Compared to the 1040EZ Form, this form sucks. Why do they make it so complicated? I'm talking about how the NC tax return form is like 4 pages whereas the federal return is .... 15 lines.

Anyways, I'm barely getting a return. Lunch money basically -- w00t.

1/29/2006 1:19:15 AM

hire my mom.

1/29/2006 1:26:16 AM

I'm guessing you're doing it yourself...Do you or anyone have any idea what HR Block, Jackson Hewitt, or any of those other places cost to do it? I want someone different to do it because I was told to save every school related expense receipt (clothes, shoes, books,...) because students could claim it on last years taxes. I'm just afraid who we have doing it now may not be all that knowing about that.

1/29/2006 1:31:33 AM

It's messed up that we have to grovel for our money back from the government.

1/29/2006 1:35:45 AM

I think like HRBlock was $150 or something, and I have all my book receipts, but my total gross income was about $800 over the cap for the Earned Income Tax Credit, which sucks. i always wonder about all those things i can claim and like all the "loopholes" that i don't know i don't know about..so who knows.

1/29/2006 1:59:35 AM

I don't think there is any tax writeoff for cost of living items while in school. At the very least you would have to deduct and most college students don't have enough deductions.

Most of the loopholes involve investments and sheltering large sums of money. Not many (if any) loopholes for the middle class.

[Edited on January 29, 2006 at 10:15 AM. Reason : ?]

1/29/2006 10:13:49 AM

seriously, G. i always get back more money from STATE TAXES than I do federal.

1/29/2006 11:42:54 AM

really, how does that work? I always get back $1000+ federal and like $20 from state.

1/29/2006 1:38:25 PM

The tax claiming stuffI was told about was only for college students for the year 2005. So it's like a one time thing as far as I know.

1/29/2006 1:44:02 PM

Got any links?

The only thing I can think of is your using money from a Coverdell/529 to pay for college expenses?


[Edited on January 29, 2006 at 3:25 PM. Reason : ?]

1/29/2006 3:20:12 PM

let this turn into the tax thread. i got a tax document from ncsu this week, it's like a 1098 form. if you use the 1040EZ form, you can't do any deductions...so do I need to upgrade to the 1040 and wade through everything?

1/29/2006 3:44:04 PM

No, you need to do the 1040a which includes the education credits and adjustments, but not the itemized deductions.

I would recommend using H&R Blocks website to file your federal taxes, it's free and easy. You can also use their site to figure your state taxes. The forms are pretty simple, and you can use the results from H&R Block to check your results.

[Edited on January 29, 2006 at 4:58 PM. Reason : ?]

1/29/2006 4:56:55 PM

e

[Edited on January 30, 2006 at 2:46 AM. Reason : ez]

1/30/2006 2:43:44 AM

I'm using H&R block premium to do my state taxes and the amount it comes up with is a bit off from my calculations.

their state program is ~$42 less than what i've calculated.

wierd.

[Edited on January 30, 2006 at 4:28 AM. Reason : but i recheck my math and i'm right, i have to be.]

1/30/2006 4:28:20 AM

Quote :

"would recommend using H&R Blocks website to file your federal taxes, it's free and easy. You can also use their site to figure your state taxes. The forms are pretty simple, and you can use the results from H&R Block to check your results."

Yeah, I've used the HR Block free software the last couple of years which has worked out well for me. You can claim a deduction on your student loan interest payments. I believe that's what's on the 1098. I think you can write off some tuition expenses too.

1/30/2006 4:37:12 AM

Student Loan Interest - 1098-E
Qualified Tuition and Fees - 1098-T

1/30/2006 7:47:12 AM

Two questions:

1) I thought they did away with the NC 1040EZ form? If not, I'm a happy person.

2) B/c of #1, I got I think a 1040a form last year and had trouble with it b/c it asked for the last five years in tax info/returns (can't remember specifics, and too lazy to look it up), or that's what my husband and I thought it was asking for, maybe we were reading incorrectly. I really don't keep my tax info for that long, or if I do it's lost somewhere at my parent's or in my storage shed. Can anyone explain if this is really what the form asked for?

1/30/2006 9:20:10 AM

God how i love being a resident of Florida and no longer having to file income tax with the Peoples Republic of North Carolina. No state income taxes is awesome.

1/30/2006 9:54:12 AM

Quote :

"1) I thought they did away with the NC 1040EZ form? If not, I'm a happy person."

They must have. I haven't see any reference to it this year.

Quote :

"2) B/c of #1, I got I think a 1040a form last year and had trouble with it b/c it asked for the last five years in tax info/returns (can't remember specifics, and too lazy to look it up), or that's what my husband and I thought it was asking for, maybe we were reading incorrectly. I really don't keep my tax info for that long, or if I do it's lost somewhere at my parent's or in my storage shed. Can anyone explain if this is really what the form asked for?"

Sounds like an audit, lol. I've never filled out the 1040a by hand, I always use a website. But the website didn't ask me anything about previous years. My guess is maybe you are calculating whether you have to do the AMT? BTW, it's really important that you keep your tax records.

1/30/2006 2:15:00 PM

Quote :

"It's messed up that we have to grovel for our money back from the government."

Ok, I'll be the jerk. You make an income... you have to pay taxes. All of this trying to write off every dime of your expenditures even though they aren't really that legit isn't so much groveling to get money back as it is trying to scam the government to get out of paying your fair share.

Quote :

"I got I think a 1040a form last year and had trouble with it b/c it asked for the last five years in tax info/returns"

I think it only asks for information from the previous year.

1/31/2006 7:36:42 AM

Quote :

"Sounds like an audit, lol. I've never filled out the 1040a by hand, I always use a website. But the website didn't ask me anything about previous years. My guess is maybe you are calculating whether you have to do the AMT? BTW, it's really important that you keep your tax records."

Thanks, I guess I had the wrong form. This time around I'll be more certain. I do have the last two years on file, just not five years. How long is recommended to keep them, 5-7 yrs?

1/31/2006 1:17:15 PM

because state's rights rule

1/31/2006 1:22:25 PM

Quote :

"The tax claiming stuffI was told about was only for college students for the year 2005. So it's like a one time thing as far as I know. "

For those of you who pay college expenses, i.e., tuition and books there are three things you can do with your income taxes.

1.Hope Credit. Generally you must be a freshman or sophmore to take this and have qualified expenses.
2. Lifetime Learning Credit. You can take this any year your are in school or if you are going back to school. You must alsohave qualified expenses.
3. Education Expense Deduction. This deduction is taken off on a 1040 (not 1040ez or 1040a) in the adjustments section.

These credits and deductions have been around for some time and will stay a round. This is not a one year thing.

If anyone is considering going to H&R Block or Jackson Hewitt I would strongly discourage you. These places are losing major marketshare for many reasons. Your first consideration should be Liberty Tax Service, where students get deals, or a mom and pop type place.

1/31/2006 6:15:51 PM

Quote :

"Ok, I'll be the jerk. You make an income... you have to pay taxes. All of this trying to write off every dime of your expenditures even though they aren't really that legit isn't so much groveling to get money back as it is trying to scam the government to get out of paying your fair share."

Right, but when the gov. continues to overtax you year after year you have a reason to be pissed. That money could be making money for me by sitting in my 401k or I could be enjoying it as spendable income. I've never had a year where I didn't get a return and I don't even itemize. They should know to the fucking dollar how much tax to take out, but mysteriously both the state and fed. seem to grossly overestimate how much of my money they're fucking entitled to. Fuck the government. Give me my god damned money back!

1/31/2006 7:28:04 PM

Last time I checked you fill out the W-4s and the NC-4s not the goverment. If your employer is withholding too much income tax then increase your exemptions.

1/31/2006 7:33:58 PM

^^Yeah. Here is the real kicker. At the end of the year if you owe them more than some dollar amount that they set ($1000 IIRC) they charge you a penalty and interest. I can only assume that this penalty exists because they could have been earning interest off the money you didn't pay them during the course of the year. I'm also pretty sure that the penalty and interest add up to a percentage that is much higher than the yields from any investment they could have made.

Now what if they owe you more than that amount they set? Do they apply the penalty to themselves because you could have been making interest off of that money? Will they give you extra for shortchanging you throughout the year? No, the best thing to do is to work it out such that you pay a few hundred dollars come tax time each year. That way you are getting the benefit of having your money all year and you still avoid paying the ridiculous penalties.

I'm not sure how medicare and social security work but there is one thing that I was always uneasy with. I pay taxes and end up getting a portion of them back because I overpaid during the course of the year. I over pay because my taxable income ended up being much lower from what they believed it to be. What about ss and medicare? Did I overpay there as well? Should I get some of that back?

I understand that the ss and medicare income is kept separate from "taxable income" so deductions wouldn't apply. I guess the only way to guarantee that they don't overcharge is if they are taking money out based on a flat rate irreguardless of income level. Anyone know how that works?

[Edited on February 1, 2006 at 9:08 AM. Reason : -]

2/1/2006 8:57:30 AM

I agree with the first part about you paying a penalty and them not. That sucks.

The part about SS and Medicare: They are based on your earned income, not how you spend it. You are funding your future benefits from SS and Medicare and it wouldn't make sense that you get to pay less for your benefit because you pay mortgage interest or bought a hybrid car.

2/1/2006 9:55:24 AM

^ Future benefits? What future benefits? SS is going broke long before I retire, and Medicare I doubt will ever pay squat out to me.

Please, I'm paying hard earned money for some politician to have spent crap that should have been in SS but was spent on other shit, and somebody *else's* retirement. And probably some lazy bum's welfare too.

2/1/2006 10:38:28 AM

That's bullcrap. First of all, you are paying for future benefits, whether you actually get them or not. Second of all, if SS or Medicare goes away, it will be with your and 95% of America's consent. The cost may go up and the benefits may go down, but it isn't just going away.

The situation isn't as dire as some like to beleive.

2/1/2006 12:38:34 PM

Quote :

"That's bullcrap. First of all, you are paying for future benefits, whether you actually get them or not."

What? In some imaginary future?

With human-animal hybrids?

2/1/2006 1:02:28 PM

No you retard, like when you buy any service that kicks in in the future. If it goes belly up, you lose, but you were still paying for a future service.

2/1/2006 4:16:16 PM

Quote :

"Now what if they owe you more than that amount they set? Do they apply the penalty to themselves because you could have been making interest off of that money? Will they give you extra for shortchanging you throughout the year? No, the best thing to do is to work it out such that you pay a few hundred dollars come tax time each year. That way you are getting the benefit of having your money all year and you still avoid paying the ridiculous penalties. "

Once again you are (not the government) responsible for W-4 and NC-4s. If you are overpaying throughout the year then you need to adjust your exemptions. Why should the IRS give you penalties and interest when you were the one who overpayed them?

The only things you cannot control on your wages are social security and medicare. Federal and state withholding are completely up to you. If you are frustrated with the way it is being withheld then you should claim exempt from income taxes and make the estimated payments yourself.

2/2/2006 10:43:43 AM

Quote :

" How long is recommended to keep them, 5-7 yrs?"

http://www.irs.gov/pub/irs-pdf/p552.pdf

2/2/2006 12:06:44 PM