Value of Future Payments » 2009 http://valueoffuturepayments.com Future Payments Value Advice Thu, 29 Jul 2010 21:39:05 +0000 http://wordpress.org/?v=2.9.2 en hourly 1 Took disbursement from Trad. IRA for closing costs/downpmt. How to I add this to my 2009 taxes at tax time? http://valueoffuturepayments.com/took-disbursement-from-trad-ira-for-closing-costsdownpmt-how-to-i-add-this-to-my-2009-taxes-at-tax-time http://valueoffuturepayments.com/took-disbursement-from-trad-ira-for-closing-costsdownpmt-how-to-i-add-this-to-my-2009-taxes-at-tax-time#comments Sun, 04 Apr 2010 11:55:32 +0000 Editor http://valueoffuturepayments.com/took-disbursement-from-trad-ira-for-closing-costsdownpmt-how-to-i-add-this-to-my-2009-taxes-at-tax-time It’s only $3600 or so, but I don’t know how I put this onto my taxes when I go to file next yr.
I just got a check from my bank- how do I “prove” to the IRS that I used it toward qualifying costs and such?
Thanks! I need to remember that 5329 form because the penalty should indeed be waived! Thanks!
Am I able to use the 5329 form through like, turbotax or one of those online filing programs or do I have to go see someone?
Thanks- as for 2009 taxes having bought a home, that sounds confusing and we may have to go see a tax professional.
Fiance already checked with the tax website and you can amend the 2008 return right there.
Not married and won’t be until the fall of next year.

]]> http://valueoffuturepayments.com/took-disbursement-from-trad-ira-for-closing-costsdownpmt-how-to-i-add-this-to-my-2009-taxes-at-tax-time/feed 4 2009 stimulus tax rebate question ($8000)? http://valueoffuturepayments.com/2009-stimulus-tax-rebate-question-8000 http://valueoffuturepayments.com/2009-stimulus-tax-rebate-question-8000#comments Wed, 24 Mar 2010 17:40:16 +0000 Editor http://valueoffuturepayments.com/2009-stimulus-tax-rebate-question-8000 hey,

i am a freshman college student and am looking getting a house. I will be a first time home buyer…as the only other thing i have ever owned is my car.

The question is how the $8000 credit is given. Being a college student, I mow lawns part time. This brings in about $4000 dollars a year…not much income at all

i also have a $8000 annuity, which combined with the $4000 will be enough to cover all expenses for the house

Problem is that I am only charged about $200 in federal taxes a year…does this mean it would be a horrible plan to take the tax credit…as i will only get $200 of it???

i want to take advantage of this…but i have a feeling i am too low to benefit…

thanks,
mike

]]> http://valueoffuturepayments.com/2009-stimulus-tax-rebate-question-8000/feed 6 What is the amount of bond interest paid in cash for 2009? http://valueoffuturepayments.com/what-is-the-amount-of-bond-interest-paid-in-cash-for-2009 http://valueoffuturepayments.com/what-is-the-amount-of-bond-interest-paid-in-cash-for-2009#comments Sat, 20 Mar 2010 20:37:42 +0000 Editor http://valueoffuturepayments.com/what-is-the-amount-of-bond-interest-paid-in-cash-for-2009 Assume that the following information is relevant for one of the bond issues of Steve Company:
Face value $600,000
Bond term 20 years
Stated interest rate 8% (paid semiannually)
Market interest rate 10%
Issue dateJanuary 1, 2009
Interest payment datesJune 30 and December 31

Present Value Factors:4%5%8%10%
Present value of 1 for 20 periods0.4560.3770.2150.149
Present value of 1 for 40 periods0.2080.1420.0460.022

Present value of annuity for 20 periods13.59012.4629.8188.514
Present value of annuity for 40 periods19.79317.15911.9259.779

On January 1, 2009, the amount the bonds should sell for is
$___________

The total amount of bond interest to be paid in cash over the life of the bonds is:
$_____________.

The amount of interest expense for 2009 using the effective interest method of amortization is
$__________. (show exact amount including cents)
(round to nearest cent)
(Use only the present value factors shown above to make calculations.)

The amount of bond interest paid in cash for 2009 is
$___________.

this entire topic is extremely fuzzy to me i have no idea how to find what percent to use, my book is extremely unclear.. HELP! :)

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