I noticed today that all of my 2010 paystubs so far have said “Excluded from federal wages” at the bottom. What does this mean? Also, I assumed that the more money you make, the more taxes deducted. Is this true? if so, There is some type of error. My Federal Income Tax deduction amount is less and way off from last year. I make more money this year. Can you explain why this is? I don’t want anything to be messed up when next years tax season comes around.
Posts Tagged ‘From’
Taxable income from sale of home?
28
Aug
My grandmother recently passed and she deeded her home to the grandchildren. We took possesion of the home, this wasn’t inheritance by the way, and we have sold it. From what I understand I will have to claim this money as Income for 2007. I usually just use the 1040ez form because I don’t own property and I have no deductions or anything that would make me use the long form. My first question is can I still use the EZ form with this type of income? Secondly, will I get something in the mail to document these earning? I don’t think the attorney is making us fill out w9’s, so I’m not sure how to report this. Will this be considered as capital gains? I’ve heard they tax capital gains more significantly than earnings from employment.
Any advice would be great. Thanks.
Is there a % or other cap on the mortgage interest and property tax I can deduct from my federal taxes?
27
Aug
I’ve just moved to Los Angeles and am really stretching my budget to buy a brand new condo. (No cracks about buying at the top of the market! I’ve done a ton of research, and I think the place is well-priced. Plus, my partner and I expect to be making quite a bit more in the coming years.)
Anyway, the amount of mortgage interest and property tax I’ll be paying over the course of a year is truly staggering: the annual total approaches $50K.
Can I really deduct all of this? I’m not going to reveal my income … :^> … but with both my jobs, let’s just say it’s in the low-six-figure range. Should I crank my payroll exemptions up to 15 or something, to get that money in each paycheck? I’m worried that some cap, or the alternative minimum tax, will kick in, and I’ll end up with a huge tax bill. Does AMT take effect before or after mortgage interest is deducted?
(Extra points if anyone knows how the state of California will handle the deduction too.)
Thanks in advance for any help!
Thanks for the answers so far. So the AMT won’t apply? The more research I do about it, the more it appears that the AMT is what I really have to worry about, since I’ll have both a second mortgage and a really high property tax bill.
http://www.smartmoney.com/tax/filing/index.cfm?story=amt
So, to follow up to TaxMan’s answer is there a “magic number” at which AMT kicks in? For example, if I were making, say, $100,000 all of my tax calculations would be done using the AMT rules, but if I were making $99,999 I’d avoid it completely? That seems unbelievably capricious.
In other words, if I’m filing single, how do I know if the AMT applies in my case at all?
How do i itemize deductions from gross income?
13
Aug
I have this form i have to fill out for court for child support, line 3 says itemize deductions from gross income,
a)federal income tax
b)state income tax
c)fica/medicare
Any help would be thankful
Chris
Its for weekly gross income. if that helps.
When does RushCard post direct deposits from the IRS? Do tax refunds post to the card immediately?
13
Aug
I am scheduled to receive my income tax refund Friday 01/29/2010. If anybody has experience with the RushCard and getting their tax refund dd on the card, please share your experience. Did it post the day the IRS said it should or later? I use the card frequently and have had one for various purposes over the years but this will be my first time getting my refund dd on the card.
how much of a federal tax deduction do you get from local city income tax, and property taxes?
01
Aug
The bottom line is I’m looking to buy a house soon, and I’ve found a really nice one in e neighborhood that’s a little more expensive tax wise. combining the city income tax, and the county property tax yearly, it’s about $1400 more per year ($4500 total taxes for this city) than some other nearby cities with comparable school systems, recreation, low crime rate, etc….so my question is….and I know this is hard to really put any solid numbers to, but about how much of that extra $1400 would I get back on my federal return. Looking for real rough estimates here. anything would help. Thanks
Will I have to pay inheritance or capital gains tax on a gift from my father?
01
Aug
In 2005 my father before remarrying sold his only home and gave me most of the money after the sale- more than £100,000- as a gift. I dont think I will ever have to pay inheritance tax if anything happens to my father. But would I have to pay capital gains tax? It was his only home and he sold it in his name and gave me a cash gift.
Do prominent law firms have rules forbidding Partners from having romantic relations w/ Associates?
26
Jul
Do prominent law firms you are familiar with have rules forbidding Partners from having romantic relationships with Associates, especially if they are dating an associate in their group/section?
(Talking about respected law firms with at least 40+ attorneys)
/
Federal income tax refund from last year?
20
Jul
I know if you didn’t choose itemized deduction, you don’t have to report last year federal tax refund as income.
However, do I need to report last year’s federal tax refund as income when filing state tax this year?
I file Iowa State tax.
Thank you
How much would a person get back from tax return (IRS) with no dependants stated?
18
Jul
How much difference in dollars makes, claim with 1 dependants at the moment of filing the W-2?
i did not file 2005 federal taxes and i received tax detail from the IRS?
11
Jul
but i can not find my W2’s for 2005 can i just use the information from the IRS tax detail form and file. The only thing different is the IRS has me as single and I was not single and i have 2 children plus a husband who did not work. If not do i need to contact my previous employer.
How are tax refund decided upon how is state tax different from federal tax? why does one cost which give more
10
Jul
I am married and new in Us . i have 2 childrens. One in college another in high school. They both are dependent on me. My wife and I made a total of about 35,000 in the calendar year with about 5000 dollar tax cut. what should i do? How do some people get more refund? will I get 5000 back or more or none? Please help
Am I required to have Federal Income Tax withheld from my pay?
07
Jul
If I claim exempt from withholding, do I still need to file Federal Income Tax return and pay taxes?
Is Mr. Jaggers from Great Expectations a defense lawyer or a criminal attorney??
06
Jul
I don’t know…
I kinda think he is a defense lawyer but i read somewhere that he is an attorney…
which is he and how do you know??
Thanks a billion!! 