Not Paying Taxes

[quote]rainjack wrote:
LIFTICVSMAXIMVS wrote:
rainjack wrote:
LIFTICVSMAXIMVS wrote:
rainjack wrote:
Earned Income Tax Credit and Child Tax Credit are refundable credits. That means you can claim them and get money back even if you owe no taxes.

Well no shit! If you pay in more than you owe you get something back.

But that’s not what you said or meant. You wrote:
When every thing is totaled up, the family will receive a “refund” of $6510.

Take my example to any qualified tax professional. Hell, just call them on the phone. They will tell you exactly the same thing I said. The actual refund may be off a bit, as I did it in my head - but not materially different than the $6510.

Only $800 of that is really his money. The other $5710 is wealth redistribution.

He is getting a 25% raise from the government for being poor, and

You are insinuating that a credit either gets added to the amount actually paid in or that it is a direct disbursement from the IRS (a welfare check). Where does the extra $5710 come from? Please show me where on form 1040 it allows for a negative “amount owed”.

The Earned Income Tax Credit goes on line 66a of the 2007 form 1040 (pretty fucking easy to find since it says "Earned Income Tax Credit)

$400 of the The Child Tax Credit will take care of the $400 tax. The balance of the $1000 per child credit ($1600) goes on line 68.

If you would take the time to actually look at the tax return, you would see that line 72 called “Total Payments”, and is the total of the preceding section, to include amounts with held from your pay check, the EIC, and any additional child tax credit.

Which is it? Are you a liar or just ignorant?

None of the above. Unlike you, I actually know what the fuck I am talking about.

But don’t take my word for it. A simple search on the IRS website turned up this article.

http://www.irs.gov/newsroom/article/0,,id=120665,00.html

Read the first paragraph of the IRS link. No - wait. You are probably too fucking stupid to do that. Let me just post it here:

Taxpayers should consider claiming tax credits for which they might be eligible when completing their federal income tax returns. A tax credit is a dollar-for-dollar reduction of taxes owed. Some credits are refundable - taxes could be reduced to the point that a taxpayer would receive a refund rather than owing any taxes.

Please read the bold phrase several times.

It is pretty sad that you fucked your family because of your utter fucking stupidity - if you even have a family.

Thanks for playing. Go fuck your sister now.

[/quote]

hey rainjack. it is funny how they argue with us when we can just go into our tax projection software and get an answer within 30 seconds while they listen to what some jerk off told them in a bar about their taxes. do they think we’re just making this up?

[quote]bears wrote:
hey rainjack. it is funny how they argue with us when we can just go into our tax projection software and get an answer within 30 seconds while they listen to what some jerk off told them in a bar about their taxes. do they think we’re just making this up?

[/quote]

Evidently, they do.

Honestly, I wished there were more stupid fucks like Lifty living around me. I do very few of these slam dunk returns. I specialize in farm tax returns.

[quote]LIFTICVSMAXIMVS wrote:

You cannot get more money refunded that you pay in.

RJ has already proven himself to be a liar on more than one occasion by spouting off incorrect information that a CPA should know. The IRS website clearly says what each of these credits are and how they affect taxable income.

Even when I was a broke-ass, single income, married, enlisted marine (making about $12K) with two kids I did not get back more than I paid in – and I qualified for every credit there is.

I got a refund because I essentially owed no taxes but I never got more than I had with-held. Anyone who can read a form 1040 and do simple addition/subtraction can figure this much out.

I wouldn’t trust RJ to fill up my gas tank let alone to fill out a simple tax return for me.[/quote]

You did your taxes wrong.

[quote]rainjack wrote:
LIFTICVSMAXIMVS wrote:
rainjack wrote:
LIFTICVSMAXIMVS wrote:
rainjack wrote:
Earned Income Tax Credit and Child Tax Credit are refundable credits. That means you can claim them and get money back even if you owe no taxes.

Well no shit! If you pay in more than you owe you get something back.

But that’s not what you said or meant. You wrote:
When every thing is totaled up, the family will receive a “refund” of $6510.

Take my example to any qualified tax professional. Hell, just call them on the phone. They will tell you exactly the same thing I said. The actual refund may be off a bit, as I did it in my head - but not materially different than the $6510.

Only $800 of that is really his money. The other $5710 is wealth redistribution.

He is getting a 25% raise from the government for being poor, and

You are insinuating that a credit either gets added to the amount actually paid in or that it is a direct disbursement from the IRS (a welfare check). Where does the extra $5710 come from? Please show me where on form 1040 it allows for a negative “amount owed”.

The Earned Income Tax Credit goes on line 66a of the 2007 form 1040 (pretty fucking easy to find since it says "Earned Income Tax Credit)

$400 of the The Child Tax Credit will take care of the $400 tax. The balance of the $1000 per child credit ($1600) goes on line 68.

If you would take the time to actually look at the tax return, you would see that line 72 called “Total Payments”, and is the total of the preceding section, to include amounts with held from your pay check, the EIC, and any additional child tax credit.

Which is it? Are you a liar or just ignorant?

None of the above. Unlike you, I actually know what the fuck I am talking about.

But don’t take my word for it. A simple search on the IRS website turned up this article.

http://www.irs.gov/newsroom/article/0,,id=120665,00.html

Read the first paragraph of the IRS link. No - wait. You are probably too fucking stupid to do that. Let me just post it here:

Taxpayers should consider claiming tax credits for which they might be eligible when completing their federal income tax returns. A tax credit is a dollar-for-dollar reduction of taxes owed. Some credits are refundable - taxes could be reduced to the point that a taxpayer would receive a refund rather than owing any taxes.

Please read the bold phrase several times.

It is pretty sad that you fucked your family because of your utter fucking stupidity - if you even have a family.

Thanks for playing. Go fuck your sister now.
[/quote]

After further research it appears you are correct (though I have never received a larger “refund” than I paid in). Sorry I called you a liar and ignorant…this time.

[quote]LIFTICVSMAXIMVS wrote:
After further research it appears you are correct (though I have never received a larger “refund” than I paid in). Sorry I called you a liar and ignorant…this time.[/quote]

Fuck off. I don’t need you to tell me I am right.

Next time know what the fuck you are talking about before you start running your mouth.

Better yet - just read your books and shut the fuck up.

[quote]rainjack wrote:
LIFTICVSMAXIMVS wrote:
After further research it appears you are correct (though I have never received a larger “refund” than I paid in). Sorry I called you a liar and ignorant…this time.

Fuck off. I don’t need you to tell me I am right.

Next time know what the fuck you are talking about before you start running your mouth.

Better yet - just read your books and shut the fuck up. [/quote]

good ol’ RJ…

Just trying to own up to my mistake because that’s how I roll.

…and it I wasn’t really apologizing to you because I still think you’re an asshole but rather so that other people would know I have the integrity to admit when I am wrong.

I guess based on all that, and the fact that people can get more than they were withheld, I would imagine that the 38% number stated who do not pay taxes, include those who get refunds.

[quote]therover wrote:
I guess based on all that, and the fact that people can get more than they were withheld, I would imagine that the 38% number stated who do not pay taxes, include those who get refunds.
[/quote]

Only if the refund exceeds the amount of tax they paid.

[quote]rainjack wrote:
Only if the refund exceeds the amount of tax they paid. [/quote]

RJ… I am just curious if that is the determining factor when figuring the percentage of Americans who do not pay taxes.

If so, that means 38% of Americans get more back in their refunds then they paid in.

You think ? Could be…with the extra credits, house holds with children and people with lower than average incomes.

Just seems like that’s a lot of people…more than 1/3 of the country.

If the percentage also includes ANYONE with a refund, regardless, then it makes a little more sense.

But when it comes to taxes, nothing makes sense to me !! I just make sure I pay them !!!

My economic plan for the next few years will be similar to the Republican platform. Cut spending ! That’s the only thing I have control over at this point.

On a different note…it is nice to fill up the tank without having to go to the bank prior. Can anyone say below $2.00 a gallon by Christmas ?

[quote]therover wrote:

RJ… I am just curious if that is the determining factor when figuring the percentage of Americans who do not pay taxes.

If so, that means 38% of Americans get more back in their refunds then they paid in.

You think ? Could be…with the extra credits, house holds with children and people with lower than average incomes.

Just seems like that’s a lot of people…more than 1/3 of the country. [/quote]

Getting a refund has nothing to do with whether or not you paid taxes. I have clients that use the withholding from their paychecks like a savings account. Stupid move, but they do it anyway. A true tax refund is an overpayment of taxes. You still paid taxes, just not as much as you had withheld.

The stats are pretty cut and dried - over 30% pay no taxes. The bottom 2 quintiles, or 40% of taxpayers rarely have to pay any income tax at all.

and about 40% of all federal individual income taxes are paid by the top 1% of tax returns. that means those rich guys who no one wants to give tax breaks to are paying 40% of our tax revenue. those are the facts. do with it what you will.