They are also required to send you a copy. By waiting until Feb allows any mail excuses by them to be invalid. Worst case is you tell IRS the truth if they ask. You were not sent one and them you file an amended return with the amount.
They are also required to send you a copy. By waiting until Feb allows any mail excuses by them to be invalid. Worst case is you tell IRS the truth if they ask. You were not sent one and them you file an amended return with the amount.
Thank you!
No 2011 /= 2012
However, losses on the house in 2011 will offset 2011 income.
And excessive losses are carried forward for 2012 and beyond
assuming you contribute full amount into a 401k plan (2011), how much do you have to earn to be ineligible to contribute to roth ira at the same time?
Non-issuance of a 1099 doesn't mitigate any responsibility to report said income. While one should be issued, I've seen situations where they're not issued until a year and a half later.
just got second email from H&R block, they changed my direct deposit to February 1. so it looks like the IRS is catching up on the refundsif anybody did not get their refund and should have by now, the IRS got swamped on the 17th and had to many returns. some got their money and some did not. i just called H&R Block and was told the IRS has setup an 800 number to check for your return 1-800-829-1954
A Rollover IRA is a type of Individual Retirement Account (IRA) specifically designated to hold assets from employer-sponsored retirement plans like 401(k)s, 403(b)s, or defined benefit pension plans. With a Rollover IRA, your retirement savings remain invested tax-deferred. The movement of your retirement assets from your former employer's plan to this Rollover IRA is not a taxable event.
True, but he until he gets it, he has no official statement to back up his claim. He should just file and do an ammended return if/when one shows up.
We refinanced our house this year, and in doing that paid some mortgage interest at the closing. I haven't received a 1098 for it yet. Is the mortgage interest we paid at the closing deductible just like our normal mortgage interest?
If yes, do I have to receive a 1098 to deduct it?
Thank you!
Never mind - finally found it on irs.gov...
http://www.irs.gov/publications/p530/ar02.html#en_US_2010_publink100011857
"Mortgage Interest Paid at Settlement
One item that normally appears on a settlement or closing statement is home mortgage interest.
You can deduct the interest that you pay at settlement if you itemize your deductions on Schedule A (Form 1040). This amount should be included in the mortgage interest statement provided by your lender. See the discussion under Mortgage Interest Statement, later. Also, if you pay interest in advance, see Prepaid interest, earlier, and Points, next. "
I've always had fairly simple taxes, single job no special deductions etc.
Well, I bought a condo last year. I want to make sure I get the maximum tax benefit out of the purchase, but when I tried using HR Block's free tax service it never asked for anything specific from the HUD-1 form- I guess it expected me to know what I could deduct from it and what I couldn't.
I have no idea, so here I am asking, can any of the following be claimed as a deduction?
A. Settlement Statement (HUD-1)
103 Settlement charges to borrower
107 County Taxes
801 origination charge
804 Appraisal Fee
901 daily interest charges
903 homeowner's insurance
1101 title services and lender's title insurance
1201 government recording charges
1202 transfer taxes
1302 pest inspection
1303 tax service fee
I just feel a bit lost, so many fees and numbers which I paid when I bought the home and I have no idea which of them can be deducted.
Also, interest on the loan can be deducted, I know that much. Taxes as well, is my understanding, but it looks like I haven't paid any taxes since I bought the condo because the purchase was in late Aug and taxes through the end of 2011 were included and shown on the HUD-1. Does this sound right?
I have a question about lowering total AGI, maybe I'm missing something, but I'm open to opionions...
Married filing jointly.
income from primary W-2's = 140K
income from sole proprietorship - 22.3K
We own our home and pay interest on that, one student loan paying interest on that as well.
Other than that, no kids, no other purchases we could deduct this year.
as with all the other years, we just end up with the standard deduction (11,600 this year) which doesn't get us below that magic 139,XXX number to be in the 25% bracket.
What happened is with the side business I run, we hit the damn 28% bracket, so that REALLY REALLY HURT.
Right now, I'm looking at about 3800 I will OWE unless I can find a legitimate way to bring our AGI down.
If someone can give me sound advice that can bring our AGI under that limit to lower our tax liability I'd be willing to donate to the adviser via Paypal.
What does your Schedule C look like?
I bolded the ares in your HUD-1 that are deductible.
Taxes are paid out in advance - should be under #107
I operate as a single member LLC. I have a ton of clients, and most of my clients are businesses, who pay me with credit card (and some of them check).
I've been using the W9 form from 2007, which says that I can use the EIN of my business even if I'm a disregarded entity. The new W9 forms, however, seem to say that I need to use my social security number.
This year, I received a bunch of 1099s from the companies I serve. On one of them, the client had put my social (they had it from a previously sub-contracting agreement I did for them many years ago). On all of the others, they used the EIN of the company. I initially asked the client to re-submit under the EIN of the company instead, in which they asked if I was a single member LLC. I said yes, and they said "Then I can use your social". That has me concerned. For what it's worth, I just asked my Uncle, who runs a printing business and has thousands of customers, what he does. He says he uses a W-9 form and puts the EIN of the company, even though he's a sole owner. So is he wrong too?
So here are my question(s):
* As long as I continue to use the W9 form from 2007, which lets me put the company's EIN number on the W9 even if I'm a disregarded entity, I can keep sending that to companies and not have to give out my social, right? There's no rule that you have to use the latest W-9 form, is there? And if so, how can I change my SMLLC so I don't need to hand out my social security number to potentially 100+ people/companies over a few year period?
* Not all of my clients send me 1099s. As long as I pay taxes on the money I receive (I use freshbooks, so I get a total number, and that's what I report to the IRS - I don't do *any* cash transactions so there's no risk of me forgetting something), I'm okay even if they don't 1099 me, right?
well, i'm using turbo tax.... but, very little in the way of expenses, at least the way i think of them.
last year i deduced for home office, ended up making only a very tiny difference.
i run an online/ebay business and my fees/shipping are already factored into net profits that i report.