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Lost a child due to an accident life insurance paid out 25000 and IRS taxed your 10 why?
I am sorry for your loss. It would seem the IRS made a mistake as this shouldn't be taxable.....however, if they (actually the Insurance Co) "withheld" that from payment, likely because of a missing form or such....then it is actually at the IRS in an account...that when reflected on your return...(both the income as exempt and the credit for the payment withheld), should see your money refunded. But contact the IRS - by phone - and get an exact excplanation. Do not accept that it is taxable.
Can the IRS take your pay check?
can the IRS take a deduction on your check without agreement
Is a federal tax refund taxed?
No its not taxed. When you receive your refund, you will notice that their nothing withheld from your refund of any sort. You definitely do not have to report your refund to the IRS-its your money that you earned.
Can you change your account number with your IRS tax refund if direct deposited?
Once the return has been filed, there is no way to correct the direct deposit information that you provided to the IRS. What will happen is that the IRS will attempt to deposit the funds in the account that you provided, and if it fails they will mail you a check instead. Obviously, this will delay your refund a bit, which I'm sure is not what you wanted to hear.
Does the IRS tax you on your checking account savings without interest?
No. You should only be taxed on income, not on your savings.
How much money do you really win from a game show if you win 25000?
ask the IRS
Lost a child due to an accident life insurance paid out 25000 and IRS taxed your 10 why?
I am sorry for your loss. It would seem the IRS made a mistake as this shouldn't be taxable.....however, if they (actually the Insurance Co) "withheld" that from payment, likely because of a missing form or such....then it is actually at the IRS in an account...that when reflected on your return...(both the income as exempt and the credit for the payment withheld), should see your money refunded. But contact the IRS - by phone - and get an exact excplanation. Do not accept that it is taxable.
When a parent gifts a child money is the child taxed?
There are limits as to the amounts of money that can be gifted within a year in a taxfree manner. Check with the IRS--amounts change from year to year.
Can the IRS take your pay check?
can the IRS take a deduction on your check without agreement
Will you get your stimulus check if you are paying on old federal taxes?
No. It will be held by the IRS and applied to your tax bill. So you won't get a check in the mail or deposited into your account, but you will get a credit towards your back taxes. The same is true if the IRS is currently keeping your refund through the Treasury Offset Program for student loans, child support, etc.
Are end of the year bonuses from work taxable income and if so should the bonus be added to your regular pays gross income and then taxed or should the bonus be a separate check taxed individually?
Yes, they are taxable income to the recipient. Whether the bonus is paid with regular income or as a separate check is immaterial. Bonuses are considered regular income by the IRS and taxed same as regular income is. The bonus is included in box 1 of the W2 as gross wages.
Is a federal tax refund taxed?
No its not taxed. When you receive your refund, you will notice that their nothing withheld from your refund of any sort. You definitely do not have to report your refund to the IRS-its your money that you earned.
Can you change your account number with your IRS tax refund if direct deposited?
Once the return has been filed, there is no way to correct the direct deposit information that you provided to the IRS. What will happen is that the IRS will attempt to deposit the funds in the account that you provided, and if it fails they will mail you a check instead. Obviously, this will delay your refund a bit, which I'm sure is not what you wanted to hear.
Does the IRS tax you on your checking account savings without interest?
No. You should only be taxed on income, not on your savings.
Does cashing in a 403b affect your tax return?
Yes. The contributions were not taxed the withdrawals are. And are reported by the adminstrator to the IRS
Limited company may choose to retain profits?
Only if it is taxed as a proprietorship or partnership... If it is taxed as an S-Corporation, then the IRS does not like to see accumulations of earnings within the company.
Does the IRS know when you cash checks?
No, the IRS will not know when you cash a check under a certain amount of money. If the check is over $10,000, the IRS will find out.
