I was a full time student for most of 2007. I got married in sept 07. Can my parents still claim me?
Answers: Maybe. Did they provide more than 50% of your financial support through the year? I'm going to guess yes since you make no mention of employment. If they provided the majority of your support, they can claim you.
Have a quick talk with your spouse. If the 2 of you file as MFJ and either one of you made more then $3400 of income, the discussion is over. Once you file MFJ, your parents *can't* claim you.
If you haven't filed and can file separately, see what the returns look like if you file 2 MFS returns (yours without the personal exemption) vs. 1 MFJ return. If the difference is minor, ask your parents if they could still claim you, what is it worth to them. If they are eligible to claim EIC for you or could take a large education credit, this could be a significant amount of money.
Over the years, I've talked to several young men whose father inlaws felt he'd stolen their little girl at the end of the year...and since they hadn't filed yet, were very interested in figuring out if he could let dad claim her one more time and come out looking like a hero. One young man dummied up the taxes both ways, showing that he gained only $200 on his refund if they filed jointly and was going to go chat with dad. (He wasn't sure, but he thought the difference on his inlaws return was more like $2000 and if so, he was going to remind them that they *could* claim their daughter one last time.)
What's next to not person competent to claim my medical expenses because of my income?
my income is 100,000 per yearAnswers: Medical expenses are subject to a 7.5% AGI floor, meaning that you cannot take off any until they exceed $7,500 in your satchel and then you can solely deduct the portion that exceeds $7,500.
On top of that, deduction start to phase out as your income rises above certain level. And high-income taxpayers may be hit with the AMT which severely limitd the items that are deductible.
Firstly, Your medical expenses' threshhold is going on for $ 7500 (assuming you have not oodles adjustments to your gross income), so if your medical expenses smaller amount than above amount, you can't deduct it becuase you may subtract only the amount by which your total medical fastidiousness expenses for the year exceed 7.5% of your adjusted gross income. You do this totalling on Form 1040 Schedule A in computing the amount deductible.
Secondly, your itemized deduction may be limited if your in step gross income is more than $156,400 or $78,200 for Married Filing Separately. This limit applies to adjectives itemized deductions except medical and dental expenses, casualty and stealing losses, gambling losses, and investment interest.
Proposed charge rebate..I am confused??
I am a bit confused about the proposed due rebate. I know in the recent past, this idea have been floated earlier, but it wasn't really a rebate, but a loan against your next duty return/refund. If this the same makeshift idea? While I am other in favor of getting more money rear legs from the government, I also know that they are not surrounded by a position to give money away in need taking it from someplace else or having to angle taxes in the long run. If someone would explain this to me, I would appreciate it!Answers: While the rebate depends on your 2007 income, it is in fact a rebate toward your 2008 taxes. According to the proposed plan, in 2008, taxes would be cut from 10 percent to zilch percent on the first $6,000 dollars of taxable income for individual taxpayers.
It's like a one time due cut for 2008, but you get the rebate presently instead of waiting to file your 2008 taxes.
Because this is an mortgage payment on your 2008 taxes, your discount next year could be more (or smaller amount!) depending on your 2008 income.
Nothing has passed Congress on the other hand, so all details are subject to revision. Check out the referenced site below for more info.
No, this would not be a loan against your next return. This is to infuse the cutback with money. Traditionally, extra monies similar to this are spent at stores for luxury items (as if anyone has more than gas money today!).
They will have to pinch the money from somewhere else but it is believed the resultant influx in buying will stimulate the cutback and therefore be worth the price of entry.
I assume you're speaking of the Economic Stimulus roll, correct?
I agree...you can never get "something for nothing"...but they're trying to bolster the reduction by giving Americans more "spending money" (they hope not many are close to me and will put it in my reserves account if I go and get this)...and so far, that is the merely "catch" or "alterior motive" I see from this.
I am to the understanding that this is NOT duplicate that we this is a rebate and not forward loan.. here is a link.
http://www.bargaineering.com/article...e...
Determine Eligibility:
If you earn less than $3,000 - undesirably you’d get zilch.
If you earned more than $3,000 but remunerated no taxes, you’d get $300.
If you earn more than $3,000 and paid taxes, you carry $600.
If you have children, add on $300 per.
Determine Phaseout Reduction:
The phaseout levels open at $75k and end at $87k, at a let-up of 5% per $1,000 over the lower limit. If you earn above $87k, you’re over and thus bring nothing regardless of the math.
Couples
Determine Eligibility (appears to be duplicate as singles):
If you earned smaller quantity than $3,000 - unfortunately you’d seize nothing.
If you earn more than $3,000 but paid no taxes, you’d bring back $600.
If you earned more than $3,000 and remunerated taxes, you get $1,200.
If you hold children, add $300 per.
Determine Phaseout Reduction:
The phaseout level begin at $150k and lapse at $174, at a reduction of 5% per $1,000 over the lower impede. If you earned above $174k, you’re over and thus obtain nothing regardless of the math.