| 00:00:01 |
none, -
AND GETTING IT DONE ON TIME. A LOT OF PEOPLE ARE GETTING CAUGHT BY THIS ALTERNATIVE MINIMUM TAX ISSUE. IT'S LIKE A KNIGHT THAT COMES IN AND TAXES AWAY...
|
| 00:00:14 |
Host, -
ABOUT 2.5 MILLION PEOPLE. ONLY ABOUT 2% OF ALL TAXPAYERS. IT'S STILL IER
|
| 00:00:19 |
Guest, -
INCOME PEOPLE. DESIGNED FOR MILLIONAIRES IN THE THE '60s IS REACHING MORE AND MORE INTO MIDDLE CLASS TAXPAYERS TAXPAYERS. WHAT HAPPENS IS IT TAKES AWAY...
|
| 00:01:05 |
Host, -
WEST VIRGINIA IS GOING TO LOOK AT EVERYBODY'S RETURN THIS YEAR AND IT'S GOING TO TAKE AWAY YOUR
|
| 00:01:09 |
Guest, -
KIDS AND STATE PROPERTY TAXES AND INCOME TAXES AND SAY PEDRO, WE THINK MAYBE YOU'RE SUS SENTBLE TO THIS AND YOUR RETURN STOPS IN ITS TRACKS, SEND YOU...
|
| 00:01:47 |
Host, -
YEAR AFTER YEAR. THIS YEAR THEY CAN'T. BELIEVE IT OR NOT THAT'S GOOD NEWS. AS PART OF THE MARRIAGE PENALTY RELIEF AS HERE --
|
| 00:01:55 |
Guest, -
LAST YEAR CONGRESS INCREASED THE STANDARD DEDUCTION FOR MARRIED PEOPLE. THESE 3 MILLION PEOPLE ACTUALLY GET A BETTER DEAL WITH THE STANDARD DEDUCTIONS...
|
| 00:02:40 |
Unidentified Speaker, -
JOURNAL AT C-SPAN.ORG. GO
|
| 00:02:42 |
Host, -
AHEAD AND DO THAT IF YOU HAVE QUESTIONS ABOUT FILING FOR THIS YEAR. ONE E-MAIL ON THE OTHER SIDE OF FILING. SAYS WHAT ARE THE APPROPRIATE STEPS TO...
|
| 00:03:19 |
Guest, -
PULL A NUMBER OUT OF THE AIR BUT HAD SUBSTANTIATION. IDENTITY THEFT, LETTERS TO THE CREDIT CARD COMPANIES, TO THE BANK. THAT'S WHAT YOU NEED IS THAT...
|
| 00:03:54 |
Host, -
A DEDUCTION IS GOING SAVE YOU MAYBE 25% IF YOU'RE IN THE 25% BRACKET YOU'RE STILL OUT
|
| 00:03:58 |
Guest, -
A LOT OF MONEY. >> Host: FIRST CALL UP, SOUTH PADRE ISLAND, TEXAS. >> Caller: HOW ARE YOU DOING? >> Guest: GOOD. >> Caller: I'M A SELF-EMPLOYED PERSON...
|
| 00:04:20 |
Host, -
COLLECTED IN DISABILITY SOCIAL SECURITY,
|
| 00:04:23 |
Caller, -
BUT BECAUSE I HAVE SO
|
| 00:04:24 |
Guest, -
SUCH LOW
|
| 00:04:25 |
Caller, -
INCOME I'M UNABLE TO PAY SOCIAL SECURITY BUT THEN AGAIN, I HAVE A CERTAIN AMOUNT OF MONEY IN THE BANK FROM MY MOTHER WHO PASSED AWAY, HOW DO I GET BY...
|
| 00:05:09 |
Guest, -
THERE. IF YOU HAVE A $4,000 PROFIT FROM YOUR BUSINESS, YOU HAVE TO PAY THAT TAX. BUT AS FAR AS THE SLEMTAL, ALL I CAN SUGGEST IS CALL SOCIAL SECURITY....
|
| 00:05:56 |
Host, -
7.5% OF YOUR ADJUSTED GROSS
|
| 00:05:58 |
Caller, -
INCOME. YOU HAVE TO DO YOUR RETURN, FIGURE OUT WHAT YOUR GROSS INCOME IS, FIND 7.5% OF THAT AND THAT FIRST
|
| 00:06:05 |
Guest, -
7.5% OF YOUR MEDICAL EXPENSES DON'T COUNT. KEEP TRACK OF THE COST OF YOUR PRESCRIPTION DRUGS AND SOME OVERTHE COUNTER DRUGS ARE DEDUCTIBLE AS WELL ONLY...
|
| 00:06:42 |
Host, -
INCOME TAX AND
|
| 00:06:43 |
Caller, -
SHOULD I
|
| 00:06:44 |
Host, -
FILE? I DON'T GET AN INCOME. >>
|
| 00:06:46 |
Caller, -
Guest: I THINK YOU SHOULD IF -- SOUNDS LIKE YOUR INCOME IS SO LOW YOU SHOULD GET A REFUND OF THAT $105. THERE ARE TRIGGER POINTS WHEN YOU HAVE TO...
|
| 00:07:07 |
Guest, -
NEW YORK BECAUSE THEY HAVE A LIBERAL POLICY ON RETIREMENT MONEY FOR STATE INCOME TAXES. IF YOUR INCOME IS BELOW ABOUT $5,000 AT THE FEDERAL LEVEL YOU...
|
| 00:07:47 |
Host, -
LUT ABSOLUTEPIP. THE NUMBER ALLOWANCES ON A W 4 WHICH TELLS YOU BOSS HOW MUCH TO WITHHOLD. I'M A GREAT BELIEVER PEOPLE SHOULD HAVE AS LITTLE WITHHELD...
|
| 00:08:08 |
Guest, -
MONEY. MORTGAGE INTEREST IS DEDUCTIBLE. AT YOUR INCOME LEVEL, IT DEPENDS ON MARRIED FILING JOINTLY YOUR STANDARD DEDUCTION IS $9500. YOU HAVE TO HAVE...
|
| 00:09:18 |
Unidentified Speaker, -
CHOICE IS BETWEEN WITHHOLDING $300 A MONTH OR YOU GET THAT MONEY.
|
| 00:09:22 |
Guest, -
IF YOU GET THE $300 A MONTH I'M NOT SAYING YOU HAVE TO SPEND IT. PUT IT IN A BANK ACCOUNT. IF YOU NEED IT FOR A VACATION YOU CAN SPEND THAT MONEY. IF...
|
| 00:10:20 |
Host, -
TELLING PEOPLE TO GO ON VACATION. WE THINK THINK THAT'S
|
| 00:10:23 |
Guest, -
IMPORTANT. >> Host: THIS IS THE COVER. THE 25 BEST FUNDS. WE'RE JOINED BY THE EXECUTIVE EDITOR WITH TAX FILING TIPS FOR THE REMAINDER OF THE HOUR. CHICAGO,...
|
| 00:10:44 |
Host, -
DEDUCTIONS IF YOU USE TURBO TAX OR TAX CUT, WILL IT IDENTIFY WHETHER OR NOT TO DO THE STANDARD DEDUCTION OR THE MARRIAGE? >> Guest: I'M NOT SURE
|
| 00:10:53 |
Caller, -
ABOUT TURBO. WE WORK WITH TAX CUT. IT WILL CERTAINLY IF YOU DO COUNT UP YOUR ITEMIZED DEDUCTION AND IT'S BELOW THE 9500 STANDARD THE TAX CUT WILL GIVE...
|
| 00:11:13 |
Guest, -
HAVE TO KNOW HOW THE RULES WORK. YOU DON'T KNOW THIS BUT WHEN YOU GET TO THE END IT SAYS BY THE WAY YOU OH X DOLLARS. IT TAKES CARE OF IT AND FILLS...
|
| 00:11:51 |
Unidentified Speaker, -
IT DOES IT RI. WE GUARANTEE ACCURACY
|
| 00:11:54 |
Guest, -
ON TAX CUT. MORE AND MORE PEOPLE ARE USING IT. YOU DON'T HAVE TO PAY FOR IT. THE GOVERNMENT HAS A GREAT PROGRAM THEY CALL FREE FRILE. -- FILE. GO TO...
|
| 00:12:58 |
Host, -
ME. MY EARNED INCOME WAS LESS
|
| 00:13:00 |
Caller, -
THAN
|
| 00:13:01 |
Host, -
MY NONEARNED
|
| 00:13:02 |
Guest, -
INCOME. DOES
|
| 00:13:03 |
Caller, -
THAT MAKE SENSE? >> Guest: IT DOES. THAT HAPPENS TO A LOT OF PEOPLE. ARE YOU RETIRED? >> Caller: YES. >> Guest: IT'S WHAT YOU GET FROM A JOB OR UNEMPLOYMENT....
|
| 00:13:24 |
Guest, -
ANY EARNED INCOME THAT WAY, THEY ONLY ALLOWED ME A CERTAIN AMOUNT. >> Guest: THAT'S -- THAT'S THE
|
| 00:13:29 |
Caller, -
RULE. THE IRA
|
| 00:13:31 |
Guest, -
CONTRIBUTIONS MUST COME FROM COMPENSATION AND THE GOVERNMENT SAYS IT'S
|
| 00:13:35 |
Caller, -
SALARY OR SELF-EMPLOYMENT INCOME. SO INVESTMENT INCOME DOESN'T COUNT TOWARDS THE LIMIT. IF YOU DON'T HAVE AT LEAST $3,000 F YOU'RE RETIRED, OVER 50...
|
| 00:13:48 |
Guest, -
LEAST 3500 OF EARNED INCOME. THAT'S THE RULE. THEY WANT YOU TO SAVE YOUR SALARY, DON'T WANT YOU TO SAVE INVESTMENT INCOME. >> Caller: EXPLAIN TO ME...
|
| 00:14:16 |
Caller, -
GUEST RESPOND. >> Guest: WE COULD WRITE BOOKS ABOUT IT. NOBODY REALLY UNDERSTANDS THE THING. IT WAS CREATED IN 1969 AFTER CONGRESS WAS EMBARRASSED...
|
| 00:14:28 |
Guest, -
OVER $200,000 WHO DIDN'T PAY A DIME IN INCOME TAXES LEGALLY BECAUSE
|
| 00:14:31 |
Caller, -
THEY HAD SO MANY TAX BREAKS. THEY CREATED THIS SIDEWAYS TAX SYSTEM SITTING
|
| 00:14:36 |
Host, -
ON THE BACKGROUND
|
| 00:14:37 |
Guest, -
BEHIND THE INCOME TAX AND DOESN'T ALLOW CERTAIN DEDUCTIONS. DOESN'T ALLOW A DEDUCTION FOR STATE INCOME TAXES, PROPERTY TAXES, OR THOSE ARE THE KEY...
|
| 00:16:15 |
Caller, -
A RENTAL BUSINESS. THEY MAKE IT PERSONAL INCOME AND YOU FILE A SCHEDULE E TO REPORT YOUR INCOME. THE 30 YEARS I'VE WORKED AT KIPLINGER'S COVERING TAXES...
|
| 00:16:34 |
Guest, -
THE DEDUCTIONS FOR ALL OF YOUR EXPENSES THERE. THAT'S WHAT I THINK MOST PEOPLE WOULD DO INCLUDING DEPRECIATION YOU CAN TAKE ON YOUR REGULAR RETURN....
|
| 00:17:06 |
Host, -
AND BUYING A HOUSE WHEN IT COMES TO POINTS PAID ON
|
| 00:17:08 |
Guest, -
A MORTGAGE. WHEN YOU BUY A HOUSE THE POINTS YOU PAY ARE DEDUCTBLE IN THE YEAR MUCH PURCHASE. WHEN YOU REFINANCE THE IRSAYS THAT DOESN'T COUNT ANYMORE....
|
| 00:18:39 |
Host, -
THERE A SEPARATE TAX BRACKET FOR A MERCHANT MARINES? >> Guest: NO. EVERYBODY IN AMERICA PAYS TAXES UNDER THE SAME BRACKETS. THERE ARE DIFFERENT RULES...
|
| 00:18:50 |
Caller, -
PROFESSIONS. BUT I MEAN THERE ARE ALL SORTS OF
|
| 00:18:52 |
Guest, -
RULES FOR THE MILITARY,
|
| 00:18:54 |
Caller, -
CERTAIN COMBAT PAY IS TAX FREE. SPECIAL DEADLINES FOR PEOPLE IN THE MILITARY, DON'T TO FILE A RETURN BY APRIL 15th
|
| 00:19:02 |
Guest, -
IF IN A COMBAT ZONE. WHEN IT COMES DOWN TO RATES AND BRACKETS THEY'RE THE SAME. EXCEPT IT CHANGES ACCORDING TO YOUR STATUS, MARRIED FILING JOINTLY HAS...
|
| 00:19:44 |
Host, -
GUEST, EXECUTIVE EDITOR AT KIPLINGER'S. TAX FILING TIPS IS THEN TOIC FOR THIS
|
| 00:19:49 |
Guest, -
HOUR. YOU'RE WELCOME TO CALL IN ON ONE OF THE LINES YOU SEE ON YOUR SCREEN. NEW YORK CITY, GO AHEAD. >> Caller: HELLO. GOOD MORNING. >> Host: GOOD MORNING....
|
| 00:20:03 |
Host, -
A UIT FROM VAN KEMP AN I THINK THE ADMINISTRATOR THERE WAS THE BANK OF NEW YORK. I BOUGHT THAT FOR $20,000.
|
| 00:20:14 |
Caller, -
I
|
| 00:20:16 |
Host, -
RECEIVED NO INCOME, EVERYTHING WAS SET,
|
| 00:20:20 |
Caller, -
ALL THE DIVIDENDS WERE TO BE REINVESTED. >> Guest: OKAY. >> Caller: AS OF LAST WEEK, IT'S NOW WORTH $1200. OKAY. AND I'VE DONE -- YEAH. >> Guest: I'M...
|
| 00:20:43 |
Guest, -
THE REASON THAT I LET IT RIDE
|
| 00:20:45 |
Caller, -
BECAUSE I THOUGHT THAT THE MARKET WOULD REBOUND AND THERE WOULD BE SOME DEGREE OF RECOVERY, WHICH UNFORTUNATELY DIDN'T
|
| 00:20:54 |
Guest, -
HAPPEN.
|
| 00:20:56 |
Caller, -
OKAY. WHAT DO I DO NOW AT THIS STAGE THAT THE $20,000 WAS IN '99 AND IT WAS A CONSIDERABLE LOSS UP UNTIL NOW, AS WE SPEAK? >> Host: THANK YOU. >> Guest:...
|
| 00:21:29 |
Host, -
THAT FOR $1200. THEN YOU HAVE
|
| 00:21:31 |
Guest, -
A LOSS BETWEEN WHAT YOU INVESTED AND $12900. BUT YOU HAVE A BIGGER LOSS. THIS IS SOMETHING A LOT OF PEOPLE MAKE A MISTAKE ON. A LOT OF INVESTORS MISS...
|
| 00:22:53 |
Host, -
SOMEWHERE. A POINT IS 1% OF THE LOAN
|
| 00:22:55 |
Caller, -
AMOUNT. IF IT'S A $100,000 AND PAID THREE POINTS IT'S $3,000. AS I SAY ON A REFINANCING YOU
|
| 00:23:03 |
Guest, -
WOULD REPORT ONE 30th OF THAT EACH YEAR IF IT'S A 30 YEAR LOAN. TITLE FEES, ATTORNEY FEES USED TO BE ADDED TO THE COST BASIS OF THE HOUSE AND THAT MATTERED...
|
| 00:24:06 |
Host, -
FIT. IF YOU HAVE $100,000
|
| 00:24:08 |
Guest, -
AND IT'S NEVER GOING TO SELL MORE THAN 150,000 IGNORE KEEPING RECORDS OF THE IMPROVEMENTS. YOU'LL NEVER MORE THAN $250,000 PROFIT. IF THERE'S ANY CHANCE...
|
| 00:24:59 |
Host, -
ABOUT
|
| 00:25:00 |
Caller, -
THE DIFFERENCE BETWEEN THE STANDARD DEDUCTION AND THE ITEMIZED DEDUCTION AND TRYING TO UNDERSTAND THAT, PLUS YOU SAID SOMETHING ABOUT A $75,000 LIMIT....
|
| 00:25:37 |
Guest, -
WHETHER THEY HAVE QUALIFYING EXPENSES OR NOT. IF YOUR EXPENSES, MORTGAGE INTEREST, STATE INCOME TAXES, PROPERTY TAXES, THE MAIN ONES AND CHARITABLE...
|
| 00:27:33 |
Host, -
SAVINGS ACCOUNT. WHEN CONGRESS CHANGED
|
| 00:27:34 |
Caller, -
THE RULE ON COVER
|
| 00:27:35 |
Host, -
DALES THEY SAID
|
| 00:27:36 |
Caller, -
THAT MONEY CAN BE SPENT FOR ELEMENTARY EDUCATION AS WELL AS FOR COLLEGE. YOU DON'T GET TO DEDUCT COVERDALE EXPENSES BUT PUT MONEY INTO THE ACCOUNT...
|
| 00:27:47 |
Guest, -
TO PAY YOUR ELEMENTARY SCHOOL TUITION OR ACTUALLY ELEMENTARY PUBLIC BILLS IF THERE'S EXPENSES YOU INCUR. YOU DON'T GET TO DEDUCT PRIVATE EDUCATION COSTS....
|
| 00:28:19 |
Host, -
A RED FLAG. IF YOU SET ASIDE PART YF UR HOME FOR USE
|
| 00:28:23 |
Guest, -
REGULARLY AND EXCLUSIVE FOR YOUR BUSINESS YAURNGS DEDUCT A PORTION OF YOUR RENT OR DEPRAERBATION YOUR HOME AS A BUSINESS EXPENSE DEDUCTION. A CHANGE...
|
| 00:29:27 |
Host, -
HAVE A SON DOING COMPUTER WORK FOR YOU, WHAT YOU PAY YOUR CHILD IS A DEDUCTIBLE EXPENSE LIKE YOU'RE PAYING ANY OTHER EMPLOYEE, THE CHILD IF IT'S UNINCORPORATED
|
| 00:29:36 |
Guest, -
BUSINESS DOES NOT HAVE TO PAY SELF-EMT EMPLOYMENT TAX ON THAT INCOME. THIS IS HUGE BECAUSE WHEN YOU'RE SELF-EMPLOYED YOU DON'T RUN YOUR OWN BUSINESS,...
|
| 00:30:32 |
Host, -
TELL YOU TO DO AND I THINK IS PROBABLY GOOD ADVICE, TO FILE THIS YEAR, END?
|
| 00:30:37 |
Caller, -
A NOTE AND SAY LET'S TALK ABOUT
|
| 00:30:39 |
Host, -
THIS. THE IRS CLAIMS AS
|
| 00:30:41 |
Caller, -
I TOLD PEDRO EARLIER, THEY'RE REASONABLE PEOPLE. THEY WOULD LOVE TO GET YOU BACK INTO THE SYSTEM, BUT BELIEVE ME, YOU'RE IN A LITTLE TROUBLE BECAUSE...
|
| 00:30:51 |
Guest, -
GOING TO GO BACK TO '97 AND SAY LET'S LOOK AT YOUR INCOME. IT'S GOING TO BE COMPLICATED. BEFORE YOU CALL THE IRS YOU MIGHT WANT TO FIND AN ACCOUNTANT...
|
| 00:31:46 |
Host, -
CREDIT, AND FOR
|
| 00:31:47 |
Caller, -
PEOPLE WHOSE INCOME IS TOO HIGH TO BENEFIT FROM THE CREDIT THERE IS THE $3,000 COLLEGE TUITION DEDUCTION. THE WAY IT WORKS, IF THE BILLS ARE PAID AND...
|
| 00:32:00 |
Guest, -
THAT'S THE WAY CONGRESS WROTE THE LAW. IF THERE'S $3,000 OF EXPENSES FOR THE DEDUCTION OR THE CREDIT IS -- THE HOPE CREDIT, FIRST TWO YEARS, THE CREDIT...
|
| 00:33:27 |
Host, -
IRA OR ANNUITY, THEY'RE TAXABLE TO YOU LIKE THE DECEIT CEASED IN YOUR TAX
|
| 00:33:35 |
Guest, -
BRACKET. >> Host: FOR 2002 TAXES I WORKED IN THE UNITED STATES UNTIL JUNE AND SPENT THE REST OF THE YEAR WORKING BROAD. >> Guest: IT WOULD BE DOUBLE...
|
| 00:33:57 |
Host, -
THERE IS A FOREIGN TAX EXCLUSION. YOUNDER STAND IT BETTER THAN I DO. IF YOU WORK ABROAD -- IF ENGLAND OR CANADA IS GOING TO TAX YOUR WAGES YOU EARN,...
|
| 00:34:14 |
Guest, -
THAN ONE YEAR. >> Host: WHEN IS THE TAX CODE GOING TO BE CHANGED FOR GAMBLING WINNINGS? IF YOU GET LUCKY BUT THEN LOSE YOU ONLY HAVE A $500 WIN BUT...
|
| 00:34:36 |
Host, -
AMOUNT OF WINNINGS YOU REPORT. IN THIS CASE IT WOULD BE $500. EXCEPT SENT YOU DON'T GET TO COULD THE SUBTRACKION AND SAY I MADE 5,000, WON
|
| 00:34:46 |
Guest, -
THE LOTTERY AND SPENT 4500 ON TICKETS AND REPORT 4500. YOU HAVE TO REPORT THE 5,000 ON YOUR 1040 AND ONLY IF YOU ITEMIZE DEDUCTIONS DO YOU GET TO DEDUCT...
|
| 00:35:54 |
Host, -
I HAVE WHAT I HOPE IS AN UNUSUAL
|
| 00:35:56 |
Guest, -
SITUATION. IN THAT ABOUT SIX WEEKS AGO, I TOOK ALL OF MY PAPERS GAVE IT TO MY ACCOUNTANT THAT HAS HER OWN BUSINESS
|
| 00:36:04 |
Host, -
SHE RUNS IN HER HOME, AND BASICALLY I
|
| 00:36:07 |
Guest, -
HAVEN'T BEEN ABLE TO GET AHOLD OF HER. I CALL AND LEAVE MESSAGES, BEEN OVER TO THE
|
| 00:36:11 |
Host, -
HOUSE.
|
| 00:36:12 |
Caller, -
I'M WORRIED MY, YOU
|
| 00:36:13 |
Guest, -
KNOW, PAPERWORK JUST GOT
|
| 00:36:15 |
Caller, -
EATEN. I DON'T KNOW WHAT TO DO. I HAVE COPIES OF EVERYTHING EXCEPT THE, YOU KNOW, RECEIPTS FOR THE ROOF REPAIR AND ALL THAT SORT OF THING. I'M JUST...
|
| 00:36:53 |
Guest, -
OBLIGATION, YOUR RESPONSIBILITY. DOESN'T MATTER WHO YOU TAKE IT TO. IF YOU TAKE THE MOST EXPENSIVE CPA FIRM IN NEW YORK CITY, YOU'RE RESPONSIBLE FOR...
|
| 00:38:00 |
Host, -
MY CREDIT UNION TO WHICH I HAVE
|
| 00:38:02 |
Caller, -
MY MORTGAGE
|
| 00:38:03 |
Guest, -
TO BORROW THE $100,000
|
| 00:38:05 |
Caller, -
AGAINST MY HOME, OF COURSE THEY SAID WE CANNOT DO THAT BECAUSE THE VALUE OF YOUR HOME IS ONLY $80,000. SO THEN I WENT TO A BANK TO BORROW THE $100,000...
|
| 00:38:56 |
Guest, -
WHICH THE LAND DOESN'T WORK FOR YOU THERE, AND IF IT'S SECURED BY YOUR HOUSE UP TO 1 HOUNZ,000. IT DOESN'T HAVE TO BE USED TO BUY OR IMPROVE YOUR HOME....
|
| 00:40:00 |
Unidentified Speaker, -
SOMETHING SORT OF A DEDUCTION FOR CHARITABLE GIVING ON TOP
|
| 00:40:03 |
Host, -
OF THE STANDARD DEDUCTION
|
| 00:40:04 |
Caller, -
FOR THAT 100 MILLION TAXPAYERS WHO DON'T ITEMIZE BUT THEY NEVER GET AROUND TO PASSING IT. AS OF RIGHT NOW THEY ARE NOT DEDUCTIBLE UNLESS YOU ITEMIZE...
|
| 00:40:17 |
Guest, -
A STUB THAT SAYS YOU GAVE A CERTAIN AMOUNT. HOW DO YOU ITEMIZE THE VALUE OF THE THINGS YOU'VE GIVEN? >> Guest: THE ARE A COUPLE WAYS. WHAT THE IRS SAYS...
|
| 00:40:34 |
Host, -
SHIRTS. DO THAT. OR THERE ARE SOFTWARE PROGRAMS AND H&R BLOCK HAS A SPECIAL PROGRAM YOU CAN FIND ON THEIR WEBSITE THAT IS CALLED DEDUCTION PRO,
|
| 00:40:44 |
Guest, -
BELIEVE. IT'S COOL BECAUSE YOU TYPE IN THAT YOU GAVE SIX SHIRTS AND SAYS WERE THEY IN GOOD CONDITION AND IT PUTS A VALUE ON IT. THEY GUARANTEE IF THE...
|
| 00:41:50 |
Host, -
BETTER. ONE THING THAT IS ALWAYS CITED WITH TAX CUT IS THE KIPLINGER HELP. IT'S UNDERSTANDABLE.
|
| 00:41:57 |
Unidentified Speaker, -
IT'S WHAT WE'VE BEEN DOING FOR MORE THAN 50 YEARS, TAKING COMPLICATED STUFF, DISTILLING IT DOWN AND WE'VE GOT A WET TEST AT KIPLINGER. WE DON'T WANT...
|
| 00:42:37 |
Host, -
SO WE HAVE A YOUNG SON STILL IN COLLEGE AND HE WANTS TO GO
|
| 00:42:40 |
Caller, -
TO GRAD SCHOOL AND WANTS TO GO ON TO GET AN MBA DEGREE.
|
| 00:42:45 |
Host, -
HERE'S MY
|
| 00:42:46 |
Caller, -
QUESTION. HE WAS IN 195 -- WHEN HE WAS 55 HE WAS FIRED AND RECEIVED A LEGAL SETTLEMENT THAT IT WAS AN AGE DISCRIMINATION, AND SO HE RECEIVED -- THEY...
|
| 00:43:39 |
Guest, -
IRA OR SOME KIND OF RETIREMENT PLAN SO YOU WOULDN'T HAVE TO
|
| 00:43:42 |
Caller, -
PAY TAXES NOW? >> Caller: YES. >> Guest: NO. PENSION PAYMENTS AND DISTRIBUTIONS FROM RETIREMENT PLANS ONLY LUMP SUM DISTY BRUISES OR MONEY OUT OF A...
|
| 00:43:59 |
Guest, -
YEAR PAID. IF YOU WANT TO AVOID TAKING THE MAKING THE ESTIMATED TAX
|
| 00:44:04 |
Caller, -
PAYMENTS QUARTERLY ASK THE EMPLOYER
|
| 00:44:06 |
Guest, -
OR WHOEVER IS PAYING THE PENSION TO WITHHOLD FROM THAT. THAT'S SOMETHING TAX PAYERS HAVE THE RIGHT TO DO. YOU DON'T HAVE TO HAVE WITHHOLDING. ONE THING...
|
| 00:45:12 |
Host, -
ALL, YOU CAN'T HAVE AN IRA BASED ON YOUR -- YOU DON'T HAVE EARNED INCOME. THERE'S SOMETHING THEY CALL THE SPOUSAL IRA. YOUR WIFE CAN PUT UP TO $3,000...
|
| 00:45:31 |
Guest, -
OUT IS TAX FREE. BECAUSE YOU'RE MARRIED AND DO NOT HAVE YOUR OWN INCOME, SHE CAN PUT UP TO $3500 OF YOUR INCOME -- SORRY $3,000 INTO AN IRA FOR YOU....
|
| 00:46:55 |
Host, -
SHE DOES HAVE INCOME. >>
|
| 00:46:57 |
Guest, -
Guest: AS I SAID TO THE LAST CALLER,
|
| 00:46:59 |
Caller, -
USE YOUR WIFE'S EARNED INCOME TO FUND YOUR IRA. EVEN IF THE MONEY COMES FROM YOUR COMMODITY PROFITS THE IRS DOESN'T CARE. THEY CARE IF YOU CLAIM $6,000...
|
| 00:47:18 |
Guest, -
INCOME SO YOU DON'T HAVE TO WORRY ABOUT THE TAX. UNLESS YOU'VE SET IT UP AS A BUSINESS. IF YOU'RE JUST TRADING YOU DON'T HAVE TO WORRY ABOUT THAT....
|
| 00:48:13 |
Host, -
HE HAS CONTACTED
|
| 00:48:14 |
Caller, -
HIS EMPLOYER
|
| 00:48:15 |
Caller, -
SEVERAL TIMES THROUGH E-MAIL AND BY PHONE CALLS AND HE'S BEEN PUT OFF. ONE OF THE REASONS WE'VE LOST IT HE CAN'T GET IT. WHAT IS HIS -- WHAT POSSIBLE...
|
| 00:48:47 |
Guest, -
THE IRS AND SAY HOW DO I DO THIS? THE IRS WILL CONTACT THE EMPLOYER. THIS HAPPENS A LOT, BELIEVE IT OR NOT WHERE EMPLOYERS -- A LOT OF EMPLOYERS GO...
|
| 00:49:55 |
Host, -
NOT SURE WHICH --
|
| 00:49:56 |
Caller, -
WHERE IT GOES. YOU HAVE THE RIGHT FORM AND I HAVEN'T DEALT WITH THAT FORM MYSELF. YOU HAVE THE RIGHT FORM. THE KEY THING IS COMING UP WITH THE RIGHT...
|
| 00:50:15 |
Guest, -
DEPRECIATE IT DURING ITS USE AND THAT REDUCES YOUR BASIS. LET'S SAY YOU BOUGHT IT FOR $100,000 AND YOU DEPRECIATED $30,000 OVER THE YEAR AND THEN YOU...
|
| 00:51:05 |
Host, -
OF YOURSELF AND YOUR FINANCIAL LIFE ON YOUR RETURN SEEMS WACKO TO THE COMPUTER, COMPARED TO OTHER PEOPLE WHO
|
| 00:51:11 |
Guest, -
HAVE THE SAME KIND OF INCOME AS YOU DO, LIVE IN THE SAME STATE THAT'S CORRECT THE KIND OF THING. IF YOU HAVE A BUSINESS AND YOU REPORT A THOUSAND DOLLARS...
|
| 00:53:18 |
Host, -
NEW YORK? >> Caller: YEAH. >> Guest: I'M NOT SURE
|
| 00:53:21 |
Caller, -
ABOUT HOW THE STATE OF NEW YORK TAXES THAT KIND OF INCOME. GENERALLY I WOULD THINK THAT THEY WOULD IF YOU HAVE RENTAL INCOME THAT YOU'RE GENERATING...
|
| 00:53:38 |
Guest, -
CALL AN ACCOUNTANT. >>
|
| 00:53:39 |
Caller, -
Host: PALM DALE, CALIFORNIA. >> Caller: GOOD MORNING, JENL
|
| 00:53:42 |
Guest, -
MEN. THANK YOU FOR TAKING MY CALL. I WANTED TO FIND OUT FIRST OF ALL I HAVE A -- MOST OF MY MONEY IS TIED UP IN MY 401K PLAN AND I HAVE FROM THE PAST...
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| 00:54:00 |
Host, -
IRA. WOULD I BE ABLE
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| 00:54:01 |
Caller, -
TO TAKE AND CLOSE OUT MY TAX DEFERRED ANNUITY ACCOUNT AND ROLL IT OVER IN MY 401K AND HOW WILL THAT HELP ME AS FAR AS GETTING ANY TYPE OF TAXES? >>...
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| 00:54:33 |
Guest, -
IS UP TO YOUR EMPLOYER. CONGRESS CHANGED THE LAW A FEW YEARS AGO AND IT'S FINE WITH CONGRESS YOU CAN ROLL AN IRA INTO A 401K. IT HAS TO BE APPROVED...
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| 00:55:47 |
Host, -
THE $250 SOMETHING CONGRESS PUT INTO LAW A COUPLE YEARS AGO FOR TEACHERS AND TEACHERS AIDES FROM PREKINDERGARTEN THROUGH HIGH SCHOOL AND SAID WE KNOW...
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| 00:56:06 |
Guest, -
LOOK INTO WHETHER OR NOT SOME OF THOSE EXPENSES -- I DON'T KNOW IF YOU DONATED TO THE SCHOOL, COULD BE CHARITABLE CONTRIBUTIONS. WHEN IT COMES DOWN...
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| 00:57:16 |
Host, -
OF
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| 00:57:17 |
Caller, -
MORTGAGE INTEREST. MY
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| 00:57:18 |
Host, -
BASIC QUESTION IS, SINCE I'LL BE DOING
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| 00:57:20 |
Caller, -
THE TAXES, HOW MUCH OF THAT $150,000 CAN I DEDUCT BECAUSE I JUST HEARD YOU SAY YOU CAN ONLY TAKE UP TO $100,000 OF IT OFF? I WAS GOING TO USE IT TO...
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| 00:58:11 |
Guest, -
THE $150,000 IN YOUR CASE IS CONSIDERED HOME EQUITY MORE GAUGE. THE INTEREST ON ONLY $100,000 IS DEDUCT BLE. IF THOSE ARE THE NUMBERS, TWO-THIRDS IS...
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| 00:59:11 |
Host, -
HAPPY YOU ASKED. AN EASY
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| 00:59:14 |
Caller, -
QUESTION. SORRY BUT NO. RENTERS DON'T GET THIS DEDUCTION. $1500 HAS NO TAX IMPACT AT ALL. IF YOU WERE PAYING $1500 ON A MORTGAGE, 90% INTEREST 90%...
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| 00:59:32 |
Guest, -
ADVICE? >> Guest: WWW.KIPLINGER.COM OR WWW.IRS.GOV IF YOU WANT ONE OF THOSE FREE FILING PROGRAMS. >> Host: KEVIN McCORMALLY HAS BEEN OUR GUEST. THANK...
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| 00:59:49 |
Host, -
TRA TEE GIC AND INTERNATIONAL STUDIES TALKING ABOUT GAS PRICES AND OIL PRODUCTION. ANTHONY SHADDID WILL JOIN US
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| 00:59:56 |
Guest, -
VIA PHONE TO TALK ABOUT WHAT'S GOING NON-IRAQ WITH THE "WASHINGTON POST" FOREIGN CORRESPONDENT
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| 01:00:01 |
Host, -
AND ALSO TAKE A LOOK AT RWANDA TEN YEARS LATER SA, MAN THAT POWER OF HARVARD'S JFK SCHOOL OF GOVERNMENT WILL BE OUR GUEST. THE "WASHINGTON JOURNAL"...
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.