I forgot to file my 2005 Georgia State Tax Form, can I do it now, even though I have moved out of state?
Answers: yes, you should,
yes just file an ammended form.
Determining a16 year olds charge liability..Details given within description..Help...?
Hello,I know the answer to this problem below which is $120 but I cant seem to recognize how to get that result/ what calculation are needed. Please check out the situation below and see if you can help me know how the tax liability is $120.
Nicole, age 16, is claimed as a dependent by her parents. For 2007, she have income as follows: $3000 wages from job, $1500 interest from a authorization of deposit, and $500 interest on City of Rochester (NY) bonds.
If Nicole's parents file a united return for 2007 showing taxable income of $98,000 (no qualified dividends or capital gains), determine Nicole's levy liability.
Any answers will be greatly appreciated
Thanks All
Answers: State and Municipal bonds are exempt from federal tax so we can exclude the $500 from the city of Rochester. That leaves us next to total income of $4500 (3000+1500). Using the standard deduction worksheet for dependents (see page 2 of F1040-ez) we come up beside an SD of $3300. That leaves us with taxable income of $1200 (4500-3300), and if we look that up surrounded by the 2007 income tax table consequently we get a toll of $121 (not $120).
I'm not doing your homework for you, am I?
Contributed within ROTH IRA precipitate 2007 and find out next that we don't qualify for ROTH contribution.?
We contributed $4000 in ROTH IRA surrounded by the beginning of 2007. And we found out only just that we are not eligible for ROTH contribution in 2007 due to an sudden income. Can we just clutch $4000 out of our IRA account? How give or take a few the gains?Answers: you may be capable of "re-characterize" the Roth contribution into a traditional ira contribution - check with your IRA provider & your accountant