 Why does U.S. tax policy give favoritism to married people? |
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dpacman... your article says nothing about married couples that have only one wage earner. In this case, the tax policy favors married couples over singles.... |
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 Can i use a PHOTOCOPIED car insurance certificate to get tax at the post office? |
Uk
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I cant do it online due to the fact i just brought the car and waiting for log book to come and its needed on line .... |
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 Refund not deposited? |
| Your tax refund was direct deposited on January 22, 2008. If your refund is not credited to your account by January 27, 2008, check with your bank to find out if it has been received. Please wait ... |
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 Do you agree there should be a Child Tax Credit? |
| ...And, do you yourself have qualifying minor child(ren)?... |
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 What benefits am i entitled to? (UK only)? |
im 16
i live at home with my parents
im unemployed
im going to sixth form in ... |
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 Why doesn't the US government tax the rich more than the currently do? |
They are rich, they can pay the taxes, they lived the American, its time for them to pay the taxes.
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No I don't mean taking it away completely so that everyone ... |
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 If your gross monthly pay is £1107? |
Is it right to be paying £200 in Tax and National Insurance?
On a 525L tax code?
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It shocked me when I saw my other half's payslip and saw what they ... |
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 Irs reference number 9001? |
| my federal taxed were accepted on 1/14/08 and they gave me a dd date of the 25th. today i checked on the irs website and it says that they have no info on my refund and that i could call and use ... |
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 Can i claim back my bank charges? |
| i have just opened a new bank account as my old bank have been charging me each week as i went overdrawn. it resu[lted in being charged around 200 a month. I closed this account the other day and ... |
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 What should I do if I realized I did my taxes wrong? |
| I forgot to include some money I made when I did my taxes. They took out a lot of tax on what I made and I think I should get more money back. I believe the mistake would give me a bigger return if I ... |
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 Tax Question sensible answers please? |
I have been given my pay slip for this month and have worked 20 hours. in this i have paid £20 tax. the total of my pay was £90 before tax. is this amount of tax correct?
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 How much is 25000 pounds UK money in the U.S.? |
| I was looking at a UK website and need to know the the difference in the money.... |
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 I am 23 and got married in January 2007. For 2006 tax filing do I file Single or Married filing jointly? |
I am 23 full time student who just got married in January 2007. The two questions I have for 2006 IRS Tax Filing are:
1. Do I file as Single (for yr 2006) or as Married filing jointly (K... |
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 My boyfriend and I have been living off my income for the entire year of 2006. Can I claim him as a dependant? |
| Last year when I did my 2005 taxes the agent asked me if I paid for the expenses of another person and I told her no, because at the time I wasn't. but for '06 My income has supported the ... |
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 Is this tax deducatble??? |
| Hello, for the past year I've been supporting my friend who has been out of work and has never filed taxes because he didn't work a day in his stinking life! Anyhow, I was wondering if I ... |
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M L | Is a car accident settlement reported as income? |
I am getting a setllement from a car accident. Is that taxable or considered regular income? Friends have been telling me it isn't but I am not not sure. It is not a large amount and is under 10K. |
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bostonianinmo
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No, it is not considered income for tax purposes in most cases. Check with a qualified tax advisor for advice specific to your situation. |
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fulcrum777
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Most likely no: Any money in the settlement that is attributed to damage to your vehicle or other personal property is not considered income from the IRS. The same is true for reimbursement for medical expenses, or damages associated with pain and suffering (section 104 of the federal tax code). This is considered return of capital that brings you to a level prior to your accident.
However, if there is any portion of your settlement that is considered punitive damages, or reimbursement for lost income, then that portion is taxable. Punitive damages are those not associated with any loss or injury, but instead intended to "punish" the other party. These would have been stipulated in the settlement.
Since this is a settlement, and a rather small one, it is highly unlikely that any of the settlement is considered punitive damages, however there is always a chance you were reimbursed for lost income, so check that out. But most likely your settlment is not taxable, although it should be reported on your tax return (ask your accountant). |
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Mr.Morgan
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probable not |
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Jim I
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No, the money is not taxable and is not reported on your income taxes. Basically, it's "free money." |
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It's me
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I just had this very same question. After doing reserach we determined that it depends on how the court states the ruling. Chances are you won't have to.
Did you only get enough money to fix your car plus lost wages, or was a majority of it punitive damage? I guess those get taken into account. |
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STEVEN F
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Any 'lost wages' of punative damages are taxable. Medical expences and repair costs are not.
http://www.irs.gov/ |
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Judy1
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Depends on what it was for. If compensation for your injuries, then no, not taxable. From IRS Publication 17 (download at irs.gov, it's on page 51) - Other Compensation: Many other amounts you receive as compensation for sickness of injury are not taxable. These include the following amounts.
-Compenstory damages you receive for physical injury or physical sickness, whether paid in a lump sum or in periodic payments.
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If the amount is under $10K, then it's probably compensation, so no, not taxable. If you had gotten punative damages , say because somebody did something to you deliberately, is taxable; or if part of the settlement was compensation for lost wages, might be taxable (see page 88 same document). If you're not sure, consult a CPA. |
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Brutus
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No. It's not income. The settlement makes you whole. |
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shortymaciam
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Go to www.irs.gov for your questions. Very informative |
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MikeInRI
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Money one from a legal settlement of any kind (unless it is income related) is not subject to income tax. |
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TXBLKGRL
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No, unless part of it is punitive damages.
The Punitive damages is the only thing you report!
Insurance is to get you back where you were before the damage so if you car was worth 5G and you had a 5G medical bill and you got 10G you are right back where you were before the accident, they is no gain. |
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iritadragon
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Sorry pal, but you have to declare it. If you don't the IRS will be very upset with you when they find out. The only reason their portion isn't taken out beforehand is because it's below 10 grand. They expect you to act honesty and add it to your income, and pay the appropriate tax. If it had been over 10 grand, the law would have required the company issuing you the check to first take out federal tax, and to provide you with a receipt saying so. |
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