I am helping a family member get her life back on track. It looks like her best option may be bankruptcy.
If there is an unsecured, unpaid federal tax lien on her credit, will it be removed when she declares bankrupcy, or is it on there forever (unless she pays it)? I do not know how the situation came about, but the liens were placed against a home that was sold 10 years ago.
Will tax liens be removed from credit after bankruptcy?
Even after it is paid, it will stay on there. If bankrputcy is filed, the lien will stay on there. And by filing bankruptcy, that probably will not even relieve your family member of that tax lien as they can withhold future tax refunds.
Reply:A TAX LIEN WILL NOT BE REMOVED UNLESS YOU PAY IT OFF
IT IS BEST THAT YOU PAY IT OFF AND AVOID ACCUMULATING PENALTIES AND FINES IT IS NOT GOING AWAY.EVEN AFTER YOU PAY IT OFF IT WILL STAY IN YOUR CREDIT REPORT FOR 11 YEARS.YOU MAY TRY "DEALING "WITH THE IRS TO TRY TO REDUCE THE AMOUNT OWED OR TRY LOOKING FOR A COMPANY THAT DEALS WITH THIS KIND OF SITUATIONS
THEY CAN DEAL WITH THE IRS BUT THEY CHARGE YOU A FEE FOR THEIR SERVICE....GOOD LUCK
Reply:A federal tax lien is not normally placed on a particular piece of property but attaches to all the taxpayer's property or rights to property.
If the lien is over 10 years old and was not extended and refiled, it is self-releasing and states so quite clearly. Credit reporting agencies don't seem to pick up on this. You should get a copy of the notice of lien and determine if it is still valid before considering bankruptcy. You can also call IRS at 800-829-1040 and ask if the account is still on the books.
Also, IRS is required to send all taxpayers a balance due notice at least once a year stating what type of tax is owed and the current balance due. The notice does not contain any threatening wording, just the balance due and a polite request for payment. If your family member has not received such a notice in the past few years, that means the balance due is zero.
I am an enrolled agent, licensed by the US Treasury Department to represent taxpayers the same as CPAs and attorneys and specialize in taxpayers who have balance due problems. If you have any questions you would like to ask outside this forum, you can email me through my profile.
Reply:Were the tax liens not paid when the house was sold? If not they don't just magically go away. Your family member should see a bankruptcy attorney about the possibility of getting those liens removed. SOME tax debt is dischargeable if it's over three years old when they filed bankruptcy, but it depends and the best person to talk to about that is a bankruptcy attorney.
Friday, November 6, 2009
How many uninsured Americans will use their tax refund/child tax credit/earned income credit and?
tax rebate to buy health care coverage?
How many uninsured Americans will use their tax refund/child tax credit/earned income credit and?
Me too, Mother. I pay $300/mo as well, right out of my paycheck. And if I didn't have coverage, I'd get coverage. It's all about priorities folks. That's what Mother is driving at.
My refund/rebate will be going toward paying off debt. I am bracing for inflation and high interest rates. It's all about responsibility, folks. Conservative to the core.
Reply:Probably none. Have you ever seen a quote for health insurance? It's HUNDREDS of dollars per month for an individual. The average rebate won't buy much coverage for the average American family.
I hope this isn't the new universal health care plan: Give tax refunds so people can buy health insurance for their families two months out of the year!!!
Additional: $300/month? You should consider yourself fortunate... I've never seen an independent, unsubsidized rate so low for a family. Cobra plans are nearly $300/individual.
Obama 2008
Reply:probably NONE. If that was high on the priority list they would have already had insurance with last years money. But family coverage cost over a thousand dollars a month, and that is for insurance that is very good anyway.
If I got Insurance where I work for the Whole Family : it would cost 13650 a year, then I would still pay the first thousand in bills, and then 20% there after, and they will not pay more then $100,000 a year.
So basically I would be paying almost $15,000 before the insurance pays a penny.
Reply:None. They will spend it on stuff that they want and do not need. That is the problem with poor people: most of them buy stuff they do not need and then complain they do not have enough. Most poor people have big screen tvs, and live in a home that many own.
They live in poverty because they cannot manage money and have shown they are not responsible with money.
Reply:Probably none, since they have other things to worry about due to the neo- conservative eradication of the middle class in the US, you know stuff like rent, groceries, gas, life's little luxuries.
Reply:wouldnt scratch my insurance bill...
Reply:Well since my coverage costs 700 a month, I would be lucky to buy one month of it with a rebate check.
Reply:What insurance company do you have??
Have you used it for a serious illness??
Reply:Not many. Too bad many of them prefer going to the Emergency room knowing they won't pay instead of paying $5 a week towards their bill. $5 dollars a week sounds like a decent health care plan to me.
Reply:Probably most will pay bills with it. Electricity,heat,groceries,and gasoline have really taken a toll on middle America these last several years.
Reply:Well mother after reading the posters above maybe now you have a better understanding of the cost of insurance and understand how foolish your question turns out to be, well at least I hope so
Reply:My tax refund of $1300 might pay for two months of family coverage....lest we forget the deductible or the $25 to $50 for a doctor visit and then of course the $50-$100 PER prescription.
Reply:Given that health insurance for a family can easily run $500-600/month, I don't think any tax refund for low-income families is going to cover it.
Reply:Unfortunately, that's not a long term solution. I've seen many families have pay $600 per month.
Reply:if they waste that money on healthcare, then who is gonna buy them that plasma and that xbox and all that new bling?
anyway it won't be to much longer before they can get free healthcare anyway
How many uninsured Americans will use their tax refund/child tax credit/earned income credit and?
Me too, Mother. I pay $300/mo as well, right out of my paycheck. And if I didn't have coverage, I'd get coverage. It's all about priorities folks. That's what Mother is driving at.
My refund/rebate will be going toward paying off debt. I am bracing for inflation and high interest rates. It's all about responsibility, folks. Conservative to the core.
Reply:Probably none. Have you ever seen a quote for health insurance? It's HUNDREDS of dollars per month for an individual. The average rebate won't buy much coverage for the average American family.
I hope this isn't the new universal health care plan: Give tax refunds so people can buy health insurance for their families two months out of the year!!!
Additional: $300/month? You should consider yourself fortunate... I've never seen an independent, unsubsidized rate so low for a family. Cobra plans are nearly $300/individual.
Obama 2008
Reply:probably NONE. If that was high on the priority list they would have already had insurance with last years money. But family coverage cost over a thousand dollars a month, and that is for insurance that is very good anyway.
If I got Insurance where I work for the Whole Family : it would cost 13650 a year, then I would still pay the first thousand in bills, and then 20% there after, and they will not pay more then $100,000 a year.
So basically I would be paying almost $15,000 before the insurance pays a penny.
Reply:None. They will spend it on stuff that they want and do not need. That is the problem with poor people: most of them buy stuff they do not need and then complain they do not have enough. Most poor people have big screen tvs, and live in a home that many own.
They live in poverty because they cannot manage money and have shown they are not responsible with money.
Reply:Probably none, since they have other things to worry about due to the neo- conservative eradication of the middle class in the US, you know stuff like rent, groceries, gas, life's little luxuries.
Reply:wouldnt scratch my insurance bill...
Reply:Well since my coverage costs 700 a month, I would be lucky to buy one month of it with a rebate check.
Reply:What insurance company do you have??
Have you used it for a serious illness??
Reply:Not many. Too bad many of them prefer going to the Emergency room knowing they won't pay instead of paying $5 a week towards their bill. $5 dollars a week sounds like a decent health care plan to me.
Reply:Probably most will pay bills with it. Electricity,heat,groceries,and gasoline have really taken a toll on middle America these last several years.
Reply:Well mother after reading the posters above maybe now you have a better understanding of the cost of insurance and understand how foolish your question turns out to be, well at least I hope so
Reply:My tax refund of $1300 might pay for two months of family coverage....lest we forget the deductible or the $25 to $50 for a doctor visit and then of course the $50-$100 PER prescription.
Reply:Given that health insurance for a family can easily run $500-600/month, I don't think any tax refund for low-income families is going to cover it.
Reply:Unfortunately, that's not a long term solution. I've seen many families have pay $600 per month.
Reply:if they waste that money on healthcare, then who is gonna buy them that plasma and that xbox and all that new bling?
anyway it won't be to much longer before they can get free healthcare anyway
Will parents still receive the EIC and child tax credit, with the US Economy?
My husband and I look forward to the rebate we receive each year from the gov. We live in southern Ohio where a GOOD job is one in a factory. We have been investing it for 4 years now into our home and will finally be finished this year if we still get the EIC. What do you think.
Will parents still receive the EIC and child tax credit, with the US Economy?
Yep, they'll still pay it. Glad to hear you are making good use of the EIC. You've assured your children a roof over their heads in this very uncertain economy. Good parenting and prudent financial management. Far too many people blow it on Bling and trash and stuff. Waste of government money--our tax dollars--in many cases. The EIC program has had multitudinous fraudulent claims and they are finally pursuing them, cracking down on them and chasing them.
Will parents still receive the EIC and child tax credit, with the US Economy?
Yep, they'll still pay it. Glad to hear you are making good use of the EIC. You've assured your children a roof over their heads in this very uncertain economy. Good parenting and prudent financial management. Far too many people blow it on Bling and trash and stuff. Waste of government money--our tax dollars--in many cases. The EIC program has had multitudinous fraudulent claims and they are finally pursuing them, cracking down on them and chasing them.
Child tax credit/Working tax credit whilst living aboard a narrowboat?
Am i still eligible to recieve working tax credit and child tax credit if i am living on a narrowboat? I have tried phoning the tax office however they are constantly "experiencing a high volume of calls and cannot take your call". Is anybody currently live-a-board and claiming either of these?
Many thanks in advance, SpikeD
Child tax credit/Working tax credit whilst living aboard a narrowboat?
i dont see why living on a boat should stop u being entitled to receive tax credits tho as the other person pointed out they do need an address to write to u. its frustrating when u cant get thru try calling at times when they are less likely to be busy very early weekend mornings unfortunately its just a case of redialling.
Reply:Im not sure because they will get in touch buy post, if its a registered address and reconised then there should not be much of a problem. Best find out from them though. The best time to ring is between 0800 and 0930.
Reply:if its an address and you can recieve mail and its your residence i dont see whre the problem should be. as has already been said try ringing between 8 and 9am.
Reply:Yes you can, this would have no affect on Tax Credits what so ever
azalea tree
Many thanks in advance, SpikeD
Child tax credit/Working tax credit whilst living aboard a narrowboat?
i dont see why living on a boat should stop u being entitled to receive tax credits tho as the other person pointed out they do need an address to write to u. its frustrating when u cant get thru try calling at times when they are less likely to be busy very early weekend mornings unfortunately its just a case of redialling.
Reply:Im not sure because they will get in touch buy post, if its a registered address and reconised then there should not be much of a problem. Best find out from them though. The best time to ring is between 0800 and 0930.
Reply:if its an address and you can recieve mail and its your residence i dont see whre the problem should be. as has already been said try ringing between 8 and 9am.
Reply:Yes you can, this would have no affect on Tax Credits what so ever
azalea tree
How do you take - credit for "Foreign tax paid"- taken out of 401K account ? As there is no 1099.?
Typically on 1099- line 6- Foreign tax is reported which shows up as a credit in 1040. In 401 K- Brokerage house do not send 1099 or they don't report foreign tax taken out to IRS- so how do you take the credit ?
How do you take - credit for "Foreign tax paid"- taken out of 401K account ? As there is no 1099.?
You cannot take the foreign tax credit on a tax-sheltered investment.
Reply:You do not pay taxes on income while it is inside a 401K. Because of that the government will not allow you to take a foreign tax credit.
Reply:A 401K is a pension and is not reported on your return. That's why there is no 1099.
How do you take - credit for "Foreign tax paid"- taken out of 401K account ? As there is no 1099.?
You cannot take the foreign tax credit on a tax-sheltered investment.
Reply:You do not pay taxes on income while it is inside a 401K. Because of that the government will not allow you to take a foreign tax credit.
Reply:A 401K is a pension and is not reported on your return. That's why there is no 1099.
Any CPA's on here today? Question about tax credit for first time homebuyer?
I am wondering about the 7500 tax credit. It seems that you qualify if you purchased a home between April 8, 2008 to July of 2009. Here is my ? If we purchased on March 17 2008, missed it by a couple of weeks obviously, is there any kind of loophole we can find? Thanks!
Any CPA's on here today? Question about tax credit for first time homebuyer?
You missed it.
To soothe the pain a bit, remember the credit is not free money, it is an interest free loan that would have to be paid back eventually.
Reply:Bad news: You missed it and there isn't anything you can do about it.
Good news: There is nothing great about the so-called "credit" because it isn't really a credit, which would reduce your taxes. This so-called credit just shifts your tax burden from the year of purchase onto future years as you pay back the credit.
Reply:CPAs are not always tax professionals. Some don't even touch a return and others should not.
But the answers you have received are correct. If you closed after the date of the law, you are out of luck. At least now you don't have to repay the credit.
Reply:There is no flexiblility on the dates.
Any CPA's on here today? Question about tax credit for first time homebuyer?
You missed it.
To soothe the pain a bit, remember the credit is not free money, it is an interest free loan that would have to be paid back eventually.
Reply:Bad news: You missed it and there isn't anything you can do about it.
Good news: There is nothing great about the so-called "credit" because it isn't really a credit, which would reduce your taxes. This so-called credit just shifts your tax burden from the year of purchase onto future years as you pay back the credit.
Reply:CPAs are not always tax professionals. Some don't even touch a return and others should not.
But the answers you have received are correct. If you closed after the date of the law, you are out of luck. At least now you don't have to repay the credit.
Reply:There is no flexiblility on the dates.
Where would the $ for Obama's tax credit for community service for college for high school students come from?
would this come out of taxes? / have any effect on the economy? / do you think it would be beneficial?
Where would the $ for Obama's tax credit for community service for college for high school students come from?
Obama's going to cure unemployment, immigration and education problem with one simple thing: the draft - just like JFK did.
See ya when you get here - I'm waiting!
Even though soldiers make far less than $250K, you can bet they will pay no less under Obama - so after your four years of military service, he will slowly refund it back and call it college benefits.
Reply:WHERE IS ANY OF HIS SUPER DUPER PROGRAMS TO BE PAID FOR, BY YOUR TAXES NATURALLY, NO DEMOCRAT HAS EVER CUT TAXES, HE IS A SNAKE OIL SALEMAN
Reply:Yes.
Yes, less money in the tax-payers pocket means they spend less.
No.
Reply:CBS hired an independent company to look at Obama's promises and they determined even if the war in Iraq ended he would still be 90 Billion dollars short to cover the costs. They asked him where the rest of the money would come from and he said "I'll find it somewhere". Isn't that what happened to the sub prime loans? Gave people houses they couldn't afford hoping they would find the money "somewhere?"
That came from CBS not FOX.
Reply:Ultimately out of your and my pockets. He's got to get the money from someplace and it's gonna be taxes. It would result in a certain amount of wealth redistribution, but I'm sure that it would not be just the rich whose wealth would be redistributed.
(Of course he'd have that ole govt printing press too, but that would just create inflation).
Reply:I believe he said he was going to get rid of programs that weren't working, update those that were, and the product of that ambition would free money up for some of these other programs.
Taxes, are a fact of life. They pay for everything.
When you educate people, there is always a benefit from it. Education is an investment. Instead of paying people to stay home, (the welfare programs) teach them a skill so they can be better, and it makes the country better.
The money will come from tax money ... it's not like the wealthy people are going to dole out any pocket cash. So of course it has to come from taxes, but at least it's an investment in the right direction.
Reply:There is no free lunch. The money will come from the taxpayer ultimately, and like Medicare, when colleges figure out the government is paying, they will raise their prices since it's the government who is paying. Irony is the college graduates will be the ones working and paying higher taxes due to the "free" government money. LOL.
Reply:This is one of the few ideas that Obama has that I actually like but I also question where the money would come from. It would almost have to come from raising taxes some where else because I do not see him cutting spending with all the programs he is promising. As I said I think this is a noble idea but it will not happen without passing the cost to the working class.
Reply:Yes, it would come out of taxes. Who will be paying for the illegal immigrants, non-tax payers, and dirt bags. So if you make 50,000 or more. Oh wait, no they changed that. If you make 100,000 or more, no wait they changed that, too. If you make 150,000 or more, NOPE they changed that one too! If you make 200,000 or more, nope they changed that too. If you make 250,000, oh wait they changed that too! I guess they just can't think of a good amount of money to tax the middle class on.
Where would the $ for Obama's tax credit for community service for college for high school students come from?
Obama's going to cure unemployment, immigration and education problem with one simple thing: the draft - just like JFK did.
See ya when you get here - I'm waiting!
Even though soldiers make far less than $250K, you can bet they will pay no less under Obama - so after your four years of military service, he will slowly refund it back and call it college benefits.
Reply:WHERE IS ANY OF HIS SUPER DUPER PROGRAMS TO BE PAID FOR, BY YOUR TAXES NATURALLY, NO DEMOCRAT HAS EVER CUT TAXES, HE IS A SNAKE OIL SALEMAN
Reply:Yes.
Yes, less money in the tax-payers pocket means they spend less.
No.
Reply:CBS hired an independent company to look at Obama's promises and they determined even if the war in Iraq ended he would still be 90 Billion dollars short to cover the costs. They asked him where the rest of the money would come from and he said "I'll find it somewhere". Isn't that what happened to the sub prime loans? Gave people houses they couldn't afford hoping they would find the money "somewhere?"
That came from CBS not FOX.
Reply:Ultimately out of your and my pockets. He's got to get the money from someplace and it's gonna be taxes. It would result in a certain amount of wealth redistribution, but I'm sure that it would not be just the rich whose wealth would be redistributed.
(Of course he'd have that ole govt printing press too, but that would just create inflation).
Reply:I believe he said he was going to get rid of programs that weren't working, update those that were, and the product of that ambition would free money up for some of these other programs.
Taxes, are a fact of life. They pay for everything.
When you educate people, there is always a benefit from it. Education is an investment. Instead of paying people to stay home, (the welfare programs) teach them a skill so they can be better, and it makes the country better.
The money will come from tax money ... it's not like the wealthy people are going to dole out any pocket cash. So of course it has to come from taxes, but at least it's an investment in the right direction.
Reply:There is no free lunch. The money will come from the taxpayer ultimately, and like Medicare, when colleges figure out the government is paying, they will raise their prices since it's the government who is paying. Irony is the college graduates will be the ones working and paying higher taxes due to the "free" government money. LOL.
Reply:This is one of the few ideas that Obama has that I actually like but I also question where the money would come from. It would almost have to come from raising taxes some where else because I do not see him cutting spending with all the programs he is promising. As I said I think this is a noble idea but it will not happen without passing the cost to the working class.
Reply:Yes, it would come out of taxes. Who will be paying for the illegal immigrants, non-tax payers, and dirt bags. So if you make 50,000 or more. Oh wait, no they changed that. If you make 100,000 or more, no wait they changed that, too. If you make 150,000 or more, NOPE they changed that one too! If you make 200,000 or more, nope they changed that too. If you make 250,000, oh wait they changed that too! I guess they just can't think of a good amount of money to tax the middle class on.
Is it possible to get a pension tax credit with a roth IRA?
The credit is actuall called the "Saver's Credit"
The IRS just recently extended this credit. The actual credit amount is based on your AGI (adjusted gross income).. If
your you want to claim that credit this year, you will have to wait until Feb 3. This IRS can not process any returns with this credit included (as well as some other)
Please go to http://www.irs.gov/newsroom/article/0,,i... for more info
~~
I am a tax specialist
lily
The IRS just recently extended this credit. The actual credit amount is based on your AGI (adjusted gross income).. If
your you want to claim that credit this year, you will have to wait until Feb 3. This IRS can not process any returns with this credit included (as well as some other)
Please go to http://www.irs.gov/newsroom/article/0,,i... for more info
~~
I am a tax specialist
lily
How do I find out if I am eligible for tax credit?
If you are unsure go to the IRS website. They have worksheets online that help you determine if you are eligible for credits. They also list all the possible credits you can consider.
How do I find out if I am eligible for tax credit?
Ask a tax preparer, there are couple of questions he need answered and you will know if you are due a tax credit.
Reply:Go to any tax e-file fill out your taxes it will walk you through it if at the end your not ready to file just log out its free
How do I find out if I am eligible for tax credit?
Ask a tax preparer, there are couple of questions he need answered and you will know if you are due a tax credit.
Reply:Go to any tax e-file fill out your taxes it will walk you through it if at the end your not ready to file just log out its free
Why cant people under 25 get a Earned Income Tax Credit (EITC)?
Do young people just not need tax relief? I'm 19 and last year i made $3,600 and i have to pay $530 in taxes on it. Its just silly that i should not be able to claim a tax credit designed to help low income people pay their taxes.
Why cant people under 25 get a Earned Income Tax Credit (EITC)?
Usually, when you are 25, you are still considered a dependent of your parents because you are in school and the such. (They can claim you until you are 24 if you are in school)
There is good news though, under certain circumstances, if you have a qualifying child you can claim EITC and be under 25.
Reply:The only way you would owe $530 would be if you were self-employed you do not actually owe federal income tax but social security and medicare.
You do not owe any federal income tax on the earnings of $3,600 if you have an employer. And if you did not have any federal income tax withheld then you do not even have to file taxes.
As you read the other entries it will show why EITC was placed in the tax system
Reply:stop claiming yourself on w2 with employer, claim 0 myself then at end of year i claim 1 i always get money back, get greedy durring the year and you SHOULD expect to pay at the end of year so no i dont see that you should get that credit
Reply:The EITC was originally designed to help low-income families with young children. It was recently opened up to provide a SMALL credit for adults over 25.
Like everything that the IRS does, it's based in law as passed by Congress. If you don't like the law, complain to your representatives in Congress.
Reply:my concern is you only earned 3600.00 and you had a tax liability of 530.00 it sound to me as if you did not take your standard deduction in which you are entitled standard deduction for 2006 =5150.00
Why cant people under 25 get a Earned Income Tax Credit (EITC)?
Usually, when you are 25, you are still considered a dependent of your parents because you are in school and the such. (They can claim you until you are 24 if you are in school)
There is good news though, under certain circumstances, if you have a qualifying child you can claim EITC and be under 25.
Reply:The only way you would owe $530 would be if you were self-employed you do not actually owe federal income tax but social security and medicare.
You do not owe any federal income tax on the earnings of $3,600 if you have an employer. And if you did not have any federal income tax withheld then you do not even have to file taxes.
As you read the other entries it will show why EITC was placed in the tax system
Reply:stop claiming yourself on w2 with employer, claim 0 myself then at end of year i claim 1 i always get money back, get greedy durring the year and you SHOULD expect to pay at the end of year so no i dont see that you should get that credit
Reply:The EITC was originally designed to help low-income families with young children. It was recently opened up to provide a SMALL credit for adults over 25.
Like everything that the IRS does, it's based in law as passed by Congress. If you don't like the law, complain to your representatives in Congress.
Reply:my concern is you only earned 3600.00 and you had a tax liability of 530.00 it sound to me as if you did not take your standard deduction in which you are entitled standard deduction for 2006 =5150.00
In the website for the rebate, it depends on what your total tax liability is before the child tax credit.?
What does that mean?
In the website for the rebate, it depends on what your total tax liability is before the child tax credit.?
How much tax did you pay if you didn't get a child tax credit, or if you did get the credit, how much was your total tax before the credit was subtracted.
You only get over $300 per person if your tax liability is over that.
Reply:I means that most taxpayers get $300, not $600 for themselves. To get more than $300, you actually have to have PAID more than $300 in taxes.
Reply:I haven't looked at the website recently but... there are certain qualifications you have to meet before being able to get the IRS stimulus payment. One is income... you need to have "earned income" of at least $3000 or you need to have received at least $3,000 in social security benefits. (not SSI insurance payments).
With the income, you qualify for $600 ($1200) if married filing joint.
You also qualify to receive an additional $300 per child that qualifies you to receive the child tax credit. The child has to be under age 17 at the end of 2007, can be claimed as a dependent by you, lived with you for at least half of 2007 ,(unless away at school, that counts as living with you)
I hope that this helps
Reply:If you filed with Form 1040, is is line 57 + line 52 on your return.
If you used form 1040A, it is line 35 + line 32.
In the website for the rebate, it depends on what your total tax liability is before the child tax credit.?
How much tax did you pay if you didn't get a child tax credit, or if you did get the credit, how much was your total tax before the credit was subtracted.
You only get over $300 per person if your tax liability is over that.
Reply:I means that most taxpayers get $300, not $600 for themselves. To get more than $300, you actually have to have PAID more than $300 in taxes.
Reply:I haven't looked at the website recently but... there are certain qualifications you have to meet before being able to get the IRS stimulus payment. One is income... you need to have "earned income" of at least $3000 or you need to have received at least $3,000 in social security benefits. (not SSI insurance payments).
With the income, you qualify for $600 ($1200) if married filing joint.
You also qualify to receive an additional $300 per child that qualifies you to receive the child tax credit. The child has to be under age 17 at the end of 2007, can be claimed as a dependent by you, lived with you for at least half of 2007 ,(unless away at school, that counts as living with you)
I hope that this helps
Reply:If you filed with Form 1040, is is line 57 + line 52 on your return.
If you used form 1040A, it is line 35 + line 32.
Is there any provision to get tax credit for the money sent to parents for family maintenance outside us?ifso?
Only if they are US citizens or residents of the US, Canada or Mexico AND otherwise qualify as dependents.
And you only get to claim exemptions for them. There are no credits for dependent parents.
Is there any provision to get tax credit for the money sent to parents for family maintenance outside us?ifso?
You're welcome. TFTP. Report Abuse
Reply:just send it to them after you get it - they will only mail it to the address you used on YOUR tax return - not everyone gets a check inMay - yours might not come until Sept or July or August
Reply:Only if the parents in question are U.S. citizens, and are your dependents.
myspaces.com
And you only get to claim exemptions for them. There are no credits for dependent parents.
Is there any provision to get tax credit for the money sent to parents for family maintenance outside us?ifso?
You're welcome. TFTP. Report Abuse
Reply:just send it to them after you get it - they will only mail it to the address you used on YOUR tax return - not everyone gets a check inMay - yours might not come until Sept or July or August
Reply:Only if the parents in question are U.S. citizens, and are your dependents.
myspaces.com
I receive Child tax credit but not Working Family Tax Credit. Are they both Means tested benefits?
I am applying for a college course and trying to get assistance with course fees but need to be on a means tested benefit.
I receive Child tax credit but not Working Family Tax Credit. Are they both Means tested benefits?
child tax credit is not means tested, u will be eligible for full grant xx
Reply:Both are means tested, other examples of means tested are - Income support, Income based job seekers, housing benefit and council tax benefit
Reply:yes they are
Reply:yes they both look to your earnings before paying up, so they are means tested.
Reply:Working tax credits is a qaulifying benefit for course fees to be waivered
I receive Child tax credit but not Working Family Tax Credit. Are they both Means tested benefits?
child tax credit is not means tested, u will be eligible for full grant xx
Reply:Both are means tested, other examples of means tested are - Income support, Income based job seekers, housing benefit and council tax benefit
Reply:yes they are
Reply:yes they both look to your earnings before paying up, so they are means tested.
Reply:Working tax credits is a qaulifying benefit for course fees to be waivered
How was the date April 9, 2008 to July 1, 2009 choosen for the new homeowner $7500.00 tax credit?
Haven't heard of this. Where are you talking about?pp
Energy Star Certified house built in 2006 - tax credit?
Okay tax people, your knowledge is requested! We built a house in 2006. Recently, we paid $300 for an inspector to come out and perform all sorts of tests to certify it as an Energy Star certified house by the EPA. It passed and the inspector told us to look into tax credits. Anyone know a good place for me to get information on this - or possibly anyone know it off hand?
Energy Star Certified house built in 2006 - tax credit?
The big creidts are for the builder of the house not the buyer. The owner of the house is limited to a total of $500 in credits for such things as High-E furnace, A/C, windows, doors, etc. A solar panel or fuel cell is a seperate credit. The Energy Star credit belongs to the builder.
Reply:I would recomend talking to your tax preparer, he should be able to give you all the information you need.
Reply:The IRS has publications on this. Try The IRS.GOV
Energy Star Certified house built in 2006 - tax credit?
The big creidts are for the builder of the house not the buyer. The owner of the house is limited to a total of $500 in credits for such things as High-E furnace, A/C, windows, doors, etc. A solar panel or fuel cell is a seperate credit. The Energy Star credit belongs to the builder.
Reply:I would recomend talking to your tax preparer, he should be able to give you all the information you need.
Reply:The IRS has publications on this. Try The IRS.GOV
Can I file my taxes on april 15th with no penalty and be eligle for 600.00 tax credit?
Yes, as long as your return is postmarked the 15th AND you pay any taxes owed, you will not owe a penalty. You did not mention if you owe or expecting a refund. You must pay your taxes by the 15th deadline to not accrue a penalty. Your stimulus payment can be up to 600. Check out the irs website for more information on the rebate.
Can I file my taxes on april 15th with no penalty and be eligle for 600.00 tax credit?
As long as you meet their requirements and your taxes are post marked on the 15th then yes.
Reply:If you taxes are post-marked by April15, owe no debts to the government and made more than $3,000 in eligible income, than you will receive a tax credit.
Reply:The deadline for filing must be postmarked no later than midnight, April 15.
Genealogy
Can I file my taxes on april 15th with no penalty and be eligle for 600.00 tax credit?
As long as you meet their requirements and your taxes are post marked on the 15th then yes.
Reply:If you taxes are post-marked by April15, owe no debts to the government and made more than $3,000 in eligible income, than you will receive a tax credit.
Reply:The deadline for filing must be postmarked no later than midnight, April 15.
Genealogy
Any site`s on how to work out family tax credit`s ?
Need any info on how family tax credit`s is worked out . many thanks in advance to all who answer .
Any site`s on how to work out family tax credit`s ?
http://www.taxcredits.inlandrevenue.gov....
Reply:Nice profile picture !
Any site`s on how to work out family tax credit`s ?
http://www.taxcredits.inlandrevenue.gov....
Reply:Nice profile picture !
Working family tax credit (childcare element) how much do you get?
Out of curiosty, i'm wondering how much people get towards childcare in different situations from working family tax credits? Am deciding whether to go back to work or be stay at home parent.
Working family tax credit (childcare element) how much do you get?
You will get up to 80% of your costs paid depending on the income your household receives, if you are single you will have to work a minimum of 16 hours per week but if you live with a partner both of you will have to work a minimum of 16 hours per week unless one of you is incapacitated.
If you receive Working Tax Credit you will receive maximum 80% of your weekly costs but if you don't then the costs will be tapered to your household income. The amount paid out depends on several factors the number of children attending the weekly cost and again your income. You would be best ringing the helpline and getting an entitlement calculation, this will estimate how much you will receive each week.
Reply:Hi,
I get 70% paid towards it, which is a great help there is a limit of how much they will pay, but its very high.
Rx
Reply:i get aroung £45 a week
Reply:Try out this great site, www.entitledto.co.uk - it will tell you to the penny how much you'll get depnding on your circumstances.
Reply:www.direct.gov.co.uk will help you work out how much your entitled to along with any other benefits you can get.
Reply:It all depends how much income is coming into ur household?? if u are going to be uner £16,000 a year then they will give u 75% if u are over that amount then it will reduce the higher u earn but u will get childcare even if u are earning £50.000 a year. it might be a penny nut u will still get it.
Reply:Try this link to see if you can work out how much you are entitled to. http://www.ukbenefits.org/working_tax_cr...
The government also has a website but this is currently under re-vamp. http://www.hmrc.gov.uk/taxcredits.htm Maybe worth trying later on.
Working family tax credit (childcare element) how much do you get?
You will get up to 80% of your costs paid depending on the income your household receives, if you are single you will have to work a minimum of 16 hours per week but if you live with a partner both of you will have to work a minimum of 16 hours per week unless one of you is incapacitated.
If you receive Working Tax Credit you will receive maximum 80% of your weekly costs but if you don't then the costs will be tapered to your household income. The amount paid out depends on several factors the number of children attending the weekly cost and again your income. You would be best ringing the helpline and getting an entitlement calculation, this will estimate how much you will receive each week.
Reply:Hi,
I get 70% paid towards it, which is a great help there is a limit of how much they will pay, but its very high.
Rx
Reply:i get aroung £45 a week
Reply:Try out this great site, www.entitledto.co.uk - it will tell you to the penny how much you'll get depnding on your circumstances.
Reply:www.direct.gov.co.uk will help you work out how much your entitled to along with any other benefits you can get.
Reply:It all depends how much income is coming into ur household?? if u are going to be uner £16,000 a year then they will give u 75% if u are over that amount then it will reduce the higher u earn but u will get childcare even if u are earning £50.000 a year. it might be a penny nut u will still get it.
Reply:Try this link to see if you can work out how much you are entitled to. http://www.ukbenefits.org/working_tax_cr...
The government also has a website but this is currently under re-vamp. http://www.hmrc.gov.uk/taxcredits.htm Maybe worth trying later on.
How might one apply for the homeowner tax credit that will be signed into law by the President soon?
If you are talking about any changes to the homeowner's tax credit, that will just be reflected when you file your income tax next year. In other words, you would apply when you file your taxes.
However, I think you might be referring to the mortgage bailout since that is all over the news. If you are talking about that, then you will need to contact your lender and beg them to do it because the program will be entirely voluntary.
However, I think you might be referring to the mortgage bailout since that is all over the news. If you are talking about that, then you will need to contact your lender and beg them to do it because the program will be entirely voluntary.
Is rehab debt on credit card interest tax deductible?
I did a rehab project and used my credit cards to buy materials. Can I take the interest payments as a tax deductible until the balance is paid off?
Is rehab debt on credit card interest tax deductible?
No the interest is not deductible, that is considered personal debt interest, it is not secured by the home, so it is not deductible on the Federal Tax return
Publication 936
http://www.irs.gov/publications/p936/ind...
Reply:Thank you. Report Abuse
Reply:I don't know what a rehab project is? If it is part of a business transaction being reported on schedules E, F, or C, then the portion of the interest that is associated with the materials is deductible on the proper forms. In other words, it needs to be a credit card for business transactions.
In order for the interest to be deductible, there has to be an expectation of repayment of principle and the interest has to be 100% associated with the purpose of deduction.
Reply:No.
The debt must be "secured" by the home for the interest to be deductible. Credit card debt by definition is unsecured.
Reply:The credit card interest would not be tax deductible. However, if any of the rehab work could be considered an energy efficient home improvement, you may be able to claim a tax credit for that. Look into that, it may be useful to you.
lilac
Is rehab debt on credit card interest tax deductible?
No the interest is not deductible, that is considered personal debt interest, it is not secured by the home, so it is not deductible on the Federal Tax return
Publication 936
http://www.irs.gov/publications/p936/ind...
Reply:Thank you. Report Abuse
Reply:I don't know what a rehab project is? If it is part of a business transaction being reported on schedules E, F, or C, then the portion of the interest that is associated with the materials is deductible on the proper forms. In other words, it needs to be a credit card for business transactions.
In order for the interest to be deductible, there has to be an expectation of repayment of principle and the interest has to be 100% associated with the purpose of deduction.
Reply:No.
The debt must be "secured" by the home for the interest to be deductible. Credit card debt by definition is unsecured.
Reply:The credit card interest would not be tax deductible. However, if any of the rehab work could be considered an energy efficient home improvement, you may be able to claim a tax credit for that. Look into that, it may be useful to you.
lilac
My mother is in a long-term care facility. Does she qualify for a tax break or credit?
She does not have long-term care insurance, but she pays an awful lot to live there. It was recommended by a doctor for her to live in a facility. Is there any way for her to receive a tax break or credit for the amount, or partial amount, that she pays ?
My mother is in a long-term care facility. Does she qualify for a tax break or credit?
If she spends more than 60 days there she will get a tax credit. But in order for you to file for tax year 2007 she would have had to be in the facility by Nov 1.
My mother is in a long-term care facility. Does she qualify for a tax break or credit?
If she spends more than 60 days there she will get a tax credit. But in order for you to file for tax year 2007 she would have had to be in the facility by Nov 1.
Is there a tax credit if you have a child with a disability?
Julia, you have asked the same question over and over again.. in a few different words, and they have all received perfectly valid answers. I highly suggest you seek a tax professional to handle your tax return this year. Being confused and attempting to file yourself could result in terrible errors that will cost you interest and penalties if you do it incorrectly.
Don't rely on Yahoo Answers. Best Wishes!
Is there a tax credit if you have a child with a disability?
No.
The only extra item is that a child that is permanently and totally disabled will be eligible for EIC regardless of age.
Don't rely on Yahoo Answers. Best Wishes!
Is there a tax credit if you have a child with a disability?
No.
The only extra item is that a child that is permanently and totally disabled will be eligible for EIC regardless of age.
What IRS form is used for a geothermal heat pump tax credit?
Form 5695.
What IRS form is used for a geothermal heat pump tax credit?
Complete form 5695 (see link below) and attach to your 1040.
Put your reslut as a credit toward your tax on LINE 50 of form 1040.
What IRS form is used for a geothermal heat pump tax credit?
Complete form 5695 (see link below) and attach to your 1040.
Put your reslut as a credit toward your tax on LINE 50 of form 1040.
Should the adoption tax credit be used for foster children only?
In 1996, as the presidential election approached, President Clinton signed a bill that gave money to people who adopted infants and foster children. This was controversial and considered highly political; most of the money went to subsidizing the already profitable adoption industry. Very little went to helping the children who needed it, i.e. those in foster care.
Seeing how the system has developed, should we change the law and direct the money to those adopting from foster care?
Should the adoption tax credit be used for foster children only?
i think the money put aside for this credit needs to go toward reforming the system all together. yes it costs large amounts to adopt through and agency and privately. but if you look before 1996 the charges incured by adoptive parents through private and agencies were about 10k less than they were post 1996. so honestly the credit is helping no one but the agencies. it's not helping kids in the foster care system and it's not helping curb the expenses that adoptive couples spend during an adoption. basically you hand the agency 10k in a lump sum, and the governement hands you 10k back, but over time. none of it makes any sense. i would rather see agencies be regulated on fees and expenses and lower those fees charged by 10k, and the gov. spend 10k per child adopted on adoption reform and reforming the foster care system. since you usually don't get the credit for adopting a child through the foster care system, because you don't spend 10k to adopt them. the only thing this credit is being used for is a profit to the agencies, and it's hurting the children and the system that needs it the most.
Reply:ABSOLUTELY. This was what the bill was originally intended for. Or make the credit for infant adoption a fraction of the amount vs. adopting from foster care (i.e family gets a few grand for adopting a foster child, but should only get maybe a few hundred for adopting an infant thru an agency or lawyer).
Reply:I think the credit is good, anything that gets people to adopt is a good thing.
What would better is to make all adoptions non-profit. Regulate what can be charged, including attorney's fees and 'expenses', and take the 'money' out of adoption.
Reply:Yes it was intended to promote adoption from foster care.
Reply:but it costs little to nothing to adopt from foster care and the others pay big bucks to adopt. I think it should be available to any adoptive parents.
Reply:In my state, to adopt from foster care is completely for free. If we adopt through foster care, I don't get to use the tax credit, because you can only use it up to the amount that you spent. Don't spend any money, don't get any credit - unless you're adopting special needs.
In fact, in my state, I've just been told that they are going to give college money to children adopted from foster care, besides providing continual medical/psychological care assistance.
So I don't know about 'directing the money to those adopting from foster care'. Where I live, that seems to be covered, but is not the only problem. I tried to adopt through foster care but was told we could only have an older child (I did NOT ask for an infant anyway) that would have severe emotional or physical problems. They said we couldn't make it work unless one of us quit work to stay home and watch the child full time because they were likely to destroy the house.
The social worker told us flat out that they didn't want children to be adopted, they wanted to keep the kids in foster care because children preferred to wait in case their REAL parents could one day take them back. They wanted us to agree to be foster parents and give up talking about adoption.
I agree that the credit seems to be working to give money to the private adoption industry. I just don't know that redirecting the money is going to solve the whole problem, since money isn't really the biggest issue with adopting from foster care.
Reply:If it were not for the adoption tax credit we wouldn't be able to adopt more than one child. We have adopted a little girl through an adoption agency, we are working on adopting a little boy from foster care. The foster adoption will not cost anything therefore there will be no tax credit.
Reply:YES!
Reply:Absolutely!
floral shops
Seeing how the system has developed, should we change the law and direct the money to those adopting from foster care?
Should the adoption tax credit be used for foster children only?
i think the money put aside for this credit needs to go toward reforming the system all together. yes it costs large amounts to adopt through and agency and privately. but if you look before 1996 the charges incured by adoptive parents through private and agencies were about 10k less than they were post 1996. so honestly the credit is helping no one but the agencies. it's not helping kids in the foster care system and it's not helping curb the expenses that adoptive couples spend during an adoption. basically you hand the agency 10k in a lump sum, and the governement hands you 10k back, but over time. none of it makes any sense. i would rather see agencies be regulated on fees and expenses and lower those fees charged by 10k, and the gov. spend 10k per child adopted on adoption reform and reforming the foster care system. since you usually don't get the credit for adopting a child through the foster care system, because you don't spend 10k to adopt them. the only thing this credit is being used for is a profit to the agencies, and it's hurting the children and the system that needs it the most.
Reply:ABSOLUTELY. This was what the bill was originally intended for. Or make the credit for infant adoption a fraction of the amount vs. adopting from foster care (i.e family gets a few grand for adopting a foster child, but should only get maybe a few hundred for adopting an infant thru an agency or lawyer).
Reply:I think the credit is good, anything that gets people to adopt is a good thing.
What would better is to make all adoptions non-profit. Regulate what can be charged, including attorney's fees and 'expenses', and take the 'money' out of adoption.
Reply:Yes it was intended to promote adoption from foster care.
Reply:but it costs little to nothing to adopt from foster care and the others pay big bucks to adopt. I think it should be available to any adoptive parents.
Reply:In my state, to adopt from foster care is completely for free. If we adopt through foster care, I don't get to use the tax credit, because you can only use it up to the amount that you spent. Don't spend any money, don't get any credit - unless you're adopting special needs.
In fact, in my state, I've just been told that they are going to give college money to children adopted from foster care, besides providing continual medical/psychological care assistance.
So I don't know about 'directing the money to those adopting from foster care'. Where I live, that seems to be covered, but is not the only problem. I tried to adopt through foster care but was told we could only have an older child (I did NOT ask for an infant anyway) that would have severe emotional or physical problems. They said we couldn't make it work unless one of us quit work to stay home and watch the child full time because they were likely to destroy the house.
The social worker told us flat out that they didn't want children to be adopted, they wanted to keep the kids in foster care because children preferred to wait in case their REAL parents could one day take them back. They wanted us to agree to be foster parents and give up talking about adoption.
I agree that the credit seems to be working to give money to the private adoption industry. I just don't know that redirecting the money is going to solve the whole problem, since money isn't really the biggest issue with adopting from foster care.
Reply:If it were not for the adoption tax credit we wouldn't be able to adopt more than one child. We have adopted a little girl through an adoption agency, we are working on adopting a little boy from foster care. The foster adoption will not cost anything therefore there will be no tax credit.
Reply:YES!
Reply:Absolutely!
floral shops
Can I apply for a foreign tax credit on total Stock purchase plan?
If you have foreign investments they are subject to US taxes if you are a US citizen or resident. You can claim a credit for any foreign income taxes paid using Form 1116.
How can I transfer the credit that I built with my Tax id to my new social security number?
There must be a web site or a person that can help me, its very normal. You build credit with the tax id and then when you get the social you want it showing in your social. If not you have to start all over again.
Thanks a lot.
How can I transfer the credit that I built with my Tax id to my new social security number?
I dont really understand what you mean. Building credit with Tax ID? And Im almost positive there is no way to get a new Social Security number. Can you go more into detail.
Reply:I don't believe you can. Probably have to start a whole new history with that new SS number.
Thanks a lot.
How can I transfer the credit that I built with my Tax id to my new social security number?
I dont really understand what you mean. Building credit with Tax ID? And Im almost positive there is no way to get a new Social Security number. Can you go more into detail.
Reply:I don't believe you can. Probably have to start a whole new history with that new SS number.
How much working tax credit i will get.?
I am trying to find out if it is better to work more hours to recieve more credit. What is the 30 hour element
How much working tax credit i will get.?
Pop into your local citizens advice. They can do a calculation for you. Usually the more you earn the less wt credit you get. It differs with your age and earnings. They will do it all for you at the CAB.
Reply:each case is decided upon on an individual basis
How much working tax credit i will get.?
Pop into your local citizens advice. They can do a calculation for you. Usually the more you earn the less wt credit you get. It differs with your age and earnings. They will do it all for you at the CAB.
Reply:each case is decided upon on an individual basis
Can I get child tax credit and dependant credit for the same child?
youre full of questions today...lol
yes you could get a $1,000 child tax credit. the maximum child/dependent care credit is $600. you would fill out Form 2441 to claim childcare expenses of up to $3,000 for one child. you would need the SS# or FEIN# of the care provider.
you also may be eligible for the additional child tax credit, depending on your income.
Can I get child tax credit and dependant credit for the same child?
of course
Reply:Yes you can get a child tax credit and dependent care credit for he same child.
Reply:Sure - these are actually 2 different items on the return. The child tax credit applies to your children under 17. The Dependent credit is for child care expenses
yes you could get a $1,000 child tax credit. the maximum child/dependent care credit is $600. you would fill out Form 2441 to claim childcare expenses of up to $3,000 for one child. you would need the SS# or FEIN# of the care provider.
you also may be eligible for the additional child tax credit, depending on your income.
Can I get child tax credit and dependant credit for the same child?
of course
Reply:Yes you can get a child tax credit and dependent care credit for he same child.
Reply:Sure - these are actually 2 different items on the return. The child tax credit applies to your children under 17. The Dependent credit is for child care expenses
If filing taxes Married Filing Seperately, Can both people get the long distance tax credit?
If you had two separate phones you can, such as if you lived separately. But not if you only had one phone, shared between you
If filing taxes Married Filing Seperately, Can both people get the long distance tax credit?
If you EACH have a phone (two phone bills) that gets long distance service then you can both take the credit $30 each. You may be further ahead if you file married filing jointly. If one of you has past tax problems read about Injured spouse on page 15 of publication 17.
If filing taxes Married Filing Seperately, Can both people get the long distance tax credit?
If you EACH have a phone (two phone bills) that gets long distance service then you can both take the credit $30 each. You may be further ahead if you file married filing jointly. If one of you has past tax problems read about Injured spouse on page 15 of publication 17.
Are HSA distributions considered household income when calculating the Michigan Homestead Property Tax Credit?
The MI-1040CR instructions say that household income includes reimbursement from medical spending accounts but I am not sure if disbursements from a Health Savings Account are included?
Are HSA distributions considered household income when calculating the Michigan Homestead Property Tax Credit?
It makes no difference whether it's a MSA or a HSA. You have to include it as household income.
tanning
Are HSA distributions considered household income when calculating the Michigan Homestead Property Tax Credit?
It makes no difference whether it's a MSA or a HSA. You have to include it as household income.
tanning
Child Tax Credit and Child Support?
I pay child support to my ex husband for our three daughters. Due to his ever increasing greed of money I am not allowed to claim any of them on my taxes for EIC benefits. Am I still allowed to claim one of them for Child Tax Credit even though she lived with me less than half the year (as a non-dependent credit)? Will that affect his filing of his taxes claiming all three of them?
Child Tax Credit and Child Support?
if you both claim them, you will both be audited by the IRS.
if you want to be able to claim the children, take it to court. get a court order stating that every other year is your turn.... or you get to claim on the 'even' years.
doesnt hurt to try.
some IRS links to help anwer your questions.
TAX INFO
http://www.taxsites.com/index.htm
http://www.divorceinfo.com/taxes.htm
http://www.irs.gov/taxtopics/tc354.html
http://www.irs.gov/taxtopics/tc422.html
http://www.irs.gov/faqs/faq4-5.html
http://www.irs.gov/localcontacts/index.h...
http://www.irs.gov/advocate/index.html
http://www.irs.gov/publications/p525/ind...
http://www.fms.treas.gov/faq/offsets_chi...
http://money.cnn.com/2007/02/14/pf/taxes...
Reply:You can't claim the child tax credit for a child who didn't live with you for over half of the year unless you can also claim that child as a dependent.
Reply:Court order will decide who can claim what
Reply:No. You can't claim child tax credit (OR EIC, for that matter) for a child that did not live with you most of the year.
Reply:No you can't claim her, she has to be claimed as a dependant on your return to be able to do that, and if he is the one allowed to claim all of the children, the IRS will audit both of your returns and if they find that you claimed fraudulently you will owe any money you got back plus penalties and interest
Child Tax Credit and Child Support?
if you both claim them, you will both be audited by the IRS.
if you want to be able to claim the children, take it to court. get a court order stating that every other year is your turn.... or you get to claim on the 'even' years.
doesnt hurt to try.
some IRS links to help anwer your questions.
TAX INFO
http://www.taxsites.com/index.htm
http://www.divorceinfo.com/taxes.htm
http://www.irs.gov/taxtopics/tc354.html
http://www.irs.gov/taxtopics/tc422.html
http://www.irs.gov/faqs/faq4-5.html
http://www.irs.gov/localcontacts/index.h...
http://www.irs.gov/advocate/index.html
http://www.irs.gov/publications/p525/ind...
http://www.fms.treas.gov/faq/offsets_chi...
http://money.cnn.com/2007/02/14/pf/taxes...
Reply:You can't claim the child tax credit for a child who didn't live with you for over half of the year unless you can also claim that child as a dependent.
Reply:Court order will decide who can claim what
Reply:No. You can't claim child tax credit (OR EIC, for that matter) for a child that did not live with you most of the year.
Reply:No you can't claim her, she has to be claimed as a dependant on your return to be able to do that, and if he is the one allowed to claim all of the children, the IRS will audit both of your returns and if they find that you claimed fraudulently you will owe any money you got back plus penalties and interest
Is your child tax credit (working)affected if you apply to the CSA for maintainence? from an absent father?
My partner works fulltime andi want to know wether it would be in my childrens interest if i applied to the CSA for child maintainence from their father? would it affect our tax credit entitlement?
Is your child tax credit (working)affected if you apply to the CSA for maintainence? from an absent father?
No. Tax Credits totally disregards maintenance payments made by the non resident payment i.e. it is not counted as income.
Any other means tested benefit like Income Support, Housing benefit or council tax benefit will count it as money, but Tax Credits does not
Scrol down until you see the Tax Credit bit and read this http://www.direct.gov.uk/en/MoneyTaxAndB...
- The answer about the financial benefit to you is wrong as you are working and getting WTC, therefore it is disregared for you. If you were on a state welfare benefit like IS, you wouldn't see much benefit.
-The answer about all money coming into the house is ill informed nonsense
Reply:all monies coming into your house will affect what tax credit you get.
check out the gov site for all info. good luck
Is your child tax credit (working)affected if you apply to the CSA for maintainence? from an absent father?
No. Tax Credits totally disregards maintenance payments made by the non resident payment i.e. it is not counted as income.
Any other means tested benefit like Income Support, Housing benefit or council tax benefit will count it as money, but Tax Credits does not
Scrol down until you see the Tax Credit bit and read this http://www.direct.gov.uk/en/MoneyTaxAndB...
- The answer about the financial benefit to you is wrong as you are working and getting WTC, therefore it is disregared for you. If you were on a state welfare benefit like IS, you wouldn't see much benefit.
-The answer about all money coming into the house is ill informed nonsense
Reply:all monies coming into your house will affect what tax credit you get.
check out the gov site for all info. good luck
Can get some advive on how to deal with tax credit overpayments that are not my fault?
I am a single parent of 5 i need help to sort out my tax credits i am on income support and i havent recieved child tax credits from 12th Dec 05 I am being messed about with the inland revenue so much it is causing me a lot of stress can i get help with this problem
Can get some advive on how to deal with tax credit overpayments that are not my fault?
You can either try going to one of the Inland Revenues walk in enquiry centres. You can find the nearest one by using the website:
http://www.hmrc.gov.uk/menus/contactus.s...
Or try going to the Citizens Advice Bureau:
http://www.citizensadvice.org.uk/
Can get some advive on how to deal with tax credit overpayments that are not my fault?
You can either try going to one of the Inland Revenues walk in enquiry centres. You can find the nearest one by using the website:
http://www.hmrc.gov.uk/menus/contactus.s...
Or try going to the Citizens Advice Bureau:
http://www.citizensadvice.org.uk/
Anyone Do the Math on McCain's $5000 tax credit for health insurance ?
If you make 25k a year and you get the 5k tax credit it's added to your income so you will pay taxes on 30k a year. So right there you lose $1500 bucks. Lets say you're self employed or retired and you're paying for your own insurance, $3500 will get you about 4-5 months of coverage. Any suggestions what to do the rest of the year ?
Anyone Do the Math on McCain's $5000 tax credit for health insurance ?
McCains health care plan is a complete disaster and not just for the reason you mentioned. It would ultimately result in the demise of employer sponsored health care. Everyone would end up in the private individual insurance market which, economicaly speaking, simply can't work. It's called "Adverse Selection" and McCain would be well served to read a book about it.
Reply:who does your taxes
its not added to your taxes
its a credit...it doesn't go on your income
go to e insurance and see what you can get for 5000$ a year
obama is giving you nothing except forcing your employer to buy it for you ..which will get you laid off most likely...or letting you buy into his group insurance
It would not be fair for those that get insurance for free from their employer to get the credit also....so they will tax the benefits enough to make it a wash..you get the credit to pay the taxes....those pay out of their pocket for insurance will get 5000$ to reimburse what they spent on insurance.
Reply:I am so glad you said something, I don't get it either and I have asked so many McCain supporters to explain it and I can't get a straight answer..even from my Dad..
Not only are you paying the $5,000, but what ever your employer spends on your insurance..average $12,000...that's considered taxable income so know you're paying taxes on 37K a year?
I loved it when Obama said, with one hand he taketh and the other he givith away.
Reply:The only option would be 'Hope and Pray you don't get sick or injured!'
His 'health plan' is a joke!
Luckily my husband and I have our own health care which is pretty darn good. But it stinks for other people who have to choose between buying the groceries or seeing the Doctor. Especially people with kids. :(
Reply:you have no idea what at tax credit is.
floral
Anyone Do the Math on McCain's $5000 tax credit for health insurance ?
McCains health care plan is a complete disaster and not just for the reason you mentioned. It would ultimately result in the demise of employer sponsored health care. Everyone would end up in the private individual insurance market which, economicaly speaking, simply can't work. It's called "Adverse Selection" and McCain would be well served to read a book about it.
Reply:who does your taxes
its not added to your taxes
its a credit...it doesn't go on your income
go to e insurance and see what you can get for 5000$ a year
obama is giving you nothing except forcing your employer to buy it for you ..which will get you laid off most likely...or letting you buy into his group insurance
It would not be fair for those that get insurance for free from their employer to get the credit also....so they will tax the benefits enough to make it a wash..you get the credit to pay the taxes....those pay out of their pocket for insurance will get 5000$ to reimburse what they spent on insurance.
Reply:I am so glad you said something, I don't get it either and I have asked so many McCain supporters to explain it and I can't get a straight answer..even from my Dad..
Not only are you paying the $5,000, but what ever your employer spends on your insurance..average $12,000...that's considered taxable income so know you're paying taxes on 37K a year?
I loved it when Obama said, with one hand he taketh and the other he givith away.
Reply:The only option would be 'Hope and Pray you don't get sick or injured!'
His 'health plan' is a joke!
Luckily my husband and I have our own health care which is pretty darn good. But it stinks for other people who have to choose between buying the groceries or seeing the Doctor. Especially people with kids. :(
Reply:you have no idea what at tax credit is.
floral
Tax credit for CPA prep course?
I am planning to take prep. course to become a CPA and I currently have a BA in accounting. I heard something that I can get 2000 back in tax credit per year for higher education. Does anyone know it from personal experience? Any more information is appreciated. Thank you. PS. I live in CA.
Tax credit for CPA prep course?
If the CPA prep is not part of your curriculum at university you are not able to deduct it. It is considered a personal expense because you are trying to gain entry into a new field.
Reply:Only courses that are for "an acedemic period" like a semester or quarter are qualifying expenses for the Lifetime Learning Credit or Hope credit. Since you already have a BA degree you wouldn't be eligible to take the Hope credit anyway.
The course must be taken from an eligible institution - one that is eligible to participate in a student loan program administered by the US Dept of Education.
So whether you can claim the Lifetime Learning credit depends on the course you're taking and where you're taking it - it would have to meet all the rules, which many test prep courses would not.
The $2000 for Lifetime Learning credit is the max, not a flat amount - the credit, if you're eligible for it at all, is 20% of the tuition and fees for the course or $2000, whichever is less. Only if eligible tuition and fees are $10,000 or over is the credit $2000.
Reply:You probably heard about the hope credit and/or lifetime learning credit. You can look at Form 8863 and its instructions at www.irs.gov and see if you qualify.
You can receive both or one credit, but it's also (like everything else) dependent upon how much you earn.
Reply:I haven't heard of such credit. I am aware that you can deduct your CPA prep course on your taxes. However, the exam fees are not deductible.
Tax credit for CPA prep course?
If the CPA prep is not part of your curriculum at university you are not able to deduct it. It is considered a personal expense because you are trying to gain entry into a new field.
Reply:Only courses that are for "an acedemic period" like a semester or quarter are qualifying expenses for the Lifetime Learning Credit or Hope credit. Since you already have a BA degree you wouldn't be eligible to take the Hope credit anyway.
The course must be taken from an eligible institution - one that is eligible to participate in a student loan program administered by the US Dept of Education.
So whether you can claim the Lifetime Learning credit depends on the course you're taking and where you're taking it - it would have to meet all the rules, which many test prep courses would not.
The $2000 for Lifetime Learning credit is the max, not a flat amount - the credit, if you're eligible for it at all, is 20% of the tuition and fees for the course or $2000, whichever is less. Only if eligible tuition and fees are $10,000 or over is the credit $2000.
Reply:You probably heard about the hope credit and/or lifetime learning credit. You can look at Form 8863 and its instructions at www.irs.gov and see if you qualify.
You can receive both or one credit, but it's also (like everything else) dependent upon how much you earn.
Reply:I haven't heard of such credit. I am aware that you can deduct your CPA prep course on your taxes. However, the exam fees are not deductible.
How much would the Earned Income Tax Credit increase under Obama's plan?
I think it starts at about $3000 now.
How much would the Earned Income Tax Credit increase under Obama's plan?
From IRS publilcation 17:
For 2008 - as of today-
You may be able to take the credit if:
· You have more than one qualifying child and you earned less than $37,783 ($39,783 if married filing jointly),
· You have one qualifying child and you earned less than $33,241 ($35,241 if married filing jointly), or
· You do not have a qualifying child and you earned less than $12,590 ($14,590 if married filing jointly).
Investment income must be less than $2900
from Obama/Bided website:
Under the Obama-Biden plan, full-time workers making minimum wage would get an EITC benefit up to $555, more than three times greater than the $175 benefit they get today. If the workers are responsibly supporting their children on child support, the Obama-Biden plan would give those workers a benefit of $1,110.
I can't find a definitive answer to your question, but I can't find anything close to where you got the $3000 number unless it is the limit on investment earnings
Reply:Obama has suggested that he thinks congress should vote to increase EIC for a 3rd child. While I don't like the idea of encouraging people to have even more children, I think it might cut down on the fraud right now where taxpayers "loan" their "extra" children's SSNs to people who aren't eligible for EIC.
Reply:Now, it starts at zero and tops out at about $5,000.
It will increase, no matter who is elected president; it is indexed to inflation.
Reply:No numbers have been given. But now it starts at $2, not $3000.
Reply:Depends on what Congress passes!
How much would the Earned Income Tax Credit increase under Obama's plan?
From IRS publilcation 17:
For 2008 - as of today-
You may be able to take the credit if:
· You have more than one qualifying child and you earned less than $37,783 ($39,783 if married filing jointly),
· You have one qualifying child and you earned less than $33,241 ($35,241 if married filing jointly), or
· You do not have a qualifying child and you earned less than $12,590 ($14,590 if married filing jointly).
Investment income must be less than $2900
from Obama/Bided website:
Under the Obama-Biden plan, full-time workers making minimum wage would get an EITC benefit up to $555, more than three times greater than the $175 benefit they get today. If the workers are responsibly supporting their children on child support, the Obama-Biden plan would give those workers a benefit of $1,110.
I can't find a definitive answer to your question, but I can't find anything close to where you got the $3000 number unless it is the limit on investment earnings
Reply:Obama has suggested that he thinks congress should vote to increase EIC for a 3rd child. While I don't like the idea of encouraging people to have even more children, I think it might cut down on the fraud right now where taxpayers "loan" their "extra" children's SSNs to people who aren't eligible for EIC.
Reply:Now, it starts at zero and tops out at about $5,000.
It will increase, no matter who is elected president; it is indexed to inflation.
Reply:No numbers have been given. But now it starts at $2, not $3000.
Reply:Depends on what Congress passes!
Just got back with my ex, father of my son. now gotta do a joint tax credit claim, worried it might look funny
given that my son was born 3 years ago, and we only now getting back together. Will they investigate? thinking that we been together the whole time. we haven't and i need my tax credits sorted asap, and worried it may take longer because of this!
Just got back with my ex, father of my son. now gotta do a joint tax credit claim, worried it might look funny
Do not worry about it.
Have your partner by your side, and your national insurance numbers to hand, and give them a call.
Explain that you are now back together and that you want to change your partner's single claim into a joint claim.
My and my, now, wife did this. We both had single claims. Not a problem.
The chances of you getting a tap on the shoulder are very very slim and you may have got one either way so strike this one from your mind.
Hope this helps a little.
Reply:they might, me and my missus had a rough patch and they called us in for questioning. they had gone through all our credit applications and even had what my wife had been buying in tesco, they had access to her clubcard, they also approached nieghbours and asked if i was living there at the alloted times. we were legitimate so it turned out ok, but i was amazed at how much information they had access to.
Reply:Phone them up and ask - contrary to popular belief, I have always found these people to be extremely helpful when calling them - just be honest - and in your case it appears you have no reason not to be.
Reply:Who cares what they think. If you are entitled to it, claim it. If they investigate, provide any evidence they ask for.
Just got back with my ex, father of my son. now gotta do a joint tax credit claim, worried it might look funny
Do not worry about it.
Have your partner by your side, and your national insurance numbers to hand, and give them a call.
Explain that you are now back together and that you want to change your partner's single claim into a joint claim.
My and my, now, wife did this. We both had single claims. Not a problem.
The chances of you getting a tap on the shoulder are very very slim and you may have got one either way so strike this one from your mind.
Hope this helps a little.
Reply:they might, me and my missus had a rough patch and they called us in for questioning. they had gone through all our credit applications and even had what my wife had been buying in tesco, they had access to her clubcard, they also approached nieghbours and asked if i was living there at the alloted times. we were legitimate so it turned out ok, but i was amazed at how much information they had access to.
Reply:Phone them up and ask - contrary to popular belief, I have always found these people to be extremely helpful when calling them - just be honest - and in your case it appears you have no reason not to be.
Reply:Who cares what they think. If you are entitled to it, claim it. If they investigate, provide any evidence they ask for.
Does anyone know about Child tax credit in the UK?
one of my children is having a part time job and i'm not quite sure whether i should let people who giving me child tax credit about this.
does anyone know?
Does anyone know about Child tax credit in the UK?
Child Tax CreditNine out of ten families with children can get tax credits. Child Tax Credit is a means-tested allowance for parents and carers of children or young people who are still in full-time education or approved training.
Who can get it?
All families with children can claim Child Tax Credit if their income is no more than £58,175 a year (up to £66,350 if you have a child under one).
You don’t have to be the child's parent to be eligible, but you must be the main person who's responsible for them.
How much will you get?
The amount you get depends on various things, including your annual income.
The payment is made up of two elements:
a family element paid to any family with at least one child and worth up to £545 (2006-2007 tax year)
a child element paid for each child in the family and worth up to £1,765 (2006-2007 tax year)
You may get more if you care for a child under one or a disabled child.
The other tax credit you may be entitled to, if either you or your partner is working, is called Working Tax Credit, and this includes a childcare element to help families who are working and spending money on childcare.
More about Working Tax Credit
How to qualify
Tax Credits are based on your household circumstances, so you need to provide information about:
your income
your partner's or civil partner's income (if you have one)
the children in your family
How to claim
Post and phone
You can:
claim Child Tax Credit or Working Tax Credit by post
report a change of circumstance by phone or post
renew your tax credits award by phone or post (once you get the form sent to you in April or May)
You can order a claim pack over the phone by calling the helpline.
Call 0845 300 3900, textphone 0845 300 3909.
Lines are open every day (except Christmas Day, Boxing Day, New Year’s Day and Easter Sunday) from 8.00 am to 8.00 pm.
Or you can pick up a claim pack from your nearest HMRC Enquiry Centre or Jobcentre Plus.
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does anyone know?
Does anyone know about Child tax credit in the UK?
Child Tax CreditNine out of ten families with children can get tax credits. Child Tax Credit is a means-tested allowance for parents and carers of children or young people who are still in full-time education or approved training.
Who can get it?
All families with children can claim Child Tax Credit if their income is no more than £58,175 a year (up to £66,350 if you have a child under one).
You don’t have to be the child's parent to be eligible, but you must be the main person who's responsible for them.
How much will you get?
The amount you get depends on various things, including your annual income.
The payment is made up of two elements:
a family element paid to any family with at least one child and worth up to £545 (2006-2007 tax year)
a child element paid for each child in the family and worth up to £1,765 (2006-2007 tax year)
You may get more if you care for a child under one or a disabled child.
The other tax credit you may be entitled to, if either you or your partner is working, is called Working Tax Credit, and this includes a childcare element to help families who are working and spending money on childcare.
More about Working Tax Credit
How to qualify
Tax Credits are based on your household circumstances, so you need to provide information about:
your income
your partner's or civil partner's income (if you have one)
the children in your family
How to claim
Post and phone
You can:
claim Child Tax Credit or Working Tax Credit by post
report a change of circumstance by phone or post
renew your tax credits award by phone or post (once you get the form sent to you in April or May)
You can order a claim pack over the phone by calling the helpline.
Call 0845 300 3900, textphone 0845 300 3909.
Lines are open every day (except Christmas Day, Boxing Day, New Year’s Day and Easter Sunday) from 8.00 am to 8.00 pm.
Or you can pick up a claim pack from your nearest HMRC Enquiry Centre or Jobcentre Plus.
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Is there a tax credit for purchasing a new home?
Are there any extra credits if you payfor your home completely when you purchase it
Is there a tax credit for purchasing a new home?
No. You may be able to deduct some or all of your mortgage interest, points paid, and your monthly mortgage insurance premium (sounds like you will not have MI), but there is no sort of write-off for paying cash for a home.
Is there a tax credit for purchasing a new home?
No. You may be able to deduct some or all of your mortgage interest, points paid, and your monthly mortgage insurance premium (sounds like you will not have MI), but there is no sort of write-off for paying cash for a home.
Do you have to claim Child tax credit? I mean if i have 8 children do i have to claim all or can claim only 2?
School officials are asking why i didnt claim all of my children when i file this year.
Do you have to claim Child tax credit? I mean if i have 8 children do i have to claim all or can claim only 2?
You are never required to claim a credit, or a deduction. But if you're eligible, why wouldn't you? And how do school officials know how many you did or didn't claim? If you told them, it sounds like they're just trying to help you get some more money.
A lot of people (like Ski Bum who just gave you a wrong answer) think you are only allowed to claim two. That's not true. For EIC, only the first two count, but for child tax credit, they all do. And if you don't have enough tax liability to get the benefit of the $1000 for each, look into the additional child tax credit which with that many kids, you'd probably be eligible for - it's a refundable credit, which means that you get it whether you owe any tax or not.
Reply:your school officials dont know too much about taxes. For federal tax purposes you only get the credit for the first two
Reply:If you provided more than 1/2 of their support, claim them as dependents. That's perfectly legitimate.
The confusion comes in where the Earned Income credit and Child Tax Credit is concerned. Not every child who is your dependent will qualify you for EIC or the CTC, but you will still be able to deduct a personal exemption of $3300 for each dependent child (and one for yourself and your spouse if you're married) So if you are filing a joint tax return with your spouse and you two supported all of your 8 children, your personal exemption amount on the return will be $33,000.
This is important because it directly reduces the amount of income you'll be taxed on.
Do you have to claim Child tax credit? I mean if i have 8 children do i have to claim all or can claim only 2?
You are never required to claim a credit, or a deduction. But if you're eligible, why wouldn't you? And how do school officials know how many you did or didn't claim? If you told them, it sounds like they're just trying to help you get some more money.
A lot of people (like Ski Bum who just gave you a wrong answer) think you are only allowed to claim two. That's not true. For EIC, only the first two count, but for child tax credit, they all do. And if you don't have enough tax liability to get the benefit of the $1000 for each, look into the additional child tax credit which with that many kids, you'd probably be eligible for - it's a refundable credit, which means that you get it whether you owe any tax or not.
Reply:your school officials dont know too much about taxes. For federal tax purposes you only get the credit for the first two
Reply:If you provided more than 1/2 of their support, claim them as dependents. That's perfectly legitimate.
The confusion comes in where the Earned Income credit and Child Tax Credit is concerned. Not every child who is your dependent will qualify you for EIC or the CTC, but you will still be able to deduct a personal exemption of $3300 for each dependent child (and one for yourself and your spouse if you're married) So if you are filing a joint tax return with your spouse and you two supported all of your 8 children, your personal exemption amount on the return will be $33,000.
This is important because it directly reduces the amount of income you'll be taxed on.
Is there a penalty for incorrectly filing for Earned Income Tax Credit?
For tax year 2005, I believed that I was eligible to file for the EITC for my daughter because I thought her father was in arrears for child support. I filed and received the refund. I found out at the end of 2006 that he was not in arrears, and so he was entitled to claim our daughter. I realize that the mistake was mine, and I want to correct it. However, now I am hearing that there is a penalty for filing for EITC when you are not eligible, and that it is you cannot file for EITC again for five years. Is this true? Are there certain circumstances that make this true or not true? If you provide an answer, please let me know the source so that I can look into it. Thank you so much!!
Is there a penalty for incorrectly filing for Earned Income Tax Credit?
Who does your child live with? If she lived with you for more than six months out of the year, you are the only parent who can claim the Earned Income Credit for your daughter. EIC goes to whomever the child resides with the longest. There is a difference between claiming Earned Income Credit for a child and claiming the child as a dependant. You can allow her father to claim her as a dependent on his return and you can still claim her as a nondependent for Earned Income Credit. If this confuses you, get some expert help in filing a 1040X - Amended Return to do this. The form is kinda tricky so I reccommend getting help. And yes if the IRS determines that you were ineligible for EIC you cannot file for three years without filing a 8862.
Reply:If the child lives with you, you have the right to collect the eitc and still get the child support. IT'S WHO THE CHILD LIVES WITH that determines who gets that credit. any ques. email me direct :)
Reply:You should always correct any error as soon as you discover it. File an amended tax return for 2005 and send the IRS a check for the amount difference in the new amended return and the amount that you received due to the error.
Reply:From publication 17, page 231 - you can download pub 17 at irs.gov:
"If your EIC for any year after 1996 was denied or reduced for any reason other than a math or clerical error, you must attach a completed Form 8862 to your next tax return to claim the EIC....
If your EIC for any year after 1996 was denied and it was determined that your error was due to reckless of intentional disregard of the EIC rules, then you cannot claim the EIC for the next 2 years. If your error was due to fraud, then you cannot claim the EIC for the next 10 years."
So it depends on what the IRS finding was if they disallowed your EIC last year. If they haven't done so yet, I'd contact them and talk to an agent who can advise you.
Unless you have a written agreement that your daughter's dad can claim her (such as having it in your divorce decree) it probably wouldn't matter if he was in arrears on support or not, you as the custodial parent would be eligible to claim her as a dependent and qualifying child for the EIC.
Is there a penalty for incorrectly filing for Earned Income Tax Credit?
Who does your child live with? If she lived with you for more than six months out of the year, you are the only parent who can claim the Earned Income Credit for your daughter. EIC goes to whomever the child resides with the longest. There is a difference between claiming Earned Income Credit for a child and claiming the child as a dependant. You can allow her father to claim her as a dependent on his return and you can still claim her as a nondependent for Earned Income Credit. If this confuses you, get some expert help in filing a 1040X - Amended Return to do this. The form is kinda tricky so I reccommend getting help. And yes if the IRS determines that you were ineligible for EIC you cannot file for three years without filing a 8862.
Reply:If the child lives with you, you have the right to collect the eitc and still get the child support. IT'S WHO THE CHILD LIVES WITH that determines who gets that credit. any ques. email me direct :)
Reply:You should always correct any error as soon as you discover it. File an amended tax return for 2005 and send the IRS a check for the amount difference in the new amended return and the amount that you received due to the error.
Reply:From publication 17, page 231 - you can download pub 17 at irs.gov:
"If your EIC for any year after 1996 was denied or reduced for any reason other than a math or clerical error, you must attach a completed Form 8862 to your next tax return to claim the EIC....
If your EIC for any year after 1996 was denied and it was determined that your error was due to reckless of intentional disregard of the EIC rules, then you cannot claim the EIC for the next 2 years. If your error was due to fraud, then you cannot claim the EIC for the next 10 years."
So it depends on what the IRS finding was if they disallowed your EIC last year. If they haven't done so yet, I'd contact them and talk to an agent who can advise you.
Unless you have a written agreement that your daughter's dad can claim her (such as having it in your divorce decree) it probably wouldn't matter if he was in arrears on support or not, you as the custodial parent would be eligible to claim her as a dependent and qualifying child for the EIC.
Is credit card interest tax deductible if you put the money on the credit card towards investments?
For example, if I used a cash advance to
1. buy stocks,
2. invest in bonds/fixed income assets
3. "refi" my personal mortgage
4. buy investment property
or any other situations where credit card interest is tax deductible?
Is credit card interest tax deductible if you put the money on the credit card towards investments?
No. Only those loans that are secured by your real property unless business activity is involved.
Reply:Can i ask for what reason you would want to do this? even if your rate of intrest on credit card is 8% and u make 10% a year on investments it is not worth it after taxes and certainly is not worth the risk.
Reply:The $20 gain on the sale of the stock would be taxed as a capital gain. The $10 in credit card interest would be deductible on schedule A as "investment interest expense". You must itemize to take advantage of the "investment interest expense" deduction. If you don't sell the stock, you can still take the $10 deduction. However, you must have investment income from other sources of at least $10 or the deduction will be limited and carried forward until you have investment income (investment interest is only deductible to the extent of investment income earned).
Please note that investment income does NOT include qualified dividends or capital gains (i.e. gains taxed at 15%). However, you can elect to treat dividends and capital gains as investment income (which allows you to take the investment interest expense deduction now). However, if you do so, you lose the benefits of the 15% rates and that income is taxed at ordinary rates.
Please let me know if you need any clarification.
Reply:spicertax is correct about the 'tracing rule'. As others have said, if you use the same card for ANY other purpose, you may have trouble tracing the interest to the investments. Personally, I recommend NOT using a credit card to finance investments, but that is a separate issue.
Reply:Yes and No. If you do that, you will end up in a very messy situation.
1. You have to have a separate credit card, just for that purpose, in your business name if you have one.
2. Never co mingle your business and personal charges.
3. Some you can not deduct until a profit is realized.
Reply:Yes for all investments except your mortgage. To deduct mortgage interest the house has to be the collateral. For other investments a tracing rule applies. If you can prove that the loan proceeds was put into just taxable investments you can deduct the interest up to the amount of investment income earned.
Reply:no...if you re financed your home with a home equity loan and paid all of those credit cards off with it...the interest you pay on your home equity loan would be tax deductible.
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1. buy stocks,
2. invest in bonds/fixed income assets
3. "refi" my personal mortgage
4. buy investment property
or any other situations where credit card interest is tax deductible?
Is credit card interest tax deductible if you put the money on the credit card towards investments?
No. Only those loans that are secured by your real property unless business activity is involved.
Reply:Can i ask for what reason you would want to do this? even if your rate of intrest on credit card is 8% and u make 10% a year on investments it is not worth it after taxes and certainly is not worth the risk.
Reply:The $20 gain on the sale of the stock would be taxed as a capital gain. The $10 in credit card interest would be deductible on schedule A as "investment interest expense". You must itemize to take advantage of the "investment interest expense" deduction. If you don't sell the stock, you can still take the $10 deduction. However, you must have investment income from other sources of at least $10 or the deduction will be limited and carried forward until you have investment income (investment interest is only deductible to the extent of investment income earned).
Please note that investment income does NOT include qualified dividends or capital gains (i.e. gains taxed at 15%). However, you can elect to treat dividends and capital gains as investment income (which allows you to take the investment interest expense deduction now). However, if you do so, you lose the benefits of the 15% rates and that income is taxed at ordinary rates.
Please let me know if you need any clarification.
Reply:spicertax is correct about the 'tracing rule'. As others have said, if you use the same card for ANY other purpose, you may have trouble tracing the interest to the investments. Personally, I recommend NOT using a credit card to finance investments, but that is a separate issue.
Reply:Yes and No. If you do that, you will end up in a very messy situation.
1. You have to have a separate credit card, just for that purpose, in your business name if you have one.
2. Never co mingle your business and personal charges.
3. Some you can not deduct until a profit is realized.
Reply:Yes for all investments except your mortgage. To deduct mortgage interest the house has to be the collateral. For other investments a tracing rule applies. If you can prove that the loan proceeds was put into just taxable investments you can deduct the interest up to the amount of investment income earned.
Reply:no...if you re financed your home with a home equity loan and paid all of those credit cards off with it...the interest you pay on your home equity loan would be tax deductible.
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Can I write-off or get tax credit for my trip to South America to learn Spanish?
You could probably write it off if you have a company that is paying for it. But that company would have to generate income to write the trip off against, and the trip would have to be company related.
Can I write-off or get tax credit for my trip to South America to learn Spanish?
Um...no. Unless you enrolled and paid tuition while you were there.
Reply:First of all you would need an income that relates to the need to speak Spanish. If you have a business that does work in South American countries that would be a good example. You should think about the question of why you could not do the same thing here without the travel. The IRS will be looking to verify that this is not just a pleasure trip with a Spanish lesson. If you do take this deduction you should plan on a visit from the IRS and have a prepared explanation.
Reply:Maybe, if you're already a Spanish teacher and were trying to improve your Spanish, or chaperoning a group of students.
Reply:No, sorry.
Reply:NOPE!
Can I write-off or get tax credit for my trip to South America to learn Spanish?
Um...no. Unless you enrolled and paid tuition while you were there.
Reply:First of all you would need an income that relates to the need to speak Spanish. If you have a business that does work in South American countries that would be a good example. You should think about the question of why you could not do the same thing here without the travel. The IRS will be looking to verify that this is not just a pleasure trip with a Spanish lesson. If you do take this deduction you should plan on a visit from the IRS and have a prepared explanation.
Reply:Maybe, if you're already a Spanish teacher and were trying to improve your Spanish, or chaperoning a group of students.
Reply:No, sorry.
Reply:NOPE!
Does having savings effect the amount of child tax credit you get?
I currently receive CTC but will be receiving some monies due to a death of a family member.
Will this effect the amount I receive in CTC
Thank you
Does having savings effect the amount of child tax credit you get?
I don't believe its means tested it is to do with the amount of hours you work.
Reply:About 5 years ago I had savings over £6,000 because I had sold my house and was living with a relative at the time, they said I was not eligible, until that April (2003) when they were changing the system. I have since built my own home, however, on each annual renewal, I do include the amount of interest my remaining savings have earned.
Reply:Savings over £8500 are considered for this.
Reply:No your savings won't effect it, it is worked out on your wage
Will this effect the amount I receive in CTC
Thank you
Does having savings effect the amount of child tax credit you get?
I don't believe its means tested it is to do with the amount of hours you work.
Reply:About 5 years ago I had savings over £6,000 because I had sold my house and was living with a relative at the time, they said I was not eligible, until that April (2003) when they were changing the system. I have since built my own home, however, on each annual renewal, I do include the amount of interest my remaining savings have earned.
Reply:Savings over £8500 are considered for this.
Reply:No your savings won't effect it, it is worked out on your wage
Is there a limit to the number of children you can claim for the Child tax credit?
In theory there is no limit.
Large families regularly claim 5, 6, 7 and more children. (They attach extra paper to the tax return to list them.)
At some point the extra children do not change the refeund anymore.
First, the child tax credit is used to reduce your income tax.
Second, if there is credit left over, there is additional child tax credit. It's from a formula using your income, so if the income is low, it might limit the additional credit.
Is there a limit to the number of children you can claim for the Child tax credit?
No, for the Child Tax Credit you claim as many eligible children as you have. For EIC, you don't get extra money for more than two kids.
Reply:You can claim any number of children for child tax credit, but it only reduces your tax liability up to $1000. There is the additional child tax credit. This can give you up to a $1000 per child up til 5.
Large families regularly claim 5, 6, 7 and more children. (They attach extra paper to the tax return to list them.)
At some point the extra children do not change the refeund anymore.
First, the child tax credit is used to reduce your income tax.
Second, if there is credit left over, there is additional child tax credit. It's from a formula using your income, so if the income is low, it might limit the additional credit.
Is there a limit to the number of children you can claim for the Child tax credit?
No, for the Child Tax Credit you claim as many eligible children as you have. For EIC, you don't get extra money for more than two kids.
Reply:You can claim any number of children for child tax credit, but it only reduces your tax liability up to $1000. There is the additional child tax credit. This can give you up to a $1000 per child up til 5.
How do I get hold of Tax Credit Award NotiCE (TC602) for 2006-2007?
Need Help
How do I get hold of Tax Credit Award NotiCE (TC602) for 2006-2007?
phone them up and they can mail it out to you with the click of a button
Reply:Ring the tax credits helpline and they will tell you if you are eligible for tax credits - if you aren't they won't send you the forms
Reply:You would have recieved it from HRMC when you were awarded your tax credits. If you dont get tax credits you dont get one.
If its for your EMA, ask your parents for a copy, and they will also have to sign the EMA form as well.
Reply:ring up the tax credits helpline and ask for a copy
Reply:This TC602 is the confirmation of the actual award and is a breakdown of how (if applicable) any monies will be paid to you when (dates and amounts) These can change some are every Friday some are monthly. You will have been sent these forms once you completed a Tax Credit Renewal notice or applied for the first time. They do ask you to keep these safe (a bit like P45) I'm sure they will send another one to you. Call 118247 to get number. Unless you forgot they are in Newcastle. You will also need yr National Insurance number too. You can get this from payslips.
ginkgo
How do I get hold of Tax Credit Award NotiCE (TC602) for 2006-2007?
phone them up and they can mail it out to you with the click of a button
Reply:Ring the tax credits helpline and they will tell you if you are eligible for tax credits - if you aren't they won't send you the forms
Reply:You would have recieved it from HRMC when you were awarded your tax credits. If you dont get tax credits you dont get one.
If its for your EMA, ask your parents for a copy, and they will also have to sign the EMA form as well.
Reply:ring up the tax credits helpline and ask for a copy
Reply:This TC602 is the confirmation of the actual award and is a breakdown of how (if applicable) any monies will be paid to you when (dates and amounts) These can change some are every Friday some are monthly. You will have been sent these forms once you completed a Tax Credit Renewal notice or applied for the first time. They do ask you to keep these safe (a bit like P45) I'm sure they will send another one to you. Call 118247 to get number. Unless you forgot they are in Newcastle. You will also need yr National Insurance number too. You can get this from payslips.
ginkgo
If my wife and I are both recieving SSI and we have a 8 month yr old kid will we still get a child tax credit?
Are boy will be 8 months about next april.. And we both get ssi.
Will we still get a child credit??(Think there $1500 right?)
If my wife and I are both recieving SSI and we have a 8 month yr old kid will we still get a child tax credit?
No, SSI isn't eligible income, and if that's your only income, you aren't eligible for a stimulus payment. If you aren't eligible, you don't get the additional child amount either - parents must be eligible in order to get the child extra amount.
Reply:Child credit reduces the income tax you owe. If you owe zero there is nothing to reduce.
Reply:$0.
SSI isn't qualifying income for the rebate. So you get nothing for you, nothing for your wife and nothing for your child.
Will we still get a child credit??(Think there $1500 right?)
If my wife and I are both recieving SSI and we have a 8 month yr old kid will we still get a child tax credit?
No, SSI isn't eligible income, and if that's your only income, you aren't eligible for a stimulus payment. If you aren't eligible, you don't get the additional child amount either - parents must be eligible in order to get the child extra amount.
Reply:Child credit reduces the income tax you owe. If you owe zero there is nothing to reduce.
Reply:$0.
SSI isn't qualifying income for the rebate. So you get nothing for you, nothing for your wife and nothing for your child.
Can both parents claim the child care tax credit if the parents are both single?
No, only the parent the child lives with can get the child care tax credit, even if the other parent is allowed to claim the child as a dependent and get the child tax credit.
Can both parents claim the child care tax credit if the parents are both single?
The parent that the child lives with gets the credit regardless of which one the child lives with. If the parents live together with the child, the one who claims the child as their dependent gets the credit.
Reply:No.. only the parent whom the child lives with can receive the credit. If they all happen to live in the same home, then only one can take the credit.
Reply:Depends on who has physical custody, some states say 6 or 8 months out of the year. If both file their will be an audit, and the one in the wrong will pay a penalty.
Can both parents claim the child care tax credit if the parents are both single?
The parent that the child lives with gets the credit regardless of which one the child lives with. If the parents live together with the child, the one who claims the child as their dependent gets the credit.
Reply:No.. only the parent whom the child lives with can receive the credit. If they all happen to live in the same home, then only one can take the credit.
Reply:Depends on who has physical custody, some states say 6 or 8 months out of the year. If both file their will be an audit, and the one in the wrong will pay a penalty.
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