 Can I claim my daughter, who lives with me, she has earned 2600.00? |
Additional Details
she is 20, and a part time student, and she already filed.... |
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 I still haven't received my federal tax refund, what does this mean? |
I filed a couple weeks before the due date in april, I haven't received any response or my refund. What gives??? They would have let me know if there was a problem, correct?
Additional D... |
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 Can my parents claim me as dependent? |
| im 25 was a student in college during 2007 lived with them can they claim me or should i claim myself on my returns? i made less than 3000 on 2007... |
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 If I Inherited a house (paid $0 for it), and sold it 20yrs later for $15M, what will I pay in taxes?Fed/NY/NYC |
The house has been in my family for two generations (I don't know if that makes a difference).
Any guidance would be greatly appreciated, and if I missed any "key info" ... |
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 WHY does my mother have to pay tax on my late father's pension? |
| when he was alive he worked 42 years with British Gas and paid all his taxes, my mother is in fact getting taxed on money my father had already been taxed on. and why does my ex wife pay no tax on ... |
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 I cashed out on a small 401K from a diffrent employer and all I got was a check 1700.. Out of 5400 in.. Why? |
| I worked in a small company a few years ago and I had a 401K plan that I forgot about. I decided to cash out since I am well with my company that I am at now. I had 5400 in my 401K and I received a ... |
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 HELP PLEASE! WHY did my husband and I only get 600 dollars for our tax rebate/stimulus?? |
| We were both self employed in 2007 and paid several thousand in taxes. We got our rebate check yesterday FINALLY and it was only for 600 dollars for the both of us. EVERYONE else we know got 1200 per ... |
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 W2 Form handed to me? |
So, my employer just handed me my W2 form. Ive never done taxes before. What do I do with it?
Simply put, how do I file my taxes? and how does the W2 help?... |
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 How Quickly Are Stimulus Checks Coming? |
| Well, I thought we were going to get direct deposit way early since we got our refund direct deposited, BUT since we used a online tax service, we were not eligible (No one ever told us that so we ... |
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 Could the IRS tax me? |
| if i bought a ball at walmart for 1$, and then became a famous baseball player, and sold the ball to some fan for 1million? Would they tax the 1 million?... |
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| Can someone tell me if its true that if you make more money less get back in taxes? |
| Someone told my husband bout that he wasnt sure if its true or not. Because he don,t know he can find out his friend does his taxes.... |
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Antoinette Z | If you cash out your 401K and taxes were taken before you received your cash out, how do you file this with IR? |
How do you file this with IRS? Does the cash out total go with your wages and income? And does the taxes removed go with your federal taxes? I live in the state of Nevada with no state tax. Thanks |
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v b
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You will get a form 1099-R.
It will show amount withdrawn, say $10,000.
It will show taxes withheld, say $2,000 (10% for tax and 10% for penalty if you are under 59.5).
It will show a distribution code, say 1.
If you owe the early withdrawal penalty, you file a 1040. You put the $10,000 on the pensions and IRA line, you put the $2000 on the withholding line (along with any money withheld on the W-2) and the 10% penalty on the back. (The 1040 form is the only one with the penalty line. If you don't owe a penalty, you can also use 1040A.)
If you had other income during the year, you will find that not enough money was withheld for tax (most people are in the 15% tax bracket) so any refund you were expecting will be reduced. Some people will owe. |
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Wayne Z
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No and Yes.
There is a line on the 1040 and the 1040A for pension distributions.
The taxes withheld get added to your taxes withheld from your other income.
Remember, if you are under 59.5 years old, there is also a 10% penalty for cashing out a 401k.
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acmeraven
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You will receive a form 1099R showing the numbers you need to include with your filing. Whether or not it is a one or a seven and yada. The federal tax withheld will also show on the form. |
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Judy1
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You will get a 1099-R for the gross amount withdrawn, showing what was withheld. You'll show the gross withdrawal as income, and the withholding added to any other withholding you have. When you calculate your tax, if more was withheld than your tax liability you get the extra back - if not enough was withheld, you have to pay the shortage.
If you are under age 59-1/2, in addition to income tax you'll pay a 10% penalty for early withdrawal. |
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Doctor Deth
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on your fed 1040-you are taxed on the full amount of the withdrawal including the taxes withheld. if taxes were withheld - this will decrease the amount of taxes you have to pay when you file your 1040. If you are under 59-1/2 at 12/31/08, you will also get hit with a 10% early withdrawal penalty on the full amount |
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greta
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You will receive a form showing taxes paid and a 1099 form is needed. |
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Jss
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On the withdrawal, you will pay 10% penalty plus the withdrawal will be taxed as your ordinary income.
For more information on 401(k), read http://taxipay.blogspot.com/2008/08/elective-deferrals-401k-plans.html |
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Othniel
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Your employer should report this on a 1099R. It is normal procedure to withhold 20% for federal income tax but if you are not yet 59 1/2 years old you will also pay a 10% penalty. If the amount you receive puts you in a higher tax bracket the 20% will not cover all your taxes.
If you really need money from your 401K I would suggest taking out a loan and paying the money back. That way you will have no immediate tax consequences. |
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55Spud
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Yes, and yes. Cash = wages and the tax's will show up on your W-2. |
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