10th Annual Tax Thread - 2012

[EagleKeeper]

Just finished with my taxes and another one for one of my relatives.


1. This guy is divorce. His ex is remarried now and keeping the child (10 years old). He makes about 50K by salary and 2 saving accounts plus HSA (health saving account), rent a house, and pays child support for the child promptly.

Questions: I set him up as single. He can't claim the child as dependent because his ex is claiming. He is only able to take the standard deductible and nothing else. Does he have anything or do anything to lower his taxes or max out his deductible?

2. About me: Just salary plus reward checking interests and dividends from Fidelity plus Vanguard. I am renting for now and not married and no kid. Same question. Can I do anything to lower my taxes or more/max out my deductibles?

TIA everyone. This thread rocks.

for single renters; with the exception of maxing out the IRAs, you are not left with many choices.

investments could be shuffled around to tax free investments.

If legal in a state, have a dependent GF move in with you.

 

[Muse]

I have a question about capital gains loss carryover. Will that count only against capital gains (e.g. possible future gains in the stock market), or can I deduct that from other income I might have in the future? TIA.

 

[EagleKeeper]

I have a question about capital gains loss carryover. Will that count only against capital gains (e.g. possible future gains in the stock market), or can I deduct that from other income I might have in the future? TIA.

Both

First it counts against any gains from the year.
Then you get to take $3K of the loss and apply it to personal income for the year.

If there is then a left over loss; it gets rolled forward to the next year.

 

[fjmeat]

SSARS No. 8.

Where can I find the actual text of this?

 

[Oyeve]

I need a freaking address! I owe taxes and filed on time and set up a payment plan. I get nasty letter from IRS saying I owe taxes. I follow their online procedures to set up online paymenst and of course it doesn't work. I call the number supplied and am on hold for nearly 1.5 hours. I get a human and tell her that I already arranged for monthly payments and that the IRS already too a payment on april 15th. She totally ignores what I am saying and says "did you even read the letter?", of course I did. Long story short we find out the IRS accepted my monthly payment agreement and even took one but the woman on the phone says I didnt pay my set up fee of 52 bucks, so I tell her ok, I would like to set that up, to which she said nope, you gotta mail a check to such and such address and write blah blah blah on the check and then she hung up on me so fast that the only part I got was zip code 93888-0010 and USA treasury. So, anyone know the full address to mail in my check for 52 bucks for the user fee to establish my monthly IRS payment????

 

[Mermaidman]

!$(&@^!#*$$$$$

I forgot to send the September quarterly 1040 ES payment. Should I send it now anyway, or just wait until the next due date? :$

 

[highland145]

!$(&@^!#*$$$$$

I forgot to send the September quarterly 1040 ES payment. Should I send it now anyway, or just wait until the next due date? :$

Shouldn't you have until 10/15?

Send it now. Forgot the quarterly 941 form once. Paid the right amount each month of the quarter and still got a penalty because of the missing 941.

Edit: Send it and backdate it for 9/30 if there's a paper filing. The govt's shut down remember?

 

[ahmedelbehairy]

Filed using 1040

 

[alkemyst]

EK and I have already discussed this, but perhaps someone has been successful with a work around.

AFAIK, the only way to claim a non-relative as a dependent is for them to have you providing 50%+ of their support and them living with you for the entire year.

I was supporting my fiancée since December, but she didn't move in until April 1 with her child. Her other child moved in by June.

She worked part time until March in a different state so there is a tax record that would preclude one from just saying she lived here. Her income was only $600-700 per month...she worked about 3 hours a week if that matters at all.