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Find a question below and click "LISTEN" to hear the answer.
Steve, Janet, and Byron's opening comments.
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1) My husband and I are separated, not divorced, and he is living in our home. He has claimed all deductions pertaining to the home on his separate return. Since Texas is a community property State is he allowed to claim all for his return? - Janet
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2) Do I have to pay income or other type of tax on inheritance money of under $5,000? I just received it this year. - Margie
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3) MY DAD DIED IN MARCH 2003. HE HAD ONLY ABOUT $1800 OF DISABILITY PAYMENTS AND ABOUT $400 INTEREST EARNED FOR 03. IS A TAX RETURN REQUIRED? THANKS - ralph cooper
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4) If i made less than 2000,cannot claim my child cause mom does,I had to babysit on day and school at night can i qualify for earned income credit? Thanks - carlos ortiz
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5) My friend recieves an annuity from her deceased husband. This is a death benefit. She receives form 1099R from civil service.No federal income tax is withheld. The amount is under 8000.00 distributed monthly. She also receives s.s. and works part time. Is this annuity consider income and is it taxable? If not income tax is witheld is all or part taxable? I have read about in the PUB. but it gets pretty confusing. Thanks for any help. - cindy
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6) Why does my tax burden go up when I enter the amounts from Box 10 on my W2 for child-dependent care? This was pre-tax money deducted from my salary over the year to cover dependent care expenses. I thought it would help not hurt me taxwise. - Cindy
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7) I summited my tax online and they said that I would get my refund back in two weeks and it been two still no answer. I did a direct deposit. Should I call them? (to be exact two weeks and three days) Thank you - noon
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8) If you are filing a long form,is there a certain amount of interest from your bank you have to have before you have to report it? etc under $100? Thanks. - Gail
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9) I drove my vehicle 4,338 miles last year for work how do I go about deducting that? These miles were from my normal work place to another location that my employer required me to be at. - Justin
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10) What is taxable interest? Do I need to fill this out on my tax return? - Ben
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11) My father died in January 2004. On his retirement in 1992, a part of his retirement package included an employer provided death benefit to be paid to his designated beneficiaries upon his death. Within a few weeks I expect to receive a lump sum settlement of this benefit. I provided his previous employer IRS Form W-4P at their request and chose not to have any taxes withheld. I understand that I must pay taxes on this death benefit and wish to do so as an estimated advance tax payment for year 2004. Assuming I am correct that I must pay taxes on this benefit, how do I make an estimated tax payment so that I don't face penalties and interest? - Larry
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12) You may have heard: A close-up look at the IRS code reveals that most Americans don't owe federal income tax at all, and never have. What say ye about Section 861 of the IRS code? - Steve Ridenour
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13) I took real estate courses from July 2003 thru November 2003. Do I qualify for a deduction since I am now a full time real estate agent as of Dec.31, 2003? (self employed). What is deductible as far as my vehichle, computer, fax etc? Thank you. - Christina Miller
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14) My daughter was fired from a local (small one owner) conveinent store. My daughter never recieved her W-2 form of earnings from them. Any help will be appreciated. - Need help!
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15) This year, I know that I am going to pay the IRS again in taxes. I am still paying for last years. I send them $200.00 a month. I guess my question is do you think that they will work with me on a payment plan by combining last years and this years taxes together ? Please help for I don't know what to do. Respectfully Submitted - Robert
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16) CAN I CLAIM REFUND,FOR MY PROPERTY INTEREST THAT I'M PAYING? AND CAN I CLAIM TWO DAUGHTERS THAT LIVE WITH ME SINCE THEY DO NOT WORK BUT THEY ATTEND COLLEGE? - MARIA E ALMEIDA
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17) I sold all shares of one of my mutual funds last year for a loss. How/where do I report this on my tax paperwork? Thanks! - KD
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18) Can two unmarries people (man and woman) file a joint return. We both own property together and have joint assets. - Jose
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19) I have claimed the property I own as rental property for the last 5 years. (Out of town job) In 2003 I moved back in and now claim as my homestead. Is there penalties or special forms I need to be aware of? - jose
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20) My husband was laid off last year and received a large severance package. We were not able to claim our IRA contribution. Can we claim that IRA this year? - Charlene Holland
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21) How do I handle the sale of a house inherited from a deceased parent? - Kay Henry
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22) My husband and i did our income tax for 2003 and were supposed to receive it already but since i owe a student loan and it's been 17 years in the past, can it be kept or can my husband get his share back? - Linda
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23) Our daughter (17yrs old) is working as a part-time contract employee for a local company. Her employer gave her a 1099-Misc form and did not have any taxes or social security benefits taken out. She only made $3200.00 for 2003. What IRS form does she need to submit? - robert cruz
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24) For 2003, you can deduct your health insurance,only if you are paying the whole premium, but, can you deduct it for 2002? - Joe Hickey
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25) I understand that fees paid to financial advisors may be deductable. If so,are the fees charged by mutual funds (12b-1 and other management fees) also deductable? Some mutual funds pay financial advisors who sell their products out of the marketing fees they charge to the end user. Are these amounts deductable by the end user? - Amanda Contreras
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Steve, Janet, and Byron's closing comments.
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