Taxes 2008 Thread

Question

Just downloaded Tax Act and am getting started, if anyone has tax questions or comments I am sure a few of us might give some insight or the usual complaints about how much we are paying.

Good luck filing taxes this year everyone.

wallstreetcappers · Answer

Just downloaded Tax Act and am getting started, if anyone has tax questions or comments I am sure a few of us might give some insight or the usual complaints about how much we are paying.

Good luck filing taxes this year everyone.

george2 · Answer

just found out that the government stimulus we got last summer will be deducted from our tax refund this year. i am now extremely pissed. government are a bunch of crooks. i want to drive to boston and dump them in the harbor

wallstreetcappers · Answer

Yep...The money given was an advance on our tax refunds, that was information told but people didnt want to listen.

Vermeer · Answer

A few numbers to chew on...Even considering that government statistics are notoriously unreliable&#xD;&#xA;and tend to err on the side of special interests, it&#x27;s worth&#xD;&#xA;considering what kind of bang for the buck the Obama plan, taken at&#xD;&#xA;face value, would deliver. If the plan creates the maximum number of&#xD;&#xA;jobs forecast (4.1 million) for the minimum projected expense ($770&#xD;&#xA;billion is the most widely bruited amount), then the cost of the plan&#xD;&#xA;will be roughly $187,800 per job created. If the plan is minimally&#xD;&#xA;successful, then the sum of $1 trillion dollars being proposed by&#xD;&#xA;Democrats in Congress will yield a mere 3.3 million jobs, or a cost per&#xD;&#xA;new job of $303,000.

Vermeer · Answer

I have read conflicting things Wall..what is the deal...

I k now they are not taxable.But the question of deduction from the return is unclear to me. One response:

The tax rebates are not taxable and will not be credited against your 2008 return - unlike the 2001 rebates which were credited against the 2002 returns. There was some initial confusion about this - even CNN reported it differently, but that has since been cleared up.

Second response:

In reality the stimulus payment is a credit on the 2008 tax return. Therefore if someone did not receive any/all of the stimulus payment that is allowable on the 2008 tax return they get the difference on the return. For example if a single taxpayer only received $400 stimulus payment, since that was the amount computed from the 2007 tax return, but is entitled to a larger amount on the 2008 he/she will receive in the computation the difference. Therefore to that extent, the stimulus payment received is deducted from their refund on the 2008 tax return. If a person goes to the irs.gov website and then puts in the search box 2009 1040 draft. You will get the complete 1040 draft forms including the worksheet for the computation of the stimulus payment to determine if more stimulus payment is entitled to the taxpayer.

wallstreetcappers · Answer

I thought it was a tax credit or something..thats how it was labeled at the time..so it doesnt shock me at all, I remember them saying it.

popinjay · Answer

haha seriously? wow.  i&#x27;ve been getting mail from all over the place last two weeks from all this income i didnt even know i had... what a joke

sasquatches1 · Answer

so, to clarify, if I didn&#x27;t receive a stimulus check, it will go as a credit towards taxes owed?

wallstreetcappers · Answer

I think it is a default, you MIGHT have to deselect the option.Interesting question though.popin, you getting anything related to Forex for tax purposes?

VirginiaHoldem2 · Answer

I owe money this year. I am now trolling around for extra deductions but I think I am out of ideas.

Question (yes I am an accountant but not a tax guy):

1) Can I make a charitable contribution during 2009 before April 15, 2009 but have it relate to 2008?
2) Any tax savings plans (IRA, etc) that I can contribute to before April 15, 2009 that helps me reduce my taxable base.

I owe a couple grand and I am used to getting money back

I realize it is all relative . . . my wife and I are not getting enough taken out at work but i'd prefer to not pay anything. I think I am done though.

wallstreetcappers · Answer

VH2,You can make a deductible IRA contribution if you qualify income wise, meaning there are phaseouts especially if you participate to a 401k.It is my understanding that charitable contributions have to be made before the end of the year, thats how I have always remembered it.

THEMUGG · Answer

This is fucked up somehow. I knew this was supposed to happen, but when I google the subject i get mixed answers. When I check irs.gov I get no answer either. When I check page 6 of the 1040 booklet, it says the stimulus payment is not taxable but reduces your recovery rebate credit. So WTF? How do you claim it? Or does the irs just deduct it from your refund (if you have one coming)?

Sherman79 · Answer

I do my own taxes and this is the first year for doing anything with stocks and dividends. I use Sharebuilder and got my Tax Statement and all that is on there is like $19 in dividends which i reported in the dividend section. My question is how do i report my profit/loss? There is nothing stating my profit/loss for the buying and selling of individual stocks. Do i have to manually enter each transaction onto my tax form? If so, when reporting the buying of the stock, do i include the sharebuilder fee? Likewise with the sale of the stock?

It also asks the date i bought the stock and the day i disposed of the stock. How do i do it if i bought some shares on a certain day and then added some shares a week later and then sold them all together a month later?

This is the way im understanding that i have to do and this is going to be a pain in the ass. Im a small trader and couldnt imagine what the big daytrader has to do.

wallstreetcappers · Answer

You have to itemize each buy and sell, the most important aspect is that the SALE has to occur this year, so if you bot something last year and sold it this year, you report this tax year. The inverse is true, if you bot something in 2008 but didnt sell, you report nothing.

Ask questions if you need more help.

Most programs will guide you about multiple purchases, it isnt too tough once you do the first transaction.

SteelBucFan · Answer

Wondering the same thing as Sherman ..Do you include the fee`s paid ($9.99) for each trade..

wallstreetcappers · Answer

Yes..Keep in mind, what matters is the SALE transaction..if you bot in 2001 and sold in 2008, it is a 2008 transaction. If you bot in 2008 and havent sold, it isnt a 2008 transaction. The buy only matters if you sold in 2008.

Sherman79 · Answer

thanks for your info Wallstreet. I found an easy printout of all my transactions.

SteelHop · Answer

[Quote: Originally Posted by SteelBucFan] &#xD;&#xA;Wondering the same thing as Sherman ..Do you include the fee`s paid ($9.99) for each trade..&#xD;&#xA;[/Quote]&#xD;&#xA;You usually have to generate a pretty big fee to get a deduction on that b/c, IIRC (and I haven&#x27;t done my taxes yet to remember so don&#x27;t quote me on it) you take the fees you generated on the transactions as a precent of your AGI - I think if the fees equal 2.5% or higher is when you can deduct you sale&#x27;s fee.  But I would check to make sure.

wallstreetcappers · Answer

[Quote: Originally Posted by SteelHop]  &#xD;&#xA;You usually have to generate a pretty big fee to get a deduction on that b/c, IIRC (and I haven&#x27;t done my taxes yet to remember so don&#x27;t quote me on it) you take the fees you generated on the transactions as a precent of your AGI - I think if the fees equal 2.5% or higher is when you can deduct you sale&#x27;s fee.  But I would check to make sure.  [/Quote]Actually you include the commish on the buy and sale to increase the purchase price and decrease the proceeds, thats how you do it and it is what the IRS accepts and follows.Add commish on the purchase, subtract the commish from the proceeds on a sale.

SteelHop · Answer

&#xD;&#xA;Wall,&#xD;&#xA;Thanx.  I don&#x27;t do enough trading so that makes sense.

Taxes 2008 Thread

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