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Cat-loving chihuahua suckles seven abandoned kittens
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Browns vs. Lions live …
Akron Zips:
Akron trounces Howard to reach .500
Tribe Matters:
Seven players added to Tribe’s 40-man roster
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Robiskie, Harrison inactive
Kent State Sports:
Kent State blown out in second half, loses to Temple 47-13
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Gameblog: Cavs vs. Philadelphia 76ers
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OSU – Michigan college football rivals meet in Baghdad
Varsity Letters:
Four area football teams play tonight
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The Sunday Sanity Challenge
Blog of Mass Destruction:
Will Health Care Reform Pass?
Akron Law Café:
Health Care Financing Reform: (69) The Brookings Institute Study on "Bending the Curve" – Four General Strategies
See Jane Style:
Vintage Chic
Car Chase:
TIME TO GET YOUR COLLECTOR CARS WINTERIZED
Let's Talk Real Estate:
Silverdome Potentially SOLD!
Ohio Travels with Betty:
George is looking for a Thanksgiving buffet in Akron.
Sound Check:
Steely Dan Plays "The Royal Scam" at E.J. Thomas Hall
HRLite House:
A Random Rant on Testing
Akron Gamer:
Nintendo's Mario endures even as games come and go
Yes, return must be filed in order to receive any payment from IRS
By Marilyn Miller
Beacon Journal business writer
Published on Friday, Feb 15, 2008
Rebates were on the minds of most people who used the Akron Beacon Journal's call-in hot line Wednesday to ask tax questions.
The program was sponsored by the newspaper and the Ohio Society of Certified Public Accountants.
Six licensed CPAs from Brockman, Coats, Gedelian & Co. said the most frequently asked question was: Do you have to file a tax form to receive the rebate?
The answer: Yes.
The IRS will use information on the 2007 return to determine how much a taxpayer is eligible to receive. The Internal Revenue Service will begin sending payments in May. Taxpayers who file late or after filing an extension will receive payments later. No rebate checks will be issued after Dec. 31.
Accountant Todd Easton provided additional information: Qualifying income includes Social Security benefits, certain railroad retirement benefits, certain veterans' benefits and earned income, such as income from wages, salaries, tips and self-employment.
While some might not normally file because they do not meet income requirements, the IRS emphasizes they must file a 2007 return to receive a payment.
Recipients of Social Security, specified railroad retirements and certain veterans' benefits should report those amounts on Line 14a of Form 1040A or Line 20a of Form 1040. Taxpayers who already have filed but failed to report these benefits can file an amended return by using Form 1040X.
The IRS is working with the Social Security Administration and the Department of Veterans Affairs to ensure
that recipients are aware of this issue.
Another common question: Do I have to file taxes if I am over 65?
Age does not determine whether you file or not. It is based on income.
If you are single and under age 65 and make more than $8,750, you need to file. If you are 65 or older and make more than $10,050, you have to file.
If married filing jointly, under 65, the income threshold is $17,500 for both spouses; 65 or older (one spouse), $18,550; and 65 or older (both spouses), $19,600.
Not on Social Security
''You don't have to pay tax on Social Security,'' said Pam Johnson. ''Unemployment compensation is taxable but any money paid for a physical injury, such as workman's compensation, is not taxable.''
She said the same goes for lawsuits.
''But if you receive money for pain and suffering or punitive damage to a company — it would be taxable,'' she said.
If you inherit an IRA, do you have to pay taxes on it? Doug Mathey said if the deceased person was over 701/2, you will have mandatory minimum distributions spread out during your lifetime. And, yes, you will have to pay taxes on that money. You can cash it in, but you cannot convert a death IRA to a younger account.
Follow the rules
Another caller wanted to know what happens when your ex-spouse files income tax first and claims a child as a dependent, even though you have legal custody of the child and have provided more than half of the child's support.
''A father tried to file his taxes online with e-file and entered his child's Social Security number, but the number was rejected. It had already been used in another tax filing,'' Dave Smith said. ''You have to contact the IRS to straighten it out. It's not a matter of who files first; it's who is eligible, who follows the rules.''
Other questions fielded by Wednesday's hot-line team included answers from Dustin Sheppard and Julie Hall.
You can claim credit for energy-efficient windows you purchased if they were for your principal residence. Use Form 5695.
Address changes
You don't have to contact the IRS if you changed your address. When you file your income tax with your new address, the IRS will note the change. You are tracked by your Social Security number.
You can deduct medical expenses for yourself, a spouse or a dependent, but not a parent. You cannot deduct veterinarian expenses for your pet.
Marilyn Miller can be reached at 330-996-3098 or 800-777-7232 or mmiller@thebeaconjournal.com.
Rebates were on the minds of most people who used the Akron Beacon Journal's call-in hot line Wednesday to ask tax questions.
Get the full article here.
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