 What is vat? |
| VAT TREATMENT IN WESTBENGAL... |
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 Does freelancer has to pay taxes? |
| My friend and I are thinking about doing some freelance graphic design. We won't really have a physical office or anything, just a webpage and probably use our cell phone. We haven't really ... |
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 Who owns the Federal Reserve Bank (the USA 's debt in the trillions; we owe this money to whom? |
The Fed. (headed by Alan Greenspan for years till last year). Regulates the interest rate.
Our debt in the trillions of dollars . To whom do we owe this money; if the US is the richest country ... |
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 How can i get around paying the IRS 964 dollars for them not taking enough out through out the year? |
| Im in the military and i do what im told. My wife worked as a DOD employee at a child develpment center on base. They didn't take enough taxes out through out the year so we are stuck oweing ... |
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 Do I need to file income taxes? |
| I recieved almost $6000.00 in Social Security Disability Income, State Disabiltibilty as of 05/06 and $700.00 earned income from my previous employer that was accrued during my medical leave.... |
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 Why is husband's check on hold? |
My husbands last paycheck was garnished because the student loan place claimed he owed money. They called him and let him know it was current now and up to date (After taking over 550.00)
T... |
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 Uh oh! I forgot to pay my taxes!? |
Last year I owed a small amount of money for my federal taxes. Not only did I forget to pay, I forgot the amount to pay! What do I do this year?
Additional Details
Serious answers ... |
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 Can i work full time in the uk if i am 17? |
hi everyone, i'd like to ask u, can i work full time in the uk if i am 17?
thanks for answers ... |
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 My 31 year old son plays in a rock band and tells me he hasn't filed an income tax return in 10 years. ? |
| he has never earned much and it probably was mostly just cash payments. question. he is in serious IRS trouble?... |
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 Tax deduction? |
If you give a gift of money to someone in need, can you write that off as a deduction, and how if so.
... |
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 Is TurboTax worth it? |
| I've heard a lot about TurboTax, but with the price of the software, is it really a good investment? There are different levels of membership as well--which is the best value for your tax needs? ... |
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| Do I still have to any tax? 10 pts for best answer!!!? |
I received a large sum of money ($12,000) from my motor vehicle insurance company. Do I have to pay any taxes? If I do, then how much? When do I pay? How do I pay?
i will be rewarding 10 ... |
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 Does anyone have any TRUE info about delay of refund? |
| We all have heard so many reasons about our refund date being pushed back, I was just wondering if anyone might actually have the real reason why. there have been so many possible reasons, but some ... |
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JOE D | Do I get a tax credit if I contribute to my Rotha IRA? |
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Rob
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No you get the benefit of tax free withdraws from the Roth IRA when you retire |
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RotoGuru78
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No, because withdrawals from a Roth are tax-free. Withdrawals from a traditional IRA are taxed as income in the year you take it, hence the current credit (otherwise you would be taxed twice) |
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crazydave
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No. Roth IRA contributions are not deductible. But they grow tax free, not tax deferred like traditional IRAs. When it comes time to make withdrawls after age 59 1/2, there is no tax on the withdrawl. |
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rbxcbe
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Nope. A contribution to your Roth IRA does not reduce your tax liability for the year in which you contribute. In effect, you pay tax on the amount you put into your Roth IRA. The benefit of the Roth IRA, however, is that when you withdraw from your Roth IRA, your withdrawals are tax free. This is especially great if you're young.
For example, you're young right now and your income is decent but not super high. This means your tax bracket is a little lower. At this point, you contribute $4000 into your Roth IRA (check for maximum contribution limits) but you also end up paying 20% tax on that, equivalent to $800 dollars. Now, over the next 20 years, lets say your initial $4000 becomes $30000 through good investing practices. (Good job!) At this point in your life, you make more income now so you now pay in the 35% tax bracket, let's say. Now, you want to withdraw from your Roth IRA (assuming you are old enough so you don't incur penalties) that entire $30000. Now, instead of paying 35% of that ($10500) in taxes, you get it tax free! Which means, essentially, in the end, you paid only $800 of taxes on $30000!
Contributing to a Roth IRA has many advantages, especially if you're young and you expect your tax bracket to go up as you get older and retire. If you are already near retirement, you may want to consider a conventional IRA. Check with a financial advisor if you can. |
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Judy1
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Roth IRA's are funded with post-tax money, so no you don't. The adjustment for IRA contributions is just for traditional IRA's, not Roths. |
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bostonianinmo
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No, contributions to a Roth are not deductible. However, there is NO tax levied on the distributions if you withdraw after age 59 1/2. That is the benefit of a Roth IRA. |
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daddywagstoo
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You can not deduct a Roth IRA contribution on your current taxes. The contributions, however, earn interest tax-free with no taxation when the funds are withdrawn (unlike the traditional IRA's). There are some tax credits for savers in lower income tax brackets. It's all at IRS.gov. Also, you can file your own taxes for FREE through the IRS.gov links if you meet certain income and age limits. |
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Jenny
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Oops, no, see Bostania |
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lmnop
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Bostonia above gave the correct answer. I can't improve on that and I'm a CPA. But I will say that, except for people who may be within five years fo retiring, generally over the life of the investment, the ROTH ends up being a better deal, even without the initial deduction.
(And BTW, its a deduction, not a credit.) |
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shasta559
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Yes |
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