Tax experts out here???
ok i heard that as mother of 4 who didnt work that you can still wallet taxes and get the child import tax credit...is this true and if it is can i still do it if i am married?Answers: If you're a single parent with no income consequently you already have $0 toll liability. The CTC can only diminish your tax liability to $0 so it's worthless to you. There would be no have need of for you to file a due return.
If you are married and file a common return the CTC will reduce your import tax by $1,000 for each child, but no lower than $0. If it reduce your tax to $0 and in attendance is any left over, you may be eligible for the Additional Child Tax Credit. That is a refundable credit so if your toll liability is already $0 the excess can be refunded to you.
If U R married and both of U engineer less than the poverty rank, there is a page to do the calculation. U R talking just about EIC, when married, only the one who is working can claim the kids and folder, but do the EIC worksheet and if he makes poverty stratum pay mount, then he can claim. Since U R worn-out U cannot claim EIC..if U were single --yes.but don't try to cheat the IRS...they enjoy computers that throw out of the system, anything that looks wrong!
Do you have to pay taxes on an auto insurance settlement?
Answers: as long as the settlement is to cover your losses from damage or medical bills, no. --These reduce your casualty loss amount and possible deduction on Schedule A. BUT, if you deducted your costs as a casualty loss in prior years and got a tax reduction for them, then the settlement is taxable.
to the extent it is lost wages, yes.
for other cases, see IRS regulations -- search irs.gov for the appropriate publication
Usually the lawyers will withhold the taxes and medical before you get the check. That is the norm. Otherwise you will receive a form 1099 for other income that might be taxed. It is usually not considered income. If it is you get to take off your expenses to reduce the amount being taxed. Gail Seymour 580-762-7458
What is the most export tax compensation I can catch on job loss?
if i received only 5.000 from job loss the whole year of 2007 and no other income at adjectives can i even expect any type of refund this year if so how much. no taxes be took out of my unemployment and i am the mother of 3 (had no other income at adjectives last year.) and do i embezzle my 1099g to the taxes office to directory.Answers: Unemployement is taxable, if there be no withholding you can expect that your standard deduction and exemptions will cover any excise you might owe, there are abundantly of state credits you might get, check next to your state tax commission, to see if you qualify, if someone else supported you you might be a dependent of another and be claimed on another return, if you weren't specifically all you can expect. If you made some charitable of cash income that wasn't W2 or other claim it on a rota C of the 1040 this will qualify you for EIC and other credits. Gail
No, there won't be any repayment this year if the unemployment be your only returns. Although unemployment is taxable income it does not qualify for the EIC. And since no import tax was withheld form it there's no necessitate to file at adjectives. Your income is well below the file requriement amount, and assuming that you were not married as of December 31st no duty return is needed this year.
Don't waste your time preparing a return. It's not required and won't take you anything. Just file the 1099-G next to your personal records and forget in the order of it.
Get back? don't construe you'll get anything vertebrae, if anything you will owe. YOu have to take-home pay taxes on unemployment. But you enjoy kids.. so.. you may can get some humane of earned income credit. How do you survive on 5 a year? You are online asking this question, so you have to own some income somewhere... even if someone is helping you out.