Tax FAQ
 

Can I Amend 2007 Tax Forms For Court Settlement I Claimed As Income?

Question by money4nuthin | Posted in United States

The sect was shutdown and sued. Settlement money went to students who took out loans to usher the school. Basically, it was a small return of the tuition I had paid. I want to reform my tax return since I filed this money as income. Would I get audited?

Answer: You may or may not get audited, but if the affirmation only made you whole again, then it's not taxable. If your settlement was for more than the tuition you had paid, the excess would be taxable.

Don't fear an audit on this. If the IRS questions it, the only inanimate object that will be audited is your claim that it's not income. As long as you have documentation you'll do fine at audit.
 
 

How To File Amended Tax Forms For 2007.?

Question by bannabeauty | Posted in Other - Taxes

In 2007, I filed a tax reoccur on time. As a self employed person, LLC, we did not take all of our tax deductions at the time of filing. I positive want to file an amended return. Will I still have to pay penalities for taxes owed on that come back?

Answer: If your amended benefit reduces your balance due any penalties and interest will be reduced accordingly except for the estimated tax penalty. It is though the reduction is the same a payment backdated to the due year of the return.

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Do You Face Problems When Filling Out Malaysian Tax Forms?

Question by abebil | Posted in Malaysia

With regards to the just out issue of the income tax return forms for 2007, I just wish to know and get wind of any problems or challenges you encountered. Is it too complicated? Troublesome and confusing? Whatever the income tax ungovernable is, i'm willing to listen.

Thanks. :)

Answer: Lot of problems. They have it planned that way. That way you either pay to much or pay someone to do it for you.

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What Happens If You Forget To Send A 8453 (OL) Tax Form (2007)? Will My Refund Be Rejected For 2008?

Question by NIKKI | Posted in United States


Can i still send it in?
This is for the 2007 replace. Can i still send it in?

Answer: Don't recall. The IRS has never enforced the requirement that they have the 2007 form before releasing your 2007 refund (that would certainly have gotten you to send the form in) and has gotten rid of the form, but who knows, you never actually signed that year's compensation, so they might finally take action.

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If I Worked And Lived In 2 Different States During 2007 Do I File Seperate Tax Forms ?

Question by Mz K | Posted in United States

I lived in Florida and Massachusetts for 2007 and also worked in both these states. I was wondering since I've never had to file out of report taxes before until now if I need to file them seperate or all together?

Answer: You stress to file everything together for your federal taxes, and you also need to file partial resident returns for both states in which you lived and worked. Every submit is different, but there will be a line item, or some way to deduct the amount of income that you did not earn in that state.

it sounds confusing but it exceptionally isn't. Just make sure you follow the directions, and you will be fine. If you have any questions, please aspire the help of a tax consultant.

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"2007 Tax Forms" Need Tax Forms Information On IRS Year 2007?

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