Can unearned income be taxed? Such as Social Security.?
Answers: It depends on the type of unearned income. Interest, dividends, and capitals gains are definitely taxable. Unemployment compensation is also taxable. Social Security is an oddball category. Basically, if your total income is below a certain amount, then it is not taxable. If you have a high enough income because you either have a job or investments, then it is taxable, but only a portion (50%?) is.
all money that comes to you is income weather you work or not
yes income is taxable
Yes it can
Most social security benefits are taxable.the only one that i believe is not taxable is the income support
Wait a minute on those last 2 answers..
First of all, the IRS considers Social Security Disability Income (SSDI is for ppl under 65 considered permanently disabled) as 'earned income', so it qualifies. $300 back if you paid $0- $300 in taxes.
Not sure about SSI (for ppl under 65, perm disabled, but who haven't worked enough--not paid enough in SS taxes-- to qualify for SSDI). Seems like it would still be considered income, and therefore would qualify. $300 back
SS for retirees, at this point, appears not to be eligible, unless they paid tax on it.
So, apparently, some SS is considered 'earned income', and some does not.
I think ppl on SSDI (and maybe SSI) who work and pay more than $600 in taxes, would get the $600.
They say that ppl who pay between $300-$600 in taxes would get the amount paid back.
I answered other questions about this, and included the sources of the information in those answers.
Pattie
Which country's taxes are you asking about? This question was posted in the UNITED KINGDOM section.
Is there a good website that I can find all items that can be deducted this year?
Answers: www.irs.gov
If you are intent upon doing your own taxes and your deductions are relatively simple (or even if they're not), I would encourage you to buy a program like Turbo Tax which is what I use in doing the taxes of a few friends. You'll find the program user friendly and you'll get all the deductions you're entitled to. It even handles state taxes. Just be sure to read the box the program comes in so you'll buy the program that's right for your deductions. You will thank me!
If I claim medical expenses on my tax return, can I use a copy of the medical claims as a receipt?
Answers: You used to be able to claim private health insurance premiums against tax, but this was stopped years ago. You have certainly never been able to claim medical expenses.
No, a copy of medical claims wouldn't have anything to do with what you can deduct. You can only deduct INREIMBURSED medical bills that you actually PAID during that year, and then only if you itemize, and even then only the part that's over 7.5% of your adjusted gross income. Even an explanation of benefits form showing what you owe after insurance doesn't show that you PAID the amount.