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Regarding depreciation, you are correct in that only the building should be depreciated ( land does not usually wear out), however the first year the asset is placed in service, it is a different percentage based on month placed in service. All years thereafter it is 27 1/2 years life calculation. T...

Exactly ... I believe that's what I said with different numbers.
My point was the earnings, as little as they are the past few years, have covered the ER.
The op seemed to imply he would see a deduction of his principal.

I'm pretty sure that the er is deducted from the earnings, ie managers earn .25, deduct the .16 er,
and credit the account with what's left, in this example .09.
I have had prime money fund since the 90's and I believe I have NEVER seen a deduction.

TT has a form called " what if worksheet". There is a check box to use next year (2013) rates and it starts with 2012 data from your return. You can modify / add data as needed. Periodically you can review your 1099 income and adjust either your withholding or make estimated payments. And ...

Corporate payments are required and they are usually not refundable. You already paid yourself, deposited the federal taxes and filed the 941. Don't think there is anyway you can recharacterize the wages you paid yourself. The "excess" FICA will / should be on your 1040 on line 69 and are ...

Sl The net present value of this series of cash flows depends on the discount rate. If one uses 2%, today's value would be over $ 760,000 to equal the over 1 million dollars you are scheduled to receive. To get a present value around $320,0000 one would use an interest rate of 10%. The lawyers appea...

Increasing the contribution to the 401k in the paycheck reduces the amount of FIT withholding accordingly. The only solution is either increase withholding regardless of what is done with the 401k or make quarterly estimated payments. Since the incremental investment income is causing the tax shortf...

HouseStark I think you missed the point of my post. I don't believe it is possible for the sum of the two state incomes on the w2 to exceed the total income in your example. In your example the w2 would show $65000 of total state income .... not possible if the total earned was only $60000. There is...

I don't think it is possible for someone to be in two states at the same time.
In the Sven example, the $5k was earned in IL, not in MN.
The MN income earned in that state is $55k.
If the employer issued an incorrect w2, the employer needs to issue a corrected w2 (w2c).

Pretax medical deductions are referred to as section 125 deductions. If your plan literature includes the dental coverage as part of the medical plan, it would seem the monthly premiums for dental should be excluded from your taxable income, presuming your entire plan is qualified as a section 125 p...

You appear to have two questions.... 1) First you must determine if you have a gain. The fund record keeper should provide the average cost of the shares you sold or the actual cost of the shares/lot you sold. The difference between the value for the shares sold and the cost of the shares sold is yo...

Your federal filing status has nothing to do with home ownership.

You will get the best exchange rate at a bank in Canada, especially for that small amount. The rate is usually a couple cents less than the financial rate from Bloomberg or what you see on yahoo finance. The casino is another cent less. The only place Ive found that is better is the duty free shop i...

Caution .... If you take out a 401 k loan and subsequently leave employment with that employer for any reason ( quit, terminated etc.), the loan must be repaid fully or it is deemed to be a distribution, and subject to the rules for that, ie taxable and potentially subject to the early distribution ...

On 12/31 the IRS released the withholding tables based on the premise Congress would not act in "time", and the tables reflect the end of the Bush tax cuts. Since the president signed the Congress new bill on 1/2, the IRS released the "new" withholding tables that reflect the new...

"Load and unload dishwasher for a year and call it even."


+1 ...... Excellent !

Thanks again to all who have responded ... sincerely appreciate your thoughful and informative responses. To answer a couple points .... Yes I am self employed - have two unrelated S corps - no other employees, and many years away from the over 50 catchup opportunity. My thinking regarding the in se...

I have 2 solo 401k questions ...
1) What is the maximum amount allowed for company contribution/match to a solo401k for 2012 ?
2) Does Vanguard permit in service withdrawals rolled out of a solo401k (at Vanguard) and
into a (rollover) IRA (in Vanguard brokerage service) ?

Thanks for your responses !

It's likely the other schedules printed because something on them changed. For example if your AGI changed it would change the threshold amounts for medical and miscellaneous. That may not have had an impact on your total deductions. If it just this type of cosmetic change, IRS will not want the sch...

Taylor Although my make of dryer is a Maytag also about 10-12 years old, mine developed a squeal which disappeared as the dryer warmed up. Ultimate cause is the rollers, the "wheels" the drum sits/rolls on. I am mostly all thumbs for stuff like this, but tackled it anyway. I replaced the i...

I have used Gas Buddy, but did not know about the points ... Will check into that. I have used the msn auto gas prices site/map more however. The interactive map allows the user to drag the map and the prices move accordingly. This is most helpful if you are traveling some distance and wish to plan ...

Losses on personal assets ( residence for example) are generally NOT deductible.

Each employer should stop withholding when you reach the limit. If they did not, they would wind up overpaying the employers share. Every taxpayer that as a result of either one employer NOT stopping the withholding or having multiple employers and winds up with excess social security tax withheld c...

On schedule C or C-EZ you will report
$1000 of sales (or gross receipts), expenses of $100, and a business profit
of $900, which is both taxable income and also subject to self employment tax (FICA).
As live soft indicates, you need to review the instructions for schedule C.

Unless OP mistyped, SHE is older than HE by 4 years.
She will be 71 when he hits FRA.
I will defer to other experts for best strategy.

I suggest you build a little spreadsheet that mimics the worksheet for determining taxable SS. This way you can experiment with the numbers plus learn how the formula operates. The bigger picture is revealed if you use the worksheet planner in turbotax or similar what- if stuff in other tax software...

It would seem your best course of action would be to engage the city attorney for your town to inquire what your rights are regarding the infringement onto your property from this unwanted growth and the right you have to the enjoyment of your property. Since it also seems your neighbor is unwilling...

I do not believe there is any mileage or distance requirement by the IRS for deductibility of mortgage interest or real estate taxes on a second home. You could own the home next door for that matter. How you intend to use it likely dictates the financing arrangements. Once it becomes rental propert...

Typically income tax estimates are remitted "quarterly" ..... April, June, Sept, Jan. Self employed Payroll and other taxes that wind up on the 1040 can be lumped together with the Income tax estimates and remitted together .. IRS doesn't make a distinction. However, you may wind up in a s...

Just thinking "out loud" 1099 -misc forms are not required for misc payments under $600. From the 1099-misc IRS instructions ... • At least $600 in rents, services (including parts and materials), prizes and awards, other income payments, medical and health care payments, crop insurance pr...

I believe the 1099 will be issued for the year the bond was presented /cashed in. The bond may have matured and stopped earning interest in 2008, but since the owner did not actually receive the interest until 2012, that's the year it should be reported on the 1099 and subsequently reported on the t...

I agree with damjam. I would get a credit report yesterday!
And contacting all your relatives whose names popped up in your PA search,
might be a good idea too.

I think letting your uncle have your social security number and your name on an account has the "potential" to invite lots of problems. I think it's long past time to start asking your uncle many questions !!

Some time ago someone on this board suggested a visit to the website Socialsecuritychoices.com If you take a couple minutes or so to answer a couple questions, you get an excellent report that identifies the best mathematical time to take SS plus the costs (less SS) of doing something else. IF you w...

Underwithholding during the year can be used as a mechanism to hold your money as long as possible, however the earlier post that indicates you MUST have either 90% of this years total tax liability or 100 or 110% of last years total tax paid in by year end is correct. Most people approach this by p...

Bob .... Very good post however !

Bob nmn....
Check your math. ... I think 56.5. less 1 less 2 less 17. = 36.5

I have recent experience for my church refinancing our mortgage with the fraternal organization that held our mortgage. My experience is most banks shy away from church mortgages because of the bad press that occurs IF a foreclosure becomes necessary. The closing /refi cost was 1% of the balance, in...

I think most responses have missed the point on the medical. If the plan where he is employed is eligible for the section 125 medical,the premiums are deducted from gross pay PRE tax. Therefore gross less 401k less medical equals taxable pay on the w-2. Taxable wages on the w-2 on to the 1040 less i...

It says 25 trades in each calendar year, not lifetime

Investor I used to have an account at Scottrade -trades were $7, downside is they did not allow or have drips. Switched to TD Ameritrade -trades are $9, took advantage of discounts for some of the educational stuff, which is significant. Big plus is TD does allow drips, which I prefer to take advant...

The NC state tax return D400 worksheet spells out the need to list the various types of income and how much is "earned" or "received" in NC. The YTD wage statement at the time of the move is acceptable proof of how much was earned up to the move date. Other items such as dividend...

Start with the last tax return you can find.
Should indicate who any payors of int / divs were.
If the individual was at all organized, it is also possible
they may have kept IRA statements with the tax data.
Seems curious the banks records are limited.

You do have 2 1099 forms. The end result SHOULD be you have a total of $10,000 in distributions, but only $5,000 will be taxable as you have now discovered. Not all 1099's will always have one of the 2 boxes checked taxable or not determined. Many times they are both left blank. - which is ok. The i...

Group In reading thru some of your posts, please clarify your intent when referencing the value of silver in the coins. I'm curious to know if you are suggesting the coins be melted (destroyed) for their silver content ? Wouldn't the value of the coin from a numismatic value at least partially refle...