The Tax Preparation Blog

Posts Tagged ‘ira’

Question: The Bush tax rebate will be $800 for singles making under 85k.Is this based on gross adjusted income?

Answer: Nothing has been signed. There is no rebate. It’s all talk from a president famous for his cheap words. Remember his “end of major conflict in Iraq” speech?! How many have died since then?

The last time he pulled this stunt it was an advance refund on the 2001 tax returns. Many folks had to pay it back when they filed their tax returns!

If you do get something, put it in the bank and let it sit until you file your 2008 return in 2009. You may need it then if your refund is less than the advance refund you received

Income limit lifted, opening Roth IRA conversions to all

Hillsborough resident Rick Smith likes the idea of converting a traditional Individual Retirement Account into a tax-free Roth IRA, but until this year, he and other higher-income taxpayers did not have that option. Now they do, thanks to a change in the tax code.

How to Complete and File a 1040A Tax Form : 1040A Adjusted Gross Income Tips