Sentences with phrase «already paid taxes on the money»

These distributions are tax - free because you already paid taxes on the money used to make Roth IRA contributions.

Early withdrawals on contributions from a Roth IRA can be made at any time without incurring taxes and penalties, since you have already paid taxes on the money.

These distributions are tax - free because you already paid taxes on the money used to make Roth IRA contributions.

Plus the fact you have already paid tax on the money.

I have already paid tax on this money and just keeping with me for good USD price.

Because you have already paid taxes on that money, your qualified withdrawals — including your earnings — are tax free.

I don't think so because I already paid taxes on the money in my bank account and Roth is after tax.

These are called after - tax super contributions because you have already paid tax on the money.

You put the money in after you've already paid tax on that money.

When she reaches 45 years old, she just starts withdrawing $ 9,000 per year and she doesn't have to pay any tax or penalties because she already paid tax on that money before she contributed to the taxable account.

This works well for people who expect to be in a higher tax bracket when they retire, because they'll have already paid taxes on that money when they contributed, not when they withdraw.

Since you have already paid taxes on the money that you used to pay the premiums, the death benefit won't be subject to tax.

Since the contributions to the traditional IRA are post-tax contributions (you have already paid tax on this money), only the earnings will be taxable upon conversion.»

Not exact matches

If you already don't, a Traditional IRA lets your money grow tax - free until you retire (when you will have to pay taxes on withdrawals).

Roth IRAs are retirement accounts that allow you to sock away money you've already paid taxes on.

Consider opening a Roth IRA which allows you to make contributions with money on which you've already paid taxes.

With a Roth IRA, you make contributions with money on which you've already paid taxes.

This means you have worked for this money and you have already paid taxes on it.

Since New York has among the highest taxes in the nation, residents would have to essentially pay a federal tax on money already taxed by the state, local governments and school districts.

But the Conservatives said Ms Abbott had «floundered» when pressed over how the policy would be paid for and accused Labour of already pledging to spend the capital gains tax money on schools, welfare and the arts.

«The full or partial repeal of SALT would upset the carefully balanced fiscal federalism that has existed since the creation of the tax code, and it will result in unprecedented double taxation on taxpayers, forcing them to pay a federal tax on monies already paid in state and local taxes,» the letter states.

Property taxpayers already receive a portion of their own money back that they paid in taxes, if their school or local government further holds the line on spending beyond the state's two percent per year property tax cap.

Of course, I've already paid taxes on this specific chunk of money, as these trades took place in my after - tax / taxable brokerage account.

Because taxes have already been paid on the money you put into a Roth IRA, you do not pay taxes when it comes time to retire and you begin to make withdrawals.

So, if I have a mortgage, I've got $ 10,000 in my pocket and I can put that money into an investment, the 4 % I'm earning on the investment, I have to pay taxes on but the 3 % on my mortgage that's already existed, I'm, I mean that mortgage was there even before I got the investment, that's not a tax deductible expense.

Those with lower incomes benefit more from a Roth IRA since they're already able to pay a low marginal tax rate and won't be taxed on their IRA money in the future, either.

You don't receive a tax deduction for your contribution to the plan (i.e., it's made with «after - tax» money that you've already paid on) but the funds, as well as any growth, will be free of tax upon withdrawal.

«I've already paid the $ 35,000 and now I'm sure the province is going to come after me for their money,» he said, referring to provincial taxes he'll owe based on the federal assessment.

You can also remove the money from Roth IRA and use that to pay tax, with the note that if the money already grew in 2017, you will be required to pay tax on the gains of the portion you remove.

Since the tax was already paid on the money, your kids will owe no money upon the transfer of those dollars.

If you can't repay, the loan is considered a withdrawal, and you'll owe the IRS income taxes and a penalty on the money you've already spent trying to pay down credit cards.

Other retirement plans, including Roth IRAs, are funded with money you've already paid taxes on, so they can grow over time and be withdrawn tax - free.

Remember, you are buying the stock with money that you have already paid taxes on but you will be responsible for either short term capital gains or long term capital gains on any profit you make out of the transaction.

As long as your investments yield a positive return, this will always be true because you're only taxed on the principal with a Roth (since it's after - tax money, you've already paid the tax before investing it) whereas you're taxed on withdrawals of principal and earnings when you withdraw from a 401 (k).

Is it a possibility that I might get taxed again on the same money that I already paid taxes on?

The Roth IRA is a special type of retirement account that makes it possible to avoid taxation on investment returns because you invest with money that you have already paid taxes on in the present.

Think about it, what would you rather have; a $ 10,000 pay raise that you have to pay state and federal income tax on or a $ 10,000 tax free reimbursement on money that you already spend anyway?

The money used to pay Principal AND interest on all buildings (or business loans) has already been taxed as Income.

President, INTUC, and Member of the Central Board of Trustees, EPFO, GSanjeeva Reddy protested, «How can the government justify its decision to tax the accumulated EPF money when the employees have already paid tax on their income?

If your premiums weren't included as income on your W - 2, you can't take them as a deduction because they're already tax - free (even if they were paid with after - tax money, your ability to deduct them will be limited, as described below).

• Receive Cash — Generally payable annually in the form of a check on the anniversary date of the policy • Use Towards Premiums — Instead of taking the dividends as cash, you can apply the money towards your policy premiums • Let Dividends Accumulate — Means that you accumulate your dividends as interest and can withdraw anytime but will be required to pay taxes on any interest accrued • Buy Paid - Up Options — Means that you can use the dividends to buy additional life insurance of the kind you already have in place • Buy Additional Insurance — You can use the dividends to buy a 1 year term life insurance policy which would be provided as a separate rider

The money that you have already spent, should not go waste by paying more taxes on top of it.

A Roth IRA reverses this; you fund your Roth with after - tax funds (money you've already paid taxes on) for the benefit of not having to pay taxes on your money when you retire and receive an income stream.

That's another $ 275 for the year on a $ 250,000 home — not an obscene amount of money, except when you consider the amount of taxes already paid in Scottsdale.

«Homeowners shouldn't be forced to pay a tax on money they've already lost with cash they never received.»

«The tax relief expired on December 31 last year and unless Congress acts to extend it, every person who has already sold or plans to sell a home in a short sale in 2014, will pay taxes on nonexistent mortgage debt, which is money many don't have.