Get Your Billions Back, America: 2014

[JohnnyCash]

6 - INCOME

Alrighty then, now we get to the income section of our Lawful Money tax return. In TaxACT, we enter income info in the Federal Q&A tab. This is appropriate considering this filing is about private, privileged, or Federal [Reserve] income - a subset of all income. TaxACT uses a Question&Answer approach. I use the Quick Entry option to enter info from the paper Form W-2, inputting Box 1 amount into Box 1 of the program and so forth. Continue answering & entering all income* reported to you on "information reports" like W2, 1099-INT, 1099-R, etc.

Finally we get to Other Income - Miscellaneous and here you will enter your total redeemed lawful money for the year, as a negative amount. This is a simple total of LM amounts/checks either cashed or deposited. In the description I put: Demand for Lawful Money 12 USC 411. As you enter info TaxACT shows your expected refund in the upper right. Here's a screenshot: http://www.ctcwarrior.com/taxACT_income.JPG
When totaling your LM here for inclusion as Line 21 Other Income, it's important not to include any redeemed Lawful Money that was not also income on the lines above.

*NOTE: In years past I have not included as income amounts reported on Form 1099-MISC (because it was all redeemed lawful money) and had no problems afterward. This may also work for you.

[JohnnyCash]

6 - INCOME questions answered

Q: How do I get my SS & Medicare taxes back?
A: There is no provision on the tax return for that. While Social Security & Medicare are legitimate income taxes (based on wages) they're best thought of as insurance premiums - you don't get your premiums back if you don't make a car insurance claim. So as a W4 worker the filer doesn't get his/her SS & Medicare withholding back. What you may find however, as we did, that because of your redeemed LM negative, your refund ($6xxx) has grown so large as to overtake the FITW amount ($33xx). It's like getting a good portion of your SS & MCare taxes back.

To quit paying SS & Medicare taxes altogether, look to end your W4 "employment."

[JohnnyCash]

6 - INCOME questions answered

Q: What if I sold my motorbike for $5000 cash last year. Where on the 1040 do I enter that?

A: Are you a bankster minion or just under their conditioning/spell? Srsly, can cash be lawful money? Yes, it can be US notes in the form of FRNs. And since there's no federal report of it to be corrected/rebutted - there's no need to include it.
Next.

[JohnnyCash]

Q: I took $15,000 out of my retirement plan last November and bought silver with it, mainly because I didn't feel it was safe there. I elected not to have federal tax withheld and I wrote "redeemed lawful money per 12 U.S.C. 411" on the back of the $15k Fidelity check before depositing. Do I owe tax on this? I'm 47 years old.

[JohnnyCash]

A: Congrats on having the wisdom & forethought to protect your wealth and move it out of the banksters' reach. Since you get favorable (tax-free) treatment when contributing to these statutory federal retirement plans (IRAs, 401ks, etc) it's quite possible you will owe a 10% early-distribution penalty since you're under age 59.5. These withdrawals are generally reported to you (& the IRS) on Form 1099-R and Box 7 will show a Distribution code. Simply follow the directions in TaxACT, entering the 1099-R amounts & codes to see what you will owe.

However, there are about a dozen exceptions under which the penalty may be waived. For example, if you used the distribution funds to pay for disability, certain medical expenses, tax levies, first home purchases, and so forth then no 10% tax is due. Do an internet search to learn more and make sure the tax software is not taxing your early distribution if, in fact, you have an exception to the 10% penalty.

Regardless of the 10% penalty, your early plan withdrawal will not increase your AGI (adjusted gross income) since you'll be including the $15,000 as a negative on Line 21 - Other Income as it was redeemed Lawful Money. Thanks for helping us Abolish the Fed.

[JohnnyCash]

Q: I sold stuff online last year and just received a 1099-K showing over $17,000 income from the card merchant. All those online receipts landed in my LM bank account where my signature agreement has the "all transactions demanded in Lawful Money pursuant to 12 USC 411" language on file. How to account for this $17k?

[JohnnyCash]

A: Great! You are to report only Taxable Income and it depends entirely upon your right to be heard, and the law. Three possibilities come to mind:

1- Fill out Schedule C like your online store was a business, with the profit on Line 12 Business Income, then include that same profit (as a negative) on Line 21
2- Put the entire $17k on Line 12 and also include it (as a negative) on Line 21.
3- Ignore it. Don't even enter it since the amount was all redeemed lawful money and the 1099K report functions as mere 3rd-party hearsay (and a bit of social conditioning).

None of these will increase your AGI. IMHO all would work. Your choice.