Alex C. 0 Report post Posted March 27, 2007 Anyone an Accountant? I'm working on my federal taxes and feel I'm getting ripped off so I'm looking for a loophole. Basicly the place I worked closed it's doors early last year. We had the option of either cashing out our pension or rolling it over into an IRA. Money was tight so I took the buyout. Now on my tax preperation software I'm taking a 10% penalty for the buyout the same way someone would if they took money out of their 401k early. I didn't see any excpetions where I could avoid the penalty as I'm still in my mid 20s. So is there a way around this without going to jail Quote Share this post Link to post Share on other sites
Guest Report post Posted March 27, 2007 I'm afraid you'll have to pay the penalty and the taxes Alex. Did you check to see if your moving expenses are deductible? Quote Share this post Link to post Share on other sites
Alex C. 0 Report post Posted March 27, 2007 Yeah they are, now I'm trying to figure out why it's saying I don't qualify for the Child Tax Credit. I don't make too much money, and I have two kids under 17. I fall right in to all of the other criteria yet it's telling me I don't qualify. This is the last time I buy TaxCut. I usually go with TurboTax and it was sold out where I went. I'm just gonna call a CPA tomorrow and make an appointment. Quote Share this post Link to post Share on other sites
day5 0 Report post Posted March 28, 2007 turbo tax sold out????? we down load it. Quote Share this post Link to post Share on other sites
Alex C. 0 Report post Posted March 28, 2007 where at? Quote Share this post Link to post Share on other sites
day5 0 Report post Posted March 28, 2007 :hyst: GOOGLE!!!! http://turbotax.intuit.com/ Quote Share this post Link to post Share on other sites
madkasel 0 Report post Posted March 28, 2007 I married a CPA, so my basic involvement in the taxes is to keep the kids out of her hair and sign my name. It's a good gig! Definitely write off everything you can write off, and figure a way to get that kid's credit... it's a big chunk of change. Quote Share this post Link to post Share on other sites
Michael Smith 0 Report post Posted March 28, 2007 I'm a CPA. There are a few exceptions to the 10% penalty for early withdrawl. If you'd like a more complete description of the exceptions, shoot me an e-mail and I'll forward them to you. On the flipside, it's very difficult NOT to get the child tax credit as long as you have qualifying children. I'd be curious as to why the software is disallowing the credit. Mike Quote Share this post Link to post Share on other sites
Alex C. 0 Report post Posted March 28, 2007 Well I just finished my federal taxes with TurboTax, got the credit no problem. After doing my taxes with TaxCut I was gonna OWE $600! :cursing: After doing it with TurboTax I am getting back a few thousand :yahoo: I went through both as thoroughly as I could, didn't cheat or try to cheat. Weird :dunno: Time for the state taxes Quote Share this post Link to post Share on other sites
Joe Hard 0 Report post Posted April 2, 2007 Taxes are a pain in the butt. One year I owed over 3 grand. Terrible stuff. I soon got a freind to do them and sometimes I get a few bucks back others I have to pay in but noting like I metioned. I realy dont know much about it, nor do I want to. Quote Share this post Link to post Share on other sites
Gregg A 0 Report post Posted April 4, 2007 State taxes? :hyst: :hyst: :hyst: We dont pay state income taxes here. I use H R Block for my federal taxes, and have never paid a dime and always get atleast three grand back. Well worth the couple hundred they charge. Quote Share this post Link to post Share on other sites
