 This morning we received a US TREASURY 220 TAX REFUND, for the amount of $1,397.60. This morning? |
| We got our taxes back in the begining of feb, and this amount doesnt fit the stimulus check we have 2 adults and 2 kids and made like 40k. social ending in 16.... |
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 Do you have to show the profit you make on your house selling for taxes? |
| When you sell your primary place of residence (lived there 10 years), do you have to include the money you made on the sale after property taxes are paid and the mortgage on your income taxes? Is it ... |
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 Do I have to be claimed by my spouse? |
My dad payed for my school all of 2006, while sending me 500 spending money each month. I had been living with my fiance for the past year, and finally got married in November 06.
I feel that ... |
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 Should India abolish personal income tax? |
| Only a few % of the population actually pay taxes. The revenue contribution is very low from this source. If the tax is abolished what will be the impact on the economy?... |
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 Direct question about rebate, YES or NO answers!? |
Has anyone who filed with Turbo Tax and had the fees deducted from their return and had it direct deposited to your account received their rebate yet?
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Responses like ... |
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 Tax and National Insurance to the Government.? |
Do you think its fair to pay £75.61p A WEEK tax to the government. That £75.61 a week is made up of PAYE Tax and National Insurance.
Cause i think its daylight robbery.... |
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 Got new job old one wont give time off for course needed? |
| can u help need time off my job to do couse for new job,,,, they said no ,i said wanted it off for other reasion ,,,now gave notice in to end thursday an they replyed,,,,,, u have got to work a ... |
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 I started work on 9th january 08? |
i started work on 9th january 08 i get paid on the 15th of every month i have to work a month in hand when do i get paid feb 15th or march 15th
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i thought i work two ... |
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 Over Refund from the IRS? |
| I have a friend that told me that they received an approximate $4000 over-refund from the government this year. They were supposed to get a refund for like $4000, but got a check from the IRS for ... |
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 I did not receive my tax rebate today as expected. Did I have my dates wrong? |
| I was expecting to get my tax rebate today through direct deposit. I am in the last group, originally scheduled to receive the rebate on May 16th. However, that was based on the old dates and rebates ... |
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 I have a bit of a dilemma....can I have your opinion? |
| I filed my taxes about a month ago, and have recently received my refund check. I claimed myself, because my parents said they couldn't. I lived with them for six months last year, before I ... |
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 Can you be sued for not paying taxes? |
| A friend of mine owes taxes on her home from 2006. She said that if she doesn't pay by the end of the month that they will sue her? Does the government sue for stuff like this or do they just ... |
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 How can you fix it if you don't do your taxes for years? |
My boyfriend hasn't done his taxes for 3 years. What steps should he take to avoid jail. I know you should turn yourself in-but to who? What would you advise him to do?
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seafood10 | Just a curious. what if ur only income is from interest from a bank? do u still need to file? |
let said ur only income is from the bank interest. and the interests u earn is $50,000/year. do you still need to pay/file a tax return? and how much tax would that be? roughly 33%? how about $500,000/year or $1 million/year? |
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the_drunken_dwarf
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Interest income from banks, credit unions, money market funds, bonds and tax-exempt bonds are reported on your taxes.
Taxable interest is reported on Form 1040 Line 8a, and non-taxable interest is reported on Form 1040 Line 8b.
If you earned more than $1,500 in interest, the interest should be detailed on Schedule B, with the total carried to Form 1040 lines 8a and 8b.
As for the amount of tax you'll pay... it depends on your exemptions, etc... |
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jollyrancher
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Yes you need to file but will not receive any refund instead you pay, |
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Dennis H
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Interest income counts as income... So you should file. Your bank reports your interest to the IRS. |
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Fletcher
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Yeah I'd say you do. |
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bostonianinmo
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Of course! That's ordinary income as far as the IRS is concerned.
The tax due would depend upon your filing status, exemptions, and deductions. If you were a single taxpayer with no itemized deductions, the tax bill would be around $7,000 or so with $50k in interest only income. At $500k, it would rise to about $153k and at $1 million, around $328k.
So, at $50k, about 14%, at $500k, about 31% and at $1 million, about 33%.
The "Certified CPA" at the top isn't a CPA. If he or she was, they'd know the difference between ordinary interest and capital gains! Unfortunately there are plenty of clowns like that who claim to be "experts" but obviously have no clue what they're talking about. |
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Steelhead
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It is taxable income for sure....yes u must file and pay taxes. |
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linlyons
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not only will you pay, but you may also have to pay penalties, for not filing quarterly payments. |
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Peggy K
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You definitely need to file a tax return on this amount of income, no matter where it came from.
The tax rates are based on your filing status: Married, Single, Widow, Head of Houshold and also on your income level.
I suggest that if you haven't already done so, you absolutely need to have your interest subject to Federal Withholding on it. In that way, the approximate amount of tax owed will be already sent to the government through the year instead of having to cough it up at tax time and paying a huge penalty for not having made estimated tax payments throughout the year.
You need a tax professional to take a look at it and make suggestions so as to keep you from having to pay high penalties and interest on the tax on that kind of interest income. |
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pusherhombre
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I am assuming you are single and are not itemizing and you are under 65 and not blind. $50K is the only income you have. Your standard deduction is $5,150 for 2006, and your exemption is $3,300. This makes your taxable income $41,550. As a person who is filing single, your 2006 bill is $6,951. If you are married filing joint, your taxable income will be $33,100, and your tax will be $4,214. Different taxable income and tax depending on your filing status.
This also depends on the type of interest earned. For instance, if the interest is earned on private activity bonds or other instruments that have an AMT effect, taxable income and the amount of tax you owe may be increased. |
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FaerieWhings
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Yes. But if you have that much money in the bank you would have an accountant to make sure that you didn't have too pay much, if anything at all to Uncle Sam. |
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Nick the Italian
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Yes, you will be taxed on it. It is called a Capital Gains Tax. Unless you have it in a tax shelter, you will have to pay a hefty tax.
I recommend getting a Financial Planner or an attorney that specializes in Tax law. There are ways to avoid taxes, If you really have a large sum of money, create a corporation or LLC. to protect it from Taxes (the government), Lawsuits (jealous greedy People), and Identity theft (criminals). |
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