FAQs

Tax Questions...

I received an email from a coworker stating that my health insurance benefits at work are going to be taxed now! Is this true?
I converted my traditional IRA to a Roth IRA in 2010, but both you and my financial planner told me I didn't have to pay the taxes right away, so I didn't. Remind me again - when do I have to pay those taxes?
What is the difference between an ordinary dividend and a qualified dividend?
I need my refund quickly this year, but I haven't received my W2 form yet. But my brother-in-law told me that tax preparers can still file my return by taking information from my last paystub - is that correct?
Over the past few years, I have been able to deduct my state sales tax as an itemized deduction because it generally exceeds my state income tax, but I read somewhere that I won't be able to do that anymore. Is this true?
When must I stop claiming my child as a dependent?
My nephew told me about a new law that requires me to file my 2011 tax return electronically! Is that true?
I keep hearing stuff about the alternative minimum tax - what exactly is that and what's all the fuss about?
I owe Uncle Sam some money, but one of my friends told me I can't erase this debt by filing for Chapter 7 bankrupcy. Is that true?
I'm sick of working and want to retire. My 401(k) is pretty fat, and I'd like to live off that for awhile, but I'm not 59.5 yet and it just kills me to think I'll have to pay a 10% early withdrawal penalty. Is there any way around that?
I love having our tax refund deposited directly into our bank account, but is there a way to split the refund between our checking and our savings accounts?
How can I get a copy of a previously filed federal tax return?
Should I file my return electronically?
When should I expect my refund?
What is the difference between a deduction and a credit?
Is there a "standard and acceptable" amount of charitable contributions I can deduct?
What is the current standard mileage deduction?

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