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TurboTaxLee
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Hi sean, For 2009 the dependents rules are the same except the $3500 rule is now $3650. To get an estimate of your 2009 refund, check out TurboTax's TaxCaster...it estimates your taxes for 2009. Be sure to enter your total income expected for 2009 and your federal withholding total for the year. You can run the estimator with or without a dependent to see the difference. Click on the family icon to enter the dependent number. Best wishes on your wedding... http://turbotax.intuit.com/tax-tools/calculators/taxcaster/index.jsp
Hi tanya, Good question. If both of your names are on the car, only one of you can take the car sales tax deduction on your tax return. If only your father's name is on the registration/purchase of the car, only he can take the deduction. Hope this info was helpful.
Hello to David, Yes I can understand your frustration however I'm hoping you haven't torn up the paper yet. You need to send an "official" copy of your Home of Record as Michigan as a response to CA FTB's letter. CA FTB tends to be aggressive and won't just go away. Also if you've filed returns with Michigan, send CA FTB copies of those returns. Hope this info is helpful...
Hello to A. Barham, Sorry but you can't deduct any education costs (as a deduction or credit) that you are paying for your grandchild unless she was a dependent on your tax return.
Hello Margaret, Your question isn't simple. :) First your "gross income" must be less than $3,500. That "gross income" does not include social security that is not taxable. So if your taxable pension and other taxable income , not including your social security, is more than $3500, then your son cannot take you as a dependent. If your income is less than $3500, you need to check out the IRS worksheets. Here's the link: http://www.irs.gov/pub/irs-pdf/p17.pdf. Scroll down to page 33 for more info. YOu'll see that if you live in your own home, the fair rental value of your home is considered support that you contribute to yourself. There's a good worksheet there to figure out your total support and how much is contributed by your son. If it should workout that your son can take you as a dependent and if you need to file a return, you won't get your own exemption deduction (3650 for 2009). (you don't need to file unless your "gross income" is at least $10,300.
Hello to Barbara, Sorry but you can't claim your son's tuition for a tuition deduction or education credit lifetime / hope) since you aren't claiming him as a dependent. However, he can take the deduction/credit even tho' you pay for it.
Hello to T.Olsen, Good questions. I'm not in position to give you tax advice for a specific situation. However I did find questions/answers on the IRS site that may answer your questions. Check out http://www.irs.gov/newsroom/article/0,,id=206291,00.html Q. If a person does not actually make the payments on a home that’s their primary residence, but the deed and mortgage documents are in their name, can they be considered a first-time home buyer? A. Yes. If a taxpayer purchases a home to be used as a primary residence from an unrelated person and has not owned a home within the previous 36 months, the taxpayer is eligible for the first-time homebuyer credit regardless of who makes the mortgage payment. (05/06/09) Q. I don’t owe taxes and/or my income is exempt from tax and I do not have a filing requirement. Do I qualify for the credit? A. The credit is fully refundable and, if you qualify as a first-time homebuyer, having tax-exempt income will not preclude eligibility. Although there are maximum income limits for qualifying first-time homebuyers, there are no minimum income criteria. Thus, someone with no taxable income who qualifies as a first-time homebuyer may file for the sole purpose of claiming the credit for a refund. ALSO check out http://www.irs.gov/newsroom/article/0,,id=206294,00.html S2. Taxpayer A is a single first-time home buyer. Taxpayer B (parent) cosigns for A and does not qualify. Both names are on the mortgage. Can Taxpayer A claim the credit and, if so, how much? A. Yes. Taxpayer B is not a first-time homebuyer and cannot claim any portion of the credit, but A may claim the entire credit ($7,500 for purchase in 2008; $8,000 for purchase in 2009), if the home was purchased as Taxpayer A's primary residence. Hope this info is helpful
Hello to Cheryl, Sorry but you can't take your dogs as dependents on your tax return.