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Do veterans have to pay taxes?
Yes everybody must pay taxes.
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Yes, if prescribed by your doctor.
If your disability payments are through the VA then they are tax free and are not considered taxable income.
No Veterans service connected disability pay is not reported on your income tax return. You do receive a 1099 information form from the VA for the amount of your disability pa…y that youu receive during the year.
Distributions from your 401K after you reach your retirement age the taxable amount will be subject to federal income tax at your marginal tax rate and may be subject to some …state income tax.
Answer One of the still remaining, best aspects of Life insurance, (the investment aspect of which has been generally agreed to be poor at best) is that the… insurance industry has gotten congress to retain that payouts of life insurance to a beneficiary are NOT TAXABLE. That is also why one should always have their insurance policy payable to a specific beneficiary...it passes very quickly, directly to them, out side of the estate and being outside the estate, is exempt from income estate/inheritance and transfer taxes. (If you make yourself or your estate the beneficiary, you would lose the last advantage,as it would become part of the estate). citations: Amounts received under a “life insurance contract” , that are paid by reason of the insured's death aren't included in the gross income of the recipient (i.e., beneficiary) ( Code Sec. 101(a) ) (unless the policy was transferred for value). The exclusion applies to lump sum payments made at the time of the insured's death, and to amounts paid later to the extent the payment doesn't exceed the amount payable at death. ( Reg § 1.101-1(a)(1)
Un-answerable. (first by "you" I suspect you mean "everyone"). All taxes are paid by someone, or something (a company for example). But not everyone pays all taxes, certai…nly not all the time. What taxes are paid depends on what you define as taxes, who, what, where you are and what your doing..as well as many other things. (For example...you could well pay "death" taxes...that is taxes due upon the transfer of your assets on death...but it seems true, you'll only pay those once, and only if you have assets of the type and amount that these taxes apply to). Change the request to "How many citizens of Wisonsin pay state income tax?"
See the "Grace Commission Report". The report said that 100% of what is collected is absorbed solely by interest on the National Debt, and by federal government contribution…s and transfer payments. In other words all individual tax return revenue is gone before one nickel is spent on services that taxpayers expect from their government. These services are funded by new loans made by the Federal Reserve to Congress. Another Perspective Taxes pay for government programs the help people, government programs that support research of all kinds, education at all levels, early intervention programs, medicare, social security, public libraries, hospitals, roads, bridges, school buildings, parks, neighborhood clinics, medical assistance for the poor, education grants and loans, snowplowing, water systems, sanitation facilities, waste- collection and disposal, fire departments, police departments, CIA, FBI, IRS, ACE, FEMA, national parks, teachers, military, defense, military bases, build and maintain, government facilities, foreign aid, federal census, food stamps, judiciary, state and federal courts, and so many other necessary and unnecessary things.
You can have some income tax withheld from the distribution amount are you can choose to make some quartely estimated tax payments or you can wait until you file your income t…ax in the next year after the year that you receive the distribution amount by the due of your income tax for the previous year return and pay the full amount of taxes at that time. A calender year taxpayer the due date for filing and paying any amount owed would be April 15 of the next year
I assume that this question is about an income tax refund, and not about an income tax return (which is the form you file with income tax authorities every year, along with an…y income taxes you still owe.) A Federal income tax refund is not taxable income (for state or Federal purposes) in the year a taxpayer receives it. A state income tax refund for a previous tax year, however, may be another story. It will be Federal taxable income in the year in which the taxpayer receives the refund, if he itemized deductions on the previous year's Federal income tax return. Suppose a taxpayer files his 2010 Form 1040, and itemizes his deductions. Following the instructions for the 1040, he deducts $500 withheld as state income tax (shown on his W-2) in computing his 2010 Federal taxable income. He then prepares his state income tax return and discovers that he owes only $435 in state income tax, and is due a refund of $65 (the difference between the $500 withheld and his actual liability of $435). His actual state tax liability was only $435, but he had deducted $500 from his 2010 Federal taxable income, so when he gets the $65 refund in 2011, he must include it in 2011 income for Federal income tax purposes to make up the difference. However, if the state refund was for a tax year for which the taxpayer did not itemize deductions on his Federal tax refund (i.e., he took the standard deduction), it is not taxable income to him.
We have to pay taxes because the government needs to pay for its various functions.
WE PAY TAX TO THE GOVERNMENT SO THE GOVERNMENT CAN USE THE MONEY FOR BUILDINGS, PUBLIC SERVICES, SCHOOLS AND NEED. WE PAY THE MONEY TO THE.............................….......................................
no not at all alternative view A tax refund is absolutely dependent on if more money was paid in (through payroll withholding or estimated payments ever quarter - …as required) compared to what the return shows as actually being owed after all accounting. Many people get refunds (who have paid in and then owe no tax actually)....and many people have to pay additional tax. Also, many people with no tax liability and no payments in actually get benefits back, in the form of Credits and Federal support, (like the earned income credit, and others).
I am a American Veteran from the Vietnam war , I am disabled from my job of 31 yrs working on the docks. I had to retire from my job as a mechanic because of 7 bad disc in my …neck and back. I got discharged in 1971 from the Marines (Honorable ) . I bought a home for my son co-sign last year and just now found out there is a Melaruse owed on the house . It was never disclosed to me in the loan docks at all , I bought the house PI & TI . My house payment went up $ 600.00 more a month. Am I exempt from paying the Melaruse on this house .
That depends on the laws of the country in which you live.