 what are the taxes on $6,000,000.00? |
Do you know what the taxes on six million dollars is? If so i would appreciate your answers no ridiculous answers please!!!
Additional Details
I am being given ,by a friend, this in ... |
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 Can I claim exemption on my W-4? |
So I have my first job ever and I have to fill out a W-4 form, and I got stuck on step 7 which says:
"I claim exemption from withholding for 2010 and I certify that I meet both of the ... |
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 How do i go about getting my tax return from 2007? |
| I joined the Air Force in 2007 right at the start of the tax season and apparently my PIN to get my refund didn't go through. I called the IRS people and they told me I needed to send a copy of ... |
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 REVISED: Mom passed away leaving my daughter as beneficiary on an Annuity? |
| Here is more specific information on my previous question: My daughter could not have the money until she turned 18. When she turned 18 she cashed out the annuity being a death benefit inheritence ... |
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 We got a license for a small business but that is as far as we got. Do we owe taxes? |
| We renewed the license for a couple of years, but nothing has been done or nothing materialized. Do we need to file a tax return on this small business if there has been nothing done but to revew ... |
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 Why can't we have flat tax system? |
| I think income tax is bad because it steals all the money from rich people, and they take little money from poor people. Doesn't that teach us that less education means worse job, and worse job ... |
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 Do I bring my business credit card bills to my accountant when filing for expense deductions? |
I had recently opened a new business, but I was not sure how to file for expense deductions for taxes. Do I bring my credit card bills? Or how would I present my expenses to my accountant?
A... |
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 What will I have left after tax (Australia) if I get a bonus of...? |
if i get a mid year bonus of AU$2950, and it is not entered into my account with my pay but as a separate lump payment and gets taxed (i have a HECS/Uni debt)..
what will I have left?
A... |
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 Is it worth amending my 2008 tax return? |
| So here's the story...I realized that I didn't include any info from my 1098-T form I got from my university in 2008. I remembered to do it in 2009 and because of one of the new education ... |
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 Is it the end for unemployment benefits? |
| My unemployment beneifts expired today and I am on my 1st extension. I just got the word that the voters did not pass the extension bill to continue with the 4 tiers available. I am in Florida and ... |
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 Why am I not entitled to Working Tax Credits? |
| I am being made redundant in a week (am currently on maternity leave) and I am due to have a baby in 3 weeks. My partner works full time (in a low income job), but HMRC have estimated that I will not ... |
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 IRS still hasn't processed my 1040X yet?!? |
I submitted my 1040X on April 5th. Delivery Confirmation said it was delivered on April 8th. I paid the taxes I owed the next day online.
My tax preparer said it's taking so long ... |
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 Do I have to tell the IRS when I receive e-mail saying I won something, even if I think it is a scam? |
I often return e-mails saying that I have won things, such as foreign lotteries. Most of these are obviously scams.
The IRS says that I must report anything I won and may be required to ... |
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 Is the 'Make Work Pay' tax credit apart of the $8000 tax credit or separate? |
| I just purchased a home May 2010 for $220K. I'm single and filed my taxes in Feb and received a small refund. I'm in the process of filling out the 1040x form but whenever I get to the ... |
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 Notice of assessment? |
| I lost my notice of assessment letter. Is it possible to get one from a CRA office?... |
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 If I filed a K-1 Form with a loss, why does my tax software tell me that I still owe taxes? |
I DJ, so I file a 1099-MISC every year.
This year, my net profit was $6914, and the calculated taxes I owe came out to $-579.
I also participated in an S-Corporation in which I ... |
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Michael | In 2008 I rolled my IRA into a Roth IRA, now the IRS is taxing me on the rollover. Do I truely owe? |
An IRA to ROTH IRA conversion is a legitimate conversion, you have to fill out the appropriate forms, but I'm being penalized as if that was a distribution. Do I have grounds to protest? |
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tro
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yes, you should have known that if your roll a reg IRA into a Roth you pay the income taxes at the time of the roll over
yes, you owe the money |
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Robert
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The money you put into a regular IRA is not included in your income at tax time. Instead, that money is taxed in the future when you take distributions.
The Roth is the opposite; you still report all of your income for taxes even though some of it went into the Roth IRA. Because it's already taxed, distributions from a Roth IRA are non-taxable in the future.
The rollover must convert your untaxed contributions into taxed contributions for the Roth IRA. Basically, the rollover tax accounts for the extra income taxes you would have paid if you'd always had a Roth IRA.
Either way, you're only being taxed once on your contributions. |
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Judy
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Are you being charged the normal tax, or an additional penalty?
Conversion from a traditional IRA to a Roth IRA is allowed, but you have to pay the income tax on the amount rolled over, since you haven't paid it yet, and a Roth is funded with AFTER tax dollars - that's the point of a Roth, then you don't pay when you withdraw money when you retire.
Unless they're charging you an additional 10% penalty, no you have no grounds to protest. |
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StephenWeinstein
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You do owe tax, but not penalty. For a distribution that is not rolled over, there is income tax plus a penalty as well. For a rollover to a Roth, there is income tax, but not the penalty. |
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C Brown
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The ROTH IRA conversion is meant to allow people to take advantage of the recent crash in the markets.
The way it works is that you withdraw your money from your IRA and put it immediately into a new ROTH IRA. If you fill out proper forms this transaction is PENALTY free. However it is unfortunately NOT tax free. You will need to pay the taxes on the withdrawal from your traditional IRA as ordinary income. This could affect your tax bracket this year. I apologize for this critical misunderstanding.
However once the taxes have been paid, your money is free and clear in a ROTH IRA. This means that you will never have to pay taxes on any gains or income for as long as you live since you are paying the taxes now. |
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