Do we want to donate Dependent Care Benifits (DCB) to Gross Taxable Income?
We have Gross Income for ~100K (married, file jointly). No other income, no stocks etc etc. My W2 form says ~50K. My spouse's W2 say ~50K + 5K as Dependent care benifits (box 10 of W2 form). We already get 5K after submitting daycare bills to flexible account guy.Now, the Gross Income (taxable) from the above should be 100K (right?)
But the Tax software (TurboTax and also others) shows my Gross Income as 105K. It is totalling 5K (of Dependent Care Benifits)
PS: I filled Form 2441. I am getting $0 to be added to 1040. Infact, I create in your mind everyone will get $0 since everyone's pay will be more than $5000..right?
Please correct me if I need to join that 5K (DCB) as part of Gross Taxable income or not on Form 1040?
Thanks inadvance...
Answers: It should not be count back to dash 7 if you spent it all on dependent prudence. You answered something wrong.
TurboTax allows you to trace how lines are calculated, so you should be able to see where on earth the $5000 comes from. Then carefully plague out that form (in forms view) to see if you've done things correctly.
On the surface, it looks as if you've done everything correctly, but you need to look at the forms surrounded by detail.
Stocks Tax Question . Say I put contained by $3,000 on stocks I bought 3 .?
The 2 gained money but never sold it . 1 stock I lost utter $500 I put in $1500 . Can I contend a capital lost for that distinctive stock? . Even though the combined position isn't under $3000 even so.I only get 1099 from Scottrade will they send me another one for a funds lost statement or something?
Answers: You claim a gain or loss when the stocks are sold. You also have to distinguish between short and long occupancy losses.
The 1099 is all you'll bring. You need to enter the date the stocks were purchased and sold and the cost cause vs. the result.
When figuring your cost proof make sure you inlcude your trading fees ie. if you salaried $10/share for 100 shares = $1,000 then join Scottrade's 7.99 fee to buy and the 7.99 tax to sell so your cost be $1016.
Good luck...
It's not the combined positions on everything you own. When you sell a stock, you schedule that sale, and what you rewarded for that particular stock, on your diary D - that gain or loss is declared for that year.
2007 export tax rebate sound out around who get it.?
People on social security who didn't clear any taxes?People who already receive earned income credit and capture far more than they pay contained by already?
People who don't have to folder because no tax be withheld and they made less than 8500. should they database anyway to get this rebate?
I am doing these taxes for own flesh and blood and I don't know what to tell them.
Answers: Retirees would qualify for the rebate to the extent they pay taxes on pension, investment income, Social Security and other sources of income. They would not qualify under the current proposal if their on the same wavelength gross income is so low that they pay no federal income excise at all and their earn income in 2007 be less than $3,000.
People on Social Security settle some taxes, just not income taxes. They win a smaller piece of the pie ($300, if I remember the last proposal)
This is also like peas in a pod for people who made underneath a certain minimum. If they made smaller number than $8500, they have to profile anyway to prove that they made less than $8500. They of late don't owe tax.