Filing Taxes when Redeeming Lawful Money all year
David and all, I am employed and have been receiving my pay via paper checks. In 2013, I began endorsing them with the redeemed in lawful money verbiage. I have also updated my W-4 and bank signature card to reflect the lawful money demand. In addition to those changes, I haven’t filed taxes since I began this practice.
I have a few questions, and hope David or someone, can provide clarity.
- How do I complete my 1040 when filing? Where do I indicate the demand for lawful money on my tax return? Given the fact that no taxes are being taken out of my paycheck, thus I’ve already recouped the money on the front end, I am unsure how to proceed when filing.
- What are the repercussions, if any, when I file in 2016 as I haven’t filed since 2013?
- What is the process/how do I go about receiving a refund for previous tax years, before I began claiming lawful money?
Thank you in advance for your insight.
Relating to Filing Taxes having been redeeming all year, (never having filed w4)
Hello,
I was hoping someone would be able to clarify what amount should be put on line 21 if someone has been redeeming lawful money on all paychecks and is having a large sum taken out of each. Would the total amount on line 21 be the actual gross salary amount lets pretend it is 100,000. or would you place on line 21 the amount that you actually redeemed, which unfortunately, is the amount after what they withheld , lets pretend that total to be 80,000. As the goal is to in essence receive the 20,000 that they held, how do you go about proving that is what you demanded lawful money for when, the paycheck, is much less due to the with holding agent withholding such funds from your cashable paycheck? Further, is the demand for lawful money supposed to be different when written to the state, who held less money? My belief is that the entire pay stub amount, not the paycheck, is the true amount earned, so how are other people doing this who have been redeeming lawful money all year? I have yet to see any examples that would provide me with some clarification in regards to this matter.
Sincerely,
Kelly-Anne