head of house hold on tax - Chicagoland Sportbikes
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post #1 of 20 (permalink) Old 02-05-2009, 09:33 AM Thread Starter
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head of house hold on tax

i never claimed head of house hold before (single no depens) and my boss is like "do it do it" well i tried on turbo tax and it flagged me. so should i still do it, if i do it doubles my return. also you can go back a few years right to change things right ?

i want to drink, but only to kill a certain few brain cells and i don't care how many i have to take out to get to them.
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post #2 of 20 (permalink) Old 02-05-2009, 09:36 AM
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ya what is the head of household thing? I've been wondering about that, also what is a homestead exemption?




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post #3 of 20 (permalink) Old 02-05-2009, 09:48 AM
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joining thread to learn.




Teach me the chicagoan's way to taxes.




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post #4 of 20 (permalink) Old 02-05-2009, 10:02 AM
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Look up the internal revenue code section. My fiance is an accountant and I asked her if she could claim head of household. She looked into it and said that there is much more to it to be able to claim me.
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post #5 of 20 (permalink) Old 02-05-2009, 10:12 AM Thread Starter
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claim you? i don't have anyone to claim other than myself and i rent

i want to drink, but only to kill a certain few brain cells and i don't care how many i have to take out to get to them.
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post #6 of 20 (permalink) Old 02-05-2009, 10:14 AM
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Yes, you can go back 3 years to amend your returns. You would need to file a 1040x. To claim HOH you must be unmarried, paid for at least 1/2 the cost of your home for the year, and your home must also be the main home for you and a qualifying child or relative (dependent).

Edit: No, you cannot claim HOH status.
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post #7 of 20 (permalink) Old 02-05-2009, 10:16 AM Thread Starter
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i also read the instructions and it says in a nut shell you need to claim someone, but you could be helping out a family member or anyone for a short time and something. i want to know will i for sure get audited for this or is this something that i can do?

i want to drink, but only to kill a certain few brain cells and i don't care how many i have to take out to get to them.
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post #8 of 20 (permalink) Old 02-05-2009, 10:20 AM
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Helping out a family member for "a short time" does not qualify you to claim them as a dependent. This is not something I would recommend doing. While the chances of getting audited are slim to begin with, I would imagine its a red flag when someone claims HOH and has no dependents.
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post #9 of 20 (permalink) Old 02-05-2009, 10:21 AM
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Originally Posted by bio-nuke View Post
i also read the instructions and it says in a nut shell you need to claim someone, but you could be helping out a family member or anyone for a short time and something. i want to know will i for sure get audited for this or is this something that i can do?
If you are helping out a family member, depending on by how much money (over the 'gift' amount?), you could also trigger THEM to get in hot water by not claiming your financial assistance to them... Say if you paid off someone's $25,000 debt... and you tried this...

1) you did not pay gift tax since it's over the allowable amount per year
2) they did not claim it as income because debt relief by another party can be considered 'income' to the recipient.
3) Anything out of the 'norm' by nature increases your chances for an audit.

Just figure the taxes properly and pay them... that's always the easiest thing to do.

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post #10 of 20 (permalink) Old 02-05-2009, 10:28 AM
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Yes there are specific rules to claim that status, but if you limit it to a personal/standard deduction and THEY DON'T CLAIM THAT ON THEIR TAXES ALSO you should be fine. If you are doubling up on deductions you will have problems.

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post #11 of 20 (permalink) Old 02-05-2009, 10:30 AM
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arch, I'm gonna need a more in depth example. please pay off 25000 of my debts and we can go through this step by step.




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post #12 of 20 (permalink) Old 02-05-2009, 10:33 AM
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arch, I'm gonna need a more in depth example. please pay off 25000 of my debts and we can go through this step by step.
How about the example where you don't claim the $25K as income... then you can see the process of how they start with seemingly benign snail mail notification for an amount due.




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post #13 of 20 (permalink) Old 02-05-2009, 10:45 AM Thread Starter
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Quote:
Originally Posted by Chicago Performance View Post
Yes there are specific rules to claim that status, but if you limit it to a personal/standard deduction and THEY DON'T CLAIM THAT ON THEIR TAXES ALSO you should be fine. If you are doubling up on deductions you will have problems.
you had me then lost me

all i planed on doing was checking the HOH in filling status
and using the $8k standard deduction instead of the $5K if i was single
thats all
and with doing that my return is double . is that what your saying is ok?

i want to drink, but only to kill a certain few brain cells and i don't care how many i have to take out to get to them.
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post #14 of 20 (permalink) Old 02-05-2009, 10:47 AM
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This is not ok. Check the single box.
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post #15 of 20 (permalink) Old 02-05-2009, 10:57 AM
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http://www.irs.gov/pub/irs-pdf/p501.pdf

Page 7

You have to meet all 3 criteria:

1) Unmarried as of the last day of the tax year (check!)
2) You paid more than half the cost of keeping up a home for the year (probably check!)
3) A "qualifying person" lived with you in the home for more than half the year. If the "qualifying person" is your dependent parent, then they don't have to live with you.

(BZZZZZZZZZZZZ!)

You: "i don't have anyone to claim other than myself and i rent"

Single it is.

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post #16 of 20 (permalink) Old 02-05-2009, 10:59 AM
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Quote:
Originally Posted by bio-nuke View Post
you had me then lost me

all i planed on doing was checking the HOH in filling status
and using the $8k standard deduction instead of the $5K if i was single
thats all
and with doing that my return is double . is that what your saying is ok?
There are rules for being able to claim that status. Turbo Tax should run through those with you. If you are supporting someone legitimately then there is a chance you qualify, but the person you are claiming must not be claiming a deduction as well as if they are supporting themselves.

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post #17 of 20 (permalink) Old 02-05-2009, 11:02 AM
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Missed the part about you having no dependents. That is what that is all about. If you are not supporting anybody then you cannot claim HOH. You are only head of yourself. Basically all that means is that you would be stealing the dependent's exemptions. You have no dependents. Check the single box. Collect $200, pass go, stay out of jail.

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post #18 of 20 (permalink) Old 02-05-2009, 11:11 AM Thread Starter
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ok fine man that would of been sweet

jackass boss man trying to jail my ass mutha fucka

thanks for the insight

thread closed

i want to drink, but only to kill a certain few brain cells and i don't care how many i have to take out to get to them.
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post #19 of 20 (permalink) Old 02-05-2009, 11:14 AM
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Appearantly not paying your taxs is becoming a prereq to work for him LOL




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post #20 of 20 (permalink) Old 02-05-2009, 12:03 PM
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