Archive for the ‘United States’ Category

Can I deduct foreign tax paid by mutual funds in Arizona state income tax returns?

February 14, 2010 by admin 1 Comment »
UNDISCLOSED asked:

Can I deduct foreign tax paid by mutual funds in Arizona state income tax returns, just as i can deduct foreign tax paid by mutual funds in federal taxes [Form-1040, line-47, using form-1116]. if so, do i use form-309. but this form is a single country only. what do i do if i have a europe fund that pays taxes to several european countries and no breakdown is available

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certifacation of exemption from filing federal income tax returns? what does this mean?

February 13, 2010 by admin 4 Comments »
jonesas asked:

I recently applied for a loan through Rural Development and today they sent me a form in the mail that said.. Certification of exemption from filing federal income tax returns.
then it says: i hereby certify that i am exempt from filing federal income tax returns. then there is a spot for me to sigh. i don’t understand what this means.

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Is it smart to blow all your yearly income on luxuries and rely on your income tax returns for serious stuff?

by admin 9 Comments »
ChrisRedfield29 asked:

My friend decided that he would blow all of his yearly income on luxuries and what ever he wants and then use his income tax returns at the end of the year to buy his truck. I dont believe he is on solid ground with this theory. What do you think? He works a full time job making 9.25 an hour cutting grass. only claims himself as a dependent.

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is there a site wherew one can view income tax returns for person?

February 11, 2010 by admin 3 Comments »
 

Do college students with kids and no job need to fill out income tax returns?

February 10, 2010 by admin 3 Comments »
Returning College Student asked:

I am a returning college student. I am married and I have 2 children. In 2005 I decided to return to school after a life altering car accident. In 2006 I was a full time student and had no job. My wife did not have a job either. My question is: Did we have to fill out out an income tax form?

As you can probably tell I did not fill one out for 2006, but I was advised by a tax preparer that it was not necessary. I am here asking now, because I am not sure she was entirely correct.

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How to start on income tax returns?

by admin 2 Comments »
Shades of Green asked:

Hi, I’m planning to file my income tax this year on my own. Previously I’ve had help from family members (who did most of the paper work and what have you). Are there any good resources to guide me along the way that are easy to read? It would be great if they covered free e-filing and if the sources are reusable (updated to reflect the ever changing tax laws), but anything current will do. I do not qualify for the 1040 forms.

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Do I include money received from the sale of a house I inherited on my income tax returns?

February 9, 2010 by admin 6 Comments »
EJK asked:

I inherited a house from my parents and sold it. I realize that since I sold it within a few months there will be no tax. However, do I have to report the sale in any way on my tax returns?

Also, I was the beneficary on my father’s annuity. He rolled over his IRA into this annuity. Am I required to count this as income and pay taxes on it? I received a 1099 on this.

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how long do you need to keep income tax returns?

by admin 9 Comments »
 

I have lost and forgot to pay my Michigan State Income Tax returns? What to do?

February 8, 2010 by admin 1 Comment »
nisarg_sutaria asked:

I am an Indian citizen. I have forgotten to pay my state income tax for year 2002 and lost state tax forms filed from 1999 to 2001.

What to do? For federal forms I found out that you can fill form 4506T to request old transcripts. Now what to do for Michigan state forms. Which form is required to fill to request old transcripts and which form is required to file tax return for year 2002.

Let me know.

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