I checked for the hardship box and I didn't see any.
Both spouses can normally contribute the $5000 each. However your spouse has to have employment making at least the contributed amount. You can't fill these baskets for a stay at home mom/wife unfortunately.
I have no idea what tax bracket we're in but between my wife and I we made $68,432.
Seems kinda crazy that we would owe $930 though...
One more question....would it make more sense to file separately on our returns or would it end up being the same?
You would have to reenter that information for each of you to make that decision. Much depends on the deductions that you have taken on the Schedule A and/or Tuition credits.
The income variance between the two of you also will come into play
No one says that you have to use it.
My business checking acct received a 1099-INT ($200). Do I have to report this in the 1040 form or can I list it as income under Sch. C (along w/ deductions offsetting it)? 1st yr side business. Planning on showing 1st yr loss of $300 after a $500 computer purchase.
H&R Block for your computer is $25-$30Yeah I suppose I could pay a couple hundred dollars for some dude to tell me I have nothing going on, nothing due, nothing coming back.
Or pay double that for freakin H&R Block, the bastards.
We have a family HSA. My wife uses a durable medical device which was originally purchased under prescription. The device is wearing out and we want to purchase a new one. It is far cheaper to buy one off of eBay than it is to buy one through the insurance company's preferred provider. Can we use the HSA debit card to purchase the device from an eBay vendor while avoiding the wrath of the IRS? Is it simply a matter of keeping an itemized receipt in order to maintain the tax free status of the money spent? Would she have to get a new prescription for the device in order to maintain the tax free status of the purchase?
So are they behind schedule in processing e-files? Mine was accepted on 1/31 and based on their schedule, it said to expect an electronic deposit send 2/8. Based on that and past years, I figured I'd see it in my bank account on 2/10. I was surprised not to see it today and checked their "Where's my refund" site and saw a date of 2/21. Or does it undergo more prepay scrutiny when it is more complex?
Am I allowed to deduct sales tax on a new car purchase?
What if I financed the car instead of paying cash up front?
My wife and I made 93k last year with total taxable income of 74k. Had we made 4k less or had 4k more in deductions, we would have paid 10% less in taxes? Were we dumb for not donating more or stashing more in our 401ks and pensions to take us down a bracket?
Why I ask is that we should make in the low 100s this year, I'd love to save an extra 10k if it means putting more in our retirement. I mean, win win right?
Why would you think you would be taxed an extra 10% on all of your income? Taxes are progressive so the higher rate is only applied to the amount above the threshold.
Ok, so, anything over 70k gets hit at 25%.
Ahhhhhhh
Half the reason I posted here is because I had no clue.
One last question.
How much of a credit or deduction is a kid? I have 2, one of which was born in early January. I think I read it was only $1k per kid but that seemed offly low.
I hope someone can answer this. This is for a friend who asked me to look up the answer to this.
They purchased a house for 300,000, For property tax purpose the county assessed the structure as $50,000 and the land as $250,000. They fixed it up with $50,000 in improvements (Rewired the electricity, new breaker, central AC system added, added a full bathroom to the master bed room, and some other things). They will be renting it out soon, but wanted to know for tax purpose what is the basis of the house they can depreciate. Is it just the $50,000 assessed value on the property tax or can they add the $50,000 in improvements they made. I know they cannot depreciate the land.
On my 1099-MISC, boxes 16, 17, and 18 are left blank (State tax withheld, state no., state income). How do I go about filing for state taxes without these?