Income due Question? My uncle have be retired?
for 25 years from the Long Island Rail Road.He receives pension.. one which appears to be calculated as a W2. How can he be getting a W2 when he has not worked contained by 25 years?
Rail Road additional income Plans.
So I assume instead of being included on Line 16 Pensions it should appear on vein 7wages. Is this the case?
Thank you for your relieve.
Answers: The W-2 may be for additional benefits approaching health insurance or enthusiasm insurance. My dad was getting these too.
Since it's a W-2, you other put it on line 7.
Look again. It is a Form 1099-R (as surrounded by "R"etired.)
If I claimed 1 on my W-4 will I more than likely owe money to the IRS?
Answers: If you claim Single 1... And have no dependents (other than yourself)... And have no other income outside of your job and you don't itemize... This should bring you close to break even on your tax return.
Relying on a W4 entry to get the desired results is a shot in the dark, unless you complete the worksheet that comes with the W4. You need to compute the tax circumstances for your entire return, not just your income from 1 job, to be accurate.
Do we have to pay back this so called tax rebate check coming this spring?
Answers: There will be no pay backs, nor will the money be taxed on your 2008 return.
Prebate checks will, however, have to be subtracted from the results of your 2008 return. That is not a payback, it is to prevent a double payment.
To illustrate, the new tax bill raised the Child Tax Credit (CTC) for 2008 to $1,300 from $1K. Those getting a prebate check will get the extra $300 this year. That is where the $300 per child comes from.
On your 2008 1040 you will be awarded a CTC of $1,300. Since you already received $300 in advance, you have to subtract that $300. That will still leave you with a total $1,300 CTC for 2008. If you did not subtract the advance payment, you would incorrectly wind up with a 2008 CTC of $1,600 ($300 prebate plus $1,300 on the 2008 1040).
Those who did not get an advance check will not have to subtract it, so they will receive the entire $1,300 at that time.
jesus i didnt even think about that.
im sure it will count as income and then next year we will have to claim it.
Lord.
Id love an actual answer for this! On the news last night the news caster said "And remember, this rebate will be coming out of your 2008 tax return, so expect your return next year to be significantly smaller"...kinda pissed.
But im not sure, cause me and my boyfriend couldnt find out anything alse about it online...
of course we will.and our children and grandchildren and great grandchildren will have to pay back the huge debt that this rebate will create... along with the huge debt of the war etc..
Gee thanks Georgie!
It is a one time tax reduction, with the savings distributed early. You will calculate what your rebate "should have been" when you file your 2008 taxes in 2009.
For most people, that answer will be the same as what they received, so it would have no effect on their refund.
For some people, that answer will be more than what they received. They will have the difference added to their refund (or deducted from what they owe).
For some people, that answer will be less than what they received. They get to keep the difference, according to the news articles I have read.
While the rebate depends on your 2007 income, it is actually a rebate toward your 2008 taxes. According to the bill, in 2008, taxes would be cut from 10 percent to zero percent on the first $6,000 dollars of taxable income for individual taxpayers.
It's like a one time tax cut for 2008, but you get the rebate now instead of waiting to file your 2008 taxes. Because this is an advance payment on your 2008 taxes, your refund next year could be more (or less!) depending on your 2008 income.
For the rebates based on taxable income ($600 for singles, $1200 for joint filers), the rebate will about equal the tax cut, so your refund next year will not be effected.
Of particular concern are the $300 rebates to those who pay no tax and the $300 rebates for dependent children. Those who receive these rebates may wind up paying it back next year.
Check out http://money.cnn.com/2008/02/08/pf/taxes...
for all the answers you need to know.
1. it's for 2008 just in 2007.
2. You won't have to pay it back.
3. It looks like children born this year will get an additional 300 next year.
Sort of. For 2008 there will be a tax cut - the rebate is an advanced payment of that. If you get the rebate now, you won't get extra money next year from the tax cut. It hasn't been announced yet exactly how that will all be implemented