 What is my filing status? |
| My spouse and I separated for the final time on July 31, 2007. I obtained a protective order for my children and myself which granted me custody. What is my filing status for the 2007 return. T... |
|
 Been Emergency taxed for 4 months? |
I've been in my job now for 4 months and i'm still been emergency taxed and i'm only 16. Does it sort out automatically or do i ahve to do something?
Additional Details
... |
|
 My dad Claimed me on his tax return but he wasnt supposed to how do i go about filing my taxes? |
| IM 21 i didnt go to school last year He wasnt supposed to claim me but he did i want to file my taxes but i dont know if im gona be held acountable if i put down that i was claimed on my taxes ... |
|
 Food stamps, I know Im going to get bashed? |
| i got myself into big trouble. My kids and I recieve food stamps. I took on a babysitting job making some extra cash last year, but I never told the state. I am still way below the maximum amount to ... |
|
 Would u hire part time employee in a tiny mom & pop neighborhood convenience store by paying undertable? |
| Husband & wife owns a tiny neighborhood convenience store(sells groceries, beer & wine, lottery) & works 7 days a week (about 80 hrs/week). They've been working in this arrangement ... |
|
 Y am I not eligible for the economic tax stimulus? |
| I had a son nov 2007. i'm 19 yrs old n i filed my 2006 and 2007 taxes together in februaury. My mother didn't claim me, and still yet I did not receive a letter saying I would be receiving ... |
|
 When you file your taxes this year what are you spending your money on? |
| When you recieve your check this year what do you plan on spending it on this year?And how do you plan on spending it and why?... |
|
 Should we we file joint or separate taxes? |
| I got married last April so this is all new to me. We live in California. My husband was a student last year and made $15,000. I made $57,500. I would like to know what is more advantageous as a ... |
|
 What is the best way to file for taxes for a first time married couple? |
| My husband and I married in March of 2007? We have three children. I am wondering what way we can file and still get a good amount back. Last year I filed and received $5,000 and he filed and ... |
|
 I didn't file taxes in 2003, is there a waiver so I don't have to pay the penalties? |
| I got a letter from IRS saying I owe money for not filing taxes in 2003. I was 19 and made 16k that year. I lived with my parents and I was a full time student but I wasn't claimed as a ... |
|
| How do I report someone that I know is babysitting for money but not claiming the income? is this tax evasion |
| I have someone that I know is babysitting children, in her home and charging people money. I know that she does not claim this money on her taxes and has done this for over 10 years? There are ... |
|
 Income tax question? |
| I have a serious question about my W2 forms I lost all my forms by accidently thowing them in the trash do I contact the IRS for help?... |
|
 Tax debt relief HELP!!!? |
| My roommate is in debt $12,000 with the IRS and it just keeps stacking up, we barely make it by as is and have no money to pay a tax debt relief company to help, does anyone know of any that are free ... |
|
|  |
Rebecca H | When I retire, will I get taxed on my private pension when I claim my state pension? |
When I retire will I have to pay tax on my private pension when claiming my state pension.
I have no other income or savings |
 |
 
steffi
 |
Sorry, I don't think Lynda Lou knows what she is talking about.
Whether or not you have to be taxed depends on two things, the level of your total income, and your age. If you were born before 05/04/1943, you can claim age allowance of £9030, but if born after that date, allowance will be £6035. Anyone entitled to age allowance gets it reduced by £1 for every £2 of income over the limit of £21800.
You will get a code number on your private pension, showing your tax allowance, and restricted by the amount of state pension. In your circumstances, there will be no Tax Return to fill out at the end of year, you so not come within the self-assessment criteria. If for any reason you do overpay, repayment can be made at end of tax year if you submit your private pension form P60 to your tax office. |
|
dels replies
|
Well you will have a personal allowance to be set against income. This allowance increases as you get older, Now it depends if the total of your two pensions exceeds the allowances or not. if it does you will be taxed on the difference, The tax will be deducted from your private pension, not the state pension. It all depends on the amounts involved |
|
Lynda Lou
|
Depending on your income, you will get taxed on your state pension and as far as I know, private pensions are taxed at source at 20%.
If your state pension is less than £6000 or thereabouts, you won't pay tax on it and if your private pension plus your state pension is less than the £6000, at the end of the tax year, you will fill out a Tax Return and any over paid tax will be refunded. You can always ring up the Tax Office helpline, I have always found them to be nice and helpful and they will explain anything you are not sure about.
OK steffi, I was only repeating what the man at the Tax Office told me about private pensions being taxed at source. My dad is a pensioner and he fills out a tax return. I was basing the amount of tax allowances on a normal pensioner over 60, not one who is older and gets a higher allowance. I have just retired at 60 and my tax code has dropped because of the state pension I receive but when I get my private pensions, the tax man said they would be taxed at source. Seeing as you are now retired, maybe they've changed the way things are done these days or are you saying that the man at the tax office is wrong? |
|
old.holly265
|
Derek B is only part right.
The total income from pensions is eligible for tax, and you have personal allowances, just as you do with normal pay.
If you have been making the payments into a pension plan from your salary, you should not have been paying tax on that part of your income. This is deducted from your gross pay, and only the net balance is liable for tax. In other words, you are not paying tax on money that you have already paid tax on. |
|
sazm82
|
It really depends on the level of your income.
Basically, you will have your personal allowance against your income. The personal allowance will be reduced by the amount of State pension. Any left over allowances will then be allocated to your private pension.
eg. Just using round figures, allowances are £9000.
State pension is £6000.
This leaves you with £3000 to be allocated against your private pension. If it is more than £3000 you will pay tax on it at the usual rates. (20%, 40%) :o)
|
|
BGU
|
Yes |
|
Derek B
 |
You betcha. Great system int it, pay tax on money you've been taxed on already, very fair. |
|
Ron S
|
You will get taxed on any income from any source that exceeds your personal allowance.
You need to consult a FA to establish what you can claim to offset your tax amount. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
8 | 16 minutes(s) ago
| | | |
8 | 29 minutes(s) ago
| | | |
8 | 31 minutes(s) ago
| | | |
8 | 2 hour(s) ago
| | | |
8 | 5 hour(s) ago
| | | |
5 | 8 hour(s) ago
| | | |
8 | 11 hour(s) ago
| | | |
8 | 2 day(s) ago
| | | |
8 | 3 day(s) ago
| | | |
8 | 2 week(s) ago
| |
|
Homepage 
Financial
Forum 
Taxes 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
