I got a 401k loan last year, do I need to claim it on my taxes?
Answers: Yes since it was taken out pre-tax you must pay income tax on it. Then when you pay the loan back and retire you will have to pay income tax on that money again.
What we learn do not take out loans against your 401k, you are signing up for double taxation. What you do is lower the amount of your 401 contributions or even stop contributing. Then save your money that way and pay for whatever it is you have to pay. Plus only a few things will dodge you from the 10% penalty of early withdraw.
Sorry for all the bad information these people are telling you. These people haven't the slighest clue of how 401k loans work for tax puposes. The answer to your question is NO. 401k loans are not reported on your taxes. The only time this would change is if you defaulted on the loan then it would become taxable. Bottom line. As long as you pay the loan back as agreed then NO. If you default then yes.
WHY! does a person making less than 3k/yr not get a rebate?
Answers: The first four poeple are RETARDED!!
you should get that rebate, sorry dude.
Baby Cakes is really stupid..she doesn't even understand your question.
The guy talking about democrats isn't any better...Retards
Because that's the way the bill was written.
If your parents claim you on their return, you wouldn't get the rebate anyhow.
People making that little money don't pay taxes that's why. Government's got to throw people that actually pay taxes a bone sometimes.
If you're a dependent, your parents will get a little extra money instead of you.
Although you do not qualify for a rebate, you may still benefit from the plan.
While the rebate depends on your 2007 income, it is actually a rebate toward your 2008 taxes. According to the proposed plan, in 2008, taxes would be cut from 10 percent to zero percent on the first $6,000 dollars of taxable income for individual taxpayers.
So if you have earned income in 2008, you will see a tax cut when you file in 2009.
On the tariff relife check?
i draw ssi make around 8000 a year from that i know its tax my question is if i bring a check how will i file it and pay envelope the taxes on it next year any more info you know is valible close to the tax bracket that determins 300 or 600 for a single personage how dose that work alsoAnswers: If all your income NEXT YEAR is from the social protection plus the rebate, you still wouldn't owe any taxes next year.
So you don't enjoy to worry nearly paying tax on it subsequent year.
Judy is misinformed. The bill was amended previously the senate would pass it. Originally, you needed to enjoy "earned" income. Now:
"Those who earn too little to pay taxes, including senior citizens living bad of Social Security or veterans on disability checks, would get rebate of $300 for individuals and $600 for couples."
SSI isn't taxed, and isn't reportable on a due return. If you mean social wellbeing, that is a different program than SSI, and can be reported and below some circumstances is taxed.
If your individual income is SSI, you are not eligible for a rebate check.