Tax Questions - 2008 - post them here!!!

[hotcouponmama]

Got a question about your 2008 taxes? Post them here...and one of us may be able to help point you in the right direction! We'll use this thread as one big tax help section for the board!

[ssnoel1230]

This is going to sound really stupid, but if President-elect Obama passes a stimulus package will it effect our tax return? Someone told me we will get a couple hundred more back, I just don't see how.

[tiger_fan3]

Originally Posted by ssnoel1230 This is going to sound really stupid, but if President-elect Obama passes a stimulus package will it effect our tax return? Someone told me we will get a couple hundred more back, I just don't see how.

If he does pass a stimulus package, it will most likely be in the form of a check like the last time. The IRS already has all the tax forms out so I don't think they will change what is already published.

[Merczilla]

This year is more complicated for me. I need to be able to do them two different ways to see which works out better for us. I have used H&R Block the last few years. This year the Perm. Funds were biggies ($3267 each). I have always just claimed the kids PF's on hubby's tax forms using the 8814 forms and whatever else I end up using.

I need to know if I am better off filing the kids individually or still the way I've always done it. The kids would be just the $3267 (on line 21). Hubby is just wages and his and mine PF's. Standard deduction (he is Head of Household...yes that's right), no itemizing, nothing fancy.

I'm confusing myself trying to do it on paper, as I don't understand how to do the kids properly. I think I'd have to use 8615 and possibly Schedule D (which confuses the hell out of me) if I add them to ours. I *think* I'd have to pay $540 per child if I filed them separate. I *think* trying to do it both ways there's maybe a $1358 difference in what we;d get back, so paying $1620 for all three kids versus $1358. I dunno.

Is there someplace I can do both ways online in like a "practice" section?

[hotcouponmama]

Originally Posted by Merczilla This year is more complicated for me. I need to be able to do them two different ways to see which works out better for us. I have used H&R Block the last few years. This year the Perm. Funds were biggies ($3267 each). I have always just claimed the kids PF's on hubby's tax forms using the 8814 forms and whatever else I end up using. I need to know if I am better off filing the kids individually or still the way I've always done it. The kids would be just the $3267 (on line 21). Hubby is just wages and his and mine PF's. Standard deduction (he is Head of Household...yes that's right), no itemizing, nothing fancy. I'm confusing myself trying to do it on paper, as I don't understand how to do the kids properly. I think I'd have to use 8615 and possibly Schedule D (which confuses the hell out of me) if I add them to ours. I *think* I'd have to pay $540 per child if I filed them separate. I *think* trying to do it both ways there's maybe a $1358 difference in what we;d get back, so paying $1620 for all three kids versus $1358. I dunno. Is there someplace I can do both ways online in like a "practice" section?

Here's a link to the free edition of Turbo Tax - LINK. You can create an account, put in all the data, walk the the tutorials, and pretty much do everything but pull the trigger on it. If during your session it tells you your taxes are a bit too complicated for the free addition, would you like to upgrade, just hit yes and keep working on them. Again, you can continue to play with it until you want to hit "send". It will at least give you a sense of where you're going to stand on things, and TT is probably the most accurate of the tax software out there.

[Merczilla]

Thanks. I'll give that a shot. I may not qualify for free filing this year as income went up, but I hope so. lol

[TDONOHO123]

I resell things at the flea markety place in town (it's just a big lot that the owners put up some tables and charge $10/day to sell whatever you want).
If I claim the $3029 I made there, it really raises my refund. Can I claim that as self-employed income? I don't want to take the expenses because it will lower my refund (and I didn't really keep good track of anything--but I did keep all my receipts from the past year).
I also did mystery shopping that I plan to report as self-employed income, but don't want to take the mileage expense (lowers my refund amount).
So I guess my question is.....I know I'm required to report income, but am I required to report expenses?

[isabel]

My husband is a truck driver and I was wondering if we could use the monthly charge for wireless connection for his laptop? He uses his laptop mostly for directions to customers. Also, if it can be used, how would you figure the percentage of the bill to use for business?

[katasia]

Ok, here's my question. I was unemployed for three months at the end of the year. I did NOT have taxes witheld because I would not have been able to pay my rent if they were taking out that extra chunk and figured I'd just pay it back on my tax return.

I started to file when I got my W2's the other day, now I think I have to wait for a form from unemployment? I'm confused. Does anyone else have experience with this?

[Merczilla]

Originally Posted by katasia Ok, here's my question. I was unemployed for three months at the end of the year. I did NOT have taxes witheld because I would not have been able to pay my rent if they were taking out that extra chunk and figured I'd just pay it back on my tax return. I started to file when I got my W2's the other day, now I think I have to wait for a form from unemployment? I'm confused. Does anyone else have experience with this?

I vaguely remember getting a form from them (many moons ago) when I had unemployment one year. Line 19 on the 1040 form does say "Unemployment compensation", so I'm pretty sure you'll get one from your state. They'll probably wait till 01/31 to send them out. Most places seem to do that.