Your Tax Questions, Answered

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do i have to taxes if the only income is disibility?

nancy of NM 12:07PM April 15, 2009

i closed my foung how much taxes do i have to pay,
or what guide line do i follow

andy of NJ 7:41AM March 07, 2009

While my son was a fulltime college student, I bought a house for him to live in (and to be my second home one day).
The title is in both our names joint tenant, but I have paid all the mortgage bills while he was in college.
Question: He is now buying a home on his own in a different community, and I am keeping the house he lived in while in college.
Can he qualify for the first time home buyer portion of the stimulus package?

klrunion of IN 1:19PM March 05, 2009

My house payments are now more then I can afford. My husband died mid 08 and because I am working, I do not qualify for any SS from his disability or anything else. But....now I have $900 less a month to live on.
Should I not pay my house payment and go into default. My husband had $50,000 life and I am having to draw over a $1,000 of that a month just to make my house payment and live. It won't last forever. My home is now worth a lot less. If I do not default on the loan will anyone ever know I am in trouble. Are there tax breaks for me?????

Gayle of WI 4:59PM February 17, 2009

I have 2 questions that need answers. The first is
1. I received 14,054 dollars from SS and 6K from an annuity and another 745 from a retirement fund. Why is SS telling me that 85% of this 14K SS is taxable and not 50%??
2. If I open an IRA before tax day, can I take one out and close it out 3 months later and take advantage of the deduction???

Roland Archambault of MA 9:25PM February 14, 2009

I bought a Fannie Mae foreclosure on Nov. 26 and still haven't received my deed and title docs from them. However I applied for the first home buyer credit for 2008 and received my money refund on 2/13/09. It is so unfair that I will have to pay this money back as a loan for 15 years starting in 2010 and someone who bought 40 days later will get that money free and clear. I've written my congress representatives but can anything be done to change the 2008 loan paybacks before the paybacks start in 2010. Carol

Carol Looney of FL 12:01PM February 14, 2009

"Did you have any Roth IRA transactions in a year prior to 2008?"
Why am I and anyone who has a Roth IRA being asked this? Why are they trying to look back into my past? What do they mean by transaction? Ofcourse I had transactions. Am I supposed to list every buy and sell in my Roth IRA for the past 4 years? I am not going to do that. It does not look like they want that any how.
"You must enter your Roth basis information one year at a time."
Information for year:
Choose year2007200620052004200320022001200019991998
IRA value as of the end of the year
Total contributions
Excess contributions
Total conversions
Nontaxable conversions
Distributions
That is what the page looks like. I have completed about 95% of the past 4 years of info. It is not going to match what my totals are now. It only goes to 2007. Is this government trying to raid IRA's? Is this a prelude to Orwell 1984?
Thank you.

Benjamin Roussey of AZ 8:01AM February 14, 2009

The new stimulus package offers credit,up to $2500 (currently $1800) but still limits that credit to singles making $80K and couples making $160K. I am a single dad, at $100K income, responsible for all college expenses of my 2 kids, ex doesnt pay any. I still pay child support for a 3rd child. When we were married I received this credit and my ex was not employed. So getting divorced cost me the deduction (and alot more). Just because I make 100K doesnt mean I do not deserve the credit. I put both kids through college now at a State Supported college, cost $40K a year of my income, so they don't end up in debt. The new stimulus package is full of credits and ridiculous stipends for those at certain income limits. Guess our Senate and Congress would wrather pay money to banks that mislead and took advantage of the consumer. Ironic the Bank execs were grilled by the same people that voted to extend the money to them with lax oversight. Members of the house and senate earn $160K+ per year. Plus they have covered expenses, housing & office allowances in both their state and DC, personnel expenses for staff ($831K for up to 18 employees), all total over $1.2million per elected official, multiply that by 532!! Now some of them have not even paid taxes on portions of their income.. I don't qualify to receive a $1800 credit for putting my kids through college, because I work to hard and make to much.. As my youngest daughter would say LOL, ROTFLMAO at our wonderful government.

Robert of OH 11:27AM February 13, 2009