If I open a traditional IRA with a local bank to save on my taxes, how long must it remain on deposit? I'm 62.
Answers: There are no time minimums for deposits. You can roll it over any time you want to another bank or mutual fund company, or cash it in if you choose. However cashing it in would defeat the purpose of the IRA in the first place. Move it whenever you like but be sure to make a rollover directly from the bank to the next financial institution. If you don't, you will have to pay taxes on it. Good luck.
You can take it out at any time but you will pay taxes on the withdrawl amount. There will be no penalty though.
Exwife and I divorced within August. Does she bring to claim them on taxes, or do we split it for this year?
She has custody of the kids and I know she get to claim them in the adjectives but I'm not sure about 2007. Seems similar to I am etitled to at least a portion of that conclusion since my witholding did not change until we divorced contained by August.Answers: Ok first of all the poster above me have no right to say to fail to acknowledge anyone, since not only his feelings of the topic matters. Second of adjectives, I would try to talk it out beside your ex, as whoever made more can get more of a repayment, then freshly split it with respectively other 1/2 and 1/2 or something :o)
she doesn't if you send yours surrounded by faster! :-) If you file first it WILL come to you, IRS doesn't do split checks.
And even subsequent year she may want you to claim them if you get a bigger EIC. later you can split the money or something.
Last year I filed my taxes previously the baby's daddy did his, and when he put their info on his he had to resubmit minus them because they had already be claimed.
* not sure on this but last i know they weren't allowed to split earned income credit on 1 child. if you enjoy more than one you could claim one and she could claim one, but on 1 kid there is just one refund... or so it be explained to me.
Please ignore the first poster.
Filing first a moment ago to get the reimbursement is not the way to shift.
If your ex also files with the kids the IRS will issue packages to both of you requesting proof that the children are your dependents. If it is determined your ex had the right to claim the kids, you'll own to pay rear legs the tax, plus interest and penalty (and I bet you would have spend your compensation check before the IRS asks for it back).
What does your divorce decision say?
Are you up to date on child support?
For the course of 2007 who provided the most support for the kids?
Those are the question you have to answer since you know whether you can claim the kids.
Delayed Refund, IRS say they will correspondence Monday HELP ?
My refund be delayed due to an outstanding debt but has very soon been released and when i call the IRS they told me it was released for mail on the 5th and is scheduled to be mail Monday the 11th...First i thought they only mail checks on Fridays...I did ask them a couple times if they ment i should get it by Monday and they said no it is planned for mailing monday.I AM A LITTLE CONFUSED... any information would be courteous and for all the rude citizens out there i realize i will get it when it get here but we have a crazy mailman that like to get e-mail mixed with neighbors and i want to hold an idea of nearly what day to really expect the check contained by the mail...gratitudeAnswers: Most of the time checks are indeed mailed on Fridays. However, they do ALSO post Monday. Which is why generally speaking if you are on the East Coast you pretty much ALWAYS receive your return on a Tuesday or a Saturday...
However surrounded by special cases they will release the check as soon as possible, for instance if you had to amend your return..So don't verbs, take a vast breath relax and it will be on its way.
Cool your jet. It'll be there when it get there. The IRS can't guarantee the exact time of delivery.