 If I don't claim my son as a dependent on my taxes, can he still be covered under my medical insurance? |
| My son is 21 years old, a full time college student and is covered under our medical insurance policy. When he files his taxes he wants to be able to take his own deductions on his return. I hope ... |
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 Tax refund- do you get refunded for your social security? |
| assuming you qualify for refund (which i sure do this year!!), would you be refunded for money spent on Medicaid + Social security? Or is it just Federal withholdings that you get refunded on?... |
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 Stimulus check?!?!? |
| a lot of people had said they got a letter in the mail saying how much there check would be and when they would get it, i did receive a letter in the mail well before taxes where do stating that a ... |
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 Recently retired from job. Where should i invest to get maximum earning? |
| I got Rs.10 lakhs as retirement benefits and want to invest in a safe place and also expect maximum income from ... |
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 Can anyone prove to me that income taxes have to be paid? |
| Or are we just laying over like lambs and letting Uncle Sam steal our money. I also can't find any REAL proof such as documents or even copies of anywhere of the 16th ammendment being ratified.... |
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 Am i eligible for IRS Stimulus payment? |
| If my mother claims me as a Dependant, am i still eligible for the IRS stimulus payment?... |
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 If you no about tax preparation (PLEASE HELP)? |
okay I have only worked for 7 months this year and earned about 7500 dollars this year. i have have a two year old and a 4 month old.
How much tax refund am I availible to recieve.
W... |
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 Do i need a P45? |
| I am starting a job tomorrow but don't have a p 45 i havn't worked for around 12 years,been a housewife and mum. I wouldn't be earning enough to be taxed so do i need a p 45 of a p 46 ... |
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 Is it true that everyone is getting more money back in April on top of their initial income tax return? |
| I heard that couples (married) w/out children were getting an additional $1,200 if the couple made less than $20,000 a year. Also, that married couples that made that & less w/children were ... |
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 Does US have the most unfair tax system in the world? |
Accounts Receivable Tax
Building Permit Tax
Cigarette Tax
Corporate Income Tax
Dog License Tax
Federal Income Tax
Federal Unemployment Tax (FUTA)
Fishing License T... |
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 What are you going to do with your tax rebate? |
I have an economics project due and I need to survey random people about what they are going to do with their economy stimulation check. So, how about it? Spend it or save it?
Thank you ... |
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 When will stimulus checks be deposited? My understanding was today.? |
| My last 2 digits are 35, and I received my other tax check refund by direct deposit.... |
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tebaize | What are the tax advantages of a Roth IRA over a traditional IRA? |
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ykchen913
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You don't need to pay tax when you redraw from Roth IRA when retired. Traditional IRA only let you defer taxes. |
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medolfan1313
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In a traditional IRA, you don't pay tax on the money you deposit each year. The taxes are deferred until you withdraw the money (upon retirement). In a Roth IRA, you pay tax on the money that you deposit every year, but it is tax free when you withdraw it. The advantage with the Roth is, if your money is earning big interest (as in a Money Market or Mutual Fund), all the money that you earn over the years is tax free when you take it out. With the traditional IRA, not only will your investment money be taxed, but so will any money that it's earned over the years.
I'd definitely go with the Roth! |
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Richard H
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in a traditional IRA, you are not taxed on the deposits into the account. Instead, you are taxed when you withdraw money from the account. This means that interest and dividends earned in the account are subject to taxes. In a Roth IRA, you ARE taxed on DEPOSITS, not withdrawals, and so you will not get taxed on the dividends/capital gains/interest your account earns. |
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Mermaiden
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IN A TRADITIONAL IRA, U PAY THE TAXES AS YOU TAKE THE DISTRIBUTIONS, IN A ROTH IRA, U PAY THE TAXES AS IT IS BEING FUNDED SO WHEN YOU ARE WITHDRAWING, THERE ARE NO TAXES TO PAY ON THE MONEY. |
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melmo33
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Roth IRA takes AFTER TAX money (you get paid, taxed, THEN give it to the Roth) so when you take it out, there are NO TAXES at all. This is good if right now you are in a low tax bracket (perhaps just starting out in your career) and assume you will be in a higher tax bracket when you take the money out.
A roth has a limit you can contribute AND a limit to how much you may make per year. |
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lmnop
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On a ROTH IRA, you don't get the tax advantages of an immediate deduction but the income grows tax-free (not deferred). For a traditional IRA, you get the immediate deduction but have to pay tax on the income once you take it out at retirement. |
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Legally Modest
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It depends what your tax bracket is now, and what you anticipate it to be when you retire. If you make relatively little now and plan to be well off when you retire, you may be better off contributing to a Roth IRA where the money you contribute is taxed now. If however, you plan to make about the same amount, you will be better off contributing to a standard IRA. If they will be about even, better off contributing to a traditional IRA taking into account the time value of money. |
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vu_nguyen77
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With a Roth IRA your contirbution are after tax dollars which means you don't get any immediate tax breaks. However, any earnings in your Roth IRA becomes tax free when you withdraw at retirement. Example you buy a stock in a Roth IRA and it triples. When it is time to take out that money you don't have to pay any taxes on it. |
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