Son of a.... (tax thread)

I'm getting a huge refund this year, more than $3,000 after paying about $600 last year, but I need to enjoy it because I'm sure it will never happen again. I got married and my wife had tuition bill of about $40,000. She was also in a fairly serious car accident, which wasn't her fault. A few grand in medical bills wound up as another big tax break, plus we should eventually get a settlement that will more than cover the hospital bills.

Next year we'll (hopefully) have no hospital bills and we should both be making decent salaries. I'm fully expecting to bend over for Uncle Sam this time next year.

 

Home ownership is a very beautiful thing, but I am going to get hammered because I sold my home to move across the country. I only owned it for 8 months, so I am going to get a Capital Gains hit. I am itemizing and get to write my entire move off, since it was for work, but I will still end up owing for the first time.

 

Just be glad you have capital gains after only 8 months. And be sure to discount every expense related to the home sale you can think of - improvements, commissions, etc.

 

Simple. Don't. Check. The. Box.

If the IRS calls, sic 'em on your parents.

That will be $79.95 please.

 

I was thinking the cutoff for untaxed income was $700, meaning anything under that amount you don't have to report. Maybe I'm wrong, but I thought I remembered that figure from doing my taxes.

 

I think it's $600.

 

The figure is somewhere around there. For some reason, $600 sticks in my mind.

 

How old are you Mert? You should not be claimed by others anymore if you're the age I think you are. They're not supposed to be able to claim you anymore.

I'm getting 1200 back this year in total, approx. Good thing I'm getting married in June so I'm going to get fucked next year.

 

Yeah, checked with the father today. For some reason I thought he had made payments on a loan he took out to help me with school, and that made me a dependent, but I was wrong.

Oh, and as for the freelancing income, I'm gonna just "forget" that happened. It's under 600 anyway, so I don't think it is supposed to be taxable. And I will cut the first person who tries to tell me different.

 

A caveat on freelancing income: I'm pretty sure that's $600 per client, and that they have to don't file a 1099 on you unless they pay you more than $600. I waited one year to file until the last minute because I was waiting on a 1099, and when I called the publication, they told me there wasn't going to be one because I didn't make $600 with them.

 

And if you didn't know, for the last year of school that you weren't a dependent (mine was my senior year), you can get a tax break for the tuition you paid. I got more than $1,000 from federal alone last year because of that tax break, and I have stock and mutual fund dividends to claim every year.