Tax Questions Answered on the Ilyce Glink Show, December 5, 2010

Unemployment Rate Jumped to 9.8 Percent in November.

Unemployment rate jumped to 9.8 percent this week, as the number of actual jobs created came in far below expectations. The U-6, which is the broadest measure of unemployment, including people who are both unemployed and under-employed, is at 17 percent.

READ MORE: Unemployment rate jumps

Georgia Retirement Exclusion

If you’re 62 or older with earned or unearned income, can take advantage of the GRE which should be Georgia Seniors Exclusion. First $4,000 of earned income not taxed at Georgia level and up to $35,000 of other income isn’t taxed. Enhanced one that kicks in 2012, with an exclusion of $65,000 income and floats up to 2016 where an unlimited amount of income not taxed at state level. Except if working, then only $4,000 is excluded. It’s Retirement Income.

Talking Tax and Answering Your Tax Questions on the Ilyce Glink Show

Bill Nemeth, President
Georgia Association of Enrolled Agents
wgnemeth@aol.com
770-616-1638

Chet Burgess, Executive Director
Georgia Association of Enrolled Agents
brookwoodtax@mindspring.com

Merry Brodie, CPA, Enrolled Agent
Tax Doctor, Inc./Jackson Hewitt
brodieme@taxdoctorinc.com

Your Tax Questions Answered

Cindy wants to sell stock and has gains and losses. How can she use the losses to offset the gains and what are the limits?

Steve has three small IRAs totaling $16,000. Should he convert them to Roth IRAs?

Melissa has a Roth 401k and regular 401k. What are the limits for contributing to each?

John Withdrawing from Georgia Peachtree Retirement. Wants to pay off the last 5 years of his 15-year loan to free up $1,500 per month. What should he think about when withdrawing cash?

Matt is starting a business. Should he officially start the business in December 2010 or January 2011? Also, what kind of retirement plans can he take advantage of if his regular wages are 1099?

John Questions about tax deductions: nursing home, college tuition and expenses, and starting a business. If he has expenses in 2010 but doesn’t earn any money until 2011, should he deduct the expenses this year? Bill says, it all comes down to intent.

Milton and his wife are separated. He’s wondering who should file as head of household. His wife has custody of the kids and lives in a separate state.

Ray’s mom died 3 weeks ago. She lived in California, had property in Colorado, and had a religious ceremony with a stepfather but not sure if she was legally married. Who does he need to talk to to get the estate in order?

Billy remet his highschool sweet heart (they both grew up in Columbia) and married 28 years later. She is living in Canada. He’s in Atlanta. He’s going back and forth with the INS and has a tax situation – how can he file so he pays as little in tax as possible?

There were other great tax questions on the show. We’ll post the show in a couple of days, and you can listen to all of the questions and the answers our tax experts provided.

NEED MORE TAX INFORMATION?

Bill Nemeth, Merry Brodie, and Chet Burgess will be on hand for another live tax show on December 19th. Come and spend Christmas week with us as we talk tax on the Ilyce Glink Show.

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This week on the Equifax Personal Finance Blog:

Equifax Credit Dispute: How to Dispute Personal Information on a Credit Report

Retirement: I Want My Money: Capture the Advertised Returns of Mutual Funds

Insurance: Need Credit Card Insurance? You Might Already Be Covered

Real Estate: Best Time of the Year to Start Big Home Improvement Projects

Tax: Tax Schemes and Tax Turkeys: Stay Away from Too-Good-to-Be-True Tax Advice

This week on Ilyce’s CBS MoneyWatch Home Equity Blog:

Tea Party: Don’t Let Renters Vote](http://moneywatch.bnet.com/saving-money/blog/home-equity/tea-party-dont-let-renters-vote/3350/?tag=col1;blog-river)

Loan Modification Hell – Thanksgiving Success Stories

Home Sales: NYC Apartment Sells For 88% Below List Price


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