WAVY.com Tax Tuesday - 1/31/12

12:06

WAVY Web Desk: Jane:
Welcome to 10 On Your Side's first live tax chat of 2012. Thanks for joining us. Our Jackson Hewitt tax expert will get things going at 12:30pm. So, get your questions ready.
12:36

Jackson Hewitt Tax Man:
let's do this thing!
12:38

Jackson Hewitt Tax Man:
Jackson Hewitt is How You Do It! We have Refund Anticipation Loans ... you can get $1500 in as little as one day!
12:40

Comment From Thurman
What is the one thing that tax payer should be aware of when filing for 2011?
12:41

Jackson Hewitt Tax Man:
One single thing? Can you be a bit more specific? The tax codes are amazingly complicated, and you probably should be aware of the fact that you really shouldn't file your own taxes! The Director of the Internal Revenue Service uses a tax professional!
12:43

Comment From Thurman
Rental incomes and expenses
12:43

Jackson Hewitt Tax Man:
You must include all of your income and all of your expenses when you file
12:43

Comment From Jennifer
If I sold my house in 2011 and reinvested all the money except 50,000 into my next house do I have to pay taxes on the 50,000? What if I give it to my daughter?
12:44

Jackson Hewitt Tax Man:
Jennifer ... you must pay taxes on the $50,000 ... AND so must your daughter!
12:44

Comment From Guest
When my husband filled out the tax paperwork for his job, the federal tax status is 6. What does that mean?
12:45


Jackson Hewitt Tax Man:
Guest: please be more specific ... Tax Status 6? in what regard?
12:45

Comment From confused
I have a home equity line which I took out to do home improvements. I never received an interest tax form from the bank. I should have received one, correct?
12:46

Jackson Hewitt Tax Man:
Confused: yes you should have received a form 1098 ... but it's very possible that your bank hasn't released it yet ... I just received my own yesterday in the mail
12:47

Comment From Lauren
I received a form from department of taxation and it says it takes the place of federal forms 1099-G and 1099-INT and in box 1. Says income tax refunds, credits or offsets and has an amount of $1327.00. What exactly do I do with this and does it mean I owe this amount? It says it's from taxable year 2010.
12:47

Jackson Hewitt Tax Man:
Lauren: that sounds like your State Income Tax Refund from last year, which you must declare on your Federal return for this year, if you itemize
12:48

Comment From Guest
On his paystub, it says EXEMPTIONS/ALLOWANCES
12:48

Jackson Hewitt Tax Man:
Guest: that sounds like he is claiming 6 exemptions ... 1 for himself, 1 for you, and 1 each for 4 dependents
12:49

Comment From Brittany
i was a full time student for 1 semester in 2011. it cost me 3,300 in loans. {well, 800 of that was a grant} do i claim the other amount as a deduction?
12:50

Jackson Hewitt Tax Man:
Brittany: you can claim the amount that you PAID out of pocket ... the loans don't count unless you're repaying them now, and you must deduct the amount of grants from the amount paid
12:51

Comment From Jennifer
What is the limit on how much you can give someone without being taxed?
12:52

Jackson Hewitt Tax Man:
Jennifer: $10,000 is the ceiling on non-taxed gifts
12:52

Comment From christie
I saw that it says some taxes are delayed. Is there about any clue as to how long or how to find out if mine is one of them?
12:53

Jackson Hewitt Tax Man:
Christie ... my best suggestion is for you to go on-line to the IRS "Where's My Refund" website ...
12:53

Comment From student
i was a full time student for 1 semester in 2011, i had 2,500 in loans and 800 in grants. can i use this on my taxes
12:54

Jackson Hewitt Tax Man:
Student: You may be able to qualify for the Hope Credit or the American Opportunities Credit ... based upon other expenses ... but you can only claim your out-of-pocket expenses
12:54

Comment From Guest
Does claiming 6 mean you end up owing?
12:56

Jackson Hewitt Tax Man:
Guest: impossible to answer without knowing your specific total tax situation ... if you don't have four dependents, then the odds are that you've under-withheld during the year, and you could well wind up owing AND being penalized for under-withholding!
12:56

Comment From rose
can you deduct health ins ?
12:57

Jackson Hewitt Tax Man:
Rose: If you are itemizing, then Health Insurance is deductible as a medical expense ... but you still have to reach the pre-determined cap for medical expenses before any of them become deductible
12:58


Comment From Katelyn
I filed last tuesday with H & R Block and they said my refund should be here by tomorrow...do you think I'll be waiting long?
12:58

Jackson Hewitt Tax Man:
Katelyn: I truly cannot address any issues that you might have with Block ...
12:58

Comment From concerned
husband passed away last year... I have all of his w2 i do have to file them right ?
12:59

Jackson Hewitt Tax Man:
Concerned: sorry for your loss ... and yes, you do need to file a final tax return for your husband
12:59

Comment From mortgage taxes
My mortgage loan