tax_people
Apr 5, 2009, 01:35 PM
Dear Experts & People in the same situation,
I am in a complicated situation. I am confused. I do not have specific questions; thus, I might make it hard for all of you to understand what I really intend to ask here. I am so sorry. I just want to obtain general ideas or advices from anybody and all of you here.
I did a lot of research to receive Recovery Rebate Credit that I did not get last year because my wife (H4 Visa) did not have Social Security Number. As I have learned in this site, I can file married filing separately and then amend 1040X. By married filing separately, I will be able to receive only $600. But I am in the higher tax bracket and it results in owing more than $2,000 this year.
Here, I would like to ask both experts and all other members here about your general ideas, thoughts and advices.
My first question is:
It seems a little bit unusual to make $2,000 payment and then amend to receive that money back later. Also it may look silly to pay that much first just for $600. What would you do? Is it still no problem to go ahead filing this way?
My second question is:
With my knowledge, it seems I am not qualifies to any of special deductions since I do not have a home, a children and anyone in the college. Standard deduction and two exemptions are only deductions that I can apply so far. There seem a lot of different deductions and credits which lower this $2,000. But it is the fact that I am leading such a simple life that would not make big differences in my tax situation. Am I doing normal with my tax? Am I wrong and needing to ask CPAs to maximize other tricky, hidden and complicated deductions and credits? I need all of your experienced feedbacks.
Thank you very much in advance.
I am in a complicated situation. I am confused. I do not have specific questions; thus, I might make it hard for all of you to understand what I really intend to ask here. I am so sorry. I just want to obtain general ideas or advices from anybody and all of you here.
I did a lot of research to receive Recovery Rebate Credit that I did not get last year because my wife (H4 Visa) did not have Social Security Number. As I have learned in this site, I can file married filing separately and then amend 1040X. By married filing separately, I will be able to receive only $600. But I am in the higher tax bracket and it results in owing more than $2,000 this year.
Here, I would like to ask both experts and all other members here about your general ideas, thoughts and advices.
My first question is:
It seems a little bit unusual to make $2,000 payment and then amend to receive that money back later. Also it may look silly to pay that much first just for $600. What would you do? Is it still no problem to go ahead filing this way?
My second question is:
With my knowledge, it seems I am not qualifies to any of special deductions since I do not have a home, a children and anyone in the college. Standard deduction and two exemptions are only deductions that I can apply so far. There seem a lot of different deductions and credits which lower this $2,000. But it is the fact that I am leading such a simple life that would not make big differences in my tax situation. Am I doing normal with my tax? Am I wrong and needing to ask CPAs to maximize other tricky, hidden and complicated deductions and credits? I need all of your experienced feedbacks.
Thank you very much in advance.