[jonasdatum]

I have ideas for tax credits for any IRS Government personnel for 2008-tax filing:

Energy efficient electronics tax credit: Buying a moderate to high-end energy efficient electronic device, for example LCD rather than plasma. Energy efficient computer products would be another good example. The amount should be $10 to $25.

Buying Used Product Tax Credit: This would be an environmental tax credit. Think about it. If you buy a used product, fewer resources are consumed in production of 'new' products. The amount should be $10 to $100.

Smart Credit Card Use Tax Credit: If you pay your credit card in full and use a card that affords you cash back, payment on a mortgage, or payment on a car should qualify. The amount should be $15 to $25.

I thought about this when I was glancing of my taxes.

[jonasdatum]

I received my Form 1098. Sections 1 and 5 are filled. This is the one that always gives me problems. I plan on calling IRS, but can anybody help with what forms I need and/or can use?

I live in a co-op.

Originally Posted by jonasdatum

I recieved the check yesterday for a total winnings of $10 . As I mentioned before the scratch offs were leftovers lying around from christmas.

Next time I go to the bank I think even the teller will look at me like I am crazy.Then again I've gone to the bank to deposit pocket change because I was in the neighborhood.

The lotto tickets were not taxed.

Updated: I recieved the last of the tax forms. This is a new record, all within the first month of the year! Except for that lingering real estate issue, my taxes are affectively done. Until I get an answer on that one and perform reviews of my return, I shall not file.

[jonasdatum]

I was surprised I received a mutual fund form another bank. I closed the account so long ago I actually forgot about it. Hmm well it is here now and I have to deal with it. It is a form 1099-B. “Sections 1, 2, 7, Average Cost Basis, Gains (Loss), and Holding Period” has values and some of my preliminary readings suggest that I don't have to file. Also there is a notation "The cost basis and gain (loss) information below is not being reported to the IRS."

Anybody, I am uncertain. Thanks.

UPDATE: I went over the 1099-DIVs and 1099Bs, I filled out all the entries incorrectly. The dates were in the wrong place. Now they are asking me for when I aqquired the assests? How the heck am I supposed to answer that? According to the software I might be able to put in "various" as the date, but that would slightly complicate matters.

Update: I forgot all about my old savings account intrest form 1099-INT LOL. Let me thing is there anybody else I need a tax form from, hmmm. Banks x 1, investments x 0, federal bonds x 0, work x 0, and real estate x 0. Yea that should be all of them LOL. If not well then I guess I'll wait LOL.

[jonasdatum]

Originally Posted by jonasdatum

I was surprised I received a mutual fund form another bank. I closed the account so long ago I actually forgot about it. Hmm well it is here now and I have to deal with it. It is a form 1099-B. “Sections 1, 2, 7, Average Cost Basis, Gains (Loss), and Holding Period” has values and some of my preliminary readings suggest that I don't have to file. Also there is a notation "The cost basis and gain (loss) information below is not being reported to the IRS."

Anybody, I am uncertain. Thanks.

UPDATE: I went over the 1099-DIVs and 1099Bs, I filled out all the entries incorrectly. The dates were in the wrong place. Now they are asking me for when I aqquired the assests? How the heck am I supposed to answer that? According to the software I might be able to put in "various" as the date, but that would slightly complicate matters.

Update: I forgot all about my old savings account intrest form 1099-INT LOL. Let me thing is there anybody else I need a tax form from, hmmm. Banks x 1, investments x 0, federal bonds x 0, work x 0, and real estate x 0. Yea that should be all of them LOL. If not well then I guess I'll wait LOL.

Does anybody have any input for my real estate question?

[coderitr]

I filed federal and state on 1/25. The same day I got my W2. The only deduction I get is mortgage interest and I already had the form for that. Most of the numbers I put in from my last 2007 pay stub so I just had to correct where the W2 was different because of 401K contributions reducing my AGI. Refund pending and already spent.

I've been using http://www.turbotax.com for years. The price went up (again) this year so I may look for a new one next time.

[jonasdatum]

Originally Posted by jonasdatum

I received my Form 1098. Sections 1 and 5 are filled. This is the one that always gives me problems. I plan on calling IRS, but can anybody help with what forms I need and/or can use?

I live in a co-op.



The lotto tickets were not taxed.

Updated: I recieved the last of the tax forms. This is a new record, all within the first month of the year! Except for that lingering real estate issue, my taxes are affectively done. Until I get an answer on that one and perform reviews of my return, I shall not file.

2007 Publ 936 (PDF) Home Mortgage Interest Deduction (1019.1K) PDF
http://www.irs.gov/pub/irs-pdf/p936.pdf

I have been trying to figure out how to add this deduction properly. On TaxAct they are telling me to put in the lender's name, but the "RECIPIENT’S/LENDER’S name, address, and telephone number" is of the co-op. I will call the IRS for asistance, but in all probability I will have to put in the co-op's data.

I ran my taxe through the "Alerts" of TaxAct and it didn't give me any red lights on the mortgage data.

[SmokinHope]

Hey peeps. I am a canadian Tax specialist and manager of a tax prep office. If I can be of any help to your Canadian members just ask.

Smiling Sheila

[jonasdatum]

Originally Posted by SmokinHope

Hey peeps. I am a canadian Tax specialist and manager of a tax prep office. If I can be of any help to your Canadian members just ask.

Smiling Sheila

Canada doesn't have social security numbers do they? I remember Japan implementing something that was equivocal years ago, but wasn't received well. I ask because if you don't have a key identifier, then how do you tell who is who when processing returns?

[jonasdatum]

I finally got the chance to speak to an IRS representative on the phone. I can no say definitively I filled out my Mortgage Interest Statement data correctly on my return. Now I just have to find out what happened to my 1099-INT from my old account and I can send my returns in. I tried calling about a month ago, but they had me on hold for 30 minutes.

[jonasdatum]

Originally Posted by jonasdatum

I finally got the chance to speak to an IRS representative on the phone. I can no say definitively I filled out my Mortgage Interest Statement data correctly on my return. Now I just have to find out what happened to my 1099-INT from my old account and I can send my returns in. I tried calling about a month ago, but they had me on hold for 30 minutes.

I recieved word back from my bank about my old savings account.

They said:

...found we paid less than $10.00 combined interest for the related Tax
Identification Number for tax year 2007. As a result, a 1099 form is not
required and was not mailed.

That is why I switched because I wanted to earn interest in $ instead of cents. Granted I am not making mega-bucks, but it is definitely a step in the right direction. So Now I must perform a few reviews of taxes before I sent them out. The state I will do snail mail and the fed I will do e-file which requires mailing of a form anyway. The only difference is that I will receive my federal refund sooner.

So my real estate question and my 1099-INT-form question have both been answered. So I am that much wiser in filing my return on my own. Thank you internet, that me-myself-and-I, thank you customer who is a tax preparer and whom I briefly discussed the question with at work [come to find out as she said I was right all along ], thank you techguy.org, thank you all for forcing me to dig for the data, and thank you parent.

Ok one more THANK YOU TAXACT! Affordable and Dependable Software That saves me $100s in having a professional do my return.

Hopefully I'll find a few more tax deductions before the due date.

[SmokinHope]

We have a social insurance number 9 digits. Yes we are all just a number.

[jonasdatum]

Originally Posted by jonasdatum

I recieved word back from my bank about my old savings account.

They said:



That is why I switched because I wanted to earn interest in $ instead of cents. Granted I am not making mega-bucks, but it is definitely a step in the right direction. So Now I must perform a few reviews of taxes before I sent them out. The state I will do snail mail and the fed I will do e-file which requires mailing of a form anyway. The only difference is that I will receive my federal refund sooner.

So my real estate question and my 1099-INT-form question have both been answered. So I am that much wiser in filing my return on my own. Thank you internet, that me-myself-and-I, thank you customer who is a tax preparer and whom I briefly discussed the question with at work [come to find out as she said I was right all along], thank you techguy.org, thank you all for forcing me to dig for the data, and thank you parent.

Ok one more THANK YOU TAXACT! Affordable and Dependable Software That saves me $100s in having a professional do my return.

Hopefully I'll find a few more tax deductions before the due date.

I plan on submitting my return before the end of the month so I am reviewing the more difficult sections of my return; namely the real estate question, which was recently and conclusively answered with the help of an IRS representative and the still slightly puzzling investment questions. I known some of the 1099-Bs and I believe all of the 1099-DIV correct. However there is one more investment a partial stock [1099-B] that still may prove incorrect; but like all the others probably is not. With the IRS I try not to make any mistakes. I will call them and ask the first opportunity I get.

Of if I am right I lost another $8.00 on my federal refund. How do people who have $1,000,000s invested in 1099-DIVs and 1099-Bs make so much? Is that what all those charitable donations are for?

Every year I learn something new when preparing my return and every year it one of three things happens:

1) I get more money. 2) I lose money.

... LOL mostly I lose money.

LOL, if there is someone who has some beneficial input please post it or send tell please.

[jonasdatum]

Originally Posted by SmokinHope

We have a social insurance number 9 digits. Yes we are all just a number.

Make sure the poor aren't too poor number you mean. Wasn't that the basic idea all those years ago? I have to redo some studying on the subject.

Being on the first tier [let alone the level] of social economic letter sucks. Money good poor sucks. Even getting a low amount of social security sucks. Some people get a fare amount from what I read a long time ago. It all depends on how much you contribute to it. Has it changed? Would explain the increase in taxes I spend on it.

[jonasdatum]

2007 Federal Taxes

Product ID: 203479-3
Format: Call-In
Last Airing: 03/30/2008
Event Date: 03/29/2008
Length: 1 hour, 6 minutes
Location: Washington, District of Columbia

Summary

Arthur Auerbach offered advice for preparing to submit 2007 federal tax data. He responded to telephone calls and electronic mail.

My taxes were complete submitted this week! Now I wait. Since I only e-filed my federal return I "should" see my federal check. If the past is any indication, I will probably receive my state refund sometime early to mid summer.

I didn't call the IRS to ask some small questions about my investments, but I am virtually sure I did it right. LOL, I gave the government so it should be a problem for them LOL.

So I might call in a few weeks just to ask the question.

So now we all are the bit wiser - especially me .

[jonasdatum]

Originally Posted by jonasdatum

Make sure the poor aren't too poor number you mean. Wasn't that the basic idea all those years ago? I have to redo some studying on the subject.

Being on the first tier [let alone the level] of social economic letter sucks. Money good poor sucks. Even getting a low amount of social security sucks. Some people get a fare amount from what I read a long time ago. It all depends on how much you contribute to it. Has it changed? Would explain the increase in taxes I spend on it.

I got the money ! O yea deposited into my account! No I just wait for the state and that check from the IRS!

Did anybody else recieve their refund yet?

http://money.howstuffworks.com/social-security.htm