 Can you cash out your 401K tax free to pay medical bills? |
I have to have a $25,000 surgery not covered by insurance. I'm thinking of cashing out my 401K and someone told me that you can do it tax free for medical bills. Is this true?
Additional ... |
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 How many holidays am I entitled per year in the UK? |
Additional Details
and does one week of holiday means 5 or 7 days?... |
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 Why won't the federal government make a law exempting their combat veterans from paying property taxes? |
Doing so would allow more veterans to own a home of their own!
Honorably dischaged veterans who have made it out of combat, broken but alive, deserve a complete exemption from property taxes ... |
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 Please help i dont know what to do....? |
| ok in 2006 i worked at mcdonalds for a year and a half and i never filed my w2 and then it got lost. i want to go ahead and file it this year so i went to my employer and they said they are a "... |
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 Can i claim my girlfriend and her son in my taxes. ? |
| we arent maried but i will like to know if i can claim her and her ... |
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 I am a stay at home mom, and have two children, should I file my taxes? |
I know its a little late this year, but a friend told me I should file because of the EIC. But if I did not work, do I still qualify?
I do recieve child support from one child's father. D... |
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 I babysat a child and now she wants to turn the money into the IRS so I have to pay taxes on the money..? |
| I watched a 15 month old baby for 2 months. I quit due to an incident and now she wants to turn in the money she paid me to the IRS. She never mentioned this before I took the job. Besides I thought I... |
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 Council tax is for what purpose? ? |
emergency services + waste disposal?
To take power away from people?
What if I refused to pay on the basis that I'm not a criminal/speeding terrorist, The police are ... |
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 What is my tax liability? |
| i have earned 80000 this year from short term capital gains i.e, from shares and i am a student and i dont have any other source of income so please tell me weather i will have to pay any tax or ... |
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 how can i find out if my son's social security number has been used on someones tax return.? |
| i just got custody of my son and im sure his mother has sold his social security number in the past. can i call the i.r.s?... |
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 where i can study tax consutancy course in india? |
| i want to become tax consultant. is there any institute which teaches to become tax consultant profession.... |
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 Tax considerations w/overseas business partners? |
| I recently started a small online business as a writer/editor, and I have a client overseas who wants me to take over his company's copywriting duties. I've done one project for him and was ... |
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 Can teenagers be taxed on items or cash won from sweepstakes? |
I'm considering entering an online sweepstakes, but I need to know if it is possible for me to be taxed for the item. If it helps, I am 15. Any answers about this will be greatly appreciated.
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gil3moj@yahoo.com | Very low income? |
My income is half from Social Security and half from the Department of Labor. Department of Labor is TAX FREE, and that make my Social Security under $15,000 a year, when I went to the Tax Prepairor, she told me my income was so low that I did not need to file Federal Tax. Was I told right and if not, how can I correct this problem without going to jail. |
 |
 
imisidro
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To be sure if you are going to file income taxes, go to the IRS website as they have a section that asks several questions to determine if you really need to file. Look at those questions and see if they pertain to your specific case
Do You Need to File a Federal Income Tax Return? http://www.irs.gov/individuals/article/0,,id=96623,00.html
It is always best to go straight to the source especially in tax matters |
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s s
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This is probably true. I'd need more info, but if you are on SSd you don't have to count that as income. Best thing to do is get a 1040 booklet and on the first couple of pages you'll see questions, such as do i have to file? and it will list limits and conditions. Also, check www.irs.gov or call their 800 number, which is listed on the website. |
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Judy1
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Probably right, if the DOL money is really tax free - I'm not sure just what kind of income that would be to be tax free though. Sounds like your income is low enough that your social security would not be taxed.
You wouldn't go to jail in any case, if you were supposed to file and didn't, over something like this. |
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bostonianinmo
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Without knowing all of the facts and numbers it's not possible to say.
If you work for the DOL, that income is NOT tax free. If you don't work for them, you'll need to tell us why they are paying you and how much they are paying you in order to make a determination. |
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Steve
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Just curious, why is the income from the Department of Labor tax free? If it isn't, then you need to file.
I am going on the assumption that you had no taxes taken out of any of your income.
Anyway, even though you claim to have no taxable income, you CAN decide to file to protect yourself from being audited in the future. As long as you file a return that is not fraudulent, the IRS has only 3 years to audit you after the return is filed. |
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old_woman_84
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I had a simular problem. I was told that I did not have to file by a tax preparer. I usually fill out my own taxes until this year. I filled out my form--and somewhere it askes if you want the IRS to finish figureing your taxes--see form 963 (I thing) and I found this form on irs.gov and read and followed those instructions. I am going to see what happens and let the irs do the rest. This might help--might not. Good luck. |
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Random Precision
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Call the IRS. It is the very rare exception that doesn't have to file. You may have to file, even if you are entitled to a full refund. Better safe than sorry. |
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West
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I would get a second opinion. It sounds like you make too much to be exempt from filing taxes. I thought you were only exempt if you made less than $800 a year, or if you're a full time student. Or maybe it depends on what state you're in. And since your income is coming from Social Security and not employment, that also makes your situation different. The website below may be able to help you. |
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