Stress from Taxes anyone???
 

I don't know if stress effects anyone elso but doing taxes, the FAFSA, and a Financial Information Packet for our bank is KILLING ME. I try to sequester myself in my bedroom with papers in piles all over my room. We leave next week for Disney and it ALL MUST BE DONE BY THEN! We have had very rainy weather which always makes pain worse. Stress doesn't help. Is anyone else in the FAFSA mode?? My daughter has been offered scholarships but would like to get all the aid we can.

Can't wait to see Mickey!!!! Linda

I am right there with you. My oldest is a senior and I am feeling the tax FASFA crunch as well. Wouldn't be so bad but still owe from last year and the outlook is grim for this.

Have fun at Disney!!!!!!

Thanks and good luck to you! What a pain. It is funny how many people don't know the word FAFSA. I hadn't heard of it until this year. I have a five year old in pre-k so only one other parent and the teacher know what I am talking about!! Happy Valentines. Linda

i guess this is what we have to look forward to in a year or so when my teenager starts this process.

Hi, just gotta ask what is FAFSA?

Ozzy

As far as I know it is Free Application for Federal Student Aid.

I guess I'm just lucky to be poor...doing my taxes only took about 15 minutes! My son does his own FAFSA, he graduates in May. I did have to do my daughter's for her, she's wanting to start college in the fall. It wasn't as bad as I expected but I sure paid for sitting at the computer that long!

Anyone know anything about federal tax write offs/deductions for medical bills? Thanks to TOS, my medical bills were significant in 2007; I have insurance but with deductables and co-pays for PT, doctors appointments, prescriptions, hospital stays, surgery... I hear that your medical expenses must be a certian percentage of your income? Anyone know for sure or can give me some advice? I usually do my taxes myself, however I've looked on the IRS website for info. and couldnt find anything.

I'm not a tax expert but medical expenses must exceed 7.5% of your adjusted gross income.

http://www.irs.gov/

Publication 502 (2007), Medical and Dental Expenses
For use in preparing 2007 Returns
http://www.irs.gov/publications/p502/index.html

Mtnmom,

Yep it 7.5% of your income.

Make sure you include mileage to and from doc appts and any parking fees.

And include any insurance premiums as long as they are not deducted as pre-tax income.

Thanks guys! I dont know how I missed that on the IRS web-site. Sadly, by just doing the math in my head, I will be over 7.5% of my income in medical bills. Unbelievable! Better start collecting all those bills I paid...

IS disability income taxable?

For income that comes from a salary replacement contract, is that taxable? Does it turn on whether the employer paid the premium each year prior to the injury, or, the employee?

If anyone can answer those two questions, seems no one can with any certainty by my tax experts. (Time for firing!)

Tam - I found these-

TAX PLANNING TIPS: DISABILITY INSURANCE

The income you receive from disability income insurance may or may not be taxable. The taxability of disability income insurance benefits depends on what type of benefits you receive, whether the premiums were paid with pretax or after-tax dollars, and who paid the premiums (you or your employer).

Individual disability income insurance

The rules surrounding taxation of individual disability income insurance benefits are generally simple. Because you pay the premiums with after-tax dollars, the benefits you receive are tax free. However, unlike health insurance premiums, you can't deduct premiums paid for individual disability income insurance as a medical expense.

Sometimes, your employer pays for an individual disability insurance policy on you. This may be the case if you are considered to be a key employee of the business. If so, different rules may apply. If the employer gets the benefit, then the premium is not deductible to the company, and the benefit is not taxable when received by the company.
http://www.360financialliteracy.org/...+Insurance.htm

IRS-
http://www.irs.gov/faqs/faq4-9.html

WorldWideWeb Tax
http://www.wwwebtax.com/income/long_term_disability.htm