Can a grand mom claim her grand child on her income taxes if the child is on welfare?
Answers: Yes, she should if the granschild lives with her and the welfare benefits are less then 49% of her expenses.
Listen to Bostonia-he is the only one here who has answered your question correctly.
Seeking amendment on last years tax return, will this be refunded to me in this years tax return or earlier?
Answers: If you originally received a "Notice of Assessment for the year ending 30 June 2007", then what you'll receive is an "Amended Notice of Assessment for the year ending 30 June 2007". If the amended assessment results is a credit (refund), then there'll be a refund cheque or EFT bank transfer shown on the Notice.
Why is America the only country to collect taxes on Nobel prise winnings?
Answers: My cynical side says "because America doesn't value peace, science and literature."
More realistically, its because America taxes all income, and prize winnings are included. We've just never granted an exception, and considering would only effect, at most, about a dozen or so people a year (assuming Americans win every prize, and there are multiple recipients for each), its not worth the trouble.
Also, the Peace Prize is often controversial. Imagine the complaints if Al Gore's prize was tax free.
There's also the potential for a "snowball effect". If Nobel Prizes are exempted, why not the Fields Medal (mathematics' equivalent to the Nobel)? Or prizes for giving the best paper at a prestigious conference?
Anyway, its my impression that Nobel Laureates usually put the money back into their research, which would make it a tax write-off anyway.
Personally, I do think the biggest scientific honor in the world should be tax-free. But there are legitimate arguments against it.
Can't speak for any other country, but there is no US exemption from taxation for the Nobel prizes, pure and simple.
Each country is free to write its own tax laws and levy those taxes on its citizens and residents. If you think that the US should treat Nobel laureates differently, contact your elected representatives and see if they're willing to sponsor legislation to that effect.
Well, if I was a smart Nobel Prize Winner, I'd take my winnings and convert them into some sort of company or memorial fund that is chartered to further explore whatever it is they won the prize for in the first place.
You're also assuming the winner gets all that money. In many cases, the corporation or university that bankrolled their experiements/research/whatever will get a nice piece of that as compensation. Most professors and researchers have that in as part of their contracts.
Other than that, the IRS doesn't consider that any different than someone who went on "Survivor" or "Who Wants to be a Millionaire."