Results 1 to 8 of 8

Thread: Lawful Money Refund

Threaded View

Previous Post Previous Post   Next Post Next Post
  1. #8
    JohnnyCash
    Guest
    It's been suggested the suitor's Form 1040 linked in original post contains an error. The attachment "STATEMENT OF OTHER INCOME and DEMAND FOR LAWFUL" seems to indicate the suitor received payments online (PayPal), I'm guessing in additional to the regular W2 earnings. Perhaps operating a little sideline business or hobby that generated $3361.63 in 2011. Apparently the suitor then redeemed $1545 of that into lawful money, reducing the "income" of that sideline business to $1816.63. So it seems that $1816.63 should be entered on Line 21 "Other Income."

    But maybe the filer tucked the $3361.63 into Line 7 (W2 wages of 16855.65 + other income of 3361.63 = 20217.28 total). Either way results in the same Line 22 "total income" of $18676.53.

    And I notice the filer ticked the 6a box but didn't enter "1" for personal exemption, as allowed. Entering a "1" there would reduce Line 43 Taxable income by $3700 and result in a bigger refund. There is still time (3 years prior) for the suitor to file a 1040X Amended Return.
    Last edited by JohnnyCash; 01-23-13 at 04:19 AM.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •