Hey guys I am trying to save a little money here and do m taxes on my own, so far they seem pretty simple and I think I am done, the only thing is I don't know where to claim that $300 relief thing got last year in August or something? Does anyone know what line # it goes under??? Other than that I think I am pretty good, it seemed simple since I really didn't have to fill out too much like farm sales or whatever that stuff is.
Thanks in advance
I did mine on Turbo Tax. It was one of the standard questions. I'm not sure where what line it was put into. I can check tonight when I get home. Unless sombody responds inthe meantime.
Originally posted by Vetteless Hey guys I am trying to save a little money here and do m taxes on my own, so far they seem pretty simple and I think I am done, the only thing is I don't know where to claim that $300 relief thing got last year in August or something? Does anyone know what line # it goes under??? Other than that I think I am pretty good, it seemed simple since I really didn't have to fill out too much like farm sales or whatever that stuff is.
Thanks in advance
Monetary contribution to a non-profit organization. I forget which line, but is definately there on a 1040 itemized deduction worksheet.
PS. get something like turbo tax.... saves way too much time and you can deduct the cost of it off of next years taxes. Usually only runs about 20-25 bucks... I usually collect all of the documents as they go through and then enter/print/file my return in about 2 hours.
Thank You I really appreciate it, I am almost 100% sure thats that is my last step, once I know where to plug that in I can then finsh up the rest of the calculations......Oh yeah Rick thanks, that was just the answer I was looking for.....JK
Also does anyone know what Rate reduction credit is, my Dad thought thats where I claim it but I guess not.....Also where could I find that Turbo Tax thing for $20-25....Maybe i'll go pick that up
I couldn't find that monetary thing ICE maybe when one of yu guys get chance you could get me the line #....But so far thanks to everyone....Except Rick of course I'll remember this in 2006 when i'll be buying my Z06 from him
Last edited by Vetteless : 03-20-2002 at 02:41 PM.
Originally posted by Vetteless Also does anyone know what Rate reduction credit is, my Dad thought thats where I claim it but I guess not.....Also where could I find that Turbo Tax thing for $20-25....Maybe i'll go pick that up
woah.... nearly a bad thing!!!!
When I read your original statement I read it as a donation to a relief fund last august.... but now after re-reading it it seems like that may have been your $300 tax refund from 2000 that we got last year???
That is definately NOT contribution to non-profit etc etc... if I understand that correctly now??
There is a place to add it, I just can't recall where it was not
All jokes aside you can go to H & R Block .com and do your taxes on line with them. They have a very user friendly site and it is very reasonable as well. I have been doing mine there for the last few years. Check it out.
If you are talking about the mid year payout that was sent to most people in 2001, $300 to $600, you do not owe anything on that. That was simply a "payback" that just about every tax payer in the country received. You owe nothing on that and it is not income.
Originally posted by Vetteless Hey guys I am trying to save a little money here and do m taxes on my own, so far they seem pretty simple and I think I am done, the only thing is I don't know where to claim that $300 relief thing got last year in August or something? Does anyone know what line # it goes under??? Other than that I think I am pretty good, it seemed simple since I really didn't have to fill out too much like farm sales or whatever that stuff is.
Thanks in advance
I just had my taxes done. If you are talking about the tax rebate (money you got back from the government as mandated by GWB), you do not claim it at all. That is what my accountant says.
Joe
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Joe Syslo
'75 AWhite/Blue T-Top Shark (???)
'99 NB/ Black FRC (324.4 RWHP)
'02 EB/ Mod Red Z06 (356.3 RWHP)
hmmm very interesting, I guess I don't owe anything for that $300 then, seems like I am done.....Again thanks to all you helped out, I realy appreciate it....This time we could include Rick
Here is the real story.
Last year's tax bill created a new tax rate of 10% effective from 1/1/2001. This rate applied to the first $6,000 for a single person (which you must be). Previously the lowest tax rate was 15%. To help boost the economy, Congress decided to give all of the 2001 benefit from this tax reduction as a check issued last summer.
The problem...they didn't know your 2001 taxable income in the middle of 2001. They decided to use your 2000 taxable income as a surrogate for your 2001 taxable income. If you got a $300 check, then your 2000 taxable income was more than $6,000. The $300 was calculated by taking $6,000 times 5% (the rate reduction for the first $6,000 from 15% to 10%).
If your 2001 taxable income was more than $6,000 then the "rebate" of $300 was correct and you don't need to put anything on your tax return with respect to this rebate. I would assume that this would be true for most Vette owners.
You aren't the only confused person. The IRS that taxpayers are making a lot of mistakes with respect to this "rebate".
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