Tax Help for Sailors and their families

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Comment by Carol-Oh So Proud on April 8, 2009 at 9:06am

Yeah!!!!!!! It's a great feeling when you finally complete your return. I have been preparing taxes now for ten (10) years and I still get a lump in my stomach when I have to begin my own return. Hopefully you get a refund and will spend it wisely!!! Have a good year.

Comment by P'nut & JAM on April 8, 2009 at 12:02am

Thank you for your help Carol. Taxes are DONE!

Comment by P'nut & JAM on March 31, 2009 at 2:13am

Thank you Carol. We will be doing them soon. She is on leave now but her recruiter said she can come work for them one week and then she would not be using her vacation days up, so that is what she is doing and first thing next week we will fill them out. She does use the 1040 form? ON what line to you show the stimulus payment she got last year, and is there a phone # to call to verify the amount she received?

Comment by Carol-Oh So Proud on March 30, 2009 at 10:42pm

Hello Louise. Sorry I am answering 12 hours later, however, I worked all day today and just walked in. Anyway....Your daughter needs to file her return with all W2's. If you have a W2 from a previous job, then you need to get her that W2. When she files on the IRS site, tell her to be careful and make sure it really is the IRS site (there are alot of scam artists out there). The web site is IRS.GOV. When you file your return you must include all income earned in the year on the same return. When she files on line, she will efile her return. She must keep a copy of all of her W2's. If the IRS wants to see the W2's they will let her know by a letter. Most of the time, the IRS does not want to see the W2's because they already have a copy of them from her employers. If she needs help please give her my email csl@aol.com and I will help her.

Comment by P'nut & JAM on March 30, 2009 at 10:00am

Carol, this is my girls first tax time in the Navy. She said she can go on-line to do her taxes for the Navy but I'm wanting to know how do we file her W2 from her prior employment. Is there a form that needs to be mailed to the IRS? Not sure I'm making myself clear. If it's all done on line how does the W2 show up? and do we print out the info that comes on line and attach her W2 from her prior employment. Will stop asking now as I think I'm confusing what I need answered. Thank You

Comment by Carol-Oh So Proud on February 24, 2009 at 10:07am

Lori, you son only files a federal return. He does not file a State return if his home state of record with the Navy is Texas. (lucky you, no state taxes in texas!). I will wait for your reply and answer you later tonight. I am working until 10:30 p.m. (lots and lots of tax returns to complete)

Comment by Lori Jake's mom on February 24, 2009 at 9:28am

My husband is the one doing these for my son. Jake is at A school in VA. lived in TX but part of the year in IL so when he put in he was in the military on line there were 3 different ones to pick from but I will check with my husband and get back with you. It would be great to have a answer for this. Thank you for your help Carol.. he will be home tonight from work and will check than.

Comment by Carol-Oh So Proud on February 24, 2009 at 9:12am

Good morning Lori. I am not sure what you are referring to. An AP/AA is usually referring to an address. Is your son State side or overseas? What is his home state of record with the NAVY. Please give me additional facts so I can help you. Thanks, Carol

Comment by Carol-Oh So Proud on February 24, 2009 at 9:11am

Okay everyone with the financial crunch we all are experiencing I thought it would be important to share the following facts with everyone:

Facts about Taking Early Distributions from Retirement Plans

If you took an early distribution from your retirement plan, here are some things you need to know:

1. Payments you receive from your Individual Retirement Arrangement before you reach age 59 ½ are generally considered early or premature distributions.

2. Early distributions are usually subject to an additional 10 percent tax.

3. Early distributions must also be reported to the IRS.

4. Distributions you rollover to another IRA or qualified retirement plan are not subject to the additional 10 percent tax. You must complete the rollover within 60 days after the day you received the distribution.

5. The amount you roll over is generally taxed when the new plan makes a distribution to you or your beneficiary.

6. If you made nondeductible contributions to an IRA and later take early distributions from that same IRA, the portion of the distribution attributable to those contributions is not taxed.

7. If you received an early distribution from a Roth IRA the distribution attributable to contributions is not taxed.

8. If you received a distribution from any other qualified retirement plan, generally the entire distribution is taxable unless you made after-tax employee contributions to the plan.

9. There are several exceptions to the additional 10 percent early distribution, such as when the distributions are used for purchase of a first home, certain medical and educational expenses or if you become disabled.

If you need additional information or clarification please write in a question. .
.

Comment by Lori Jake's mom on February 23, 2009 at 10:27pm

We are trying to get our sons taxes done, when it has us put he is in the military it has 3 different ones AA, AP and another one but how do we know which one he is?

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