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Social Security is only taxed if you have other income as well. If you have direct deposit, your Medicare part B will be removed for you. All other retirement is taxed depending on the amount of your total income. Have you taxes done early, by SSAdministration, no charge, and many seniors organizations offer free return preparation for seniors or disabled people. Ask around,and be prepared to go as soon as your annual income statements all show up.
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Answer Income tax NO. Estate Tax - probably.
Answer It depends on the amount and situation. Check with a tax accountant.
In the US - winnings of any sort of lottery, gambling, raffle, contest, etc are taxable as ordinary income. You won INCOME from someplace...and that is what income tax i…s paid on. Answer Yes, about 20% depending on where you live. Ans Actually at your marginal rate, which depends on the tax for the State you live in and is on top of the US Federal rate you'll pay. That rate is somewhere between 15% for low income, to about 25% for modest and quickly becoming about 32-35% for higher incomes. If the sweepstakes is a winning of over $600, they may withhold the tax from the payout, frequently at a 20% rate, albeit what is withheld is not what one actually pays.
Yes,Inheritance-tax is charged on chargeable transfers made during the taxpayers lifetime as well as on death,subject to reliefs and acceptions.
Social Security retirement benefits became taxable during the Carter administration at the same time Unemployment benefits were made taxable (also under the Carter admin…istration).
Yes-if you get a settlement from the EEOC it is taxable. If it is considered wages it is taxed at the rate your wages were taxed. If it is compensatory damages it is taxed at… a lower rate but it cannot exceed 50% of the settlement.
Pretty much always has been.....the new ROTH IRAs aren't...that was a change. (The contributions to plans have historically been not taxed and withdrawals are)
Yes, in most cases it is taxable. The law is different depending on the type of trust and what state you are residing in.
No, it is not taxable
Usually the country that you are a resident of gets to tax your foreign retirement income. As a US Citizen or Resident alien you are required to report all of your gross world…wide income on your 1040 income tax return. But you do have some tax treaties with some country that can be complex so you should check this out to be sure you handle it correctly on your federal 1040 income tax return to make sure that it is completed correctly. Go to the IRS gov web site and use the search box for The Taxation of Foreign Pension and Annuity Distributions or Publication 519 U.S. Tax Guide for Aliens Resident Alien. A resident alien's income is generally subject to tax in the same manner as a U.S. citizen. If you are a resident alien, you must report all interest, dividends, wages, or other compensation for services, income from rental property or royalties, and other types of income on your U.S. tax return. You must report these amounts whether from sources within or outside the United States.
This depends on the type of insurance money and who paid the premiums for the insurance for the insurance money that was received and what reason was the payments made. A LO…T OF MISSING INFORMATION NOT INCLUDED IN THE ABOVE QUESTION.
No the borrowed money would not be taxable income to you that you would report on your 1040 federal income tax return as income in the year that the amount is borrowed.
Hi It varies based on the context, usually exgratia is a mode of payment which is paid as favour. If it is paid towards kindness upon damage, loosing proper…ty etc it is non taxable. In case of Insurance companies this will be paid in few cases where the claim gets rejected. For employees : if company is paying Statutoryb bonus and exgratia then exgratia is taxable. If employee met with accident and got disablement or died and the exgratia paid is non taxable. Chills 'N' Cheers Karthik Nayudu email@example.com
Loans are not usually considered income for tax purposes. Added: UNLESS you, the lender, are earning interest on the loan. Then - the interest income is taxable.
Yes, the money that a person recieves in a lawsuit is taxable unless it is stated otherwise by a government official. When a person reports their taxes for the year, there is …a section for settlements they have recieved during the year.