 This is about social security for people over 65? |
| I want to know if a man is collecting social security when he is 65,and gets a full or part time job,will he be able to keep the money from that job without it being deducted from his social security ... |
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 WIll I be better of working?? I'm on benefits and really want to work but am worried bout rent etc...? |
i really really want a job....im on jsa and housing beneifit, but will i be better off if im working?? i'm really worried about how i'll cope with rent etc .......thanks
Additional D... |
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 What do you say to someone who says there is no law require you to pay income tax? |
What law is it that requires it? I don't actually believe that croc, I just want to know the actual law.
Additional Details
An amendmant, is a CHANGE to the constitution. The ... |
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 Overtime taxes? |
| I'm figuring out my timesheet for the month. I have 9.5 hours of over time that I can claim as time and a half (1.5 OT). I was just curious if The Man taxes more on 1.5 ovetime? If so, would ... |
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 I owe $1600.00 for 2006...IRS did not "catch" it last year and i got my full refund...? |
they now know and i was wondering if they will just subtract it from my refund this year or will it hold up my refund altogether???
Additional Details
i actually want them to take what ... |
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 What do you think about Inheritance Tax? |
| You pay tax all your life and when you die, they tax you again!... |
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 If you FOUND OUT about the FEDERAL RESERVE and the INCOME TAX were illegal, would you stand up against it? |
And if your local mayor said he checked into it and said there's no requirement in the tax code--it's a voluntary tax.
And your whole town wasn't going to file.
W... |
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 \\How much is 2,000.000.00 pounds in United States Currency ? |
| How much is 2,000.000.00 Pounds in United States currency?... |
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 Can my boyfriend claim me and my 2 kids on taxes if I did not work all year? |
| He has taken responsibility for the three of us for the past year while I have been in school. I keep hearing different things but need to know for sure. Thanks!... |
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 Why such high tax? |
About 80% of the average income is spent on bills. Britain is part of Europe so why are we not taxed the same as Europe?
Then there are all the other scams like the conjestion charge and council ... |
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 Scared to call council? |
| i owe council tax months ago i called council a few times to try and explain why i couldnt pay it, offered to pay monthly but female staff were so bitchy & hung up on me they refused to give me ... |
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 Is the gov. $600 rebate check taxable income? |
So, I have no debt and I already invest in my company IRA and a Roth IRA each year. But I rarely have enough $ to go on vacation.
I am thinking that if I take my $600 rebate check and can ... |
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 Disability Living Allowance / Mobility - working UK only? |
Does anyone know if you can claim for DLA / Mobility when you are working.
I really struggle with 3 ruptured discs in my back but still fight through the pain and tears to continue working.... |
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 How does taxation destroy jobs? |
| The following passage is from the book, Economics In One Lesson. I do not understand how taxation destroys jobs. Is it because the money that is taxed would have otherwise gone towards the purchase ... |
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 Do you think Donald Trump was right to endorse Sen. McCain because Sen. Obama would raise taxes? |
| He stated that normally when they raise taxes they are really going t raise every ones and that at this time the economy is weak and fragile and might be pushed into a depression. You can see it on G... |
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ScLaDy | What will happen if I do not include my husbands' 1099R on our tax returns? |
The reason I ask this is because we REALLY need the money right now because I am unemployed at the present time due to a sickness. The early withdrawal was for $18,000 and we paid some federal taxes($3700)already. I was just wanting to know if it would be caught right away, and what would happen, or if we would ever get caught? Thanks for replying |
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Thoroughbred
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Not including the income is a direct route to disaster. The IRS will catch this and you will pay dearly in the form of penalties and interest. Something so blatant will not escape their computer. I would not for a minute even consider not claiming this income. You will be sorry financially later if you don't.
I know taxes always seem to come at a rough time, but it can be rougher once the IRS gets a hold of you. Can lead you to bankruptcy, liens, judgements, etc. that will haunt you for years to come.
Do the right thing and pay now. Good luck. |
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emeraldsky21
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If you do not file them this year you WILL receive a letter from the IRS within the year telling you that you have understated your income and that you owe a HUGE amount a money because of interest and penalties. I would file it now to save yourself from unncecessary penalties. |
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KingGeorge
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There is a high probability this will be caught by the IRS. I know of only one case where money was taken out and not reported. They will make sure the tax is correct. They will also assess a 10% early withdrawl penalty. If the remaining tax liability is significant they will assess interest and penalties on the tax liability. |
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Jen
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If you are trying to avoid paying a little in tax now then you would be foolish to not report this. The IRS is notified on withdrawals immediately. If you had tax taken out, you can not include this then from the 1099R without reporting the income, it's on the same form.
The IRS would most likely catch it at the time of filing, reprocesses your return, and if you had any refund, hold it until you file an amended return.
An audit later will cause SEVERE panalties and fines so I don't suggest hiding this income, now or ever. If you need to make payments, the IRS can do that without adding late fees. This is the best approach to take. |
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ldlivengood
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No matter how tight money is....I'd go for paying a little now and avoiding a HUGE fine/penalty later! The IRS is not a nice, forgiving, loving crowd....they will hunt you down and eat you for money you owe them. |
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Elna W
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Talk with a tax professional, but you might be able to file an extension for your return which gets you off the hook until August, I believe. Were you taxed or penalized for the early withdrawal? If so, this might be a credit toward your current tax amount. As far as will you be caught? The first thing the IRS will do is send you a letter. If you efile, your return is less likely to be audited, but be careful. The IRS is not your buddy. Keep good records. |
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Dizney
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You will get a tax notice that will include interest and penalties. You MUST report all your income. When you sign your return you are indicating that everything is correct.
You might not get "caught" right away but you WILL get caught. Report the income! |
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Bozema
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1099s are reported to the IRS when they are issued to you, so there is a pretty fair chance you'll get caught by the IRS computer when you file your taxes. There will be penalties for failure to report all your income plus the extra taxes so you'll have more debt than you have now. |
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Judy1
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You will definitely get caught. The IRS computers match up the paperwork that they get with the returns, and it will show up and you'll get a letter from them. It might take a week, or it might take a year or more. Then you'll be paying back what you owe plus interest and possible penalties.
It's tax fraud to deliberately leave something off your return. Do you really want to do that? It sounds like you've got troubles enough without adding to them.
Good luck. |
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Scott K
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You should include it. First off, since you are aware that it's taxable income, and if you fail to include it on your return, it could be determined to be the filing of a fraudulent tax return and you could end up doing hard time to save a couple of bucks. Secondly, just because you properly file your return, doesn't mean that you have to pay them everything they're due. You will only get stuck for the non-payment penalty. Pay them what you can afford. They will contact you shortly and work out a payment plan for the remainder. |
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plum_oasis
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Not claiming the tax will be a definite audit and quickly. I would not even try it. They could hold you criminally liable for tax fraud. Forget about the PENALTIES!!
I made a $10 math error and it cost me $50 two months later. I would not even consider doing what you are asking!! From now on you will be on the IRS hot list for audits, why risk it.
Trust me, you will get through your current situation if you keep trying to do your best. |
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kay
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well first u may well get some of what they withheld back, and they may not "catch it" for several years after it has had time to rack up substantial penalties and interest....if ur husband is under 591/2 there is a 10% penalty off the top, but the reason that they withhold at 25% (the 3700) is to make sure that enough is withheld to cover the tax and penalty, this should not count toward earned income credit however since it is not earned income....and if your income was not in the higher tax bracket already u very well could be getting a portion of the 3700 back i would strongly encourage u to file it now, it will be noticed and u will have to pay even more....good luck and hope it all gets better soon!!!!!!!!! |
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Dennis
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You might get away with it for a year or two but the result is not worth it, you will pay big penalties and interest when they do catch it, then if you cannot pay the entire amount due, they can auction any property you may own. Better to face it now than later.... |
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