Tax Refund Marriage
Question: marriage couple get tax benefits?
I know that those who are married get tax breaks or tax benefit but tax laws keep on changing each years. Now they say almost $8 billion- phone exercise tax refunds was not claimed. How many people knew about this? They turn and say many failed to claim deduction tied to local outlay. Were you aware of this too not to take advantage of of potential $3.6 billion deduction? What else would change in this years tax return?
Answer: Yes, I knew about the phone excise Tax Refund. It was 30.00.. You would think it would have been more but that was all. I have no idea what else will change on this years tax returns. Tax time is almost here and I dread it. . .
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Married Filing Jointly Tax Calculator
Question: i really need some help.PLEASE! how much will we get back on our taxes?
i have already done the online calculators and one says i will get about half the amount the other one says. my husband will be filing ‘married Filing Jointly‘ he made about $10500 and we have 2 children. can anyone help me??? tax pros??
i have used the h and r block calculator and the one on taxbrain.comAnswer: If your total household income was $10,500 you file married with 2 dependents under age 17 you are eligible for the EIC credit (Earned Income Credit) Taking the EIC will give you a refund of about $5110 This amount does not include whatever federal taxes were taken out from your husbands paycheck if you have your W-2 check box 2 and add it to the $5110 that should be your refund. Most online calculators don’t account for the EIC credit.
Action Line column: Your tax bracket will determine your tax bill
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Head Of Household Tax
Question: 2008 tax (head of household)?
I bought a house in houston texas 5 months ago (2007), and I am not living in that house yet; my mom and younger brothers live there. I pay for mortgage, also I live in Austin currently and I pay for apartment rent. my question is can I fill my tax as the head of household (I am single ) .
any help will be great. thank you.Answer: You could possibly claim HOH IF you provide more than half your mother’s support (mortgage counts) and take her. You don’t have to live with a parent. No such luck with your brothers.
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Head Of Household Status
Question: I made 13k last year my filling status was head of household with 2 dependents?
would I get the tax credit in May if so how much?
Answer: Yes, you’d get $300 for yourself, plus $300 for each qualifying child, so if the two dependents are your qualifying children you’d end up with $900 total.
You don’t pay any tax with that income, head of household, and two dependents, so you don’t get the full $600 for yourself, but do get $300.
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Joint Return Tax
Question: How do married couple file joint tax return if both are gambler?
Assume that my wife gambles to the same extent as I do. Also assume that we file a joint tax return. If my wife has a large net gambling gain for the year and I had a large net gambling loss, can we combine our gambling transactions and use his loss to offset her winnings? What are the IRS laws that apply?
Answer: Each of your winnings and losses stand on their own. The combined winnings go on line 21 of Form 1040. Each of you then figures your portion of deductible losses limited to your actual winnings and the total goes on Schedule A as a miscellaneous itemized deduction. This misc deduction is not subject to the 2% floor.
Keep in mind that the IRS is likely to audit your return. They will expect to see detailed records and receipts for all gambling activity. Your records must include all gambling sessions, casino name and address, machine or table numbers, etc.
Example:
You: Won $20k & lost $50k.
Wife: Won 100k & lost 20k.Gambling winnings on line 21: $120k
Schedule A loss: $40k. $20k for you (limited to your winnings.) and $20k for wife (her actual losses since her winnings were higher.)
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