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Author
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Topic: saving for college
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Lin
TUG MemberPosts: 424
From: Indian River, MI, USA
Registered: DEC 2000
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posted 01-16-2002 17:45
 
I may be wrong but I don't believe since my boys starting working at age 14 that they got to keep $600. interest without paying taxes on it. Seems like if they made less than $600. they didn't have to file, but if they made more than that they paid tax on everything. Am I really off here? I went back and looked at their taxes from last year and the interest was included in their earnings and they paid tax on all of it.
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shark105
TUG MemberPosts: 354
From: Canton, Ohio, USA
Registered: AUG 2001
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posted 01-17-2002 05:45
If your boys' only income was interest, they didn't have to file until they made more than $600. If they had earned income from which taxes were witheld they would file and the interest earned would be included in their total income. You pay taxes on total income that exceeds certain levels.In my case, I filed a tax return for my daughter in 1984 and claimed like $1.64 interest income. I included a letter with that return stating that she intended to claim interest on EE Bonds as it accrued. I didn't have to file for her agin until that interest income exceeded $600.00, which it did in 1996. I had to pay a small amount of tax (15% of everything over $600) and when she started working, her return included her earned income as well.
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Steve
TUG MemberPosts: 145
From: Fairfax County, Virginia/Madison WI. Owner: Two weeks Barony, HHI
Registered: DEC 2000
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posted 01-17-2002 09:17
If I use my Marriott Visa for an Upromise purchase will it effect the Marriott points I would otherwise get for using that credit card?Steve
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marion10
TUG MemberPosts: 1135
From: River Forest, IL and Dikhololo and Seapointer, SA
Registered: DEC 2000
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posted 01-17-2002 09:56
I think you can get credit for both, though it would depend on Marriott's rules. I have a Holiday Inn card that I registered with upromise and our bank now has a points system for our debit card with them and I get upromise contributions and points through the programs.
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BDK
TUG MemberPosts: 1365
From: Washington, DC - Owner: Vistana (Cascades), The Pointe Resort & Club (WI); Flamingo Beach; The Summit at Massanutten; & Hershey Vacation Club & Resort
Registered: DEC 2000
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posted 01-17-2002 11:04
quote:
Originally posted by shark105:
Have you downloaded Savings Bond Wizard? You can get it free at the Bureau of Public Debt web site. I use it to keep track and figure interest earned. It' a very good program.
Yeppers. Three years ago. That's how I finally caught the designation error. It's a great program except that I sometimes have difficulties getting the ascii file to actually d/l as an ascii file instead of a .txt file.
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