Posts Tagged ‘hsa’
Deductible Credit
March 7th, 2008
Question: Can A Dependent Claim Tax Deductible Interest on Their Return?
I turned 23 in September of 2008. After graduating college I moved out of my parents house in November. They are claiming me as a dependent because I lived at home, but they’ve told me they get to claim my Tax Deductible Interest on student loan payments that I made because I’m a dependent.
I have over $700 in tax deductible interest, and it doesn’t make sense that I paid the bills and they get the tax credit? Can someone explain how this works?
Answer: If it is your loan, you get to deduct the interest. If it is their loan, they get to deduct the interest. It is simple – just look at whose name and SSN is on the 1098-E.
They might be thinking about the education credits (hope and lifetime learning). That is how they work: whoever gets the exemption for the student also gets the credit. The student loan interest does not work like that.
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United Way of St. Francois County sets record in holiday campaign
The United Way of St. Francois County is celebrating a record year at its Wishing Wells. Donations to the holiday bell-ringing campaign were up 30 percent.
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Tax Deductible Mutual Funds
March 6th, 2008
Question: Expense ratio in mutual funds tax deductible?
In a taxable personal account can you deduct the funds annual management expenses (the .5%,12b,etc..) as an expense against your gains? Like brokerage fee’s on stocks.
Answer: “Enter the total amount you paid to produce or collect taxable income…..” on line 23 of schedule A. “Examples of expenses to include on line 23 are……your share of investment expenses of a regulated investment company.”
Miscellaneous Itemized Deductions exceeding 2% of your AGI (line 38 form 1040) are deductible. See 1040 schedule A and the instructions.
Your brokerage fees should not reduce your 1099s. If that was what the IRS intended then you would be able to deduct them directly from your income on page 1 of the 1040 or from schedule B income, for example.
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6 End Of Year Tax Tips For A Bigger Refund In 2010
I know the last thing most people want to think about this holiday week is their taxes. But if you’re like me, and want the biggest refund possible next April, now is the time to make some year end tax moves that could mean more cash at tax time.
Personal Financial Planning Tips : How to Select a Good Mutual Fund