12 Occasions You May Have to Pay Taxes

Posted by Madison on April 13, 2015

With the tax deadline just a couple days away, finishing your taxes is a pretty common theme across America right now.

In fact, the White House just released the tax returns for the Obamas and the Bidens.

If you are the President, you have to pay tax. Here are twelve more situations you may need to pay taxes.

Do You Have to Pay Tax if…

  1. Do You Have to Pay Tax on Credit Card Rewards? Sign-up bonuses are taxable as ordinary income. In contrast, you do not have to report or pay taxes on cash back rewards for using credit or debit cards.
  2. Do You Have to Pay Taxes on Extra Income? Income is income, no matter if it is through a full-time job, part-time job, or from mowing someone’s lawn. Once you meet the minimum income to file taxes, then you need to include any of your extra income.
  3. Do You Have to Pay Tax on Gambling Winnings? Gambling winnings are fully taxable and must be reported on your tax return.
  4. Do Your Kids Need to File and Pay Taxes? If your kids earn interest and dividends, or have a job, check out the requirements for filing taxes.
  5. Do You Have to Pay Taxes on Alimony? Alimony is taxable to the recipient in the year it is received.
  6. Do You Have to Pay Taxes on Unemployment? You do need to pay taxes on unemployment income.
  7. Do You Have to Pay Tax on Class Action Lawsuit Settlements? Whether or not your class action lawsuit money is taxable depends upon the nature of the lawsuit and of several other factors.
  8. Do You Have to Pay Income Tax on Social Security? If you have other income besides your social security, you might need to pay tax on your Social Security.
  9. Do You Have to Pay US Income Tax if You Are Living Abroad? As long as you are a US citizen or resident alien, you will need to file a US tax return.
  10. Do You Have to Pay Taxes on Bitcoins? Profits and losses will be subject to capital gains rules for US citizens. Yes, you will owe tax on Bitcoins.
  11. Do You Have to Pay Taxes in Jail? Prisoners are obligated to pay taxes despite being behind bars.
  12. Surprising Things That Count as Taxable Income Generally speaking, the IRS taxes anything that leaves you in a better economic position than you were before you received it.

How Do You…

Now that we know when we may have to pay tax, here is a great collection of popular how to tax articles to help you finish your tax return.

More Helpful Tax Topics

Get your biggest tax refund, guaranteed. Plus FREE Expert Tax Advice. File your Federal tax return for FREE today with TurboTax!

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