 Who gets to claim the kid on taxes? |
| Okay I have a four year old step son and his mother technically has full custody, we get him every other week anyways my question is if she claims him on taxes is there anything that we can claim him ... |
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 Itemized tax deductions? |
I am a real estate appraiser and my boss is withholding taxes. I received W-4 for the income I earned last year. Typically appraisers are treated as sub contractors and receive 1099's.
... |
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 Turbo Tax/ Stimulus check? |
| My mom got her stimulus check and I used Turbo Tax to file her refund, however I paid for the fee using a credit/debit card. It was directly deposited into her account this morning. For all the ... |
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 I was suppose to recieve my tax rebate check today but i did not, why? help? |
| Accoding to ,my last two digits on my social i was suppose to recieve my rebate today on the 9th I am single and made more than 16000 last year, I have no kids owe nothng, not married , i recieve 1000... |
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 Tax fraud? |
Is this scenario totally okay in the eyes of the fed?
Two parents live together not married. They have 2 kids together.And 2 kids from previous relationships. Each of them claim 2 kids on their ... |
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 How much tax should we expect to pay on my husband's freelance job? |
| My husband is an architect currently employed with a firm. He just got a freelance job on the side, which is expected to pay him around $26,000 over the next year or so. (This is additional money ... |
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 When teenagers get taxes taken out of their paycheck, isn't that technically "taxation without representation"? |
something to think about.
Additional Details
Don't read too much into this question. I'm 25 years old. It's just something to think about.... |
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 Trying to file taxes. Dont have w-2 where is my Emplyer Id number? |
| I am using my last paycheck to claim my taxes with. Does anyone know where I can find my employer id number???... |
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 Can I file my taxes without my W2's? |
| My husband and I were planning on filing jointly this year as this is the first year we were married. My employer generally doesn't send out our w2's till the very last minute. My husband ... |
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 I have a tax question maybe someone can give me answers to? |
| i'm a first time tax filer i've never done it before what is the best place to go get my taxes done that would possably give me a part of my refund that day i go,and any tax place that ... |
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| A child living at home turns 17 Oct 27, 2007 can she still be claimed as a dependent? |
Additional Details
any idea how to override the HR Block Tax Cut programs response because it says she is 17 so not eligible as dependent?... |
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| I've been made redundant and I might be pregnant - would this change my package? Am I entitled to more? |
| I'm due to leave the firm 30th August, and have agreed a package. I've been at the firm for just under 2 years. Does the company have any duty to pay me anything if I'm pregnant and ... |
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 How important is it to declare profit on rental property? |
| I have a retal propert nowy nearly 8 months, income is alot greater than mortage, Should I declare it to inland rev, also is there anything I can write off against my profit? What would be the ... |
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Smartass | What's the best way to cash out your IRA? |
Let's say, after 30 years, I have $500K in my IRA.
Can I transfer these funds directly to a house without being taxed? Or simply, is there any way I can touch this money without being taxed? |
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Thor
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I recall during the previous housing boom there were a number of people promoting buying investment homes with your IRA. I think that can still be done but the paperwork, filings, and rules are many and convoluted, but it can be done. But not for your primary residence. It must be an investment property.
It the money goes in your pocket whether you put it against your house or not, you have to pay tax taxes on it.
My question for you is; Why would you want to do that?
Your mortgage interest on your home is tax deductible. If you have a 6% mortgage interest rate and are in a 25% tax bracket, your after tax cost in interest is only 4.5%.
Over time it is not hard to beat 4.5% interest investing that money in your IRA, compounded tax deferred. You could pull the money out of the IRA to pay the interest then the taxes would be deducted one for one, it would be a wash.
And the remaining money would continue to grow tax deferred.
Unless you think you cannot earn more than your after tax cost of the interest by investing then you would not want to do that anyway. |
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Wayne Z
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There is only one way for you not to pay any tax.
You have to die. Your heirs would then pay the tax.
Assuming that it was a deductible traditional IRA, any withdrawals will be taxed regardless of what you do with the money. |
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Bob F
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Money from a traditional IRA is always taxed no matter who you are or how you take it out, since it was never taxed between you earning it and you investing it.
You can take it out without any penalties added to that tax if you are 59.5 years old, or if you take it out for reasons like education of your or a child or grandchild, excessive medical bills, or purchase of a home if you have not owned a home for at least two years.
That is why the Roth IRA is so popular. You don't have to pay tax on anything your withdraw since you have already paid tax on what you invested before you invested it.
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wartz
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You can't touch money in a traditional IRA without it being taxed. This extends to heirs. The best you can do is wait until you are 59 1/2 and just pay tax at regular rates. |
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Judy1
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You'll be taxed, no matter what you do with the money, assuming it's a traditional IRA and not a Roth.
If you are over 59-1/2 there won't be any additional penalties. |
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Charles G
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If you have an IRA for 30 years, it is a traditional IRA and you must at least be close to or over 59 1/2 years old. So we won't worry about early withdrawal penalty.
If you find a custodian that is willing to do this, you could buy an INVESTMENT property with the money, or a share of an investment property. The key is investment, not personal residence. But good luck finding that custodian, especially with the current housing market.
Otherwise, you've been enjoying a tax break for 30 years, when you take money out, you will be taxed on it. You have to bite the bullet.
You also have considerable leeway in withdrawal. You can withdraw up to a little less than the amount that puts you in the next tax bracket and pay as little tax as possible, withdraw it in years you don't have much other income, etc.
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v b
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Oh, and if you 70.5 years, don't forget to start taking the mandatory distribution. It's a real bummer to try and avoid a 25% tax rate just to pay 85%. |
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doug_stice
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go to the suez orman website maybe she can help you on that |
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