I find creditable that you will get $ 600, but it may be slightly less - the IRS has posted a adding machine on its net site - - if you twist in your filing status and other information, you should get a better "bead" on it. nmunafo__Guest_: I'm a 21 year beloved college scholar who is getting claimed as a dependant by his parents. I made over $10,000 decisive year.
Am I contemporary to accompany any of the $600 strain rebate? Mark_Misselbeck: Sorry, but tribe who are dependents of another are not entitled to the refund - your parents will modify for a $ 300 graft for you, if their proceeds does not cause it to be missing to the phase out rules. flash__Guest_: I joined a public limited company in Aug and started my caller 401K then. What are the limits for investing in a insulting IRA recital for tax year 2007? Mark_Misselbeck: The contribution superlative is $ 4,000 ($ 5,000, if you are ripen 50 or older) and you father to bested the traditional IRA result as a single pension participant at an Adjusted Gross Income (AGI) of $ 52,000. You may place ROTH contributions of the same amounts (in bung of habitual IRA contributions, not both) with AGI of under $ 95,000.
Income limits are relatively higher for married, filing honky-tonk filing status. John_B__Guest_: Hello, Mark. My trouble and strife and I legally separated in 2007.
We sold the leading quarters and each bought a changed residence. My better half is custodial for our 19 yr familiar daughter who is a shining interval college student. How should we folder for 2007? Married filing separately? Should she be "head of household"? How do we deal with the forebears car-boot sale and reinvestment of funds into prime residences? Thanks! Mark_Misselbeck: You do have a few issues on-going around in this one. Generally, married, filing connection will draw the least combined excise and, since your separation was not final, you have this prize or married filing separately.
If you did not alight together during the wear 1/2 of the year, your soon-to-be-ex may prepare for Head of Household, but she would need to carefully notice and consider the tests for a married being for that status. If you send in a joint return with her, you report in the sale of the residence there and may claim a $ 500,000 procure exlcusion, if you qualify. If the cat-house was jointly owned, you each dispatch 1/2 and may claim as much as a $250,000 denial of gain, if you qualify. Reinvestment of proceeds has had nothing to do with increment on a residence since May 7, 1997.
Stevie__Guest_: If my ball and chain is trustee for a savings CD held to profit our boy daughter, and she withdraws a fraction to deposit it into a 529 college envisage for our daughter, would that 529 contribution be considered a tithe deduction on our shared 1040? Mark_Misselbeck: There is no assess deduction on a federal return for a Section 529 Plan contribution. There may be a position aid (but not in MA) depending on the laws of your structure of residence.
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