W-2 from Strike

[Golfnut]

Correct me if I'm wrong , I received a W-2 from the money I was paid while we were on Strike. Now isn't that money we were taxed on already because it came out of the Strike Fund that we paid into 2.00 per check. which makes me think I paid tax on it when I earned it and it originally cme out of our checks? Now I have to pay tax on it again? It's my money to begin with!

[yabba]

your right but uncle sam looks at it differently...950.00 more to claim  ,think of it this way...we pay tax on most of our paycheck,then go out and spend it and pay taxes  AGAIN!!!!!!!! 

[Golfnut]

Yabba, that's right about paying tax on stuff again, that always drove me nuts !

It's hard to accept that I'm paying taxes on my own money that I was taxed on already !

[Buzz]

This issue was addressed in the thread "1099 stirke pay" but I'll repeat ...

According to the IRS, "Strike and lockout benefits.   Benefits paid to you by a union as strike or lockout benefits, including both cash and the fair market value of other property, are usually included in your income as compensation. You can exclude these benefits from your income only when the facts clearly show that the union intended them as gifts to you."

http://www.irs.gov/publications/p17/ch12.html#en_US_2013_publink1000172147  (Scroll to bottom of page)

You're taxed twice on a lot of things. That's life!

[Golfnut]

That's the same as being Taxed when you withdraw money from your own Savings Bank Account !

[Buzz]

That's the same as being Taxed when you withdraw money from your own Savings Bank Account !

Look at it this way ... for example ... your contribution to the pension is with after-tax dollars. Yet, when you collect your pension, you pay taxes on it. Same principle. (Screw the taxpayer!!!)

[Golfnut]

Good point , it just doesn't seem right though...

[Buzz]

It's NOT right, as is a lot of what the government does ...