|
#31
11-14-2008, 03:50 PM
| |||
| |||
 Re: Tax Return a 91 Year Old Woman Harlan Lunsford <lunstax[at]bellsouth.net> wrote: - quote - > May be. I hadn't heard that . Yet.
Harlan, mi amigo, I suspect the cause was bad ice.> But waiting for the TaxBook (tm) to arrive so I can sit > down and get caught up all at once. Surprising how 14 > days at sea will take your mind off of taxes and other > taxing subjects. Dick -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
|
#30
11-14-2008, 03:47 PM
| |||
| |||
| Re: Tax Return a 91 Year Old Woman Bob Sandler <bob_usenet[at]yahoo.com> wrote: - quote - > > And the first $500/taxpayer paid in property tax can be used
Are you suggesting that I do whatever Susan tells me to do?> > to increase standard deduction even if schedule A is not filed. > That's only for 2008. Dick seems to be dealing with 2006 and > 2007 right now (though I'm sure he'll get roped into doing > 2008, too). Who snitched? Dick -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
|
#29
11-14-2008, 01:40 PM
| |||
| |||
| Re: Tax Return a 91 Year Old Woman Arthur Kamlet wrote: - quote - > In article <kp2Tk.60358$kh2.41087[at]bignews3.bellsouth.net> ,
May be. I hadn't heard that . Yet.> Harlan Lunsford <lunstax[at]bellsouth.net> wrote: > > Arthur Kamlet wrote: > > > In article <8g3ph490fjsgf8hhqv4rqorftttvp0d7dc[at]4ax.com> , > > > DF2 <replyvia[at]newsgroup_please.com> wrote: > > > > In misc.taxes.moderated, Arthur Kamlet wrote: > > > > > > > > And the first $500/taxpayer paid in property tax can be used > > > > > to increase standard deduction even if schedule A is not filed. > > > > > > > > Tell me more on that, please. > > > > > Applies to 2008 & 209 tax years only. > > > > > > > If you wish to take the standard deduction, you can add up to > > > $500/taxpayer on your individual tax return. Of course you had to > > > pay the real estate tax, and otherwise be eligible to take it on > > > Schedule A, if you were filing a schedule A. > > correction: only for 2008, and not for 2009. > Really? I thought the emergency bailout bill extended this to 2009? But waiting for the TaxBook (tm) to arrive so I can sit down and get caught up all at once. Surprising how 14 days at sea will take your mind off of taxes and other taxing subjects. ChEAr$, Harlan -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
|
#28
11-14-2008, 01:57 AM
| |||
| |||
| Re: Tax Return a 91 Year Old Woman In article <kp2Tk.60358$kh2.41087[at]bignews3.bellsouth.net> , Harlan Lunsford <lunstax[at]bellsouth.net> wrote: - quote - > Arthur Kamlet wrote: > > In article <8g3ph490fjsgf8hhqv4rqorftttvp0d7dc[at]4ax.com> , > > DF2 <replyvia[at]newsgroup_please.com> wrote: > > > In misc.taxes.moderated, Arthur Kamlet wrote: > > > > > > And the first $500/taxpayer paid in property tax can be used > > > > to increase standard deduction even if schedule A is not filed. > > > > > > Tell me more on that, please. > > > > Applies to 2008 & 209 tax years only. > > > > If you wish to take the standard deduction, you can add up to > > $500/taxpayer on your individual tax return. Of course you had to > > pay the real estate tax, and otherwise be eligible to take it on > > Schedule A, if you were filing a schedule A. > correction: only for 2008, and not for 2009. Really? I thought the emergency bailout bill extended this to 2009? -- ArtKamlet at a o l dot c o m Columbus OH K2PZH -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
|
#27
11-13-2008, 10:09 PM
| |||
| |||
| Re: Tax Return a 91 Year Old Woman Arthur Kamlet wrote: - quote - > In article <8g3ph490fjsgf8hhqv4rqorftttvp0d7dc[at]4ax.com> ,
correction: only for 2008, and not for 2009.> DF2 <replyvia[at]newsgroup_please.com> wrote: > > In misc.taxes.moderated, Arthur Kamlet wrote: > > > > And the first $500/taxpayer paid in property tax can be used > > > to increase standard deduction even if schedule A is not filed. > > > > Tell me more on that, please. > Applies to 2008 & 209 tax years only. > If you wish to take the standard deduction, you can add up to > $500/taxpayer on your individual tax return. Of course you had to > pay the real estate tax, and otherwise be eligible to take it on > Schedule A, if you were filing a schedule A. chEAr$, Harlan -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
|
#26
11-13-2008, 07:54 PM
| |||
| |||
| Re: Tax Return a 91 Year Old Woman In article <8g3ph490fjsgf8hhqv4rqorftttvp0d7dc[at]4ax.com> , DF2 <replyvia[at]newsgroup_please.com> wrote: - quote - > In misc.taxes.moderated, Arthur Kamlet wrote: > > > And the first $500/taxpayer paid in property tax can be used > > to increase standard deduction even if schedule A is not filed. > > Tell me more on that, please. Applies to 2008 & 209 tax years only. If you wish to take the standard deduction, you can add up to $500/taxpayer on your individual tax return. Of course you had to pay the real estate tax, and otherwise be eligible to take it on Schedule A, if you were filing a schedule A. -- ArtKamlet at a o l dot c o m Columbus OH K2PZH -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
|
#25
11-13-2008, 07:47 PM
| |||
| |||
| Re: Tax Return a 91 Year Old Woman In misc.taxes.moderated, Arthur Kamlet wrote: - quote - > And the first $500/taxpayer paid in property tax can be used
Tell me more on that, please.> to increase standard deduction even if schedule A is not filed. -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
|
#24
11-13-2008, 06:52 PM
| |||
| |||
| Re: Tax Return a 91 Year Old Woman Harlan Lunsford wrote: - quote - > Bob Sandler wrote:
I meant that deducting sales tax does not prevent her from deducting> > Oops, I just reread that question a little more carefully. > > It doesn't matter whether sales tax is more or less than > > property tax. She can deduct the property tax in any case. > > The trade-off is between sales tax and state and local > > income taxes. She can deduct one or the other, but not both. > What? *"deduct the property tax in any case.?" > Perhaps you're thinking of the rules for 2008 versus 2007. property tax. I did NOT mean that she can deduct property tax if she does not itemize. Bob Sandler -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
|
#23
11-13-2008, 06:13 PM
| |||
| |||
| Re: Tax Return a 91 Year Old Woman Bob Sandler wrote: - quote - > > So is there a way to ballpark sales-tax paid in case it
What? "deduct the property tax in any case.?"> > exceeds her property taxes? > Oops, I just reread that question a little more carefully. > It doesn't matter whether sales tax is more or less than > property tax. She can deduct the property tax in any case. > The trade-off is between sales tax and state and local > income taxes. She can deduct one or the other, but not both. Perhaps you're thinking of the rules for 2008 versus 2007. ChEAr$, Harlan Lunsford, EA n LA -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
|
#22
11-13-2008, 04:30 PM
| |||
| |||
| Re: Tax Return a 91 Year Old Woman <removeps-groups[at]yahoo.com> wrote: - quote - > How do you get 12.5%. I thought Chicago did not have a city tax (used
You're talking income tax; Dick was talking sales tax.> to live there once), and Illinois has 3% flat tax after deductions. I was living in Illinois when the income tax, at a flat 2%, was introduced. Cost poor Dick Ogilve the Governor's mansion, but they did name a Chicago train station for him after the Norhtwestern went belly up. -- Phil Marti Clarksburg, MD -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
|
#21
11-13-2008, 03:22 PM
| |||
| |||
| Re: Tax Return a 91 Year Old Woman On Nov 12, 7:56 pm, rdad...[at]panix.com (Dick Adams) wrote: - quote - > It gets worse. I'm just west of Ballmer (Baltimore - the
How do you get 12.5%. I thought Chicago did not have a city tax (used> City that Slurs) and my M-I-L is in Chicago with a combined > State and City sales tax of 12.5% Since my M-I-L owns a > condo mortgage-free, it's unlikely she needs a Schedule A. to live there once), and Illinois has 3% flat tax after deductions. -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
|
#20
11-13-2008, 04:06 AM
| |||
| |||
| Re: Tax Return a 91 Year Old Woman In article <weOSk.6889$yr3.5751[at]nlpi068.nbdc.sbc.com> , Mark Bole <makbo[at]pacbell.net> wrote: - quote - > Arthur Kamlet wrote: > > And the first $500/taxpayer paid in property tax can be used > > to increase standard deduction even if schedule A is not filed. > That's for 2008, not 2007. Whoops, I've been in the wrong year here. Sorry. -- ArtKamlet at a o l dot c o m Columbus OH K2PZH -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
|
#19
11-13-2008, 04:00 AM
| |||
| |||
| Re: Tax Return a 91 Year Old Woman Harlan Lunsford wrote: - quote - > > I don't know when they did away with the "3 year rule" on recovering
There is IRS Pub 721, "Tax Guide to U.S. Civil Service Retirement> > pension contributions. Take a look at her 2006 return to see if her > > pension is fully taxable or she's still recovering her after-tax > > contributions. > If she's been retired at least 20 years, the old 3 year rule probably > applied back then, and most probably the whole pension is taxable. If > not, odds are she's already recovered her basis so still all taxable. Benefits", for those in this category. -Mark Bole -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
|
#18
11-13-2008, 03:44 AM
| |||
| |||
| Re: Tax Return a 91 Year Old Woman - quote - > And the first $500/taxpayer paid in property tax can be used
That's only for 2008. Dick seems to be dealing with 2006 and> to increase standard deduction even if schedule A is not filed. 2007 right now (though I'm sure he'll get roped into doing 2008, too). Bob Sandler -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
|
#17
11-13-2008, 03:42 AM
| |||
| |||
| Re: Tax Return a 91 Year Old Woman Arthur Kamlet wrote: - quote - > And the first $500/taxpayer paid in property tax can be used
That's for 2008, not 2007.> to increase standard deduction even if schedule A is not filed. -Mark Bole -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
|
#16
11-13-2008, 03:33 AM
| |||
| |||
| Re: Tax Return a 91 Year Old Woman Bob Sandler wrote: - quote - > > So is there a way to ballpark sales-tax paid in case it
It's an option to use sales tax vs. state *income* tax, not property> > exceeds her property taxes? > Use the worksheet and tables in the Schedule A instructions. > In the 2007 edition the worksheet is on page A-4, the > instructions for it are on pages A-3 through A-6, and the > tables are on pages A-11 through A-13. > Bob Sandler tax. Real and personal property tax based on value is always deductible if one itemizes. -Mark Bole -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
|
#15
11-13-2008, 03:32 AM
| |||
| |||
| Re: Tax Return a 91 Year Old Woman - quote - > So is there a way to ballpark sales-tax paid in case it
Oops, I just reread that question a little more carefully.> exceeds her property taxes? It doesn't matter whether sales tax is more or less than property tax. She can deduct the property tax in any case. The trade-off is between sales tax and state and local income taxes. She can deduct one or the other, but not both. Bob Sandler -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
|
#14
11-13-2008, 03:30 AM
| |||
| |||
| Re: Tax Return a 91 Year Old Woman In article <gfg8gi$ala$1[at]reader1.panix.com> , Dick Adams <rdadams[at]panix.com> wrote: - quote - > Mark Bole <makbo[at]pacbell.net> wrote: > > removeps-groups[at]yahoo.com wrote: > > > rdad...[at]panix.com (Dick Adams) wrote: > > > > The stuff will not be here until Saturday. But all > > > > she has is SS, a Federal Government pension, and > > > > dividends. She retired about 20-25 years ago. > > > > What should I know about tax breaks for people her > > > > age? > > > If she's in California then consider the renters credit > > > (a whopping $60 a year), and the homeowner/renter > > > assistance. > > > > > http://www.ftb.ca.gov/individuals/faq/ivr/203.shtml > > > http://www.ftb.ca.gov/individuals/hra/ > > > > > I'm not aware of any California credits for the elderly. > > There's a Calif. Senior Head of Household credit which > > IMO is about as rare as the federal Schedule R credit. > > > The CA Homeowner/Renter assistance (not related to income > > tax) is not available this year anyway, due to no funding. > > > Dick is on the East Coast, so I suspect none of this > > applies anyway. > It gets worse. I'm just west of Ballmer (Baltimore - the > City that Slurs) and my M-I-L is in Chicago with a combined > State and City sales tax of 12.5% Since my M-I-L owns a > condo mortgage-free, it's unlikely she needs a Schedule A. > So is there a way to ballpark sales-tax paid in case it > exceeds her property taxes? Yes, you can find a table in the instructions for form 1040 schedule A that can be used to generate the state and local sales tax to use. But .... The choice is not between sales tax and property tax. It's between sales tax and state and local income tax. And the first $500/taxpayer paid in property tax can be used to increase standard deduction even if schedule A is not filed. And if she has any IRAs with RMDs to take in 2008 and 2009, she can direct the IRA custodian to send any part of the RMD and more to her favorite charities (well, within limits - they cannot be self directed and tere's a high maximum per year) and while there won't be a schdule A deduction, there won't be IRA ordinary income for the donation either. -- ArtKamlet at a o l dot c o m Columbus OH K2PZH -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
|
#13
11-13-2008, 03:22 AM
| |||
| |||
| Re: Tax Return a 91 Year Old Woman - quote - > So is there a way to ballpark sales-tax paid in case it
Use the worksheet and tables in the Schedule A instructions.> exceeds her property taxes? In the 2007 edition the worksheet is on page A-4, the instructions for it are on pages A-3 through A-6, and the tables are on pages A-11 through A-13. Bob Sandler -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
|
#12
11-13-2008, 02:59 AM
| |||
| |||
| Re: Tax Return a 91 Year Old Woman Mark Bole <makbo[at]pacbell.net> wrote: - quote - > Dick Adams wrote:
Susan just told me the last year her mother filed tax returns> > I am about to be finagled into preparing a tax return. > > The last time I prepared a tax return was for Susan > > shortly after we met as part of the confidence game > > I was running on her to decieve her into thinking I > > was a good deal. Now she wants me to prepare her > > 91 year old mother's 2007 tax return. > > > The stuff will not be here until Saturday. But all > > she has is SS, a Federal Government pension, and > > dividends. She retired about 20-25 years ago. > > What should I know about tax breaks for people her > > age? > Well, Dick, you've really opened a can of worms here. > Now Susan will want you to go back and review the returns > from the previous open years also! > I wonder if there will be a late filing penalty for 2007? was 2005. So it's two returns that need to be done! Such a deal! Maybe I can pawn this off on my infamous brother Michael.  Dick -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
| Tags |
| return, tax, woman, year |
Similar Threads | ||||
| Thread | Forum | Replies | Last Post | |
| Re: Portfolio Mix for an 85 year old woman Ron Peterson: On Jun 25, 11:33 am, "Bill & Gail" <j...@sentex.net> wrote: > What %, if any, should a million dollar portfolio of an 85 year old lady > contain... | Financial Planning | 4 | 07-03-2007 05:05 PM | |
| Thread Tools | |
| Display Modes | |
| |
Linear Mode
