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Yes. A loss means that the stocks were sold for less than their basis (usually what you paid for them). You need to know what you paid for them and at what price they were sold. You also need to know whether the stocks are short-term (prior to the sale, you had them for one year or less) or long-term (more than one year). These losses are deductible and are reported on Schedule D (Capital Gains and Losses).
What else can I help you with?
Can NYC tax withholding be claimed on my tax returns?
If you itemize on your federal income tax return, City and State income taxes paid are deductible on your return.
Can you still get a income tax return if you are claimed as a dependent?
Yes. Still file a tax return so that you can get any refund that you are entitled to. Make sure to mark on the return that you can be claimed as a dependant so that it is not rejected by the IRS.
Can Capital Loss from the sell of securities claimed on individual Tax return be used to offset the taxes due on an interest received from personal Bank savings accounts such as money market or CD.?
No, not directly. As you noted, securities investments are reported as capital gains or losses, and taxed (at a lower rate). Interest is taxed as ordinary income.
Do you have to claim a state tax refund on your federal taxes as income?
Yes. State refund must be claimed as income on your federal return.
What is the market cap for Lazard Global Total Return and Income Fund LGI?
As of July 2014, the market cap for Lazard Global Total Return and Income Fund (LGI) is $178,753,460.57.
What is the most your spouse can make without you claiming her on your income taxes?
On your MFJ income tax return you do not have a choice about claiming your spouse. Your spouse would not be claimed as a dependent exemption on your MFJ income tax return. You have one exemption for each spouse on the MFJ income tax return and all gross worldwide income is combined on the married filing joint income tax return.
You claimed zero but still owe taxes?
You mean you claimed 0 on your W-4 and/ or your return? The W-4 is the one that determines withholding. If you claimed say 3 on it and 0 on the return, then that is bound to happen. If you claimed 0 on both, and presuming you have no other income (which could cause additional payment in any case)...then recalc your return, something isn't right.
Can medical bills from an accident be claimed on taxes if there was a settlement?
Not if the settlement is medical expenses is more than the actual medical expense were. If the expense have already been deducted on your income tax return and you receive a settlement after that then you will have some recovery income that will have to be reported as income on your income tax return.
What income tax return software are currently available on the market?
Several types of income tax return software are available on the market for personal use. TurboTax is a good and reliable software option that will help with in come tax preparation.
Can expenses made for the upkeep of my deceased parents be claimed on my income taxes?
No deduction on your federal 1040 income tax return for any of the expenses for the upkeep of your deceased parents.
Who claimed you an your child on their income tax return?
You will have to file your income tax return correctly as a paper income tax return and mail it to the correct IRS mailing address then when the IRS process your income tax return and they have any question they will contact the other taxpayer to get some information about this situation and they may need some more information from you also about this matter. The IRS will decide the matter about who is qualified to claim you and your child on the correct income tax return. The IRS will not tell who did this.
How do income tax losses affect your tax return?
Gains and losses from the sale or exchange of capital assets receive separate treatment from "ordinary" gains and losses. Capital gains are taxed before income, at a significantly lower rate than ordinary gains.
