Tax Questions - 2008 - post them here!!!

[Needofsaving]

Originally Posted by tiger_fan3 Home improvements are generally not deductible. If you had the purchase of it put onto a home equity loan, then the interest would be deductible. If you have a home office deduction, part of it would be deductible. If it was for a home that you rent out, it would be deductible. Also certain energy efficient home improvements will be deductible if they are done in 2009, but you are out of luck if they were done in 2008. Here is a list of the energy efficient deductions for 2009. Federal Tax Credits for Energy Efficiency : ENERGY STAR

Thank you very much.

[kval07]

Okay, I have a few a few questions that I hope someone may be able to help me with.

My 401K from my last job doesn't meet the $1k minimum, so since I no longer work there, they are sending me a check. They sent it in 08, but I never received it. I just got the 1099-R in the mail today. The address on the 1099 is in a different city from where I live now. They are reissuing the check to me.

1. My 1099-R is for 2008, but I am not getting the money until 2009. Does that change anything with my 1099-R and how I need to enter this info in my taxes? And I didn't think to ask when I was on the phone with them...they SHOULD send me a new 1099-R for 2008 because the taxes withheld may be different because I moved, right?

2. I definitely plan on rolling this over within the 60 days time frame to my new 401K if they will allow it. Of course the Plan Administrator is no where around right now when I have these pressing questions. What will happen when I roll this over? I think that I don't have to pay taxes if I am within that 60 day time frame. But the taxes were already taken out when they issued my check the first time. How does this work?

3. If I do all this rolling over business, this will not effect anything for my 08 taxes, right? Because they won't send me a 1098 (I think that's what it is) until 2010...right?

I am getting confused by all this because it is happening over 08-09 and I don't know how this will effect my taxes right now. Fidelity is telling me that even though I didn't have the check in hand in 08, it still counts as 08. But the actual rolling over won't happen until this year, 09.

The girl on the phone told me I would have to file an amended 08 return or something after I rollover the money?? Huh?? That threw me for a loop. Usually all I have is W-2s and interest statements from my savings accounts. It isn't supposed to be this hard!

I am really confused by all of this. I have never had to deal with anything other than putting money in 401ks. Please help!!:hectic1: