I was invistigated by the IRS for year 2008 and had to pay them back for both state and Fed. Eventhough, I always depend on my tax agent from H&R block, which they do my tax for the last 10 or more years. I was so disappointed that they didn't check all loop holes before they pass my electronic file for that particular year and make me to pay back:)- Neverthless, I'm looking forward to do my 2010 in few weeks and I find your information very valuable to prepare ahead of time before I go to their office.
Currently, I am unemployed and paid every other week since May of 2010 I am waiting all documents from any where for my tax. I also, have a little rapiar on my house for energy, and I am ready to claim that as well, And I am also thinking to withdraw my 401k but the penality?? is my question I am 48 yrs old. Since I am laid off from my job or unemployedd I really need the money now,and what is your advise? I contact the IRS office about it with no avail or good answer, they are going to get the portion of it, which I don't want them to get it and yet I can't just seat and suffer while I have money, it is a delimma which way to go.
What is your suggestion?
Sincerely,
Dk
Tax Document Checklist
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Income Related Documents
Form W-2 for all employers for whom you and your spouse worked during the year Unemployment compensation: Forms 1099-G Miscellaneous income including business income, rent, etc. Forms 1099-MISC Partnership, S Corporation, & trust income: Schedules K-1 Retirement Plan Distributions (from IRAs, pensions, annuities, etc.): Forms 1099-R Social Security/RR1 benefits: Forms RRB-1099
Investment Related Documents
Interest income - Form 1099-INT Dividend income - Form 1099-DIV Proceeds from the sale of stocks, bonds, etc. - Form 1099-B
Homeowner Related Documents
Mortgage interest: Form 1098 Sale of your home or other real estate: Form 1099-S Form 1099-C if your lender cancelled or forgave a portion of your debt. Normally considered taxable income, debt forgiveness on your principal residence is exempt from federal taxes through 2012. (You'll need Form 982.)
Miscellaneous Documents
State and local income tax refunds: Form 1099-G Tuition statement - Form 1098-T
More Tax Help from Dolans.com:
Make Your Tax Deductions Air-tight
Frequently Overlooked Tax Deductions
10 Questions to Ask a Tax Preparer
DK: Withdrawing from your IRA is always a last resort, and if you are under 59 1/2 you will pay a 10% penalty and owe income taxes on the funds taken.
Try to maximize your energy credit, work search expenses, and other expenses you had for the year. (computers, internet, travel time job searching).
I have to redo a lot of HR clients since many there are trainees and part-time.
Double check your numbers.
Good luck.
lzkinsell@aol.com
wastaken by a loan modifacation company lost money can I take it off on my taxes as a bad dept or lose
Take the loss as an investment expense. Your home was an investment and your efforts to keep it should receive credit.
In 2008 I made 250k as a independent contractor as a result all of the money was spent on child support mortgage of two different homes. I ended up owing the IRS about 34,000. I didn't file my taxes until 2009. Now two years later I don't have the money to pay them and they are sending me letters of lein and possible levy. I have money in my 403 and 401 plans but I really don't want to use it . Please let me know what is/ are my best options. Thanks
I used to listen to you when you were on in WOR in NY, but either you left the radio station or they changed your show to a different timeslot. When are you on the air in New York?
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