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FAQ

How do I deduct IRA contributions on the new 1040 form?
Form 1040, Schedule 1, line 32.
When do you pay tax on your contribution to your Roth IRA?
It is not that you pay taxes on your Roth IRA contributions. Technically, you do not get a deduction for your Roth IRA contributions.Let us say your taxable income for 2021 is $50,000. Consider the following three scenarios:1 - You made no IRA contributions2 - You made $5k traditional IRA contributions3 - You made $5k Roth IRA contributionsYour taxable income in scenario 1 will be 50k, it will be $45k in scenario 2, and will be $50k in scenario 3.When you make Roth IRA contributions, you just report that you made contributions (when you file your returns), you do not get a tax deduction on it.
Does capitalism positively or negatively effect healthcare worldwide?
I will answer in reverse order.Profit is a term that should be better used in manufacturing a product such a car, an iPhone, a bunch of bananas.An old fashion primary care practice mostly provides a service that is relatively uniform in the fees paid with few procedures. The income is related to time spent seeing patients and under full control of the insurance companies. Over the past 30 years a decrease in payment by insurances resulted in a “thread mill” race that increases demand (see more patients) just to keep salaries even. So I consider this adverse effect.What Large Salaries? Compared to whom? If I work 80–90 hours per week will my salary be more than a Business Manager in a Corporation that works 50 hrs per week? Doubt it. If money is the issue many pre-meds now go to business school not to medical school.Years ago I called a plumber to fix a stuck toilet in my office. If was near April 15.He was bemoaning the better salary physicians get. Since it was IRS tax time I offered to blindly exchange a check for the amount of line 32 of 1040 his for mine.It was a gamble that I was willing to take but he was not willing to take. I could have lost or won. I will never know.IMO the profit motive has a definite detrimental effect on healthcare. The USA is #37 in quality of care while France is #2 according the the W.H.O., but the cost per capita in US is more than $8000 per year while in France it is $3000 or so. Most of the monies goes to the insurance companies then to the hospital and then trickles down to doctors.If memory serves Switzerland is second in cost ($5000 per capita).They have a dual system, national and private insurance systems combined.For more information see an answer I wrote earlier today to:Will the state or federal government begin a crackdown to revoke the license to practice of doctors not accepting insurance?P.S. As an illustration of a lack of the public understanding of economics, years ago I was complaining to a friend how more and more controlling Insurances had become. They decided what to pay for services with no balance billing for the rest. My friend who was an Airline Mechanic responded “But you can deduct the difference in your taxes”.FACE PALM TIME!
If I’m a resident of Ohio doing my internship in Georgia for 6 months, do I have to pay GA SIT or OH SIT?
You will need to determine if you were a resident of Ohio temporarily absent for those six months, or if instead you were a resident of Georgia for those six months, as it affects how you file your taxes.You will pay income tax to Georgia on the income you earned while in Georgia, either as a part-year resident or as a nonresident, according to Georgia’s tax law.If you determine that you were not a resident of Ohio for the time that you were in Georgia, you will not be taxed in Ohio on the income you earned while you resided in Georgia, and will exclude that income from your Ohio tax return. See Lines 26 through 28 of the Ohio Schedule of Credits for form IT 1040.If you determine that you were temporarily absent from Ohio but remained an Ohio resident, you will pay income tax to Ohio on your entire income including the income you earned in Georgia, but you can take a credit against your Ohio tax for the tax paid to Georgia. See Lines 29 through 32 of the Schedule of Credits for form IT 1040.You may want to consult with a tax preparer as determining which of these two options applies to you may be difficult. In most cases, which of the two cases that applies is a determination based on your specific circumstances, rather than an election (that is, you can’t choose which applies to you).
Per the 1995 tax return, Trump had $900+ million of losses to carry forward, so why did he pay $38 million of tax on $150 million of income in 2005?
It appears he was “screwed” by the AMT.But without seeing all of the statements referenced in Trump’s 2021 form 1040 as well as the previous years, it’s hard to say for sure exactly how he ended up paying $36 million federal income tax on a net income of $49 million.In particular I would want to see his schedule A, schedule D, his schedule E and his schedule C and all other attached documentation including his STATEMENT 1, referring to and presumably detailing his operating losses of $103 million that year.However - Trump payed an ordinary tax rate of about 12% on the net income of $49 million minus deductions of $17 million, and the rest was payed as Alternative Minimum Tax, which is written down on line 44 of his 1040.The real mystery to me is how he managed to pay a rate of 12% on his net income, given that the top marginal rate was actually about 36% that year, and Trump’s AGI should be in the range where he is very nearly reaching that overall asymptotic tax rate, even after deductions. That, I don’t understand.He’s paying a rate which approaches. actually it’s better than, the rates which Mitt Romney achieved in 2010–2011, only Romney had much of his income in the form of carried interest, dividends and investments. So a lot of Romney’s income was taxed at the most favorable capital gains rate. Romney’s net income was much smaller and he had only a relatively small income from personal businesses. So far as I know Trump could not take advantage of the most favorable tax treatment for more than the $32 million that he declared in capital gains on his 1040.For example - suppose that Trump had claimed no losses and taken only the standard deduction in 2005.Then it looks as if his income should have required him to pay 36% of $150 million, or about $50 million. He did considerably better than that, but he still ended up paying a rate of about 25% on his gross income. So one might ask: Why did Trump choose to write off such a large loss in 2005?He had 18 years. starting in 1995, during which he could still carry that $900 million loss forward. $900 million / 18 = $50 million on average. So what accounts for the rest of that $103 million?Perhaps this year has a larger write off just because Trump had much more income to play with that year. Or perhaps there are other losses involved. It’s hard to say without seeing Statement 1.Trump listed about $17 million in itemized deductions. Much of that may have been disallowed under the AMT, and in addition he was not allowed to apply the full $103 million that he claimed in net operating losses. He had to add all of that income back in, when he started calculating his AMT. You will have noticed that we don’t have the tax preparer’s worksheet and we don’t have Trump’s form 6251.Alternative Minimum Tax: Common Questionshttps://www.irs.gov/pub/irs-pdf/...(See line 10 of IRS 6251 above.)$70 million of the $150 million gross income was declared under real estate and S corporations, etcetera ‡ the rules become very complex there.What can be said, if this is indeed an authentic document and this form is the same as the form that he submitted to the IRS, that it was not altered before being signed and submitted, and he actually payed all that tax, is that his income tax form in 2021 does not look like the income tax form of either a good businessman or a multi-billionaire, and certainly not a TEN BILLIONAIRE, as Trump claimed to be, in all caps, in his Federal Election Commission financial disclosure forms recently.Based on the taxable interest income that he declared on that form I would put his holdings in cash or short term bonds in 2021 at about $200 million. Based on his gross income, it is just barely plausible that he was worth a total $1 billion that year.But I would put it lower, I would take his net income and subtract the tax he payed. That puts him at about $13 million in net earnings for the year. Multiply that by a factor of ten, and add it to his holdings in cash and short term bonds and I would say he was probably worth on the order of $300–400 million that year, and those are likely pretty hard numbers. That’s a minimum.I would say he was worth $1 billion assuming that the $49 million represents a total 5% return on his net worth.If he was worth $10 billion that year, then $49 million would represent a pitiful return on investment. Furthermore, if he were a multi-billionaire, I would expect to see far more of his net worth being actively invested, say in stocks (the stock market was up 12% in 2021 and 5% in 2005), than there is evidence of on that form. He had only $32 million in realized capital gains.He should have been able to make $500 million on ten billion dollars in that year without even thinking.It just doesn’t add up. It takes a very long time to get to $10 BILLION even on a net annual income of $150 million.In all likelihood 2021 was one of Trump’s best years. This form has probably been been released by Trump himself or sources close to Trump because the news is going badly for him of late and he probably thought it would be a good time to rehabilitate the buzz about him being wealthier than God himself right now.But we really need 30 years worth of his tax returns with all supporting documentation to begin to say with any degree of certainty what he might be worth. Nothing less will suffice.The most interesting information of course would be what were the sources of income and what corporations and entities are named.
Can I buy Ashok Leyland shares at 90 and hold it for 6 months for better returns?
Ashok Leyland is the 2nd largest manufacturer of commercial vehicles in India, the 4th largest manufacturer of buses in the world and the 16th largest manufacturer of trucks globally.It has a turnover in excess of US $ 2.9 billion (2015-16) and a footprint that extends across 50 countries, we are one of the most fully-integrated manufacturing companies this side of the globe.Headquartered in Chennai, India, our manufacturing footprint spreads across the globe with 8 plants; including one at Ras Al Khaimah (UAE). Our Joint Venture partners include John Deere (USA) for Construction Equipment, Continental AG (Germany) for Automotive Infotronics and the Alteams Group for the manufacture of high-press die-casting extruded aluminum components for the automotive and telecommunications sectors.The above facts about the company says a lot about its position in the segment it operates. They have maintained this positions from a very long span of time and have continuous approach towards improving there market presence with margins.For Ashok Leyland FY 2013–14 was the worst year based on the financial statements. Let me highlight some of the key take away from that financial statementsSales down by 17%Profit down by 93%Increased Borrowings by 8%After FY 2013–14, Ashok Leyland have worked towards improving company's performance across all the key parameters and has emerged as true leader in the business. Despite of bad market conditions, Ashok Leyland managed to bring this turnaround in its balance sheet.FY 2013–14 has been instrumental for investments in Ashok Leyland, on 16 May 2021. Ashok Leyland was trading at 26.90 when it crossed 200 weeks moving average levels of 25 and its 100 weeks moving average was 21.It has been observed historically that once the stock crosses this specific technical analysis parameter, the stock tend to deliver more than 100% returns and subsequently delivering more than 900% returns in 5 to 10 years time frame.As technical analysis gave a Long Term “BUY” signal on 16th May 2021. now it was time for Ashok Leyland’s management to show what they have build in the company.In FY 2014–15, Ashok Leyland showcased very good rise in sales, profits and reduction in borrowings. Key highlights are given below:Sales up by 32%Profit up by 1040%Decreased Borrowings by 29%Due to all this development, the same reflected in the share price of Ashok Leyland. Ashok Leyland was trading at 71.85 on 31st March 2015.FY 2015–16, was again wonderful year for Ashok Leyland where sales rose by 39%, profits rose by 116% and borrowings reduced by 21%. Ashok Leyland was trading at 108 on 31st March 2016.This all technical and fundamental study helped investor stay invested in the company and generate 300% return in 2 years which means 100% compounded annual return.Now coming to FY 2016–17, Ashok Leyland has maintained status quo. Below is some key takeaways.In FY 2016–17, Ashok Leyland has done a wonderful job in Margins front however has not grown its top line.Estimated Profits for FY 2016–17 is around 1207 Crores and taking a conservative Price to Earning Ratio of 24, we can see the share price of Ashok Leyland to be around INR 102 on 31st March 2017.Below is Technical Analysis Chart for Ashok Leyland for getting short term view.Time Frame: 1 YearsChart Type: Candle Stick and DailyMoving Average Plotted: 20, 50 and 200Relative Strength Index: Period 14Conclusion:Ashok Leyland has managed to have profit growth despite of competetive enviroment and it has also been in uptrend for past 3 months. We can expect Ashok Leyland to trade between 102-113 in coming 6 months. One can hold his or her investments in Ashok Leyland.Inspired,Tharendra Lunia, Co-Founder of Research Wings
Can I use my social security or my pension to reduce income on my taxes?
No. both of those are part of your income. However you put them on a separate line of your Form 1040 from wages.Read these instructions, especially page 32 middle column. Don’t be afraid of reading them.https://www.irs.gov/pub/irs-pdf/...