 I owe federal tax, why? |
| My sister earn a little more than I did and she's getting back little over $1000, and I owe the federal $439 dollars! WTF!!!! I bought a brand new car in 2006 and I included it on the 2007 taxes,... |
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 Why do I owe SO MUCH money? |
| I make $37,000 yr with a taxable interest income of $1,033. In previous years, I earned slightly more but got a refund. This year, I owe the Fed $214 and State $600+! What am I doing wrong???... |
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 Can a 17-year-old move out of their house legally before turning 18 in NC? |
| I am a 17-year-old girl living in NC and I wanted to know if i can legally move out if I only have 5 months till I turn 18. I am not only moving out to just have freedom, my home life is terrible. My ... |
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 When emmigrating to another country do you lose your entitlement to uk state pension? |
Ive been woking for a while and have paid a fair old whack of national insurance and tax in my working life.
If i was to emmigrate to another country would i lose my basic uk pension. (Can i ... |
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 Well I have got to pay my road tax on my car today £99. My question is? |
| What could I have bought for the £99 if I did not have to tax my poxy car with it.... |
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 Can I file head of household & claim my fiance as dependent on 2007 tax return ? |
| in 2007, He has bought and sold some stock & made $1700 in his traditional ira, earn $1007 interest on certificate deposit in his traditional ira, he cashed in US saving bonds & earn $1245.60 ... |
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 I have a tax question.......? |
| I filed my taxes last week and everything was fine until I got my return and it was only half of what if was supposed to be. It turns out that the student loan I have been paying off for a year and ... |
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 When are taxes due? |
| And what happens if I mail it in a couple days late?!... |
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 Did anyone who filed thru turbo tax get rebate direct dep.? |
| I had read on the turbo tax website that if you elected to have the fees taken out of your refund you would get a paper check for your rebate. The IRS says different so I would like to know if anyone ... |
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| How do i find out more about the h&r block thing where all you need is you last pay stub? |
i have check their web site and don't see any info on it.
Additional Details
i wanted to know before i leave home im an hour away from anything. and i don't want to make a trip ... |
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 What to do if I know someone cheated badly on their taxes to get a bigger return? |
| I know these two people one of which is paid under the counter and so therefore is not entitled to any kind of tax return but somehow managed to come up with something to be able to get a tax return. ... |
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 Can a 17 year old file their own taxes even if they are someone's dependent? |
| My younger sister is 17 and had worked for the last 3 months of 2006. She will be starting college in the fall and needs to start applying for financial aid for the 2007-2008 school year. She lives ... |
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 Employer JUST gave us the 1099 on April 3rd....can I turn him into the IRS? |
| My husband was just given his 1099, we had been asking for it since the middle of Feb. from the employer. Then when we got it there was 10K more reported than actually earn wages earned........the ... |
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 After typing in wife's W-2s, the refund amount lowered. What should I do? |
| It was first time for me to file jointly and didn't know that I had to type in her W-2s. I used TurboTax to e-file the return, and received the refund. Later I found out I had to put in her ... |
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 What is your gross yearly income, and what is your age? |
Also, are you a high school graduate, college graduate, doctor, etc.?
Additional Details
What level of education have you attained?
I am 21...high school graduate, some ... |
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Luke1907 | How can I find out how much taxes I will owe if I withdraw from my IRA of $70,000? |
Additional Details
I am 68, with low income which is less than $17,000 per year. No state taxes.
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Jack N
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You have a choice of determining what percentage you want taken out when you withdraw it. I'm in a low tax bracket so I always take out 10% on my withdrawals. The company you are invested with should tell you your options. I do mine on the computer and can put in any percentage I want or defer to not take out any but then it has to be paid when you file. They get you one way or another. Why don't you transfer your 70,000 into a money market fund and take it out in lesser amounts over a longer period of time? Money markets are now insured for 100,000. Some people think if you're under 59 1/2 you can't take money out without a penalty but there are exceptions. One is to take out substantially equal payments yearly or monthly, but you have to stick with that same amount until you are 59 1/2. Called the 72 T plan code # 2 on your form 5390. |
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Hank
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Do whatever you can to avoid taking money out of your 401K. |
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chatsplas
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DON'T do it. Take a smaller amount out, take a loan from IRA if possible, but if you're younger than 59 1/2 DON'T take out your money. You pay 10% penalty and then tax, at your tax rate, 10-35% usually. You get a 1099R and this is added to your income, and sets your tax rate. And then state tax, unless you have no state income tax or you live in Illinois which doesn't tax retirement pay. This means by taking out your money you are losing 1/4 to 1/2 of it!!!! NOT good for you this year and certainly not good for your retirement years. |
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travelguruette
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Around 20% federal taxes and maybe 10% state. 10% penalty on your taxes. You will be forced to file a tax return in order to report the penalty. |
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v b
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Get a blank 1040 (from 2007) and use form 1040ES to get the 2008 tax rates...then do a dummy return with and without the $70,000.
Don't forget any penalties if you are young. |
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Jss
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Your deductions are $9,300. On income of $17,000 your federal tax is $770.
If your income is $17,000 plus $70,000, your federal tax is $14,269. |
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wartz
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Figure it with this and add $7,000 for early withdrawal penalty. |
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donfletcheryh
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You can not establish taxes owing with this info alone. You need to know what your overall income is, and even what state is involved. If you are starting with a big capital loss, as compared to adding onto a big salary, it is worlds apart. |
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stephenweinstein
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Federal income tax: 0-35% of the amount withdrawn, probably at least 25%
Penalty for premature withdrawal: 10% of the amount withdrawn, if applicable
State income tax: 0-11% of the amount withdrawn.
Total: Typically about 1/2 of the amount withdrawn, so $35,000 in this case. |
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