Received a Form 1099A - Do I have to do anything with it? |
| Last year I lost my house due to extended unemployment, the home was foreclosed on in April 2006. I just received a Form 1099A and have tried looking on the IRS site, but no luck. Do I need to ... |
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Taxes without my daughters social? |
| I had my daughter back in October. Tax season is coming up and I heard I couldnt claim her without her SS number. Is that true? The hospital usually files for it, but someone misplaces paperwork, ... |
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Are mechanic's tools tax deductible? |
| My husband started working for the City of CC and of course being a heavy equipment mechanic one must have their own tools. He has purchased several items adding up to almost $2,000. We have saved ... |
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I need 50k in one year (after taxes)? |
How do I get this amount of money? Any ideas! Additional Details I am willing to work....and open to work but it is important that I have 50k by the end of this year....... |
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We're married, filing tax return jointly. New this year: daughter has a new job.? |
Do we 1) include her $6000 income and withholdings on our return?, or 2) have her do her own separate return for her $6000 income and withholdings? Is option-2 correct?
Thanks!!... |
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Does a senior citizen have to claim rent as income that he gets from his daughter if less than $150/month? |
| My uncle wanted me to check this out for him. His daughter is over 30 and living at home and pays 150 a month rent to him. He was on a disability pension before he turned 65 and up til that point ... |
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Tax and national insurance?? |
| i resigned from my job 6 weeks ago, since then i have been looking for another full time job but have not been succesful yet, i do not want to sign on the dole but do i have to tell the dole office ... |
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Please tell me if these things are deductible? |
Credit card interest
Auto loan interest (auto was paid for by a home equity loan on residence)
Auto insurance
CPA for preperation of last year's taxes
Safety deposit box for ... |
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What is "Head of Household"? |
| I am married, my wife stays home (and has all of 2006) with our only child....I think that is the prime example of H.O.H....but I am not sure. How will I benefit and how should I be filling out my W-... |
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Getting irritated......!!!? |
| ok, so the last 2 numbers of my soc, are 11, and still no stimulus payment. I filed with turbo tax, paid the fees on my credit card, and got direct deposit back in february. Where is my money!!! ... |
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What happens if a married couple files "head of household"? |
| Well, not both of them, just one.....in order to receive the eic?... |
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Would I be able to claim my son in my taxes? |
| I am having my baby in January and I was wondering would i be able to get child tax credit for him since he wasn't born this year in 2008 and I'm gonna be filing taxes for 2008 would he ... |
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I got a new job and im get 1,200 every 2 week i and i want to know? |
wut is the gov't take out for taxes i so i want to know wut i have left from 1,200 i think it 900$
and i live in new york city if that ... |
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Kristi and Matt | SERIOUSLY ANNOYED!!! Please help!? |
Okay so my husband and I recieved our stimulus rebate payment via direct deposit on friday. However, it was only $600.00 and not the $1200.00 for married couples. I recieved a letter on Monday stating that based on our filing status the amount of the stimulus payment is $1200.00 however, that we recieved less- with no explantion why we only got half of the amount we are owed. We owe no back taxes and all of our federal and state taxes have been filed on time. Can anybody please give me an explanation of why? I have been trying to call the IRS since friday, but since there are high call volumes I cannot get through- I am sure there are more people upset about the same problem... so please, if anybody has any idea of why, please let me know- this has been bothering me since friday and I cannot get answers from the IRS or the website.
10 pts for best answer- why didn't I get the amount owed to us? Has this happened to anyone else? Has anyone been able to contact the IRS by phone? Additional Details It doesn't give any explantion on why we only recieved 600- and we DO NOT owe anything--- so how much would we have had to make combine to recieve 1200? |
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jurydoc
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Q. I received my stimulus payment, but it was less than what my friends and neighbors received. Why?
A. Your economic stimulus payment will be based on information provided on your 2007 income tax return.
Many, but not all, taxpayers qualify for the maximum basic payment of $600 for singles or $1,200 for married couples. Many parents are also receiving an additional $300 for each qualifying child, born after Dec. 31, 1990.
Your payment may be less than the maximum for one or more of the following reasons:
You are single and your net income tax liability is less than $600. If you file Form 1040 net income tax liability is the amount shown on Line 57, plus the amount on Line 52.
You are married and your net income tax liability is less than $1,200.
You are single and your adjusted gross income (AGI) is more than $75,000. On Form 1040, AGI is the amount on Line 37.
You are married filing a joint return and your AGI is more than $150,000.
You owe back taxes.
You have non-tax federal debts such as unpaid student loans or child-support obligations.
Around the same time you receive your payment, you will receive a notice from the IRS explaining how your payment was figured. It is important to keep this notice as a record of your economic stimulus payment. In addition, you’ll get a separate notice if you owe back taxes or non-tax debts.
Q. I received a stimulus payment and I want to verify that it is correct. How do I figure the payment, myself?
A. The easiest way to figure the amount is to use the Economic Stimulus Payment Calculator on this Web site. Essentially, there are two parts to the stimulus payment: a basic amount based on tax liability, filing status or other qualifying income, if there is no tax liability, and an additional amount based on whether a qualifying child is reported on the return.
Basic Amount of Payment: If you had a net income tax liability for 2007, you will generally receive a payment, unless you can be claimed as a dependent on someone else’s return, had higher income or do not have a valid Social Security number.
Your net income tax liability is one of the following:
On Form 1040, the amount shown on Line 57 plus the amount on Line 52;
On Form 1040A, the amount shown on Line 35 plus the amount on Line 32; or
On Form 1040EZ, the amount on Line 10.
NOTE: Don’t be confused. Net income tax liability is not the same as the amount of tax withheld from your pay, the amount of your refund or the balance due on your return.
Your stimulus payment is equal to your net income tax liability, but no more than $600, if you are single, or $1,200, if you are married filing a joint return.
If you had no net income tax liability for 2007, you are usually getting a minimum payment of $300, if you are single, or $600, if you are married filing jointly, as long as you had qualifying income of at least $3,000 in 2007. To figure your qualifying income, add together the following amounts:
Wages that are reported on Form W-2.
Net self-employment income that is taken into account in computing taxable income.
Social Security benefits reported in box 5 of the 2007 Form SSA-1099 you received in January 2008. If you don’t have this form, you can estimate your annual benefit by multiplying your monthly benefit by the number of months (usually 12) you received benefits during 2007.
Certain Railroad Retirement benefits reported in box 5 of the 2007 Form RRB-1099 you received in January 2008.
Veterans’ benefits received in 2007, including veterans’ disability compensation and disability pension or survivors’ benefits received from the Department of Veterans Affairs. You can estimate your annual benefit by multiplying your monthly benefit by the number of months during 2007 you received benefits.
Nontaxable combat pay if you chose to include it as earned income on your 2007 return.
Note: Supplemental Security Income (SSI) is not considered qualifying income and is not included for the purpose of establishing eligibility for the stimulus payment.
Phase Out: Your payment is reduced, or you may receive no payment at all based on your income level. The stimulus payment begins to phase out for individuals with adjusted gross incomes (AGI) over $75,000 and married couples who file a joint return with AGI over $150,000. The combined payment is reduced by 5 percent of the income above the AGI thresholds. Your AGI is the amount shown on:
Form 1040, Line 37
Form 1040A, Line 21, or
Form 1040EZ, Line 4 |
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johjstc4
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If you received the letter from them stating you were getting 1200 and only got 600 I'm not sure what happened, but
We got the letter on Monday also stating we would be getting 1800 but when I flipped the letter over there was a paragraph stating that they withheld money for child support. No biggie cause its only 400 bucks and we were going to send it in anyways.
Check the back of your letter and see if it says anything. |
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Judy1
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What did the letter say in the area that says the amount for you and your spouse? The $1200 for a married couple is only if your tax liability for 2007 was at least $1200 - if it was less than that, you get your tax rebated to you, with a minimum payment for an eligible joint return of $600.
Read the letter again. If it says that YOU will get $1200, and not just that your filing status entitles you to UP TO $1200, keep trying to call - mistakes do happen. But look at your copy of your tax return - if your tax for 2007 was zero or under $600, then the $600 is correct. |
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Pengy
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Sounds like your tax refund was pretty much everything you paid in taxes. The original letter you received stated you might be eligible for up to $1200 in a rebate.Key word here is rebate a return on what you have paid in. Since you did not pay at least $1200 in Federal taxes, you are not eligible for the full $1200 rebate. The freebe is you still both received and additional $300 even though you did not pay any Federal taxes. The problem is people did not read the rules and just heard the $600 and thought that meant everyone. Not so |
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~girlfriday~
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You had to have at least $1200 of tax liability (amount of taxes you owed and paid to the IRS during 2007) in order to receive $1200 back. If you didn't pay enough in taxes in the first place, you can't get a larger rebate payment. |
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src50
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$1200 is the MAXIMUM possible. Get out your 2007 federal return and go to the rebate calculator on the IRS website. It will tell you exactly what rebate you are entitled to. |
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Lauren
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It sounds like you have something owed to someone. This could be a number of things. Student loans, property taxes, income taxes, or any unpaid loans. I would call the IRS and request an explanation. I called yesterday and didn't have any trouble getting through.
Call 1-866-234-2942 This is the rebate hotline.
I hope this helps. Good luck. |
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Mr Bananas
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Let's ask Judy,she will know |
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