The IRS Deductions Blog

Posts Tagged ‘2010’

Question: Maximum HSA contribution for 8 months of coverage in 2010 ?

I paid monthly premiums on a high deductible HSA insurance plan until August of this year. Normally my maximum contribution would be $6150 for the entire year. Should I simply prorate the maximum amount I can contribute for 2010 based on 8 months of coverage ?

Answer: HSA contribution limits aren’t subject to pro-rating. Even if you establish an HSA for a partial year, you can still make up to the maximum contribution for the tax year. The 2010 annual contribution limits are $6,150 for family coverage. A catch-up contribution is available for taxpayers 55 and older of $1,000.

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Your Health Insurance Deductible – a High Deductible Health

Question: Maine dependent tax help!?

I am doing my maine taxes, i’m in highschool and trying my best to figure this out!
The question is…”If you (or your spouse, if filing Married Filing Jointly) are claimed as a dependent on another person’s return, enter the amount of the standard deduction you claimed on your 2010 federal individual income tax return.”
And I am claimed as a dependent, it does not say where I would find this information.
Does anyone know where I can find this out?
Any help is appreciated!

Answer: Ask your parents (if you live with them), most likely they DID claim you as a dependent.

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Question: Online calculator to optimize 2010 W4 withholdings?

My husband and I get back around $5,000 federal refund every year, and around $1,500 State, even though he already has a high number of exemptions (I have been home since having my baby last year and am only making a small amount doing childcare). Between tithe to church, interest on our condo, property taxes, 401K, insurance and other deductions, 40% of his income is gone before we touch it (another 25% to federal, state, etc. taxes).

I’m hoping to optimize his W4 at the beginning of 2010, so we can have that money on a monthly basis, rather than letting the government earn interest off of our money until they refund it. The IRS has one for the remainder of 2009, but I can’t find one I can use to estimate the right number of exemptions for next year. Does anyone know of a website where I could put in forecast numbers to get an idea of the number of exemptions he should put?

Answer: You can adjust your W-4 any time during the year, so go ahead and use the current IRS calculator. When they update the calculator, re-run the numbers and adjust if needed.

Items on Amazon Right Now for Tax Deduction Calculator 2009:

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10 commandments of retirement planning

To arrive at the promised land of retirement flush with cash, follow these 10 commandments.

IRS-Deductions.org A Tax Deduction Guide To Reduce …

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Time to start thinking about 2010 income tax filings

Many Americans will have to wait up to a month to file their 2010 tax returns this year.

Tax Deduction For Homeowners

Question: Can I deduct 2008 and 2009 property taxes on my 2009 tax Schedule A/B?

Local Tax assessors allow me to physically pay property taxes in the assessed year, or within 2 months of the following year. If I pay two years worth of taxes in the same year (i.e. 2008 taxes in January 2009 and 2009 taxes in December 2009), my deductions would be significantly higher. Note that my standard deduction is very similar to my Itemized Deductions, so there is very little advantage to itemize (unless I can move my property tax payments to increase every-other year’s itemized value).

Answer: Yes, this is a valid way to shift Deductible Expenses from one year to another. The IRS only cares about when you spent the money – not the date it was due to your town or city. You could also do it in reverse – pay 2010’s taxes in December of this year.

And, you can prepay your mortgage a few days early to pick up one more interest payment – just know it will be one less the next year.

You can also do the same with your state income taxes but it is trickier to do as you don’t want to trigger an underpayment penalty with your state. Overwithhold on your state income taxes so you get a bigger deduction, then when you get a refund, recognize the refund in a later year.

You also might want to look at categories such as student loan payments, education expenses, and if you are self-employed, any business expenses you can bunch up or spread out as needed.

Items on Amazon Right Now for Tax Standard Deduction 2009:

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Aquilex Holdings LLC Reports Third Quarter 2010 Financial Results

Aquilex Holdings LLC today announced its financial results for the three and nine months ended September 30, 2010. These results are included in Aquilex’s third quarter Form 10-Q as filed today with the SEC and posted on the Company’s website for which the link is as follows: www.aquilex.com/company/investor-relations.

Tax Tips from the IRS – Standard Deduction for Non-Itemizers