Interest paid on the loan can be deducted. However, it will get reduced between 120,000 and $150,000, phased out after 150,000. That's all you have, really.
Interest paid on the loan can be deducted. However, it will get reduced between 120,000 and $150,000, phased out after 150,000. That's all you have, really.We're in a new tax bracket...we skipped a few because my wife finished school and is working now. The problem is that she's been concentrating on paying her loans back, so we've not brought home as much income as you'd think.
I wish there was a way to write off the money paid down on school loans to get some kind of adjustment.
We're in a new tax bracket...we skipped a few because my wife finished school and is working now. The problem is that she's been concentrating on paying her loans back, so we've not brought home as much income as you'd think.
I wish there was a way to write off the money paid down on school loans to get some kind of adjustment.
I'm sure it's already been asked but:
I am a resident of california where there is a state income tax. For 6 months of this past year I worked in Washington where there is no state income tax. Am I required to pay state income tax on those earnings that I made in washington?
My girlfriend, whom lives with me, had not worked at all last year. Should i claim head of household or single with her as a dependent?
For 2009, only business use is deducble. Pub 535 - Chapt 11 - Telephone.
The IRS does not have an updated Pub 535 out for 2010. recommend that you double check this before committing to either method.
End-game is no contest... It's just for now, our combined income is $132k before deductions. We fell short on income tax withheld, so we're getting stuck with a $5.2k bill after factoring in the standard deduction, deducting edu loan interest, a $600 energy credit (claimed $900 last year), and the $800 MWP credit.You also did not pay taxes on the loans, got a credit for the purpose of the loans, able to get additioanl income to pay off the loans and as stated, possibly able to write off some of the interest.
I would think that you did fairly well looking at the end game.
If you read the OP (apparently you did not), last year the IRS made a ruling about this.
Significant others are able to be declared as a dependent if you provide the support according to the IRS guidelines. (I personally feel that this is a loophole, however, take advantage of it as you desire - I would not push it with multiple SO at the same time ...)SO's children are now allowed based on a IRS notice of 3/08. This can also be used retroactively for the past 3 years.
My opinion of the loophole is that an adult of age that is not going to school, who is not a relative should not be able to be claimed as a dependant.I assumed this was always the case. I almost claimed my GF last year but she barely made over the limit of income. Why do you consider this a loophole? If you pay for 50%+ of someones expenses, should you not be able to claim them as a dependent and catch a break on taxes?
So what i gather from this is that i can claim my girlfriend as a dependent whether i file single or HoH, correct?
Do I claim HoH and one dependent or just HoH and no dependents?
I have received my first W2 to my main job a few weeks ago. I am still waiting on my second W2 from my secondary job. I earned less than $1,000 at the secondary job. Can I file the first one and second one separately or do I have to do them together? I would like to go ahead and file my first one so I can get some money back.
If i have 5 children and can only get a credit on 3 of them. Can i give their information to a grand parent?
Do you think you will be better off than the table you can use? I saved my receipts one year, but found the effort and time was considerable compared to the difference between my actual sales tax and the tables. I just use the tables now.
I just added them up and let the tax software calculate the difference and it was like $50. I didn't know going into it what the difference would be so I didn't know how much to expect. Like you, this will probably be the last time I do it.
On a side note, because of this deduction, I have to wait until 2-14 before the IRS will accept my return
I had a problem E-filing year before last. I got this message that someone else had used my wife's SSN. This was a bummer, because I then had to manually file my taxes by mail. I think it is a big ripoff. The IRS never sent me a response as to what happened to the other person who used one of our SSN.
Are funds paid to a tutor deductible at all? Some sort of "education" deduction?
/me grasping at straws.
When you are computing your interest income, can charges for brokerage fees when you trade stock be claimed as a business expense? I am using Scottrade. I actually have 2 accounts one account is mine and it is a standard account and one account is my wife's and hers is a traditional IRA account. I have not printed out our statements yet.
We had some distributions we used to buy a car, so I dont know if we made enough up for the difference. So we might actually be at a loss. It was either take the money out or walk. We payed off the car instead of making payments/Interest.
My wife was out of work for about a year. Technically she retired at age 55 from Bank of America (Forced layoff/retirement). She just happened to be 55 when she was layed off. Rolled over retirement funds into an IRA. At least the Apple Stock is making money(if we had just purchased more apple stock).