Income is any type of property, money, etc that a taxpayer receives during the year from all worldwide sources of income.
Go to the IRS gov website and use the search box for Publication 525 (2009), Taxable and Nontaxable Income
Table of Contents
See link below.
According to IRS regulations, any income over $600 in a year must be claimed. It is highly suggested that a return should be filed even if there is less than that in income.
The definition of a retirement calculator according to Bloomberg is factoring in your 401k account with your other income and calculating what you will have in terms of income and what you will need.
Yes some pension income can be seized by the IRS.
if the IRS finds out that a person does claim income, the IRS can audit the person. If audited, the person will have to go in person to their local IRS agency and explain the situation.
IRS 1099 forms are used to report income that can not be reported elsewhere or considered miscellaneous income.
yes IRS will garnish 401k because they see it as a income.
NO. As long as it is a QUALIFIED gift that you are receiving according to the IRS gov website definition of a gift. Any transfer to an individual, either directly or indirectly, where full consideration (measured in money or money's worth) is not received in return. The person who receives the QUALIFIED gift does not have to report the QUALIFIED gift amount to the IRS or pay gift or income tax on its value. However, what you call a gift and what the IRS defines as one may be different. Go to the IRS gov website and use the search box for Gift Tax Frequently Asked Questions on Gift Taxes
The IRS releases a "data book" each year showing statistics about collection. According to the IRS databook, in Fiscal Year 2008 the IRS collected $2.69 Trillion dollars. Of that amount, it broke down like this: Corporate Income Tax: 12.9% Individual Income Tax: 52% Employment Tax: 32.2% Estate Taxes: 1.1% Excise Taxes: 1.9% {| |- | |}
Yes, the IRS can, and will, garnish an income tax refund if money is owed from an audit.
Adjusted gross income
According to IRS any net income from any source is taxable which also includes if you are self employed. Please check your taxable income by visiting any of the IRS web sites or a web site like www.cpasitesolutions.com/content/calcs/TaxSelfEmployment.html