 Turbo Tax would you use it? |
| Is there anyone out there that has a Construction Company that uses Turbo Tax?... |
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 What happens to your social security benefits when you die? |
| Do they go to your spouse if you die young or do they just disappear?... |
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 Can parking tickets be written off your taxes? |
| I work as an independent contractor driving a van. Ive gotten a few ridiculous parking tickets this year. Can they be written off as business expense?... |
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 What should I do now? |
| IRS sent me a fine notice of $1200 for not report $100 of interest on one of my old bank's savings account. I do not recall if I got that statement or not, but it is true it never got reported. <... |
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 Which is smarter for a young adult exempt or paying taxes? |
| My last pay check they took out quite alot of money. So what i was wondering would it be smarter to claim exempt to save myself from paying the taxes, or pay the taxes now and later get the tax ... |
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 Turbo Tax says one thing, while H&R Block says another. Who am I to trust with my taxes? |
| I get a high refund with Turbo tax and owe nothing, but with H&R Block, I get the same refund, but I owe $57 in state taxes. I entered the same information with both. Why am I getting a debt in ... |
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 My SSN ends in 22 shouldn't I have gotten my rebate since my tax refund was direct deposit? |
Additional Details
My sister got hers and her last two digits are 35. And we both used Turbo tax to prepare our taxes this year. And we both had our refunds direct deposited. What is ... |
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 Wages after tax? |
Hi!
Ive seen loads of income calculators online, but they all want to know your salary.
I have started a weekend job over the xmas period ( 14 hours a week ) and the pay is £5.... |
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 Im 14... Taxes ?? |
i live in Md btw.
im 14 & work at a fast food place. im homeschooled too if that matters. im only paying for fica & medicare. my friend who works with me has federal on her pay stubs. so ... |
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 Do I need to charge sales tax? |
I do vinyl graphics, mostly for businesses (until now under the table) do I need to charge sales tax?
What if I sell on eBay?
What if it's to a business?
What if it's ... |
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 If you did not report income 2 years ago in your tax return, how do you report it so that u won't get audited? |
Lets hypothetically say that you made $25K buying and selling on ebay and did not know the laws and didn't report it as income.
How can you fix it with IRS so that you won't ... |
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 Is it possible to sue the IRS for mishandling funds? |
| This is a serious question. Any info would be great.... |
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 Another rebate question? |
| hello, i was just wondering about if i filled myself through turbo tax online for free and had my refund direct deposited. will i get a paper check or direct deposit, my last two numbers of social is ... |
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 Child Tax Credits: Did anyone else in UK get their monies in their bank a day early today? |
when i rang the inland revenue they said its because of the irish bank holiday????
has this happened to anyone else & what the heck is Ireland's bank holiday got to do with us in E... |
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 My boyfriend and I are moving to a new flat in London. How do we find out about council tax? |
| If the tenancy agreement is under my name only, can we beneficiate of the 25% discount from council tax? Thanks!... |
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 To mail a simple letter...? |
Would I need to buy a stamp for my regular sized letter (those white rectangular envelopes) if I were to send it from LA to NY?
Would it cost me something if i were to send the same envelope ... |
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 When do we start getting our W2's for 2006? |
| I can't remember, when do the W2's start coming so we can do our taxes for the 2007 year?... |
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 My mother died and I received an inheritance of $31,000 in stock. I sold it. Do I have to pay tax on it? |
| I received a notice from the IRS that I owe $6,600 on the $31,000 in stock that I inherited from my mother's estate (this is for 2006 taxes). I did not think I had to pay inheritance tax on ... |
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romeo o | If Roth Ira is funded by after tax money, should it not be excluded from my estate? |
and paid to my sole beneficiary tax free? |
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Wayne Z
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For income tax purposes, yes, but not for estate taxes purposes.
Estate taxes count everything you own regardless of whether they were paid with before tax dollars or after tax dollars. |
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v b
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The estate tax is a tax on everything you owned on the day you die. It is not an income tax, so the fact that something is pre-tax or after-tax doesn't make a difference.
It includes your house, your stuff, your bank accounts, your IRAs even life insurance that you purchased so that your wife or children would get some money.
If you leave a traditional IRA to your child (pre-tax money), they get to pay the income taxes because you never did. |
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The Professor
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Yes, the value of your Roth IRA will be included in your estate. Income taxes and estate taxes are different animals.
And let me correct something a previous responder said that is dead wrong. Life insurance proceeds (in the US) are usually NOT taxable. http://www.irs.gov/faqs/faq4-9.html |
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richard t
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no! nice try |
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bud68
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Your entire estate, except for 401(k)s and conventional IRAs, is after-tax money. You are confusing income tax with estate tax. |
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heyteach
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There are always aspects to these questions--like how long the Roth IRA existed (was it at least 5.5 years?) etc. If you read this, it may answer your questions:
http://en.allexperts.com/q/Tax-Law-Questions-932/Taxes-IRA-inheritance-1.htm
"If the distributions come from a Roth IRA neither contributions nor earnings are taxable if it's a qualified distribution. The length of time he was retired makes no difference but if it's a Roth IRA the length of time he owned the IRA would make a difference in taxability of earnings." is part of the answer to a couple of questions that were asked. At the site you can see the woman says she's had 7 years work as a tax preparer at a national firm. What she said sounds right to me, but it would not hurt to assume there could be an issue not addressed here. Most likely someone where you have the IRA would know the answer. |
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Joe SixPack
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It is no different than if you cashed in the Roth IRA the day before you died and left the cash to the beneficiary.
However, there is no estate tax if the estate is less than $ 1 million. If it is substantially more than $ 1 million, you need to do some estate planning to minimize or avoid the estate tax.
A qualified professional would help. Some information is available by using Google or talking to a banker or broker, but they are not always correct in their assumptions, so you need to see an attorney, CPA or Financial Planner who is knowlegeable in that area. If you consulted me, I would tell you that I am not an expert and would recommend you get someone who is. |
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Kiker
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No. You don't pay capital gains taxes on your home when its value increases (of course, you do pay property taxes though). Doesn't mean its a tax-free vehicle. The same is true with your Roth. You pay taxes on Capital Gains and Income from Interest and Dividends, when you collect on them. That is the only portion that is taxed (which is way cheap) as compared to the principal being taxed.
Since this is a long-term investment, the cap.gains is only 15%. If you retired with 2 Million in a traditional IRA, good luck trying to get in the 15% tax bracket. |
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