Tax Questions - Heres mine

[Spitz]

Ok...short and to the point.

im married. (24, wife 25).
Wife is a full-time student...I took the year off.
Last year we filed our taxes as 'Married-filling jointly' and I claimed her on my taxes, but didnt get any credit for it. just got my withholdings back.

Should we file them as 'Married-filing separately' and I claim her that way?

BTW, last year (2005) we both were full-time students...i made less than 10k and she didnt work.

This year (2006) she made like 2500 over the summer and i made like 11K for the year.

Any advice is appreciated.
Thanks in advance

 

[gameboy]

Q: if a relative gives you a personal check (gift) of $1,000 or more,,, is that considered taxable income,,, or free and clear money?

 

[doggish_098]

Ok...short and to the point.

im married. (24, wife 25).
Wife is a full-time student...I took the year off.
Last year we filed our taxes as 'Married-filling jointly' and I claimed her on my taxes, but didnt get any credit for it. just got my withholdings back.

Should we file them as 'Married-filing separately' and I claim her that way?

BTW, last year (2005) we both were full-time students...i made less than 10k and she didnt work.

This year (2006) she made like 2500 over the summer and i made like 11K for the year.

Any advice is appreciated.
Thanks in advance

damn i didnt think true love existed anymore. wow how do you survive on that kind of money with a family. props to you dude.

 

[Spitz]

^^^we manage...we dont have any kids...renting a 2 story-2 bedroom house w/ basement.

edit..
plus her mom be putting money in her account all the time
we just about done with school...this her last year (Bio-chem major) and Im doing Computer Engineering...so i think we can manage for now and reep the benefits sooner than later.

 

[Blakboi_333]

Yo Spitz...that's about the best opt you have bro. File the same way you did last year. You won't get credit for her because there is no credit to receive. If she didn't work, you might wanna try to see if you come out on a positive if you file Head of Household. You may be able to receive some added deductions for it.


Gameboy...if that's a gift bro, you're straight. You don't have to file for money that was given to you as a "gift". Free Money

 

[Spitz]

^^^^Good lookz...yeah....forgot to mention that...i think i will file as head of household

 

[gameboy]

Gameboy...if that's a gift bro, you're straight. You don't have to file for money that was given to you as a "gift". Free Money

right on bra,,, thx​

 

[OhioPlaya419]

I was thinking head of Household... check on that Earned Income Credit too....

 

[doggish_098]

^^^we manage...we dont have any kids...renting a 2 story-2 bedroom house w/ basement.

edit..
plus her mom be putting money in her account all the time
we just about done with school...this her last year (Bio-chem major) and Im doing Computer Engineering...so i think we can manage for now and reep the benefits sooner than later.

good luck with that bio chem man the field is locked now not many entry level openings.

 

[gene cisco]

right on bra,,, thx​

Keep it under 10k.

The greedy gov. is like the mob, they want to tax you.

Basically you can get 9k from anybody. So if you get 9k from 10 people thats 90k you dont have to be taxed on, of course they shouldnt be writing checks for this shit and worried aobut it anyway.

How many pimps you ever, ever seen get charged with tax evasion?

 

[VegasGuy]

You should file head of household as well as do a short form. Your combined incomes for the year don't make you move the brackets much and you'll pay nothing in income taxes. Not in the bracket to pay.

@gameboy
If that money changes hands as a gift, the answer is no.

Now on that, here is where the IRS does it's bullshit. The IRS does not require that the individual who received the gift pay taxes on that momey. The only individual who is responsible for reporting and paying the gift tax is the person who gave the gift away if the dollar amount exceeds $11,000,00 bucks. Ain't that some bullshit? If I give you over 11k, I got to give them a cut. I ain't doin' that, but if i did I got to pay a tax because I gave you some money. Some of that 40 years of one party rule still fuckin' us in the tax code.

One other thing for those who give money to your church. The new rule is you have to be able to prove you gave the money. Most churches send out statements of giving if you donated/tithe by check or use those envelopes. But if you just drop money in the basket and need to claim it, you might run into trouble with the IRS.

Just thought I would throw that in. A few of us do attend chutch around here.

-VG

 

[gene cisco]

You should file head of household as well as do a short form. Your combined incomes for the year don't make you move the brackets much and you'll pay nothing in income taxes. Not in the bracket to pay.

@gameboy
If that money changes hands as a gift, the answer is no.

Now on that, here is where the IRS does it's bullshit. The IRS does not require that the individual who received the gift pay taxes on that momey. The only individual who is responsible for reporting and paying the gift tax is the person who gave the gift away if the dollar amount exceeds $11,000,00 bucks. Ain't that some bullshit? If I give you over 11k, I got to give them a cut. I ain't doin' that, but if i did I got to pay a tax because I gave you some money. Some of that 40 years of one party rule still fuckin' us in the tax code.

One other thing for those who give money to your church. The new rule is you have to be able to prove you gave the money. Most churches send out statements of giving if you donated/tithe by check or use those envelopes. But if you just drop money in the basket and need to claim it, you might run into trouble with the IRS.

Just thought I would throw that in. A few of us do attend chutch around here.

-VG

Yeah, I didnt tell him that part cause he only seemed concerned with the gift.

But it is fucked that people can work for their money and the MOB wants to tax you twice, all I was telling him was he can get over tax free on serious income if he keeps it below a certain level on one person.

The MOB got us fucked up, like if I work to buy my house and decide I want to gift it I pay taxes on the worth.


No wonder why rich folks and pimps got thi tax game figured.

Sad how you can get raped(earn you taxes, spend you taxed, then decide to give you shit away you taxed).


A pimp can have 10 hos give him 9k and he aint taxed for shit but what you supposed to be taxed on(sales tax).

 

[TaxMan]

Ok...short and to the point.

im married. (24, wife 25).
Wife is a full-time student...I took the year off.
Last year we filed our taxes as 'Married-filling jointly' and I claimed her on my taxes, but didnt get any credit for it. just got my withholdings back.

Should we file them as 'Married-filing separately' and I claim her that way?

BTW, last year (2005) we both were full-time students...i made less than 10k and she didnt work.

This year (2006) she made like 2500 over the summer and i made like 11K for the year.

Any advice is appreciated.
Thanks in advance

wait...wait wait one fucking minute. Most of the time my brothers are on target on the board. This thread is wrong...

But first thing is first, I need to do some clowning.

 

[TaxMan]

^^^^Good lookz...yeah....forgot to mention that...i think i will file as head of household

No, no and hell no.

You can't file head of household you are married. Excuse me, you be married.

http://www.irs.gov/newsroom/article/0,,id=105098,00.html

If you are married, you can only file these two:

Married Filing Separately.

Married Filing Jointly.

In 99% cases, it is always best for you to file married filing jointly

more clowning to follow: stay tune.

 

[TaxMan]

You should file head of household as well as do a short form. Your combined incomes for the year don't make you move the brackets much and you'll pay nothing in income taxes. Not in the bracket to pay.

@gameboy
If that money changes hands as a gift, the answer is no.

Now on that, here is where the IRS does it's bullshit. The IRS does not require that the individual who received the gift pay taxes on that momey. The only individual who is responsible for reporting and paying the gift tax is the person who gave the gift away if the dollar amount exceeds $11,000,00 bucks. Ain't that some bullshit? If I give you over 11k, I got to give them a cut. I ain't doin' that, but if i did I got to pay a tax because I gave you some money. Some of that 40 years of one party rule still fuckin' us in the tax code.

One other thing for those who give money to your church. The new rule is you have to be able to prove you gave the money. Most churches send out statements of giving if you donated/tithe by check or use those envelopes. But if you just drop money in the basket and need to claim it, you might run into trouble with the IRS.

Just thought I would throw that in. A few of us do attend chutch around here.

-VG

Perhaps, the admin should delete this entire thread...

Again, don't file head of household.

You can't claim your wife on your return. What you meant to write; you claim yourself as an exemption and claim your wife as an exemption. There is no marriage credit. Your benefit is the Married joint

Married joint is $10,300
exemption is $3,300.00 times two: total exemption 6,600.

For a total of $16,900.00; Therefore, you must make over $16,900.00 to pay taxes. You should have zero taxable income.

http://www.irs.gov/taxtopics/tc551.html

 

[NYardy]

The best you could do is file married filing joint. Like someone said before you can't file head of household and claim wifey. What you need to do is get credit for all that tuition you are paying for school along with all the other expenses associated with it (lab supplies, books, etc.). For that you should file and use form 8863 Education Credits. You should be able to get at the very least is a $500 credit. Good luck!

 

[TaxMan]

The best you could do is file married filing joint. Like someone said before you can't file head of household and claim wifey. What you need to do is get credit for all that tuition you are paying for school along with all the other expenses associated with it (lab supplies, books, etc.). For that you should file and use form 8863 Education Credits. You should be able to get at the very least is a $500 credit. Good luck!

wrong, wrong, wrong. The credit isn't going to work for this brother.

The brother said he and wife maded $13,500.00. The credit will do him no good.

I need to resize this clip ....

Nyardy, let me do the fucking....you can watch

 

[TaxMan]

Hey, Nyardy, (in my detective Columbo voice), One more thing...Sir, may I call you sir, since the brother didn't have any taxable income the education credit is not used or even needed...

more to follow...

 

[divine]

Hey, Nyardy, (in my detective Columbo voice), One more thing...Sir, may I call you sir, since the brother didn't have any taxable income the education credit is not used or even needed...

more to follow...

how long have you been an idiot?

 

[TaxMan]

how long have you been an idiot?

what are you talking about?

 

[Temujin]

Hey, Nyardy, (in my detective Columbo voice), One more thing...Sir, may I call you sir, since the brother didn't have any taxable income the education credit is not used or even needed...

more to follow...

I think you slipped up on that one tax man. A credit is always needed because it's free money. A further deduction would not be needed but if he can claim an education credit then he will get a refund beyond what was witheld from his paycheck. Maybe you ment an education deduction is not needed.

 

[NYardy]

Hey, Nyardy, (in my detective Columbo voice), One more thing...Sir, may I call you sir, since the brother didn't have any taxable income the education credit is not used or even needed...

more to follow...

This year (2006) she made like 2500 over the summer and i made like 11K for the year.

That looks like taxable income to me. Any credit is credit regardless of how little income. A 2 week tax course at H&R Block does not make you a tax expert.

 

[TaxMan]

I think you slipped up on that one tax man. A credit is always needed because it's free money. A further deduction would not be needed but if he can claim an education credit then he will get a refund beyond what was witheld from his paycheck. Maybe you ment an education deduction is not needed.

No, I didn't.

I'm right; you are wrong.

Once your tax is zero; you can't use the education credit.
Don't get it twisted....we aren't talking EIC or the additional child tax credit; this is different.

taxes are confusing

Let me do the fucking...you can watch


http://www.irs.gov/app/understandingTaxes/jsp/s_tools_glossary.jsp#link_to_T

 

[TaxMan]

That looks like taxable income to me. Any credit is credit regardless of how little income. A 2 week tax course at H&R Block does not make you a tax expert.

It like I will to draw a picture for you guys and girls.

I love this forum..so...I will put with this nonsense. This is my way of giving back. Hell, I even used the bootleg copy of turbotax on this board..


When your deductions and exemptions is greater than your taxable income. Your tax is zero. Check out a 1040 tax return.

 

[TaxMan]

That looks like taxable income to me. Any credit is credit regardless of how little income. A 2 week tax course at H&R Block does not make you a tax expert.

I will draw a picture for you guys and girls.

I love this forum..so...I will put with this nonsense. This is my way of giving back. Hell, I even used the bootleg copy of turbotax on this board..


When your deductions and exemptions is greater than your taxable income. Your tax is zero. Check out a 1040 tax return.

 

[Jakesnake]

Q: if a relative gives you a personal check (gift) of $1,000 or more,,, is that considered taxable income,,, or free and clear money?

You can get up to $12000 as a gift without being taxable.

 

[TaxMan]

Check out line 42. Subtract 42 from 41.....

 

[Jakesnake]

Ok...short and to the point.

im married. (24, wife 25).
Wife is a full-time student...I took the year off.
Last year we filed our taxes as 'Married-filling jointly' and I claimed her on my taxes, but didnt get any credit for it. just got my withholdings back.

Should we file them as 'Married-filing separately' and I claim her that way?

BTW, last year (2005) we both were full-time students...i made less than 10k and she didnt work.

This year (2006) she made like 2500 over the summer and i made like 11K for the year.

Any advice is appreciated.
Thanks in advance

Your best bet is to file married filing joint due to the tax code being most favorable to married filing joint. Plus you can get credit for education that was paid for.

 

[TaxMan]

You can get up to $12000 as a gift without being taxable.

You are wrong.

Let me do the fucking.... You can watch.

The person that is giving you the money must report it (larger than 12,000)and perhaps pay a gift tax. The person that is receiving a gift doesn't need to do jack. So if you want to give me $50,000, it will not be taxable to me. It is taxable to you.

Now, when you win a prize or receive gambling, it is different. People don't get it twisted.

http://www.irs.gov/publications/p17/ch12.html#d0e33286

 

[Jakesnake]

You are wrong.

Let me do the fucking.... You can watch.

The person that is giving you the money must report it (larger than 12,000)and perhaps pay a gift tax. The person that is receiving a gift doesn't need to do jack. So if you want to give me $50,000, it will not be taxable to me. It is taxable to you.

Now, when you win a prize or receive gambling, it is different. People don't get it twisted.

http://www.irs.gov/publications/p17/ch12.html#d0e33286

Listen since I work for the IRS!!!! Look at this publication and you can see what I'm talking about.

Publication 950

 

[TaxMan]

Your best bet is to file married filing joint due to the tax code being most favorable to married filing joint. Plus you can get credit for education that was paid for.

Of course you are right about the filing joint. You are wrong about education credit. He can't get it/don't need it. His income is below the limit.

If he made like $20,000, he would need the credit.

Taxes are crazy. Captain Obvious. If he made above $150,000, he couldn't take credit.

 

[Jakesnake]

Of course you are right about the filing joint. You are wrong about education credit. He can't get it/don't need it. His income is below the limit.

If he made like $20,000, he would need the credit.

Taxes are crazy. Captain Obvious. If he made above $150,000, he couldn't take credit.

I agree with you on this I wasn't paying attention to the income level.

 

[TaxMan]

The Education Credit


(the rules are about the same for 2006)

You cannot claim the Hope credit for 2005 if any of the following apply.

* Your filing status is married filing separately.

* You are listed as a dependent in the Exemptions section on another person's tax return (such as your parents'). See Who Can Claim a Dependent's Expenses, later.

* Your modified adjusted gross income (MAGI) is $53,000 or more ($107,000 or more in the case of a joint return). MAGI is explained later under Effect of the Amount of Your Income on the Amount of Your Credit.

* You (or your spouse) were a nonresident alien for any part of 2005 and the nonresident alien did not elect to be treated as a resident alien for tax purposes. More information on nonresident aliens can be found in Publication 519, U.S. Tax Guide for Aliens.

* You claim the lifetime learning credit or a tuition and fees deduction for the same student in 2005.


http://www.irs.gov/publications/p970/ch02.html#d0e1552

 

[Jakesnake]

We need to support this Fair Tax This is what you should ask your elected officials if they support it. If they don't ask them if they read they WHOLE propsal. Most people who do not agree with the Fairtax have not read the whole thing.

Most elected officals who are oppsed to this are worried about losing their leverage over the citizens by offering them tax breaks that really do not help.

 

[TaxMan]

We need to support this Fair Tax This is what you should ask your elected officials if they support it. If they don't ask them if they read they WHOLE propsal. Most people who do not agree with the Fairtax have not read the whole thing.

Most elected officals who are oppsed to this are worried about losing their leverage over the citizens by offering them tax breaks that really do not help.

Fuck the fair tax. It isn't fair.
signed the Taxman