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Chiqui78
In USA...Do Real Estate investor and disable veteran have to pay taxes , I mean fill out form 1040 and w 2?
john_and_marlene
QUOTE(Chiqui78 @ Jan 31 2008, 07:09 AM) *
In USA...Do Real Estate investor and disable veteran have to pay taxes , I mean fill out form 1040 and w 2?


Yes, if they have taxable income.

Disability income is not taxable.
YuAndDan
US Citizens file returns (1040) every year, only if income falls below a certain amount then can not file a return, but IRS recommends filing even if income is Zero.

Taxable and non-taxable income is reported on the return (1040), they just don't have to pay tax on the NON-Taxable amount reported.
john_and_marlene
QUOTE(YuAndDan @ Jan 31 2008, 07:45 AM) *
US Citizens file returns (1040) every year, only if income falls below a certain amount then can not file a return, but IRS recommends filing even if income is Zero.

Taxable and non-taxable income is reported on the return (1040), they just don't have to pay tax on the NON-Taxable amount reported.


What line on the 1040 requires the reporting of non-taxable income other than non-taxable interest?
Karin und Otto
QUOTE(john_and_marlene @ Jan 31 2008, 07:55 AM) *
QUOTE(YuAndDan @ Jan 31 2008, 07:45 AM) *
US Citizens file returns (1040) every year, only if income falls below a certain amount then can not file a return, but IRS recommends filing even if income is Zero.

Taxable and non-taxable income is reported on the return (1040), they just don't have to pay tax on the NON-Taxable amount reported.


What line on the 1040 requires the reporting of non-taxable income other than non-taxable interest?

16A (for example) with 16B being the taxable portion (if any) of that amount. good.gif
john_and_marlene
QUOTE(Karin und Otto @ Jan 31 2008, 08:04 AM) *
QUOTE(john_and_marlene @ Jan 31 2008, 07:55 AM) *
QUOTE(YuAndDan @ Jan 31 2008, 07:45 AM) *
US Citizens file returns (1040) every year, only if income falls below a certain amount then can not file a return, but IRS recommends filing even if income is Zero.

Taxable and non-taxable income is reported on the return (1040), they just don't have to pay tax on the NON-Taxable amount reported.


What line on the 1040 requires the reporting of non-taxable income other than non-taxable interest?

16A (for example) with 16B being the taxable portion (if any) of that amount. good.gif


16b is only for partially taxable pensions and annuities. You would not report non-taxable disability income there.

I'm assuming the OP was interested in the disabled veteran's disability income which is not taxable and is not reported on the 1040. It is not a pension or annuity and is wholely non-taxable.
Karin und Otto
QUOTE(john_and_marlene @ Jan 31 2008, 08:13 AM) *
QUOTE(Karin und Otto @ Jan 31 2008, 08:04 AM) *
QUOTE(john_and_marlene @ Jan 31 2008, 07:55 AM) *
QUOTE(YuAndDan @ Jan 31 2008, 07:45 AM) *
US Citizens file returns (1040) every year, only if income falls below a certain amount then can not file a return, but IRS recommends filing even if income is Zero.

Taxable and non-taxable income is reported on the return (1040), they just don't have to pay tax on the NON-Taxable amount reported.


What line on the 1040 requires the reporting of non-taxable income other than non-taxable interest?

16A (for example) with 16B being the taxable portion (if any) of that amount. good.gif


16b is only for partially taxable pensions and annuities. You would not report non-taxable disability income there.

I'm assuming the OP was interested in the disabled veteran's disability income which is not taxable and is not reported on the 1040. It is not a pension or annuity and is wholely non-taxable.

So your saying (to the OP) he/she does not need to file a tax return...?
john_and_marlene
QUOTE(Karin und Otto @ Jan 31 2008, 08:19 AM) *
QUOTE(john_and_marlene @ Jan 31 2008, 08:13 AM) *
QUOTE(Karin und Otto @ Jan 31 2008, 08:04 AM) *
QUOTE(john_and_marlene @ Jan 31 2008, 07:55 AM) *
QUOTE(YuAndDan @ Jan 31 2008, 07:45 AM) *
US Citizens file returns (1040) every year, only if income falls below a certain amount then can not file a return, but IRS recommends filing even if income is Zero.

Taxable and non-taxable income is reported on the return (1040), they just don't have to pay tax on the NON-Taxable amount reported.


What line on the 1040 requires the reporting of non-taxable income other than non-taxable interest?

16A (for example) with 16B being the taxable portion (if any) of that amount. good.gif


16b is only for partially taxable pensions and annuities. You would not report non-taxable disability income there.

I'm assuming the OP was interested in the disabled veteran's disability income which is not taxable and is not reported on the 1040. It is not a pension or annuity and is wholely non-taxable.

So your saying (to the OP) he/she does not need to file a tax return...?


No--that's not what I replied. I said they have to pay taxes and file if they have taxable income. Subseqent posts were disputing the claim that non-taxable income is reported on the 1040.

I have 3 types of income.

1. Earned income
2. Pension income
3. Disability income

I file a tax return and report the Earned income and pension income. I do not report the disability income--it is not taxable and there is no place to report it.

I get a W-2 for the earned income.
I get a 1099R for the pension.
I do not get any form for the disability income.
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