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Author: Harlan LunsfordHarlan Lunsford
Date: Jan 27, 2008 14:52
Andrew wrote:
> Seems like I will finally get some restitution for the small amount of Enron
> Stock I had in my traditional IRA. I hope that I'll receive some
> instructions when I finally get a check, but I imagine this has happened in
> the past that worthless stock in a traditional IRA has a class action
> settlement and checks are distributed to the former share holders.
> Apparently, I am lucky enough to finally get my due.
And just how are you so lucky? Are all stockholders in the money, too?
IMWTK! and fast!
ChEAr$,
Harlan Lunsford, EA n LA
uh huh, me too.
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Author: AlanAlan
Date: Jan 27, 2008 14:18
Andrew wrote:
> Seems like I will finally get some restitution for the small amount of Enron
> Stock I had in my traditional IRA. I hope that I'll receive some
> instructions when I finally get a check, but I imagine this has happened in
> the past that worthless stock in a traditional IRA has a class action
> settlement and checks are distributed to the former share holders.
> Apparently, I am lucky enough to finally get my due.
>
> My former position in the stock within the IRA was deemed worthless, and at
> some point, the FI simply withdrew the book shares from my account.
>
> So now, 5 or so years later, I get a small check as part of the so-called
> "Newby" class action settlement. What's the tax treatment of this? Am I
> obligated to put the $ back into the traditional IRA (which I can no longer
> contribute deductible contributions to now anyway if that has anything to do
> with this) and that's that? Or can I simply cash it in, knowing (which I
> don't) that I'll get a 1099MISC later as ordinary income? I haven't a clue
> what I need to do and what I might get...anyone know?
>
> ...
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Author: dman81dman81
Date: Jan 27, 2008 12:26
Hi,
I do my taxes using TurboTax and I recently found out that you can
claim credit on borrowed money used to pay for your education. Can
you guys tell me how I can claim this lost credit for this year? The
missed credit was for 2006. Can it be rolled over or is it lost?
Also can one just claim the maximum amount and save the rest for
future years? I would be claiming the Lifetime Learning Credit.
Please advise and thank you so much!
Dan
========================================= MODERATOR'S COMMENT:
If you meet the rules for claiming the LLC (See IRS Publication
970) you can amend your 2006 tax return by filing forms 1040X and 8863. If
you paid the tuition, even if from a loan you must repay, in 2006, the tax
credit must be filed for tax year 2006.
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Author: DougDoug
Date: Jan 27, 2008 11:43
A CPA in Vermont told me to make sure you have enough tables so that
you can really run the volume on Friday and Saturday nights. I like
that. In any business, be ready to run the volume, emotionally,
financially, that the fundamental idea is sound, that systems are in
place, with coaching and leading a team, etc, etc.
I have also heard that it takes about a year to build up enough of a
customer base to start making money. That I question. People are
curious about a new restaurant, so much so that you may want a soft
opening and then a publicized grand opening perhaps two weeks later.
I do agree that it might take longer than you think it does, and that
under-capitalization is one of the biggest reasons for small business
failure. And currently, I do not have enough money to open (or buy) a
restaurant, so it's something for perhaps down the road.
I have worked in different Italian restaurants as a delivery driver, a
cook, a waiter, but never as a manager. So, my idea is to delegate
and hire a manager for the middle tasks. I will work some shifts...
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Author: AnswerSeekerAnswerSeeker
Date: Jan 27, 2008 11:42
My wife and I got married in October 2007. Due to my work situation,
I work and live in Alabama and she lives in Michigan. She has a 22
years son who is a full time undergrduate student in Michigan. For
2007, we plan to file a joint return. My wife is on workers
compensation, so her work comp income is not taxable (?). She
provided some tuition and living expenses to her son in 2007 (I did
not provide to his support). Her son found a part time job working
about 10 hours a week in the last 3 months of 2007, so his income was
not much. He received some grants in 2007 and took out student loans
to pay for the tuition, college room and board, and living expenses.
Based on what I read in pub 501, he qualifies as dependent for the age
and residency tests, but I am not sure of the "support"...
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Author: JulianJulian
Date: Jan 27, 2008 11:40
I retired in april of 2006 from the government. I am now self-
employed. I pay health insurance premiums to continue my health
insurance as an annuitant, altho govt pays part of premium as well.
as a self employed person can i deduct the premiums i pay as a
business expense??
would the same answer apply to Long term care ins and dental/vision
ins for which i pay the entire premium ??
--
<< ------------------------------------------------------- >>
<< 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. >>
<< ------------------------------------------------------- >>
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Author: CondorCondor
Date: Jan 27, 2008 11:35
> How does one find out if the taking of a refund for child support in
> arrears has been discontinued by IRS . In other words, the back support
> has been fully paid, thus no need for IRS to keep the refund due.
IRS records show only whether an unpaid debt has been reported; kind of like
a true/false indicator. They don't know the amount. If IRS records show an
outstanding debt and the debtor wants to know the amount, he or she must
contact the Financial Management Service (FMS) at 1
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Author: survivorsurvivor
Date: Jan 27, 2008 11:32
We are both filing "married but separate". We are separated but not yet divorced and being difficult. I have custody of
one child. Can I deduct formal child care expenses?
Timothy
========================================= MODERATOR'S COMMENT:
Since you are married, not filing jointly, the only way to claim
child care credit is if you file head of household. This means you and
your spouse were separated the entire last 6 months of the year, and you
lived with at least one of your children, who you qualify to claim as a
dependent, most of the year, and provided most of the child's household
costs.
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Author: Ron RosenfeldRon Rosenfeld
Date: Jan 27, 2008 11:28
On Sat, 26 Jan 2008 09:59:54 EST, joetaxpayer nospam.com>
wrote:
>I owned a rental condo jointly with a friend. In the description we
>added "jointly owned with smith/jones SS#xxx-xx-xxxx.
>
>I kept the records, and we never had any issue. All expenses were taken
>50/50.
>
>JOE
Myself and an unrelated person also own rental properties (two office
condos) that we rent out. We provide no other services and do not file
partnership returns.
In Taxcut, on the worksheet, there is a spot for "percent ownership if less
than 100".
That percent would get appended to the description on schedule E.
The only issue was that the 1099's associated with the rental income would
get made out to me, using my SSN. So I would then turn around and issue a
1099 to my "partner" for his 50%% share. (That turned out to be simpler
than trying to get the lessee's to make out two 1099's).
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Author: Phil MartiPhil Marti
Date: Jan 27, 2008 00:17
"Billy" wrote:
> How does one find out if the taking of a refund for child support in
> arrears has been discontinued by IRS .
Call them at 1-800-829-1040 and ask, nicely, realizing that if you just paid
it off last week it's unlikely that the freeze cancellation has made its way
through the pipeline by now.
If you do find it's still in effect, remember that the IRS didn't initiate
the process, and they can't reverse it. For that you need to go to state
child support enforcement.
--
Phil Marti
Clarksburg, MD
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