Any tax question? Feel free to ask.

( $5287.5-1000-federal withholding)...in that case, i end up with nothing (if not minus)...can you please verify again? Why is 1000 dollars subtracted from 5287??? Just curious...

collegefootballrocks,

The app total tax based on the information provided will be $5,287.5. You get a child tax credit of $1,000 for your daughter. That means now your tax liability is $5287.5- $1,000= $4,287.5
Also deduct the federal witholding from your w2. Let say your federal withholding in w2 is $5000, then you will get ( $4287.5-5000=$712.5) $712.5 as a refund from IRS. If you paid federal withholding less than what you owe, in this case $4,287.5, then you will pay taxes in whatever is difference. For eg your federal withholding was $4000 instead of $5000. You will pay $4,287.5- $4,000= $287.5 to IRS in taxes.

Hope this helps.

I dont know but I normally used to get the refund of about $5000 every year and I do that with tax lawyer here....khai k ho maile kurai bujhina.....

Collegefootballrocks,

What was your federal withholding last year? If you tell me that figure I can tell you estimate taxes for 2015. I did detail explanation which might be confusing for you. I don't see a reason why you needed to go to tax lawyer instead of CPA for filing tax.

tax Services, I hope I am not bothering you a lot....I go to tax lawyer for stuffs like these which i am not aware of...you need to worry less when you have a lawyer....

My federal tax withholding was about 8,800 last year and i got around 5,000 back as a federal and about 500 as a state....

If your federal withholding remain $8,800 in 2015, you will be getting approximately $4512.5 in refund this year from IRS as federal refund.

Hmm...close enough...can we add few more stuffs like vehicle purchase, stationery items purchase, or any purchases made just to get more refund....i was curious....

Again, this would be my last question....I know I am bothering you a lot...

You never want to add the items that is not allowed by IRS to get refund. You can take sales tax for car and unreimbursed job expenses like stationary you mentioned but that doesn't change the refund. There are other retirement options to save taxes and get refund in legal way. If you need any tax service in future, you can email me here which will be directed to my company's email.

Hope I answered your queries. Best of luck.

I will. Thanks Tax Service.

Hi,

Could please tell me if I file tax for this year then How do I take care of my insurance part. I am on OPT and volunteering. So, no income and I don't have insurance since few months. I am not sure Obamacare rules need to be followed by international students or not or we are eligible or not? I tried to get help from school but they don't say anything about Obamacare and how it works if I don't have income. I have heard health insurance is mandatory now other wise one will have to pay money while filing tax (for not having a health insurance).

I am really concerned. Please let me know if you have any suggestions cause I need to file tax for this year, I filed last year as well.

goodtogo,

Please answer few questions before I can answer your question.

1. Did you or will you have any income in 2015?
2. I am assuming you are in US for at least for 4 yrs if you are in OPT. Correct me if I am wrong.
3. Till what month did you have health coverage in 2015?

@tax service,

1) I have not have job this year (2015) and I am not sure I will get one or not. This questions I asked what if I will be volunteering whole year.
2) I am here for more than four years. Does it matter ? I have filed tax 3 times so far.
3) None because my OPT started and it was compulsory because I wasn't taking classes.

please let me know.

Goodtogo,
If your income in 2015 will be less tha $10,000, you don't have to pay penalty for not having insurance.

Hi Tax services,

During the transition from one job to another if there is some gap (1 to 3 months depending on when the benefits from new job kick in) do I have to pay penalty for not having health insurance?

Thanks in advance.

Good man Tax Services. Can a Unrealized Loss in a Brokerage Account be deducted? How about the Brokerage Account Management fees?

Sparty,

There will be a shared responsibility payment from your side.You pay penalty only for the months during which you didn't have health insurance.


Hope this helps.

Tax services, your answers are great and looks like you know what you are doing.. I will definitley contact you for my next tax filing.. do you have a website or a company name?

Mr. D,

Please send me an email here, then I'll send you my company's contact info.


Thank You

Thanks Tax Services

Kalidaibhaisab,

Sorry I missed your question. Unrealized Loss in a Brokerage Account can't be deducted for tax purposes. Brokerage Account Management fees is tax deductible under schedule A of your tax returns. Whether the account Management fees will give tax benefit or not in your case depends on other factors. For single filer the standard deduction is $6,300. If you have other expenses like mortgage interest, property tax, medical expenses along with management fees more than $6,300, it might help you. Else wise it won't be beneficial.

Each expense category is subject to some limitation. For example medical expenses more than 10 % of your AGI i.e income is only deductible.

It might be little complex to understand but depending on your tax situation, management fees may or may not helpful in your tax return.

Hope this helps. Best of luck.