Interest earned on EE bonds with January 1, 1990, and later issue dates may qualify for exclusion from income for
Federal income tax purposes if the owner pays his or her tuition and required fees or those of his or her spouse or legally dependent children at colleges, universities, and qualified technical schools during the year eligible bonds are redeemed.
Accordingly, notwithstanding receipt of the IRS private letter ruling and / or opinions of counsel or other external tax advisors, the IRS could determine that the distribution and certain related transactions should be treated as taxable transactions for U.S.
federal income tax purposes if it determines that any of the facts, assumptions, representations, statements or undertakings that were included in the request for the IRS private letter ruling or on which any opinion was based are false or have been violated.
Not exact matches
If an entity or arrangement treated as a partnership for U.S.
federal income tax purposes holds shares of our common stock, the
tax treatment of a person treated as a partner generally will depend on the status of the partner and the activities of the partnership.
If we pay distributions on our common stock, those distributions generally will constitute dividends for U.S.
federal income tax purposes to the extent paid from our current or accumulated earnings and profits, as determined under U.S.
federal income tax principles.
However,
if we do make distributions on our Class A common stock, those payments will constitute dividends for U.S.
tax purposes to the extent paid from our current or accumulated earnings and profits, as determined under U.S.
federal income tax principles.
The potential
tax benefits from investing in MLPs depend on their being treated as partnerships for
federal income tax purposes and,
if the MLP is deemed to be a corporation, then its
income would be subject to
federal taxation at the entity level, reducing the amount of cash available for distribution to the fund which could result in a reduction of the fund's value.
If the
purpose of the withdrawal is not for qualified educational expenses, the earnings portion of the withdrawal will be subject to state and
federal income tax, as well as an additional 10 % penalty.
Unemployment is taxable
income for
federal tax purposes, while Social Security is only taxable
if your
income from certain sources exceeds a specified threshold.
If you're non-resident - your
income (for
Federal tax purposes) is separate.
The form also shows how much,
if any, was withheld from your benefit payments for
federal income tax purposes.
If the bond is redeemed for the
purpose of funding a college education, the interest is exempt from
federal income tax.
If you buy an annuity with non-qualified after -
tax dollars, the Exclusion Ratio is the percentage of your lifetime
income payments that you will not have to treat as
income (for
federal income tax purposes).
For
Federal income tax purposes, the entire amount withheld can be treated as having been made as four timely quarterly payments of estimated
tax regardless of when the withholding actually occurred, no questions asked, and
if you meet the 110 % of last year's
tax criterion, it is not necessary to go into the level of detail that Maryland wants.
If the seller is a resident of Maine at the time of the sale, if the consideration is less than $ 50,000 (see note below) or if the capital gain is not recognized for federal or Maine income tax purposes, withholding is not require
If the seller is a resident of Maine at the time of the sale,
if the consideration is less than $ 50,000 (see note below) or if the capital gain is not recognized for federal or Maine income tax purposes, withholding is not require
if the consideration is less than $ 50,000 (see note below) or
if the capital gain is not recognized for federal or Maine income tax purposes, withholding is not require
if the capital gain is not recognized for
federal or Maine
income tax purposes, withholding is not required.
If you used the standard deduction, then, Yes, the state
tax refund that you received in 2016 is not taxable
income for
Federal income tax purposes, and it is not taxable
income for State
purposes either.
If a Fund fails to qualify as a regulated investment company under Subchapter M in any fiscal year, it may be able to pay a
tax penalty on the portion of
income that caused to inadvertently violate Subchapter M or it will be treated as a corporation for
federal income tax purposes.
If you don't claim the deduction from
federal taxable
income for Minnesota
income tax purposes, you may be eligible for a non-refundable
tax credit.
However,
if the payor is subject to a court order, the spouse receiving spousal support or APL must treat the payments as
income for
federal tax purposes and the spouse paying the order may deduct the payments in arriving at adjusted gross
income.
If used for any other
purpose, you may be subject to
income taxes, plus an additional 10 percent
federal tax penalty on your earnings.2 Keep in mind that you, the 529 plan owner, are the one subject to taxation and any penalties - not your beneficiary.
A transaction has economic substance
if: (1) the transaction changes in a meaningful way (apart from
Federal income tax effects) the taxpayer's economic position; and (2) the taxpayer has a substantial
purpose (apart from
Federal income tax effects) for entering into such transaction.
This procedure provides a safe harbor under which the Service will not challenge (a) the qualification of property as either «replacement property» or «relinquished property» for
purposes of section 1031 of the Code or (b) the treatment of the» «exchange accommodation titleholder» as the beneficial owner of such property for
federal income tax purposes,
if the property is held in a «qualified exchange accommodation arrangement» (QEAA).
The Service will not challenge the qualification of property as either «replacement property» or «relinquished property» (as defined in Section 1.1031 (k)-1 (a)-RRB- for
purposes of Section 1031 and the regulations thereunder, or the treatment of the exchange accommodation titleholder as the beneficial owner of such property for
federal income tax purposes,
if the property is held in a QEAA.
According to
federal law, for
federal tax purposes, real estate agents will not be treated as employees
if these three requirements are met: (1) The agent must be licensed; (2) Substantially all
income must be made on the basis of sales or output, not on hours worked; and (3) There must be a written contract between the salesperson and company stipulating independent contractor status.