 On last year's tax return (MY FIRST EVER ATTEMPT TO DO THIS) there is a glaring mistake? |
| I put something in the wrong column - even though I declared it, they did not see the error - which should have stood out like a sore thumb to the trained eye. Anyway they should have taxed me on £2... |
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 I don't want to pay taxes anymore!! Isn't there some kind? |
| of form I can sign whereby I am released from doing so? I want to designate what I am willing to contribute to. 2% here, 2% there, etc. But I am not willing to pay my taxes blind folded throwing a ... |
|
 Do i still have to pay taxes? |
i have no job
i make $250-$400 a year in interest throguh CDs
do i still have to file my taxes?
would i get money back or would i owe?... |
|
 Why are the British public so GUTTLESS? |
| Yes folks, thats the question, and before you all start critisising, just let me say I am a Brit also. What I am refering to is the constant bombarding of the UK public with all these damn Stealth TAX... |
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 My tax code is 522L and i dont pay tax is this right? |
| I have put this down to the fact that i have a child but im confused, if this is wrong will i receive a big tax bill?... |
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| Rebate / Stimulus Checks? |
| So I realize the site and everywhere says "you will be mailed your check based on dates that correspond with the last 2 digits of your SS#"... which is fine and all- but what about those ... |
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 My son was born dec 23 2007 the hospital failed to file for his ssn i had to file my taxes and couldnt claim? |
| him because i didnt have his number yet. can i still claim him somehow this year .......and if so how and or where can i ... |
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 If I spend $500 to raise $10,000 for a charity, is the $500 tax deductible? |
| The charity acknowledges that I raised $10K. I have receipts to show I spent, for example, money to put on a dinner where participants paid $60 a plate. All of that money was donated to the charity.... |
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 I know you can deduct medical bills from your taxes...? |
| Would it be worth it to pay off all medical bills with a credit card before Dec 31st? Would it increase my refund greatly or not enough to make it worth it?... |
|
 How is the cost of living calculated in the UK? |
Hi,
I am confused, ok that's not unusual.8-))
I just heard on the news that the cost of gas has risen by 85% over the last 3 years.
So given that electricity ... |
|
 My wages are never right the payroll mess it up every month? |
| i work the same hours every month but payroll always mess it ... |
|
 Hi, I got my paycheck and it was $600.00 and the withholding tax was, FICA-SS $37.20, FICA-Med $8.70 and? |
Fedral W/H $39.81, State W/H $20.24, Local $9.00, doese any one knows if this is reasonable? and what each one stand for?
My employer doesnt provide Medcare so why still they are cutting FICA-M... |
|
 How do I get my mom to stop claiming me on her taxes? |
(I had to ask this again because I keep leaving info out)
I am 20 years old, I have my own apartment I pay all the bills there, (I do go to her house sometimes for a few weeks), I have my ... |
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 Can I legally claim that I earn 1/3rd less than my original amount before deductions? |
| If I earn a certain amount of money and have a third of it taken out before taxes for health care, dental, vision, 401K, and a few other things, is my annual income the original amount or the amount ... |
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drzdenizen | Lets say I lost $1000 on a short term stock trade, what happens when I do my taxes? |
I know I would owe 100dollars of tax but what else happens? |
 |
 
MukatA
 |
Why would you owe $100 if you have a loss of $1,000?
If you have short term gain, then you will reduce the gain by your short term loss (that is by $1,000).
If you did not have any short term capital gain, then you will reduce your ordinary income by the loss (the maximum allowed capital loss deduction that is more than capital gains is $3,000).
If you have short term loss of more than $3,000, you will deduct loss of $3,000 in the current year and carryforward the balance loss in the next year. |
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lddcpa
|
Report gains and losses on Schedule D - Capital Gains and Losses. You may deduct up to $3000/yr of net capital losses - the remainder (NCL)is carried forward.
You don't owe any tax. The loss offsets other income and you reduce your income tax.
Good luck, LD |
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ninasgramma
 |
What happens is that you fill out Schedule D which shows a $1,000 loss. The loss is then transferred to Form 1040 and is subtracted from your other income.
A capital loss of $1,000 will reduce your income by $1,000. so you will pay less taxes, not more. |
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Judy1
|
No, if you had a loss, not a gain, you won't pay tax on it.
You'll show the detail of the loss on a schedule D with you'll include with your 1040 (you can't use a 1040EZ or 1040A). If you have other income, the $1000 will subtract from your other income on the 1040 so you'll owe less tax. |
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bostonianinmo
 |
Who told you you'd owe $100 in tax on a loss?? Please stop listening to that person!
If you have a stock loss, first you must use it to offset any stock gains. If you use up the loss against gains then that's it, but it will reduce the tax on the gains.
If you have left over loss after offsetting any gains you may use the remaining loss to offest other income and reduce the tax on that other income. You're limited to using $3,000 worth of losses each year. If you have more than $3,000 in losses in any year you can carry the excess forward to the next year and use it to offset stock gains and then other income in the future. You continue carrying any balance forward until it's used up. |
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ro
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Last time I checked, you only had to pay tax on capital gains. Never heard of paying taxes on a loss. |
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Am M
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you can (and should) write off stock losses. I believe it's up to $3000/year. |
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Claire
|
When you incur a loss of $ 1,000 trading stock, you could use the loss to offset your previous or future capital gains.
You do not owe any tax when you have a loss. It is when you have earned income (i.e. a profit trading stock) on which you pay tax.
Sorry to hear that you lost some money. |
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