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Discussion in 'Money Talk$' started by SaggyWoman, Apr 7, 2008.
Which apply to you regarding your tax returns?
I don't refuse to answer the question, but at the same time most of the questions don't apply to me.Did you get a refund? No, my tax is "deducted at source," so I would only get a refund if my circumstances had changed during the tax year, or if a mistake had been made. This system is known by the acronym P.A.Y.E. (Pay as you Earn).
Did you have to pay in? Pay in what? When I was in paid employment, I had to pay National Insurance contributions, but that was not (as I understand it) directly connected with tax.
Did you do neither, just to get the stimulus package? We don't have stimulus packages.
Did you itemize? Itemize what? My tax returns? If so, no. With P.A.Y.E., unless a person's tax affairs are complex, we do not have to send in tax returns.
Did you take a retirement distribution early? I don't think we have such a thing as a retirement distribution in our tax system. Older people have a tax allowance, that is, an amount of income they are allowed which is not liable to tax.
Did you get EIC? I don't know. What is it?
Did you get the retirement credit? (Same as EIC)
Did you get the child tax or add'l child tax credit? Can't remember.
Will you file late this year? I don't file at all (see above).
It's hard to answer yes or no in a little box. I think this poll would work better with statements - "I did get a refund", etc. Just my humble but accurate opinion.
i usually just slit an artery into a sealed legal sized envelope and hope that they get enough blood in it to tide them over until next year. Of course Hillary or Obama will also require me sending my first born if they are elected.
I don't get this option: "Did you do neither, just to get the stimulus package?"
The only thing required to get the stimulus payment is to file a 2007 return. It has nothing to do if you got a refund or not.
My mama filed. She didn't get a refund. She didn't pay in. She did so just to get the stimulus thingee.
Did you get the retirement credit?
Well, yes and no. I didn't put anything into my IRA this year because I'm kind of short on ready cash and the fund has lost more in value the past 2 years than I have contributed in that time-- that really seems like competent money managment, doesn't it? But I do have payroll deduction for a 401K, and that doesn't appear as a tax credit because it's just taken off the income in the box on the W2, as if it was never earned. So that's why I say 'yes and no.'
David Lamb, don't you wish your taxes were such a simple thing as ours are across that Big Pond? :laugh:
Actually, Alcott, if that is reported as voluntarily taken out of your income (you will see a D in box 12 with an amount if that is the case) you can get a retirement credit if you make under 25000 as a single (it might be more if you are married).
Unfortunately, got a refund. That means I gave the govt an interest free loan on money that was rightfully mine