Help !!

[CW&M Mom]

Originally Posted by hotcouponmama 3 years to amend a return, so if it's not more than that time frame, it's free to amend - especially if they owe you money! I just learned that I can write my MBA off - a woman just fought the IRS on it and won this month. That would mean going back and redoing my taxes - it might be worth it. It would be more than the tuition deduction for it - it would be the entire amount as a employment-related educational expense. That's a $22K write off over two years of my taxes. Could be huge!

Would it be only for an MBA. My sister is getting her PH D...could she write that off??? It's for a job change if that helps.

[hotcouponmama]

Originally Posted by cori n wes mom Would it be only for an MBA. My sister is getting her PH D...could she write that off??? It's for a job change if that helps.

Not sure what else is going to qualify under that ruling, but the woman who won was a nurse who'd gotten an MBA in order to stay competitive in healthcare. I'd have her ask an accountant. But sure would be nice. I'd like to get a PhD as well...or maybe a JD - haven't decided yet!

[ladywaterwind]

Throwing this out there, but some of the programs like H&R Block, Turbo Tax, and Tax Cut all have free e file sections, as well as a few other companies, from the irs.gov website.

Who is eligible for Free File? The Free File program is only available to taxpayers who have a 2009 Adjusted Gross Income (AGI) of $57,000 or less. Each participating software company sets its own eligibility requirements and not all taxpayers will qualify for all companies. Individual company offers may be limited to AGI, geographic location, specific states and include other criteria. Carefully review the Free File offer criteria before selecting the company. Use the “Help Me Select a Company” wizard to assist you in selecting a program that is right for you.

There are criteria to fit, and pay close attention to each companys requirements cause they all differ a little bit. But, if you are eligible, it's super easy and exactly like the program you would buy. We do the H&R Block one, and they walk you through step by step. (By the way, if you do H&R Block have your 2008 AGI handy for the end, they use that as a type of signature on your return.)

[Ggbwg]

The clothing you donated has to be a significate amount of $ before you can claim it. I donated $500 in clothing 2 years ago and not 1 did i get to claim.

[motherofmolly]

Originally Posted by hotcouponmama Selling a car is not considered income. You can't claim the donations unless you itemize. Medical expenses need to be higher than 7.5% of your adjusted gross income. So if your adjusted gross income is $100,000, you need to have more than $7500 in medical to take the deduction. For your FSA, that comes out pre-tax. The only thing you need to worry about with that is: - there will be a box on your w2 with the amount - you'll need to enter that into turbotax when you enter the w2 info. There's no other place for it on your taxes. - be sure you use the FSA before March 31st - receipts need to be dated before 12/31. Hope that helps!

if you ITEMIZE instead of using your standard deduction, then you can write off work related expenses (if i remember it is 50%), donations, mortgage interest, real estate taxes and medical...there are a few more but these are the ones we use...

most people itemize because their mortgage interest and real estate taxes take up a large portion pushing them over the standard deduction amount...

donations: you are allowed to write off a certain amount (i think it was $250 last year) without listing each and everyone one out....if you are over that amount, not only do you have to list them out on a different form, but you also have to have a receipt and they have to be donated to a non for profit organization (these org. have to have a non for profit tax id)

medical: like the previous poster stated it is a very small amount that you get to right off...based on your income....also those items that were taken under a fsa are not write offable...you are already getting those tax free (the money is taken out of your check prior to taxes). also, the amount paid for by insurance is not included

work related/school: yes a lady just faught the irs and won regarding her higher education deduction..i am not familiar with the specifics, but i will say that if you itemize and have this deduction, redo you taxes it will be worth it...and if you have alot!! (someone said $22,000) it might be worth going back and refiguring....this isnt hard, as you can take that years taxes, figure in the deduction for the school expense (under work related expenses) take the 50% ..see what the difference it will be and then decide if you should redo them....work related expenses include books for work, supplies you use for work, $5 a day for food if you are not allowed to leave a certain area to go home, or bring your own (this is one that is good for cops), cell phone if you need to use a phone for your job and do not have access to a land line, also if you have a uniform that you have to maintain ....

i did taxes about 15 years ago for a living...my after college job...i still remember some, but some of these new rules can throw me for a loop trying to decifer them

[taylordvd]

The pp would said that selling a car does not count as income is right. But, there is also an assumption there - that you are selling it for more than you paid for it. So, in reverse, if you bought a car, fixed it up and sold it for profit, then you would have to pay taxes on that.

To the OP, there is one Sat. a year, where you can have the IRS do your federal taxes for FREE! You have to sit there with them. You must wait in a line and go to a specific place. It is some Saturday in March. Keep checking the IRS's website and they can tell you when that is. I think that is your best bet.

Your return this year should not be that complicated. You could always do it yourself before the IRS date and then take it to them and compare. One thing to remember, is that they will NOT file your state return or local return for you, so you will still have to do these yourself. Also, with the H&R Block online option, if you are working on it and get stuck, you can put it on hold and go into any H&R Block office and they can pull it up and finish it for you. Make sure you bring in your paperwork just in case.

[Mothernature]

OP- my husband is a CPA obtaining his masters at Harvard. Finance4's husband is also a CPA. You may want to reach out to the CPA's here for advice.

[Merczilla]

I've used H&R for several years now. I have a PIN for the electronic signature....I keep it on file for each year. There were a couple things this year that I would have missed, like the $400/$800 (single/married) refund thingy from last year and a credit for property yaxes (we own our place free and clear except for taxes). We don't have state taxes and don't have enough to itemize. They do walk you through it, so it's pretty easy. I always do a quick hard copy by hand first for a guesstimate, then compare to their figures and I'm almost always within a couple hundred.

[troubled miss]

Thank you every one for the advice and help. I am going to H&R Block to get assistance due that i am filing for backtaxes in the State of Oregon for 2007 for half of the year.

[klipin4deals]

OP, I would use a program and save a lot of money. We filed with H&R Block one year and it cost over $200. With the exception of that year, my husband always buys Turbo Tax when the rebate is available from Staples or Office Max, making it free (or close to it). It walks you through it step by step, and it is basically plug and chug. He has never had any problems.