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 If I roll my IRA into a Roth in 2011...will I have some of or all the tax advantages that were given in 2010?
I now have an IRA and it is 2011. Can I rollover to a Roth and still have the same benefits as if I did that in 2010 instead of 2011? My concern is that how much of a tax relief will I have if I ...


 Capital Gains Tax
If we buy a property with tennants in it, keep it for the term of their lease, then move in.....when we eventually sell it again down the track, do we have to pay capital gains tax on thr profit (...


 Married, but never lived together
Trying to find some help for a family of a lost son. A friend of mine was married in France more than twenty+ years ago in order to work in France, but never lived with his spouse, or ...


 Confused, please help.
I am 19, a college freshman. I have been living out of the house since August of 2010, and I have been paying my bills, working 32 hours a week, and am a full time student. The question is can my ...


 20$ extra taken out of each Paycheck under Federal Tax
I have my status as Single and a withholding allowance of 1 in my W4. My per paycheck income is 2585.55$ and i get paid semi-monthly. And my Federal tax withhloding per paycheck is $446.4. B...


 Mother fresh out out Jail claimed my dependent for 2010.
I have already filed my 2010 tax return, I had a dependent living here at my house while her mother was in jail for 10 months of 2010, Well she got out of jail in Dec.2010 then claimed her child that ...


 Divorced in 2010- enter half of 2009 refund?
I have to enter the amount of my 2009 refund, but my divorce decree specifically states that the amount of the 2009 refund is to be split equally. So can I enter half of the amount of the refund for ...


 Will I get Penalized for not filing my Child Tax Benefits right away?
ANSWER AND HELP PLEASE! So, here's the deal.. My daughter is 4 months old and I haven't filed for her child tax yet... In all honesty, its because we haven't necessarily needed it yet and if you wait....


 IRS refunded too much
The IRS refunded us more than we expected. we called them to find out what we should do and we were told that the money was our. well it's over a month later and now they want it back. wtf? We ...


 Unemployed, with dependents file taxes on prizes
I am currently unemployed and no longer received employment benefits (this is not a factor) and have two kids. I wanted to know if I have won several prizes around $300 (or more) do I file taxes, ...


 How should I file my taxes-please help
Hi I am a US citizen and receive social security. IN 2009 I moved out of the US and now live in Spain. I got married in Spain in 2009 and my wife and I are living here in spain and not planining to ...


 Dependant issues...
Before I get to my question I will give a little bit of a background. My dad and I's relationship is definitely dysfunctional. I am 23 and I live with him(part time college student. part-time ...


 My husband collects 100% disability
If my husband collects 100% Social Security disability and does not hold another job, can I claim head of household since I work and pay 90% of the bills?...


 Should I pay the property tax?
I found out not long ago regarding my title company did not pay the property tax that that stated in the escrow document. I bought the house on 1/31. Within escrow document, it stated clearly ...


 State Tax
I am being sued by a hospital that is run by the state. Each year my state tax goes to this hospital for payments. I received a letter from the IRS telling me that my 2010 state tax went to the ...


 owe federal
I am a full time college student.....my parents pay for everything but I do have a job. I accidentially put exempt on my W-4 and now I owe $700.00 Is there something I can do?...


 Open 2006 tax file has .tax extension
Finance Discussion Forum Financial questions? Find answers to your financial questions on our community forum. I cannot open prior year turbotax, all my tax file have a .tax ...


 now what
So I just found out my accountant filed me as self employed which i'm not and I get ssi will iget in ...


 selling house left me by mother
We have been left my mothers home when she passed away in Febuary this year.I am the executor, when the house is sold the cash generared from the sale has to be divided between myself and my two ...


 HOH
I have an 11 year old son in which I am the custodial parent (never married) The father pays child support...never missed. On the custody agreement I was ordered to sign the form 8332 giving him the ...



cakeyum
Is my ex entitled to half of my tax refund!?
Hello, I am a single father who was legally granted Physical Placement of my 5 year old daughter. Her mother and I have joint custody, however, our daughter lives with me and "visits" her mother 3 nights a week. In our legal agreement the judge ordered my ex to pay child support to me, however, we made a verbal agreement in court together that I would not accept her child support nor would I go after her for it. This was a compromise I was willing to make to end our emotional custody battle once and for all, since it was really a difficult situation to be in for me. Also, I don't care about taking my ex's money. I do okay on my own, however, I barely have a dime to my name by the end of the month with all the bills I am responsible for on my own. You may be wondering why I received Physical Placement instead of the mother, which is rare. Her mother was partying a lot, and basically decided over time she didn't feel like being a mother. Okay, fine, we all have our wants and needs. She eventually moved out of our home without any plans on how she would get to spend time with her own daughter. At the time it didn't appear to be much of a concern for her, but when her parents found out it was a different story, and that is when Family Court came into play. I was happy with the outcome, although my lawyer informed me that if we wanted to take it further the judge would have given me full custody based on the situation with her mother. My big ethical debate at the moment is in regards to my tax return. Since I am the Physical custodian of our child, Head of Household, and all of that stuff, I am entitled to the Earned Income Tax Credit on my income taxes. In the past I had shared this money with my ex, but that was when we were a couple, living together. We did not live together at all last year. In fact, our daughter didn't visit her mother, or live with her mother at all for the first three months of last year. Her mother also had two roommates for most of last year helping her pay the bills, one being the boyfriend I believe she had been cheating on me with. She is also dependent on her parents for money, as an adult. They continue to pay her phone bill, have recently purchased a vehicle for her, etc. My argument is that I pay ALL of my bills, rent, utilities, food, shelter, heat for my daughter, far more than she does for her. This tax refund is meant to go toward the child, however, my ex claims she needs it to pay the IRS her back taxes! Also, I have Lola for half of one of her visitation days every week, which is every Sunday. Plus there were many many Tuesdays this past year where I took our daughter an extra day in which my mother watched her for free in the evenings while I worked. My mother normally watches our daughter Wednesday and Thursday evenings when I am working and doesn't ask for any compensation, so that alone has saved my ex and I thousands of dollars on child care. I am also in a position, unfortunately, where I am laid off for 2 months of the year. The Tax Credit Refund I have received will be going toward housing, feeding, clothing, etc, our daughter for those two months. I know that my ex will most likely be spending it frivolously if I were to give her half, which she feels she is entitled to. SO...the question is, IS she entitled to this money, and if so, based on the facts I laid out, how much is she to be entitled to? I would truly appreciate any help or advice. Thank you!
                     
 




kerdink
Rating
Well first of all...if it is in the divorce decree that she is entitled to half of your taxes, then yes. if there is nothing in the decree stating she is entitled to half, then she should not get anything. Also, make sure to look at if you are switiching off years in taking the child tax credit. If she owes back taxes, DO NOT file jointly with her. That is now her problem. If you were divorced as of Dec. 31, don't even add her. So just make sure to read what is in your decree. A decree written out stating the terms is alot stronger than a verbal agreement.


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