2006-08-25 07:46:29 · 11 answers · asked by nick9283 1 in Politics & Government ➔ Law & Ethics
Not if you repaid in the same tax year. If not, the deduction is in the year it was repaid -- and if you didn't pay tax in that year, tough.
Thus sayeth the IRS.
2006-08-25 07:49:02 · answer #1 · answered by Anonymous · 0⤊ 0⤋
it would be in your best interest to check with a tax attorney as the person who paid you o is going to submit a form saying how much you were paid. You will have to write the IRS and define your income to avoid an audit. Failure to do so will require you to pay tax on monies not paid.
That is just the way it works.
2006-08-25 07:53:41 · answer #2 · answered by Anonymous · 0⤊ 0⤋
docs at the instant are not interior the corporate of going after human beings for funds. They deliver a bill or 2 and then in the event that they get no longer something they sell the debt to a sequence organization. (and that they gained't see you lower back because you probably did no longer pay.) Now you're coping with the sequence organization. They make funds with the help of procuring for expenditures and seeing in the event that they'd assemble extra desirable than the debt cost them. They probable gave the scientific professional $50 for debt. he's out of the loop. Now they try to make their funds. in the event that they get you to pay the completed $2 hundred, they make $a hundred and fifty. they have thousands of expenditures like this and that they have got the approach down so properly of the thank you to get the main out of the gadget, they actually probably would desire to take you to court. and you will wager they gained't finally end up paying the charges of that!! the subsequent time you get a debt from all and sundry, pay something on it. in the event that they understand you attempt to pay they provides you with extra time. Had you despatched even $10 to the scientific professional and a be conscious asserting you pays yet can no longer do it in one lump sum they provides you with a gamble. Or extra advantageous yet, supply them your mastercard style and tell them to take $20 a month until the bill is paid. Do something to coach them you do intend to pay. with the help of no longer paying something you fairly probably will finally end up interior the comparable project with a collections organization.
2016-12-17 17:10:37 · answer #3 · answered by maffia 4 · 0⤊ 0⤋
Well, MCI tried to get tax money back on overstated revenues. Of course they were in bigger legal trouble. In you case it seems an honest report of income then a restatement. If not, I am sure you can take that amount you had to pay back as a business expense for this year.
2006-08-25 07:53:21 · answer #4 · answered by Anonymous · 0⤊ 0⤋
No. Your W-2 should reflect the correct wages. If you've already filed with an incorrect wage amount, request a corrected W-2 from your employer and file an amended return.
2006-08-25 07:49:54 · answer #5 · answered by Pitchow! 7 · 0⤊ 0⤋
No you won't have to pay tax on it. In fact, since it went to court, you may be able to take off court costs and lawyer fees if you had any. Because if you would have won the case, that money would be taxable. (It is called legal fees to attain taxable income)Check w/ your local tax professional.
2006-08-25 09:21:10 · answer #6 · answered by Anonymous · 0⤊ 0⤋
No. It was never your income to begin with so why would you owe taxes on it? Just make sure you keep all records of it.
2006-08-25 07:48:45 · answer #7 · answered by Anonymous · 0⤊ 0⤋
no, you owe taxes only on what you make, not paid in error if you repaid the error. Good luck
2006-08-25 07:51:59 · answer #8 · answered by Anonymous · 0⤊ 0⤋
No, not unless you kept the money. Then, you would be taxed. but, since you paid it back, there is no penalty.
2006-08-25 07:51:59 · answer #9 · answered by uchaboo 6 · 0⤊ 0⤋
No
2006-08-25 07:51:47 · answer #10 · answered by The Foosaaaah 7 · 0⤊ 0⤋