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Is it legal to file a form 1099-OID to the IRS to receive a refund equal to your home loan principal less the 30 percent tax deduction?
????? You have no idea of what your talking about do you? The report you suggest could only INCREASE your taxable income..it couldn't be filed by both the issuer and recepient (impossible)...and would simply be easily detected as criminal fraud if it was. OID on a home loan...how? If possible, to the issuer of the OID a deduction, to the recipient, income...but impossible in that situation anyway. Remember the reverse side of any 1099 deduction is the income shown by the receiving side. Ahh, the elusive 1099-OID if you are going to ask questions about these forms go to the IRS look up publications 1212, 550, and IRC 1271-1275. Don't take any ones word about these, most people have no idea what they are used for. You need to understand what you are doing an OID for, if its for the loan then no you can't it is not a debt payment option. If you are performing an OID on something else then you need to know what you are doing. You should also have an understanding of how our banking system works and review the UCC. You need to understand just what you are trying to accomplish by using a 1099-OID for a loan regarding a mortgage. Also, i have not found any where that 1099-OID is taxable income or that only banks can file them. If anyone can point out the page and publication put out by the IRS that says different please post.
Do I have to claim a cancelled debt in 08 as income on your taxes if it was for a second mortgage?
I had a debt settled in February of '08. The debt was settled for the amount they proposed and the amount of debt cancelled was for $ 12,153.04. I received a Substitute form 1099-C Cancellation of Debt. However, it was for a 2nd mortgage and I was unemployed during the months that I settled the debt. I am being told that laws put in place for 07 & 08 protect me from claiming this $ 12,153.04 as part of my income. Directly on the 1099C form it states... " DO not report a cancelled debt as income if you did not deduct it but would have been able to do so on your tax return if you had paid it. Also do not include cancelled debts in your income to the extent that you were insolvent. " Can you please tell me if I have to claim this as income in 2008? I thought Obama was allowing forgiveness in his mortgage stimulus for people who were able to get out from under these BAD loans! Which this one was??
If you apply for a mortgage loan can you put your husbands income on the application also even if he is not applying for the loan with you?
You can use income that is at your disposal. If you will have access to your husband's income as a household income for this mortgage then yes you can. If you are separated and he will not be living in the house then the answer would be no.
If i worked for a company 10 years ago and put some of my money in a 401k how do you find out how to access it?
You have to contact the company you worked for and find out who your 401k was through and then contact them. If you worked for that company for 5 years or more you will not be eligable for the full amount invested, only the amount you put in . most companies take 20% in taxes when you opt to take out your money , then at the end of the year you will receive a 1099 form for tax purposes.
How do you file fafsa if you have no income?
A person with no income will file their FAFSA the same way as a person with an income. When it asks for your income you will just put a zero. You can either file online or file it on paper and mail it in. Filing it online is known to be a bit of a quicker process.
Do you need to fill out a 1099 if you made 100?
You don't fill out a 1099 for money you made no matter how much or how little it is. The amounts you made should be put on your return, form 1040, whether your RECEIVED a 1099 for them or not.
Where do you put strike pay on 1040 tax return?
Strike pay is considered taxable income and should be reported on your Form 1040. You will typically include it on Line 1 of Schedule 1 (Additional Income and Adjustments to Income) and then transfer the total to Line 8 of your Form 1040. It's important to keep any documentation related to the strike pay for your records and to ensure accurate reporting.
Where do you put cash gifts given on a 1040 tax form?
Where do i put cash gift on 1040
Is 1099 money counted as income?
Simply put, Yes. A 1099 form is an "Independent Contracting" form that states someone paid you through a non-payroll means. Either as a subcontractor, an independent adviser, or as a third party invested member.
Do you pay tax on your wages and Social Security check?
The taxes that you are paying now for for the social security and medicare insurance program are being used to pay for the benefits that the current beneficiaries are receiving at this time and also some of the amount is being put into a trust fund that has some government assets for use in the future for your insurance benefits.
Which form is used to report wages and federal unemployement tax liability?
Income from unemployment is reported on your individual income tax return (Federal Form 1040). If you want/need to pay in towards what you expect to owe in federal income taxes on your unemployment income during the year, you can make estimated income tax payments on Forms 1040-ES. You do need to put your social security number, tax form number and tax year on your check, but you do not need to tell tham that it is for taxes on unemployment income. Do be careful to avoid penalties and interest for underpayment of taxes as the IRS generally prefers to get paid throughout the year, just as the rest of us do.
Do you add all 3 of your W-2's onto the 1040 form?
Yes, you will add up all of your totals from the three W-2's and put them onto the 1040 form.
Im on unemployment when i file my taxes can i put my home on there too?
Yes you would file your 1040 income tax the same as you always have.
What tax form would you use for church donations?
Put your donation on SCHEDULE A (Form 1040) on line 16, this is your Itemized Deduction form.
Can you put a check for taxes in the same envelope as your tax return forms?
Yes. Write your Social Security Number, the tax year, and the form number on the check. For example: 123-45-6789 2008 Form 1040 Although it is not required, if you put Form 1040-V in with your federal Form 1040, it will help make sure they don't screw up. http://www.irs.gov/pub/irs-pdf/f1040v.pdf
Where does box 12 Code DD go on form 1040?
The code DD does not go on the actual 1040 Form. It put it in when you feel out the W-2 section on your tax program. Code DD is the amount of employer-sponsored health coverage.
Do you have to put va disability benefits on taxes forms?
No. VA disability isn't taxable and you won't get a 1099 for this income. If you are also receiving regular military pension, your 1099-R will only include the taxable portion and will not include your VA disability portion.
