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You don't pay tax on the tax-free pay and you do pay tax on taxable income
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∙ 12y ago
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Do i as a disabled veteran pay income tax on the disability payments?
If your disability payments are through the VA then they are tax free and are not considered taxable income.
Can you file for income tax using financial aid as an income?
No you cannot due to the fact of it being tax free because its from taxes and financial aid is not a earned income its a gift. The above is hogwash. There are many types of financial aid. I am unaware of any that are considered a gift, although that in itself would make little difference as gifts are normally taxable. ALL INCOME IS TAXABLE, not just earned income. Depending on the type of financial aid, the one giving it can provide details on how they will report it, and combinned with your other taxation factors 9marital status, dependents, other income, etc), will determine if it is taxable and if you actually pay tax on it.
Can you inherit a pension?
Yes you can inherit a pension but the amount will NOT be free of income tax. The taxable amount of the distribution will be taxed to you in the same way that they would have been taxed to the deceased. The taxable amount of the distribution will be added to all of your other gross worldwide income and be subject to income tax at your marginal tax rate.
Is monthly Annuity pension received under old Jeevan Dhara policy of 1992 is Tax free as per Income Tax Rules?
yes it is taxable
Do you have to pay income tax on social imcome of 23000 I'm 89 years old?
It depends on your filing status and on whether you had any other income besides your Social Security benefits. Also, in order to determine whether your benefits are taxable, you have to count certain non-taxable income such as interest from tax-free municipal bonds. If you did not have any income whatsoever other than $23000 of benefits, they would not be taxable unless you lived with your spouse and filed separately (in which case they would be taxable). Please fill out Worksheet A on page 2 of Publication 915 to see for sure: http://www.irs.gov/pub/irs-pdf/p915.pdf
Whats the difference between tax free income and taxable income?
You pay tax on taxable income and you don't on tax free income
Is a Mahila Bachat Gat Income Tax free?
NO its taxable.
Do i as a disabled veteran pay income tax on the disability payments?
If your disability payments are through the VA then they are tax free and are not considered taxable income.
Can you file for income tax using financial aid as an income?
No you cannot due to the fact of it being tax free because its from taxes and financial aid is not a earned income its a gift. The above is hogwash. There are many types of financial aid. I am unaware of any that are considered a gift, although that in itself would make little difference as gifts are normally taxable. ALL INCOME IS TAXABLE, not just earned income. Depending on the type of financial aid, the one giving it can provide details on how they will report it, and combinned with your other taxation factors 9marital status, dependents, other income, etc), will determine if it is taxable and if you actually pay tax on it.
Are long term disability payments taxable?
Not if you were paying for your own policy yourself. Tax free benefit. 4lifeguildMaybe. Disability payments can considered tobe partially or fully taxable income.
Can you inherit a pension?
Yes you can inherit a pension but the amount will NOT be free of income tax. The taxable amount of the distribution will be taxed to you in the same way that they would have been taxed to the deceased. The taxable amount of the distribution will be added to all of your other gross worldwide income and be subject to income tax at your marginal tax rate.
Do you pay taxes on financial aid?
No, you do not pay income taxes on student loans because they are debt. You do however need to look into Grants as the laws are different for free money. You do not pay taxes on a LOAN, because it has to be paid back, so it is not income.
Are life insurance payouts taxable?
Life Insurance payouts are income tax free. More info see the attached link.
Can you take your 401k and invest it in your home tax free?
NO. The taxable amount of any distributions from your 401K will be added to all of your worldwide gross income and be subject to the federal income tax at your marginal tax rate. It will not make any difference what you use the funds for because the contributions amount to the 401K were NEVER subject to income tax in the year that they were made as a part of your deferred compensation plan.
Is welfare tax free?
Welfare payments that you receive for assistance with your necessary living expenses form government sources or any other source would NOT be taxable income that you would report on your 1040 income tax return for income tax purposes.
Is monthly Annuity pension received under old Jeevan Dhara policy of 1992 is Tax free as per Income Tax Rules?
yes it is taxable
Is a courtesy officer aka off duty police officer required to pay taxes on a free apartment provided by the owner of the building in return for his services?
YES - absolutely...it makes no difference how the payment is made...cash, check, property services, etc...it is taxable income.
