 What is the potential of getting 401K Termination Taxes back at the end of the year? |
We just bought a new house (2008), we have a new baby (2007) and I am interested in claiming my old 401K from a previous employer. The taxation would be 20% not including state (MO).
My ... |
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 Turbo tax, bad or good? |
| is this a good service? what brand/ editon shoud i buy? h and r tax cut or turbo tax? are they one time use only since new laws come out every year or do they update themselves? just wondering, any ... |
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| I have a full time job and i just started a part time job in november. do i have to file for my part time job |
| i know i have to file for my full time job. i didn't make very much for the part time job. is there a certain amount that qualifies you to file on seperate jobs?... |
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 Should my mother file a tax return this year? She didn't file a return from 1999-2002.? |
| She was working at that time. She retired and has been on social security since 2003. Never filed a return since being on social security because her monthly payments are small--about $800 a month. ... |
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 Why did I only get $300 for my federal rebate? |
| I thought it was based on income i made 20k last year and I only got $300 from the federal government. I have read many of the yahoo posts and don't understand why I only got back $300 instead ... |
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 What benefits would I be entitled to claim? |
Hi, I would welcome any advise that people could give me.
I work full time earning roughly £22,000 a year. My husband also works full time and he earns roughly £25,000 a year. We have ... |
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 Can i file separate w-2 forms? |
| i started a new job at the end of last year and have two w-2 forms will they let me file them at different times. or can i file the smaller one next year?... |
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 How much must you earn to file taxes? |
| I'm 17 right now and have a job.. however I heard if you make less than a certain amount, you don't have to file taxes for that year? Is this true and if so, what is that amount?... |
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 B4 my grandfather died, he put some stock in my name, and wished for it to be turned over to me when i was 18? |
| he left a woman named elaine as the custodial guardian, technically/legally it wuldnt be mine until im 21, but since he wished for it to be mine at 18, elaine cashed it and sent me a check for $10,000... |
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 Can my x wife file taxes by her self ? |
| me and my wife are getting divorced , it will be finalled in the begining of jan. I was the only one who was working and paying for everything until Nov when we get separated and she started working ,... |
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 I have a tax question? |
| I have three kids and i only claimed two of them on my taxes because someone had told me that your refund wont be any more for three kids than if i only claimed two. So i only claimed two of them. I ... |
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 Is it possible for my wife and I to get a refund on property taxes that our county now admits we overpaid on? |
| We felt we were overpaying on our taxes for years. Our neighbor has a very similar house and his taxes were substantially less. We grieved it several times using his house as a comp and were denied.... |
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 I havent filed my taxes in three years...? |
| what i wanna know is, what's gonna happen when i file my taxes this year? am i gonna get all my tax returns for those years or only from last year?... |
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 Should I file my wifes info if she only made 3832.94 last year? |
| The reason I am asking is because I get diffferent responses saying she didn't make enough and some saying she did.... |
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 If I have more than one w2? |
| They say that now all you need is one pay stub and they can do your taxes. If you have had more that one job this years and don't have the w2 form from your last job is this still an option?... |
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 Do children that work have to file taxes? |
would a child thats been working on and off for the past 4 years
Additional Details
if they do why dont children or there parents get in trouble when they dont do ... |
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marty c | How do you get around declaring inheritance tax.? |
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confucious says
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to be honest it will depend how much you anticipate having to avoid how much over the threshold do you want to lose ie how much over 285000 do you expect
take no notice of angler he as not got a clue £19,999 where he got that from is a mystery. |
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spike24601
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If your total estates value falls below the tax free amount (currently £300,000) your estate will not pay any tax on your death.
You can give away £3,000 a year tax free, you can give as much as you like to a spouse, you can make gifts to people on their wedding day tax free (£5,000 if your the parent, £2,500 if you're a grandparent, £1,000 everyone else), theer are lots of ways to give the money away before you die (Trusts especially).
Hope that helped. If you wanted to know more or had specific methods in mind, drop me an email. |
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jenkin1950
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This may not be the most helpful answer you get, but here goes. My father died 3 years ago and left estate valued at just over £2million. Inheritance tax was 40% (I think), the solicitor's fee was almost £40,000, and on top of that I had to pay another £10,000 in another tax (forgotten the name of it, it's the one where you get taxed on the bits and pieces you inherit - Unearned Income, or something like that). So eventually my two brothers and I were left with not very much, really. It's a strange, greedy system. I took only a few items from the house, my brothers took a lot more, but what we got left with was not much different. i THINK the system may have changed now (or be in the process of changing). Whether you can get round the tax is another matter. But WHY does it all have to be paid, anyway? My father had worked hard for years and years, he had a good adviser about his finances, etc but we still ended up giving a lot of money to the government. |
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JOHN R
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Spend all your money. Giving it away isn't half as much fun or so I'm told. I don't know where the £20,000 limit someone mentioned came from. You can give up to £3,000 to an individual in any tax year. If you give more make sure you give it a long time before you die. If you manage to live for seven years after the gift there is no inheritance tax to pay on the money gifted. Less than seven years a diminishing proportion is liable for IHT. Gordon our dearly beloved ex-Chancellor did promise to remove seven year exemptions but as far as I know he never quite managed it. Hopefully he has got other things on his mind now. |
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syllylou77
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Don't know about the UK but most states have a minimum amt. you have to inherit before they tax it.
You can also put property in joint account with right to survivorship.
Then lastly you can start a trust or foundation where the money just transfers. I found out about that a few months ago. |
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JOHN R
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Whereas you have to declare earned income, unearned income and capital gains you do not "declare" inheritance tax liability. A grant of probate, which is necessary before executors can distribute an estate and any funds can be released, will not happen until after IHT has been paid. In other words HMRC will get there first. I think I am right in saying that once this has happened there is no tax liability on any bequeathment on the part of the inheritee.
As others have mentioned there are various means of reducing IHT that can be done such as setting up trusts, making gifts etc. but these are a matter for the testator, not the recipient. |
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angler
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Give it away but only in totals of £19.999.99.Once you give
£20.000 you are taxed.So you can.Depending on how much you
have.Give the amount to a person and do it again and again.Also sign over property. |
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shuggiemac
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I don't know but it is an absolute abomination of a tax. Work hard all your life, pay your taxes, put something aside, buy a house and make all the right moves to give your kids that bit more when you fall off the branch. Then the bloody government come and take a swathe of it. |
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