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 Tax Return Expert Suggestion

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Posted on 02-07-11 10:07 PM     Reply [Subscribe]
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I worked in 2 different compay last year--Company A(Desi consultancy) and Company B(Full Time).
Company A- 3 months(JAN,FEB,March)- Wages-- $10,000
Company B- 7 months (June to DEC) - Wages-- $45,000
I was OPT but converted to my H1B on last Oct 2010(so just 3 months in H1B).
so now i got 2 W-2 from my two different company. I tried to file my tax from Turbo-Tax and when I put both company together, i have to pay $200 to the fedral but when I just put only one company in the Turbo tax (either of company)and check the tax return- i will get reasonal amount return.
Now anyone have experience this situation with opt and H1B with two company?
Please suggest me to get good fedral return( No-worries about state tax return) 
 
Posted on 02-10-11 10:31 PM     [Snapshot: 1064]     Reply [Subscribe]
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Certain Expenses can be deducted in the year it is paid best example is medical expenses, some deductible  dues. I am not quiet sure on Educational deduction, extra  reserach as well some visit to Tax Preperation offfice needed.
For sure you can not claim the same deductible expense twice, if you have claimed the education deduction on 2009 based on your 1098T form , then you are done.
If you have used 1040 last year then you can amend your 2009 tax  based on your 1098 T ( even not paid ) and you will be getting the differences and I am sure for this.


 
Posted on 02-11-11 9:32 AM     [Snapshot: 1138]     Reply [Subscribe]
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 Appreciated all the help.
Finally I resolved my problem. After I converted myself to "HOUSEHOLD HEAD", it is showing resonable amount of return.
Thanks again!!
 
Posted on 02-11-11 9:40 AM     [Snapshot: 1139]     Reply [Subscribe]
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Quick question: How you are illgible for " Head of Houshold" not  "married filing jointly"?
Do you know the difference between these two terms in Taxation?

Here is the defination of HOH:

You can claim the Head of Household (HOH) filing status on your tax return if you are unmarried, have cared for a dependent for over half the year, and paid more than half the cost of maintaining a home.Taxpayers claiming the Head of Household filing status benefit from a higher standard deduction and lower tax rates compared to the single filing status. The definition of HOH filing status is quite specific, so read over the criteria carefully.
  • You are unmarried or "considered unmarried" on the last day of the year.
  • You paid more than half the cost of keeping up a home for the year.
  • A "qualifying person" lived with you in the home for more than half the year (except for temporary absences, such as school). However, if the "qualifying person" is your dependent parent, he or she does not have to live with you.


 
Posted on 02-11-11 11:14 AM     [Snapshot: 1182]     Reply [Subscribe]
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@SYANJALI
--You are unmarried or "considered unmarried" on the last day of the year.

I am unmarried.

--You paid more than half the cost of keeping up a home for the year

I spent more than half in my home

--A "qualifying person" lived with you in the home for more than half the year (except for temporary absences, such as school). However, if the "qualifying person" is your dependent parent, he or she does not have to live with you.

My GF live with me when skool is off.

Appreciated your concern.
 
Posted on 02-11-11 3:04 PM     [Snapshot: 1226]     Reply [Subscribe]
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You can use GF to qualify for HOH, make sure she was with you as allocated time . She does not qualify for temporary absence because she is going to school.
Seems you have done more research than we did, thats the way it should be , i like it , aha aha ..............
Last edited: 11-Feb-11 03:09 PM

 



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