 Should homeless people fill tax income papers? |
| Legally speaking, not logically speaking, is it legal to be a homeless people and to beg for money like that? And if it is, are they legally supposed report any income and pay taxes on it? I know ... |
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 How good is turbo tax?? |
| are there any problems with it? is it fool-proof? we want to do our own taxes this year and were thinking about using it.... |
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 I asked a similar question yesterday, but...? |
| If I am already making payments to the IRS through payroll deduction, will I get either my STATE or FEDERAL income tax return?... |
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 First year not doing 1040EZ, What tax form do I need? |
This is my first year not filling out a 1040EZ form, and I do my own taxes.
Married Filing jointly, Spouse is stay at home parent.
1st Child born 2007
Under 50k a year
A... |
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 How many tax exemptions should I have? |
| I work full time, no kids, no mortgage, no school, no car payment, etc... I dont know what else exempts you from paying taxes. I heard the lower the number the more taxes they take out, but you will ... |
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 Who can claim my grandson? |
| my son and his gf had a baby he is 8 months old. my son would like to claim him as he does take him often on overnights and gives her money all the time to help support him.the gf don't work,but ... |
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 My sister loaned me of money over the years. When i give it back to her does she have to pay taxeson it again |
| I'm about to recieve a settement and am able to pay her back some of what she has given to me. She is in a 46% tax bracket. Sne would have to give half of it to gov. She paid income tax when she ... |
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 Medical tax deduction for hot tub? |
My husband has rheumatoid arthritis and we were looking at hot tubs
for him to relieve the pain and aid with circulation. The salesperson
told us we could get a medical deduction credit ... |
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 I need to file my old taxes for 2005 and I need to do it before April 15th? |
| I still need to file taxes for 2005. I was hoping to file eletronically online in order to make the April 15th deadline. Do you have any suggestions? I was hoping to do it myself I don't want to ... |
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 Is my student loan interest deductible? |
| student loan interest is taken as an adjustment to taxable income on the first page of 1040....but phased out at higher incomes. Is it then deductible somewhere else, like schedule A?? Or do you ... |
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 Is it feasible to claim my NI tax money back? |
| I'm currently a permanent employee but was working as a casual worker during my studies. I was wondering if it's possible to claim my tax money back. I've heard that if you've ... |
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 Anyone have experience with tax returns? |
| I have a 1099 misc from one of my employers with no taxes taken out. When trying to complete my return, my adjusted gross income is correct, but my Earned Income Credit is not. The EIC is not ... |
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 If the goverment owe's a person income taxes like the person is getting money back and that person does not |
| file taxes can he or she get in trouble for not filing taxes even though they don't owe anything to the gov.... |
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 I have just been reassessed by the CSA and they have left me the equivalant of an unemployed persons allowance |
to pay my utility bills which includes my council tax and food.Unemployed people as far as i am aware do not pay council tax..Has anyone else had this kind of problem and had a successful outcome?
... |
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 Do I need a Tax ID number? I'm SELF EMPLOYED, HELP!!!? |
| I'm starting my web design business, but don't know how to get a tax id number or what forms to fill out or anything. I am the only person working, no employees or anything, just me! Does ... |
|
 What are the COOLEST cell phones? |
| my friends and i always talk about the newest and coolest cell phones. but i no NON of them. so if you could please help me find out about the phones. thank ... |
|
 REBATE STIMULUS!!!! I am confused!!!!? |
| hI,i have a question, according to the calculator, i will get a rebate of $600(i used the info to calculate according to my 1040ez) and i checked the status of my rebate and when will i get my money, ... |
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amdollar | Are savings accounts taxed like normal income? |
For example, if I have $500,000 US dollars and deposit it in an interest bearing account earning 5.0% per year, by the end of the year the interest paid into the account would be ~$25,000. If you were to take that 25K out every year, how much would you have to pay in taxes, if any? Is it based on the same tax brackets as income? Thanks for the clarification. |
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PepsiLime
|
Sarquadius is incorrect. Interest income is not capital gains, it is taxed as ordinary income. So, yes, it is taxed on the same tax brackets as income, since that's exactly what it is. Some interest though would not be taxable. Interest on Federal obligations (T-bills, U.S. Savings Bonds, T-Notes, etc). is generally not taxed on the state level, so if you had interest from those (and certain other federal obligations) you would not have to pay state taxes on that interest. Interest on municipal obligations is not taxed federally, and if the municipal obligations are from the state that you live in, you would not have to pay either federal taxes or state taxes on the interest income (You possibly might have to pay something due to Alt-Min tax, but that's another yahoo answers question) |
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csi7472
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Yes. It does not matter if you remove it or not. On federal tax forms; it falls under the same catagory as income for the year. This is added to all your other income before your deductions to become your adjusted gross income; on which you pay federal taxes on. |
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howfuzzywuzee
 |
Yes sir! It would be taxed like any other regular income. |
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Terry
 |
You have to pay tax on the interest, whether or not you take it out of the account. The bank will report it to the IRS and you will file a return showing the interest as income. It'll be taxed at your normal tax rate, as if you'd earned it through an employer. |
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bostonianinmo
 |
Whether you take the money out of the account or not, it is taxable as ordinary income to you. |
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groverraj
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Yep... ordinary income. |
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justbeingher
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It depends on what kind of account you set up. Some you will be taxed as the $ goes in, and some you will be taxed as the $ goes out. You need to have a professional financial advisor counsel you on your goals and tax status. It would be a terrible waste to put such an amount in an "interest bearing account" with such a low rate of return. Our rates of return are usually several points above benchmark, which is 8% for a diversified portfolio. |
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sarquadius
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Capital gains, my friend. |
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