The Tax Questions Blog

Posts Tagged ‘income’

Question: Am I better off with a Money Market Account or Savings account?

I have $10,000 saved for emergencies. should I put it in a savings account or money market account. tax free or taxable? I'm single and make $100K annually.

Answer: Which ever offers the higher interest.

Kearny Financial Corp. Reports Third Quarter 2010 Operating Results

FAIRFIELD, NJ--(Marketwire - 04/29/10) - Kearny Financial Corp. (NASDAQ: KRNY - News ) (the "Company"), the holding company of Kearny Federal Savings Bank (the "Bank"), today reported net income for the quarter ended March 31, 2010 of $1,864,000, or $0.03 per diluted share. The results represent an increase of $23,000 compared to net income of $1,841,000, or $0.03 per diluted share, for the ...

Tax Day and Legal fee retirement savings

Question: If you receive workers compensation, will you get a rebate check?

Hello, can anyone tell me how much of a rebate check we will get? My gross income for 2007 was $27,500.00 and my wife received $5,900.00 in workers compensation (non-taxable). I would assume that I would receive $600.00 and my wife nothing or would we fall under "married couple" and receive $1,200.00? Thanks for any info you can give me!!

Answer: If you file a joint tax return it doesn't matter how your income was split. All they look at is income and filing status. You should get the entire amount for a couple.

East Lansing to host community budget forum tonight

EAST LANSING - Following two months and more than 40 presentations to residents regarding East Lansing's fiscal challenges, East Lansing City Manager Theodore Staton will wrap up his community outreach with one final community-wide budget forum on Wednesday, April 28.

ASWN #2440 THE WEALTH OF NATIONS

Question: Can I roll-over a Traditional IRA into a Roth IRA prior to April 15, 2009 and claim the income for 2008?

I want to claim the income for 2008 (without increasing my taxable income bracket) and also claim for next year - 2009-- in 2010. Does the rule for opening a IRA before April 15 also apply to roll-overs prior to April 15?

Answer: no it must be done by 12/31 to claim for 2008

i suggest you do it now so you can get benefit of the recent market down turn if you eait until april the market could be higher

if you are concerned about income roll over part in 2008 and the the rest in jan 2009 and split up the tax liability

remember this ADDS to your income and can impact other areas of your return

You Can Still Save Thousands on Your Taxes

Last-minute filers, unite. You have nothing to lose but your tax bill.

Question: Is unemployment compensation considered adjusted gross income?

I lost my job in April 2009. In the first 4 months of the year, I earned $7,386.36, of which I had $793 withheld for federal income tax. After that, I earned $10,360.00 in unemployment compensation, which I collected from April to January of 2010. I know that the first $2,400 of unemployment is not taxable, but is the remaining amount, $7,960.00 considered part of my adjusted gross income?

I'm worried I'll have to owe money for the unemployment collected, even though it was barely enough to get by.

Answer: Yes, the remaining amount of your unemployment will be taxable. Your AGI would 15356. However, you will probably still be able to get a refund. I do not know all the details that affect your tax situation. However, if you are single and are not someone else's dependent, then you can take a standard deduction of $5700 and a personal exemption of $3650. Your tax liabilty then turns out to be $598. But, you already had $793 withheld so you would be due a refund of almost $200. Additionally, you would qualify for the special Make work pay credit (like a stimulus) which is $400. So, your federal refund would be $595. Please again be aware that I have had to make assumptions to calculate this refund. Your refund may be different depending on your life situation.

Untaxed unemployment

A disturbing tax surprise for many folks who collect unemployment benefits is that those payments count as taxable income. For 2009 taxes, however, the first $2,400 of such compensation is tax-free.

Question: what application form do illegal immigrants get for paying taxes? a new tax payer? from the irs?

i have a friend that wants to pay taxes in the us and he was wondering what application form does he need to pay taxes hes a new tax payer n unfortunely hes illegal, i woould also like to give him advice to how to becom legal in the U.S. thanks!!

Answer: He should apply for an ITIN to have a number to use to pay taxes. The IRS doesn't turn people in to INS.

To become legal he'd have to apply for legal entry into the US. Lines can be long.

Project Censored: The top 10 stories not brought to you by mainstream news media in 2009

Peter Phillips, director of Project Censored for 13 years, says he's finished with reform. It's impossible, he said in a recent interview, to try to get major news media outlets to deliver relevant news stories that serve to strengthen democracy.

US Income Tax is Illegal, IRS is Illegal