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More Tax Questions with the IRS
More Tax Questions with the IRS

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AIR DATE: March 18, 2011

In about a month tax returns for millions of Americans are due. There are new tax credits to claim and some new home owners are still eligible to qualify for the wildly popular first time home buyers tax credit. This year the IRS is also changing the rules with how registered domestic partners need to file federal taxes.
 
We talk with a representative from the IRS who will take your questions or comments on filing your 2010 tax return. We'll also talk with an attorney from a local law firm that's reaching out to registered domestic partners for help with tax questions.
 
GUESTS
Jim Davis, attorney, Kunin and Carman
Raphael Tulino, Spokesman, Southern California and Nevada, IRS
 
 
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    COMMENTS:
    Unfortunately my cell phone disconnected just as your guest began to respond to my on air statements. With over thirty years of income tax preparation experience we have dealt with these types of situations since we began e-filing our clients returns in 1994. Just because the father claimed the exemption for a child that he does not have a right to claim does NOT mean that the mother is SOL (stuck out of luck.) She can claim her legitimate dependents on a paper return. The father will need to amend his return to remove the unwarranted exemption.
    JD (Joe) Irlanda, CFP(TM)Mar 17, 2011 10:07:47 AM
    I received a rework with the making home affordable campaign. It was just a lowering of the interest rate not a refinance. I received a 1098 for about $4000 in interest paid. I paid far more than that over the year. Should I get two 1098's? If the bank has made an error, should I file and then file an amended return?
    Sharon TutorMar 17, 2011 09:51:17 AM
    my partner and I both had to travel to find work in another state. How does perdiem rates work and travel expenses We both have our own homes but reside at one and rent the other
    DeniseMar 17, 2011 09:48:46 AM
    Our son turned 24 in 2010. He is a full time student and had an income of less than $2000. He lives in our house and we financially support him. Q1: Does he need to file federal income tax. Q2: Can we still declare him as a dependent?
    Joe KaffeMar 17, 2011 09:40:17 AM
    Yes you may claim him. He is not required to file but may want to if there is any withhold he will get a refund for the amount of federal withholding (if any) in box 2 of his w2.
    JD (Joe) Irlanda, CFP(TM)Mar 17, 2011 10:02:56 AM
    I am a registered medical marijuana patient with the state of Nevada. Can I deduct donations made to non-profit marijuana co-ops?
    JoeMar 17, 2011 09:30:56 AM
    It's my understanding that long-term disability insurance is non-taxable if it is purchased with after-taxes money; taxable if it is purchased with pre-tax money. A question about sale of a primary residence. Why are we liable for capital gains in the sale of a primary residence, but cannot deduct capital losses in this crazy housing market? It is my understanding that only investment properties losses are deductible.
    MikeMar 17, 2011 09:28:47 AM
    We are now registered domestic partners. In the past, we filed separately and electronically; one of us took all the deductions, and the other took the standard deduction. Now, with the new regs from IRS 555, our taxes will cost $1000 more, and we have to file a paper return (so the disparity between our W-2 and claimed wages won't trigger an automatic rejection/audit). With regard to the higher taxes--the federal government doesn't flinch when creating a financial burden for us, but doesn't give us any federal benefits or protections in return. Should be grounds for a class action suit.
    MikeMar 17, 2011 09:19:43 AM
    Same sex couples are prohibited from marrying. We get no benefits from society for being a couple: we can't get married, we can't get pension or social security survivor's benefits, we can't insure our partners on our health insurance, and I could go on and on about the benefits denied us, but now we are to be taxed as a couple? That's outrageous!
    Barbara AllenMar 17, 2011 09:18:11 AM
    My spouse recently passed away. I tried to efile and it bounced back. Does being deceased put a "red flag" on my return causing me to have to file it manually? Why is that? It is hard enough to be in this situation without the IRS causing me more grief! What do I need to know for my situation?
    KrisMar 17, 2011 09:08:51 AM
    My CPA didn't have an answer for me.
    KrisMar 17, 2011 09:10:58 AM
    Just a thought, this isn't a tax so much, but what if we changed the penalties for vehicular violations. I believe this is something done in Germany. Instead of being a specific dollar amount, they can be a percentage of your income. Someone driving a Lamborghini, or who is a millionaire, will not be overly concerned with a ticket of $275, but for someone for whom that is 33% of their weekly pay it is a deterrent. But someone making $1000000 per year, maybe $6000 will be a dent. And NOT something that you can write off as a business expense. Speeding ticket .006% of your yearly income. I had heard somewhere that that is the structure in Germany. Might even deter some speeders.
    ChrisMar 16, 2011 21:47:19 PM
    The most logical way to gain additional revenue is to do what most if not all of the other states do, i.e. tax out of state corporations, Citi-Bank, Walmart, Target, etc., etc., etc., who pay NO business taxes at this time. Companies won't come to Las Vegas because of our inadequate services. Give them the opportunity to pay their fair share and we'll have a much better, fairer tax base and it will immensely assist in putting our financial structure on a stable basis without trying to get blood from a turnip, which taxing the lower income people does. Those efforts won't work and will only cause more problems.
    renee ramptonMar 16, 2011 11:10:03 AM
    Personally - I have a super fantastic business project and no one to present it to! : ( A serious revenue generator in multiple directions. I've tried reaching MGM CEO Jim Murren and the retail/entertainment dept.'s but can't get past the secretaries. Maybe the people on top could make an attempt to reach people on bottom for our super fantastic ideas?
    Robin HeadMar 16, 2011 10:25:16 AM
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