TAXES- How to directory exactly? single but living together, bought hot home, enjoy a dependent, but its my mom!?
How do I do this. . . my boyfriend and I live together, we bought a home together last year. we are not married.Last year I claimed my mother who lives w/ us as capably.so do we still file seperately, and if so who should claim the house, both or of late one of us, and if I have him claim the house, should I claim my mom, or can I claim the house and my mom ? If money matter, let me know too, but I craft more than him, so who should do what and how? HELP PLEASE ASAP.
Answers: you are still "single" i live with my boyfriend also but you arn't married. bargain to your man about the other stuff
Can my parents claim me as a dependent for duty purposes?
I turned 24 in June. I'm a full time grad student living at home.I realize the rules for dependent children state the child must be underneath 24, but what I wonder about is the certainty that I was lower than 24 for half the year.
Does that requirement make out that the dependent child must be under 24 at the time of file?
Anyone with any experience near this?
Answers: To claim you as a dependent child you must have be younger than 24 on December 31st 2007. So, they cannot claim you as a dependent child.
However, you may still qualify as a qualified relative.
If you made under $3,400 second year, and they provide at least 50% of your support (tuition, room & board, utilities, etc), they can claim you as a qualified relative.
Good luck!
Your parents can still claim you as a dependent regardless of age if you hold less than $3,200 of gross income and they are providing support. If they do not charge you rent, they can include that expediency when considering whether they provide half of your support.
If you live at home rent free, and you hold no bills, they can probably claim you. It is best if you talk directly to them roughly this to avoid confusion.
You must be *under 24* at the *end* of the tax year contained by order for your parents to claim you. Since you turned 24 surrounded by June, you cannot be claimed as their dependent -- last year be the last time they could claim you.
Are near supplementary due forms for recharacterizing IRA contributions?
I opened a traditional IRA surrounded by 12/07, but I think I might freshly bite the tax bullet and convert to a Roth already. If I convert prior to April 15, and recharacterize my 07 contribution, do I obligation to report that somewhere, or will my custodian take strictness of that end?Basically, if I construe this correctly, it will be like my traditional IRA never happen as far as Uncle Sam is concerned. I'd just resembling to confirm that before I demo into my bank and progress through the process.
Answers: No you need no extra forms. JUst keep adjectives the paperwork involved if a question comes up.