 If I am 22 years old and live with my parents can they take a personal exemption on me since I live with them? |
| Since I file my taxes separately I get standard deduction and personal exemption of $3400. Can my parents claim that personal exemption instead of me on their return?... |
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 Is this a fair and proper use of tax revenue? |
| Texas has an extensive program of tuition subsidies for higher education. In-state tuition at colleges and universities is considerably lower than that for out-of-state students. Loans, grants, ... |
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 I've just started a new job and my tax code is BR. I was taxed £30 on £130 for the week. Is this correct? |
What does the tax code mean? In all my other jobs, my tax code was 503L or 522L. I was claiming jobseekers allowance before I started my new job. Does this have anything to do with it?
A... |
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 Forgot to report 6 months worth of rent on the 2007 taxes? |
| It totally slipped my mind now that im in my b/f's home. I paid $465 a month for 6 months and never reported that on my taxes. I claim 6 on my checks and had to pay in to Federal about 600.00. ... |
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 Do we live in RIP OFF Britain? with all our taxes etc? |
my son has just come back from the states and bought a metal detector there for $300 around £160 yet in the Uk the same model sells for £500 and get this is made in the UK
So do we live in rip ... |
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 Can I file my federal taxes now and file my state taxes later, or do I have to file together at the same time? |
| I tried to e file via Turbo Tax and they say that my state isnt allowing me to file until a further date, I need to file soon because I am going to have a baby soon and really need the cash.... |
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 Tax rebate question about the Where's My Stimulus Payment website? |
I finally got it to work...my ?? is this...has anyone else and if so...how long was it after you got an answer before you got your check in the mail?! not direct deposit!!
Additional Details... |
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 My employer withholds taxes as if I were single but on my W-2 form I marked I have 2 dependents? |
| When I asked my employer if she was I was getting paid as if I were single with out dependents she said well do you have someone who does your taxes? I did not understand why she asked and said yes. T... |
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 Ok i found out sum on clamied my daughter on there tax's so couldnt so what should i do? |
| also no one has the right to claim her am the sole provider i am just confused on what is gonna happen i already contacted the irs but there no help now i have to wait forever to get my taxs back.it ... |
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 Who claims son on income taxes? son lives w/ me.? |
| Ok, my X is a real jerk! just won't stop his dirty tricks. My son lives w/ me. I claim my son on my taxes. It is written in black & white in the divorce decree that I claim him. Past 2 ... |
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 Nonresident aliens contribute Social Security & Medicare Tax, but can't get any benefits later, fair? |
| I am a Canadian citizen & resident, and have worked in US as a nonresident alien for a couple of months last year. The US employer deducted Social Security & Medicare Tax (about $2,000) from ... |
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 I'm supposed to be in the first batch of IRS rebates. It's May 2... and i still haven't recieved anything? |
I filed my taxes in the very beginning of February... my last 2 digits are 00... and i had direct deposit! I WANT MY MONEY
Additional Details
i didn't need smart @$$ answers. im not ... |
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 Am i eligable to recieve working tax credits? |
| i'm 25. i live with my friend and i earn £16000 a year. My mate seems to think i am but i'm not so sure.... |
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 What is the highest tax paid on unearned income? |
| What is the highest tax paid on unearned income? Is Lottery winnings considered unearned income?... |
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 My mum is on benefits, and because i work and live with her, they are now charging me all the rent. how come? |
| i am 19 years old and work part time, i earn around £150 per week. my mum is on incapacity benefits as she is disabled, and now that i work, they have been charging me £50 per week of the rent, ... |
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 American Tax Payer, Why should we pay? |
| For your education. Hillary Clinton would like to give $5000 to children born in America to pay for education or what ever. I paid for my own education here, so why should my tax money pay for other ... |
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 My e-file (IRS) was aceppted on the 11th but..? |
The IRS said they would be deposited today the 25th (08') And they are still not in my account...
Its like 11 am here (in Michigan) and I was wondering when today they would be depositing ... |
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Please help | 20k gambling winnings- i owe taxes Tax penalty? |
I owe about 3k in taxes at the bottom since nothign was withheld from my gambling winnings. Is there a tax penalty for this? Do i just write the government a check? Why would there be a penalty? |
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ninasgramma
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There is a potential penalty if you have a balance due of more than $1,000 in taxes. If your withholding for 2007 was at least as much as your tax liability in 2006, you may not be assessed a penalty.
File and pay what your return says you owe. If there is a penalty the IRS will send you a bill. |
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Judy1
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If you owe over $1000 when you file, you can be subject to a penalty for underwithholding. But there are a few exceptions to the penalty - one is if your total tax paid in for this year was equal to or greater than your total tax liability for last year. |
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vivianmopena
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It wouldn't be any penalty if you file your taxes on time and show your gambling winnings as income. Then pay the taxes owe on 20000 in winnings. I am also based on the presumptions that your winnings is in 2007. So, interest and penalties will start accumlate after April 15th of this year. |
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Brian J
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The rules are that if you underpay your taxes for the year by a significant amount, then there's a penalty.
The penalty amount goes on Line 77 of the Form 1040.
But, there is a way to significantly minimize the amount of penalty that you may have to pay. You'll need to complete Form 2210 and determine which of the reasons in Part 2 apply to you. You may be able to get away with paying very little penalty. |
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sugarBear
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Any gambling winnings that are $1,200 & over are tax deductible. You definitely need to report your winnings on your tax returns (the casino will also report your winnings). If you do your own taxes, use Turbo Tax & it will guide you through that process & calculate exactly how much you owe. If you have someone do your taxes (such as H&R Block) then they should help you do that to determine how much of your winnings is tax deductible. Don't write any checks until you find out for sure how much you will be paying because it might not even be $3,000, it could be less. |
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Gary
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If you owe more than $1,000 then you will be paying a penalty. |
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JK Harris
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There could be a penalty on the final tax calculation based on the fact you did not file an estimated tax when you won this money. The law says that you must have 90 % of your total tax paid in by January 15, 2008. There is an exception allowed if the total tax paid is equal to or greater than the prior year's tax. |
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wartz
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Don't forget, you can take an itemized deduction of your losses to the extent of winnings. |
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Dawni Do Right
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In addition to the first answer, you are allowed to deduct expenses (entry fees) or losses from your gambling income, although if you don't have documentation to prove them, if you are audited, they may be disallowed.
I believe the IRS has specifics in regards to gambling winnings now with the heightened popularity of Poker Stars.
Start saving those losing lotto/scratch tickets incase you need them for deductions against future earnings. |
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src50
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You list the gambling winnings on your tax return and pay any tax owed. |
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