Are "damage awards" taxable?
Answers: Possibly - depends on what it was for. If for a casualty reimbursement, it could result in a loss deduction.
Call 1-8OO-TAX-1040 to get the answer straight from the horses mouth for your situation!
no. a damage award is replacement for loss, like insurance.
Senate may vote today on import tax rebate? Is this true?
Thank you.Answers: Senate Republicans on Wednesday narrowly blocked a Democratic-backed economic stimulus plan that be costlier than a House of Representatives-passed measure by extending change rebates to retirees and disabled veterans and stretching out severance benefits.
The Senate legislation, valued at about $158 billion, and aimed at averting a U.S. recession, be offered as an alternative to the bill backed by President George W. Bush that overwhelmingly passed the House later week. The $146 billion House measure would offer individuals a one-time $600 payment and couples $1,200, plus $300 per child.
The Senate Democratic edition would have provided payments of $500 to individuals and $1,000 for couples, plus $300 per child, but next to higher income cap. The goal is to present consumers money so they can spend it quickly and supply the ailing U.S. economy a pull.
The bill further broadened the benefits by allowing cash payments to an estimated 250,000 disabled veterans and 20 million senior citizens who carry government benefit checks but enjoy little or no earned income.
It be not immediately clear what the sharply divided Senate would do subsequent.
They may vote, but it will be on a new variation that will need to budge back to the house formerly going to the white house.
Filing for 2005 do i just send the 1040ez?
Answers: it's more complicated than that. unless you meant 2007. if you owed taxes for 2005 that you needed to file, you might have penalties already for it. go to an accountant or tax prep
Attach w-2's to Form 1040EZ, if you are having to file this return to have your 2007 refund released, then there is a address where the 2005 return has to be mailed to, to get quickly processed. Once return for 2005 is processed IRS will release your 2007 refund.
Call IRS at 1-8OO-829-1040 and ask for the refund hold address to mail your 2005 return. Or if you received a letter from IRS use te address on the letter/