Turbo Tax issue?
I've never used turbo tax previously and I hear it's easy, but my request for information is can I claim myself as a dependent using this program? It doesn't ask single 1 or single 0. Hopefully someone can help me next to this issue.Thank you.
Answers: It knows to claim you. You will hold a chance to enter any other dependents separately. It is a impressively easy excise package to use. To hide away even more time, it allows you to download all W-2 information, interest, dividends, etc. Good luck. Here's hoping for a big repayment.
It adds you automatically as one assumption Have used Turbo Tax for years, love it.
Can i claim a 20 year old who lived with me for 8 months who made 1000 dollars?
Answers: If he is a relative, yes. If he is unrelated the IRS says he must live with you for the entire year.
How are they related to you? Are they a full time student? Did they provide over half of their own support?
If not related no, because they have to live with you the entire year to be a qualifying relative.
Is the duty rebate from the rates stimulus plan taxable?
The way it read, I think, we will hold to count it as 'other income' on our 2008 returns. This would mean paying federal, state, and local levy on my so-called tax rebate. Has anyone else read the specifics within the bill? Any tax experts of a mind to answer this during their busy season?Answers: No, it is not taxable. The concept behind it strikes most as a bit abnormal but it actually is an finance on the refund money you would enjoy gotten when filing your 2008 return subsequent year. In effect, they are granting an immediate charge cut for 2008 and giving you the money right now instead of you have to wait until 2009. Spending the money subsequent year would not help the reduction right now. The integral point of this exercise is the hope that we will go right out and spend our rebate to take the wheels of commerce flowing again.
No, it is not taxable...
I've read adjectives specifics in the bill... It's an finance of a credit that will be built into your 2008 return. But you get the money in a minute.
"The rebate is not taxable at the federal level, and it's unlikely the states would tariff it, though that's not entirely clear at this point".
http://www.marketwatch.com/news/story/st...
No. You will not report it as income. It is an advance on your 2008 taxes.
While the rebate depends on your 2007 income, it is in reality a rebate toward your 2008 taxes. According to the proposed plan, in 2008, taxes would be cut from 10 percent to nil percent on the first $6,000 dollars of taxable income for individual taxpayers.
It's like a one time rates cut for 2008, but you get the rebate very soon instead of waiting to file your 2008 taxes. Because this is an finance payment on your 2008 taxes, your compensation next year could be more (or smaller number!) depending on your 2008 income.