Courtesy of the Internal Revenue Service TT-2008-36 Payments that you receive from your IRA or qualified retirement plan before you reach age 59½ are normally called ‘early’ or ‘premature’ distributions. These funds are subject to an additional 10 percent tax and must be reported to the IRS. There are a number of exceptions to this […]
Tag Archives: Social Issues
Courtesy of the Internal Revenue Service TT-2008-37 Many United States citizens and resident aliens receive money from foreign sources. These taxpayers must remember that they must report all such income on their tax return, unless it is exempt under federal law. U.S. citizens and residents are taxed on their worldwide income. This applies whether a […]
Eligible Taxpayers Must File a 2007 Tax Return to Receive Rebate WASHINGTON — The Internal Revenue Service today advised taxpayers that in most cases they will not have to do anything extra this year to get the economic stimulus payments beginning in May. “If you are eligible for a payment, all you have to do […]
Courtesy of the Internal Revenue Service IR-2008-012 WASHINGTON — Nearly 12,000 free tax preparation sites will be open nationwide this year as the Internal Revenue Service continues to expand its partnerships with nonprofit and community organizations performing vital tax preparation services for low-income and elderly taxpayers. The IRS Volunteer Income Tax Assistance (VITA) Program offers […]
Today TaxMama hears from Ben in Ohio who tells us, “In 2006 my son adopted a Downs Syndrome child. He receives a state subsidy from Ohio each month for those who adopt special needs kids. We don’t know if this is taxable income. “
Some May Be Due Refunds IR-2007-198 Courtesy of the Internal Revenue Service WASHINGTON — Payments under the Department of Veterans Affairs (VA) Compensated Work Therapy (CWT) program are no longer taxable and disabled veterans who paid tax on these benefits in the past three years can now claim refunds, the Internal Revenue Service said today. […]
Today TaxMama hears from Melanie in Minnesota, who’s upset. “I worked for this employer for 6 days. He did not take taxes from my check. I did sign a W-2 form to authorize it.buy sertraline generic rxbuyonlinewithoutprescriptionrx.net over the counter What can I do?” Dear Melanie, Hmmm…. OK, here are some choices for you: 1) […]
Tax Break Helps Low- and Moderate-Income Workers Save for Retirement IR-2007-187, Nov. 9, 2007 – Courtesy of the Internal Revenue Service WASHINGTON — Low- and moderate-income workers can take steps now to save for retirement and earn a special tax credit in 2007 and the years ahead, according to the Internal Revenue Service. The saver’s […]
Today TaxMama hears from Michelle in Pennsylvania, who has this dilemma, “My husband was working and receiving $300 a week for 7 weeks. He was paid with a personal check. Do we claim that? Because his boss will not be claiming him, I was not sure.https://www.epsa-online.org/wp-content/languages/new/singulair.html Some people told me no; some people told me […]
Courtesy of The National Women’s Law Center www.nwlc.org Bill Closes Private Equity Tax Loophole to Pay for Changes (Washington, D.C.) The U.S. House is expected to vote Friday on a bill that promotes tax fairness and fiscal responsibility by expanding eligibility for the refundable child tax credit, temporarily fixing the alternative minimum tax, and closing […]
Today we hear from Jan in San Diego, CA who’s trying to help her clients. “We are trying to help clients and friends from this office. Do you know how to file a DUA (Disaster Unemployment Assistance Claim)? The number at EDD is so busy they hang up on you and you cannot file a […]
[Courtesy of IRS] WASHINGTON – The Internal Revenue Service and the Treasury Department cautioned taxpayers about participating in certain trust arrangements being sold to professional corporations and other small businesses as welfare benefit funds and identified some of the arrangements as listed transactions. There are many legitimate welfare benefit funds that provide benefits, such as […]