such, state taxes were paid. I noticed it about halfway through the year, but I didn't worry because I knew I'd have to file with NY anyway and the unemployment and such meant I owed them at least something.
But the problem is that my W2 for NY lists my entire income as taxable. Since I did not live there or work there while I made any of that money, 0% of it is actually taxable by NYS. So, am I allowed to simply put 0% in TurboTax or do I need to request a W2C that states 0 for taxable income from my current employer? I thought the 0% might look a little fishy, so I thought I'd ask.
Question for the tax gurus out there.
Situation: My wife started working for a "start-up" type company last year. Little did I know at the time that the owner was a thieving scumbag. He refused to ever pay my wife what he had owed her (in the end, it was 5 weeks back pay), so she left, and filed a complaint with the new york state department of labor. Of course, being New York State, they never did anything other than to say that they were investigating the guy in question (totally useless).
So now it's tax time, and here's the quandry. My wife's original papers showed tax being taken out of her paycheck (which I'm guessing never actually went to New York State, since the business was founded on fraud).
Does she still have to claim the amount paid on her taxes, and pay the extra taxes for the money given even though the owner of said scumbag company never actually filed them? Or since he paid her under the table, should she just not mention it?
She should be able to tell if taxes were withheld by looking at the pay stubs. If the tax was forwarded, that is a different story.
She would be wise to contact the SS, IRS and NY State Dept of Revenue and ask for confirmation that taxes said to be paid against listed income were actually paid.
If those taxes were not; her W2 covers her; but I would file on paper with notes attached so speed up the handling process once the discrepancy is seen.
how you want to handle under the table income is up to you. There is a slot for misc income on the 1040s, you can also use the Schedule C if desired to report the income but write off expenses against it - treating her as an independent operator.
I guess I'm kind of confused. Was she paid under the table or did she receive a W-2? Both?
If she was paid under the table, but was not considered an independent contractor, perhaps she should look into filing Form 8919 for paying the uncollected SS/MC taxes.
If she received a W-2, just go with that. Whether your employer remitted the taxes or not really isn't your problem.