How much in taxes will I owe?

2 Answers

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   rtfm on Sep 14, 2011 reply

   http://www.gulfcoastclaimsfacility.com/N1412_Rev1-2011_vAc2_010711-1541.pdf

   Short answer: If it’s for lost income, probably taxable. If it’s for property damage, probably not taxable.
   But ask your financial advisor. DO NOT TAKE TAX ADVICE FROM A BUNCH OF RANDOM STRANGERS ON THE INTERNET.

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   Bobbie on Sep 14, 2011 reply

   Depends on what the GCCF amount is paid to you for at this time in your life.
   Business claims and personal claims self employed income or whatever.
   IRS: Six things you need to know about Gulf Oil Spill payments
   January 20, 2011 at 2:34 pm • Filed under IRS
   • Tagged Gulf Oil Spill, IRS
   The Internal Revenue Service has this advice for individuals and businesses that received payments from lost income resulting from the Gulf of Mexico oil spill.
   Payments received from the Gulf Coast Claim Fund (GCCF), British Petroleum (BP) and Vessels of Opportunity Program (VOP) as a result of the BP oil spill are taxable if the payments are for lost business income, lost wages or lost profits.
   These companies will send you a 1099 or a W-2 and will also provide a copy of these forms to the IRS.
   Some individuals who received these payments may have opted to make quarterly estimated tax payments in 2010. While Tuesday, Jan. 18 was the last day to make an estimated tax payment for 2010, if you file your 2010 federal income tax return by Jan. 31, 2011 and pay the total taxes due, you may avoid any penalties you might otherwise have faced for underpayment of taxes.
   Whether or not you made estimated tax payments in 2010, it is important to file your 2010 federal income tax return by April 18, 2011 (this year’s tax filing deadline for filing 2010 tax returns).
   After completing your tax return, if you find that you owe money and cannot pay, the IRS will work with you.
   Contact the IRS’s special toll-free phone line for Gulf Oil Spill related tax questions at 866-562-5227. The special services phone line operates weekdays from 7 a.m. to 10 p.m. local time.
   For more information, visit the Gulf Oil Spill Information Center on IRS.gov.

   http://taxtopics.revenue.louisiana.gov/2011/01/20/irs-six-things-you-need-to-know-about-gulf-oil-spill-payments/

   Once you determine what and how the amount if any might be taxable to you then you should be able to use the below estimated tax calculator to try and determine your possible federal income tax liability amount when you fill out and file your 1040 tax form next year.
   The state website should have an estimated tax calculator that you should be able to use for this purpose for the state income tax amount.

   http://www.dinkytown.net/java/Tax1040.html

   1040 Tax Calculator [Calculator][Definitions]
   Enter your filing status, income, deductions and credits and we will estimate your total taxes for 2011. Based on your projected withholdings for the year, we can also estimate your tax refund or amount you may owe the IRS next April 2012. In 2011, Federal income tax rates were scheduled to increase to pre-2001 levels, but the “Tax Hike Prevention Act of 2010″ left the existing tax brackets in place through 2012. Please note that this calculator uses the preliminary 2011 tax tables.
   Hope that you find the above enclosed information useful. 09/14/2011

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