 What is Tax Credit? Can i apply? |
| i am 20: work full time, earn £9500pa not including commsion: can i apply? i also live with my parents, lived in the uk all my life and paid soo much tax!... |
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 Council Tax, Overpayment.? |
I have recently been informed that my council tax band has been wrong since 1st April 2005.
I have been paying band 'C' when I should have been paying band 'B'.
Will I ... |
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 Anyone received a stimulus payment that didn't include $300 for child?? |
| Got my payment yesterday, $1200 for me and hubby but nothing for the kiddo, has this happened to anyone else???... |
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 I'm going to start a new job, can you work out how much tax I'll pay from these details...? |
| I'm going to start a new job. My last P45's tax code is 522L. Does this mean that I won't be taxed at all for up to £5220 I make in my new job? Will they not charge me anything ... |
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 I had to pay taxes this year. Will I still get a rebate check? |
It was determined by my accountant that I owed taxes this year. I wrote a check in April to the IRS to pay the entire amount owed.
Does this mean I won't be getting a rebate check?... |
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 Do you need to file a W2 for a 2nd pt job that didn't take out state or fed tax? |
| I have a full time job, and a part time serving job. I earned $1300 total and they did not take ANY federal or state taxes out. I'm wondering if this needs to be filed??... |
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 Can dependents be claimed by both parents? |
| My ex wants me to say that he can claim our kids for exemptions and I can claim them for credits. Is this legal? Can it be done? I thought only one person could claim the kids at a time. And when ... |
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 Where is my stimulus package money? |
| I am due to receive it by the 9th of May via direct deposit. However, some of my family members with the same due date already received theirs. This is confusing to me. Are they doing them based on ... |
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 Has anyone had trouble with the Where's my Rebate site? |
| Hi there...has anyone gone to the Where's my Rebate link on the Where's my Refund page on the IRS's website? If so..did it work for you? It cannot find my information and I e-filed and ... |
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 Obama going to give the middle class citizens less taxes.But the rich now only pay 15% he could change that ? |
| Why should middle class citizens pay twice as much than the rich. the rich only pay 15% there a big DEFERENCE.But McCain wont fix that.And obama is going to let those who need and don't have ... |
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 Say someone makes $200,000 a year, are they taxed $100,000? |
My friend claims with all her heart they are.
I don't believe her.
Help?... |
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sophialinae | Can this person file taxes? I am clueless...? |
A friend and I were discussing "filing taxes" the other day and she said that a person who does not have an income from a job but does have an income from child support can file a tax return based on the money they received from the support. I said they can't because the taxes were already paid on that money by the parent that pays the child support. I really know nothing about how taxes and filing taxes works. So I'm hoping that someone will clarify our little friendly dispute so I can say... "Told you so." :) Not really. But I am very curious to know which is correct and why. For some reason I can't seem to stop wondering and thinking about it. Thanks for your help! Have a wonderful day!
Additional Details
I just called several Tax businesses and half told me there is no reason to file (there would be NO return) and half told me that someone in that position would receive a sizable return even without an earned income. I'm so confused! Keep the answers coming please. :) Thanks! |
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kingstubborn
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The child support recipient should file tax form anyway, as the income should be declared even if it is exempt from income tax (and I do not say that it is or not). Also, the recipient may be entitled to other credits not available if they do not file. |
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nova_queen_28
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Technically, anyone can file a tax return. It becomes 'pointless' to file if you do not benefit from it.
Filing a tax return and getting a refund are two different things.
So, technically speaking if you only are disagreeing about actually filing a return, your friend is correct - she CAN file a return.
If you were arguing about having income to claim and get a refund, then you are correct because your friend wouldn't benefit.
Child support is not taxable to the recipient and is not deductable to the person paying. HOWEVER, alimony IS taxable to the recipient and deductible to the person paying it.
If your friend truly had no income besides child support, I can't think of a single tax credit she could be eligible for. The only refundable credit (credit that gives you money beyond what you paid in) is EIC but without any earned income you can't claim it.
Even if your friend received alimony - it is taxable for her and she would need to file a return - but it is not earned income and wouldn't benefit her with a tax refund. |
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jseah114
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Wayne is correct that child support is not taxable. There is absolutely no reason to file a tax return if the only source of funds coming in is child support. If the person is receiving alimony, then the alimony is taxable to the recipient and deductible to the payor. |
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Wayne Z
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If the only source of "income" is child support then, no, a return need not be filed.
Child Support is not taxed and it does not qualify for any refundable credits. |
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SCHLANGEMANN
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You can't claim taxes on moneys that have already been taxed, so what would be the purpose? For instance, if I have a retirement account which I am investing money into and paying taxes on those moneys, why would I be taxed again when I have already paid my share of taxes? You can't get double taxed, as it does not make sense, nor would it happen. |
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Judy1
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Child support is not taxable to the recipient or deductible by the payer, and is not reported by either on a tax return. Alimony is different - the person receiving it has to pay taxes, and the person paying it can deduct it.
There's not even a place on the form to put child support, so there wouldn't be any way to file it. If that's her only income, she'd be sending in a form with all blanks or zeroes.
And you don't get a refund unless you had taxes withheld or are eligible for a credit like EIC - I have no idea what the person who's telling her she can get a big refund is thinking. The earned income credit can definitely return money to someone that they didn't have withheld, but that's only for people who have income from a job.
You can go ahead and say "I told you so", but why bother? She'll find out eventually.
There's a lot of misinformation out there about taxes, and a lot of it gets into answers here on Yahoo Answers, unfortunately. |
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Paul B
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You should file a return, sounds like you are missing the EIC credit. To the IRA post IRA contributions are taken with pre taxed dollars, you do not pay tax twice, but you do pay tax when you withdraw (the idea is that you should be in a higher tax bracket by then and thus pay more in tax). |
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