Not reporting income to the IRS?
607003
It depends on how cooperative the bank in Bermuda is.  If they value your business and won't disclose the details, then the money is not taxed.  This is technically illegal and people might get to wondering how you got that 100k and you might get an investigation later on, but lots of Americans illegally make offshore accounts.  Are you (or whoever it is) feeling lucky? :)
166383
It's not only the -amount- of income you earn that determines whether or not you have to file an income tax return. There are many factors. To see the requirements, follow the questionnaire at this link: http://www.irs.gov/individuals/article/0,,id=96623,00.html\n\nRemember that even if you aren't required to file, sometimes it's in your best interest to file anyway, because you may be due a refund - sometimes much more than you think, if you qualify for the Earned Income Tax Credit.
114009
The short answer is no.\n\nTry Taxact.com.  It is free for everyone, regardless of income.
449282
consider filing seperately.  The person without an income just won't have to file anything.  That'll show that their's only one income. You should probably talk to a tax professional to make sure though.
47976
yes, and you will want to do that as soon as possible. If you are getting a refund, there will not owe any penalties or fees. The big reason why you want to file them ASAP is because the IRS already has a list of all of your income. They get a copy of your W-2s when your employer sends you a copy so they know what you made. They do not know what your deductions are though, so in about 2 to 4 years they will send you a big fat bill for what they feel that you owe them (when actually they may owe you) Also if you do not file at all the IRS may assume that you are avoiding paying taxes and will likely audit you.\ngood luck\nBLU
575785
Income is taxable.\n\nYou will receive paperwork along with your settlement (probably a 1099-Misc or similar) that will give you the info you need to determine how to handle the money, taxwise.\n\nGood Luck!
437986
Yes. There are several clauses state that this is a possibility. Refer http://www.irs.gov
285862
Your financial institution (stockbroker, for example) is required to report those transactions to the IRS. There is a bit of processing time involved, but the IRS would probably find out you failed to report income within two or three years (probably faster nowadays--I can only hope they've upgraded their computer system since I worked there). \n\nYou would receive a long letter from the IRS when the paperwork caught up. Your consequences could include some combination of negative credit reports, interest charges, failure to pay penalty, jail time, and seizure of your property, depending upon the amount of taxes you owe and how quickly and politely you cooperate and pay up. \n\nThey don't have to do it often, but I understand IRS raids are considered the best-run raids in federal law enforcement.
138568
No, you are not going to pay taxes on that money.
902306
Well.... you dont have to pay INCOME taxes\n\nIRS Form 1040 violates the federal Paperwork Reduction Act (PRA) and is therefore a legally invalid form. Under the Public Protection clause of the PRA, no person can be penalized for failing to file a 1040 if the IRS fails to fully comply with the PRA.\n\nThe IRS Individual Form 1040 has not and cannot comply with the requirements of the PRA because no existing statute authorizes the IRS to impose or collect the federal income tax from individuals. That lack of bona fide authority makes it impossible for IRS to avoid violating the PRA. IRS Form 1040 has not had a valid OMB(Office of Management and Budget) control number since 1982. \n\nSection 3512 of the PRA, titled “Public Protection” reads as follows: \n\n(a) Notwithstanding any other provision of law, no person shall be subject to any penalty for failing to comply with a collection of information that is subject to this subchapter [44 USCS § § 3501 et seq.] if--\n\n(1) the collection of information does not display a valid control number assigned by the Director in accordance with this subchapter [44 USCS § § 3501 et seq.]; or \n\n(2) the agency fails to inform the person who is to respond to the collection of information that such person is not required to respond to the collection of information unless it displays a valid control number.\n\n(b) The protection provided by this section may be raised in the form of a complete defense, bar, or otherwise at any time during the agency administrative process or judicial action applicable thereto.
671820
No it does not. Not even the bank is supposed to see what is inside. It is a secret and does not have to be reported as income or an expense, because it is not taxed.
1043200
If it is from a traditional IRA-YES.  If it is from a ROTH IRA-MAYBE.  You really need to bring your documents to a CPA or Enrolled Agent for review.  I have listed some articles below that can help.  The first is on ROTH IRAs and the second on traditional IRAs. \n\nBe sure to have tax withholding on any distribution to avoid owing IRS.
1117432
It's the opposite of taking the exemption...such\nas your child in tax returns
265352
"It does not appear on the IRS site"\n\nSure it does!\n\nhttp://www.irs.gov/pub/irs-pdf/f8914.pdf
249848
A grant is considered income!!!It depends on how much the grant was their is a certain amount of income you can make without filling a tax return. If they sent you a 1099 they sent one to the IRS!!! Look it up on IRS.GOV be sure to look up under individual. You can type in grants in the key words box. I hope this helps
778180
Absolutely!  Need a tax acc't or lawyer.  There are ways to lower the taxes.That money can't just show up in your bank acc't without the IRS reciving bank report...so go totax expert first.  Good Luck!
929273
You don't have to report to the IRS how much you have, just how much income (interest, dividends) you had from it.  And having savings shouldn't affect your eligibility for unemployment comp.  If you are looking for other kinds of payments like welfare, then yes, they'd look at what you have.