The Tax Preparation Blog

Posts Tagged ‘house’

Question: I just moved to a different state do I have to file this state tax return if I didn’t work in this state?

I lived in texas for 2008 employment and they have no state taxes I just moved to california a month ago do I have to file a state return even if I haven’t worked here

Answer: If you did not live in CA or earn any income in CA in 2008 there is no reason to file a CA return.

Bear in mind that if you filed your Federal return with a CA address, the FTB may ask you to file a CA return for 2008 on the mistaken assumption that you lived in CA in 2008. Just provide proof that you did not live in CA in 2008 and they will drop the claim. Almost anything will suffice as proof, such as a copy of an old TX lease, TX utility bill, 2008 W-2 with a TX address, a CA lease with a move-in date in 2009, CA voter registration in 2009, CA drivers license issued in 2009, etc.

Schwarzenegger budget ax would fall heavily on poor

The latest budget plan from California Governor Arnold Schwarzenegger would force 200,000 children off low-cost medical insurance, end in-home care for 350,000 infirm and elderly citizens and slash income assistance to hundreds of thousands more.

Let’s Talk Taxes

New era begins Tuesday for New Jersey legislature

TRENTON — With New Jersey facing its worst financial trouble in generations, property taxes averaging more than $7,000 and immigration the only thing keeping its population from draining, state voters last year turned to a candidate with just a three-year history in elective office, Chris Christie, as their governor.

Let’s hunt Dolphins

Question: can you file bankrupcy on california state income taxes which are owed?

there is also a lien and they are old taxes and i am no longer a california resident

Answer: No – you still owe – you may be able to reduce the amount you owe – but you still owe.

Newlywed Tax Returns: Wedding Present Or Party Crasher?

For many couples, it pays to file for taxes together. But what are some of the obstacles you should watch out for?

IRS Income or Payroll Tax Problems Resolved by Southern California Company

Question: If I won a car in a raffle will have to pay the sales tax twice?

I live in California and I just won a new car in a raffle. The car is currently registered to the supermarket that is giving it away. They are requesting that I issue a check to the market for the sales tax and the registration fee that they have already paid for when they bought the car. When they transfer the title to me (they’re the one doing the paper work) will I have to pay the sales tax to the DMV for the car again? I know I’m going to have to claim it as an income on my annual tax return.

Answer: Before you write a check to the supermarket, you should call the DMV and ask them about this, and maybe have an attorney look over the fine print of your win. It may have been one of the ‘terms and conditions apply’ type things that you technically agree to when you enter one of those contests.

In the end, if everything’s straight from a legal perspective, you still won a new car for a very small amount of money. (Congratulations!)

Schwarzenegger must find way to close $20B deficit

SACRAMENTO, Calif. (AP) – Having had little success achieving long-term budget reform, Gov. Arnold Schwarzenegger on Friday is expected to reveal a patchwork plan for closing yet another huge budget deficit for California. He likely will propose more spending cuts, requests for billions of dollars in additional federal aid and tax changes to address a shortfall projected at $20 billion through …

Gas Powered Radio Control Boat Sales – Cruiser – Bargain

Question: Tax question: 1099R Distribution code P – amend 2005 or file in 2006 ?

I have the following situation:

I got a refund from my 401K for contributions in 2005. I got the refund in 2006 and recently (in 2007) got a 1099R form which has a Distribution code P.

My Tax software (TaxCut from H&R Block) does not allow me to show this as an income in 2006. It tells me that I have to amend my 2005 return to show this as additional income. While it makes sense that its taxable income for 2005, I am not sure how to proceed.

Questions:
1. Is this correct? Do I have to file amendment for my 2005 taxes?

2. Should I just file 2006 return as usual without any information about this refund?

3. If I have to file an amendment for 2005, I will have to pay taxes on the refund I got from 401k. Do I have to pay any penalty/interest since I did not report or pay this earlier? (I couldn’t report this earlier because I got this 1099R in early 2007)

Any other thoughts?

Answer: Yes, you must amend 2005.

Though you received the 1099R in 2007, you probably received a letter in early 2006 explaining the situation and how it effects your 2005 taxes.

And yes…..you will owe interest on extra tax you will have to pay.

Complaint: Anti-tax campaign broke rules

DENVER – Opponents of three anti-tax ballot initiatives have charged that the petition campaigns violated state law by not registering with the secretary of state.

Person Income Tax