Sentences with phrase «as nontaxable»

A federal appellate court has considered whether payments received by a tax - exempt association from the publisher of the association's magazine derived from advertising revenue in the association's magazine should be treated as taxable unrelated business income or as nontaxable royalty income.

Instead, they are more like a return of investment and are generally treated for tax and other purposes as a nontaxable return of prior overpayment of premiums.

Only when the interest or gain is exhausted are distributions treated as a nontaxable recovery of investment in the contract.

If they set up a trust to hold a life insurance policy, the money can be used to pay any estate taxes that come due when they die, and money left over can flow to the beneficiaries outside the estate as a nontaxable death benefit.

The IRS and Tax Court decided, alongside American Express, to treat frequent flier miles or mileage awards as nontaxable.

«The IRS has historically viewed credit card cash back as a nontaxable rebate on the purchase price, rather than as a taxable form of income,» says Mahoney.

The IRS and Tax Court decided to treat frequent flier miles and mileage awards as nontaxable.

If you want to roll over $ 16,000, you will report $ 4,000 as taxable income, $ 4,000 as taxes paid and $ 16,000 as a nontaxable rollover.

From a tax perspective, any distributions from the Fund that might occur will be characterized as nontaxable return of capital (lowering the investor's cost basis).

However, if you get back all of your cost (or other basis), you must report future nontaxable distributions as capital gains even though Form 1099 - DIV shows them as nontaxable.

Total and itemize purchases by recording departments, prices and taxable as well as nontaxable items.

Not exact matches

What counts as taxable compensation: wages and salaries, commissions, self - employment income, alimony and separate maintenance, and nontaxable combat pay.

Contributions are made from earnings such as wages, salaries, commissions, self - employment, alimony or separate maintenance and nontaxable combat pay.

Combined income, sometimes referred to as provisional income, is an Internal Revenue Service tax term that includes your adjusted gross income from your tax return plus nontaxable interest and one - half of your Social Security benefits.

Members of the armed forces do not normally include nontaxable pay, such as combat pay, in their earned income when calculating the Earned Income Credit.

The part that isn't rolled over is treated as coming first from the nontaxable portion of the distribution.

This can happen when your income is lower than expected, or when you mistakenly rely on nontaxable income, such as income covered by the foreign earned income exclusion.

If you don't really need to spend the money distributed from your Inherited IRA for your household expenses (your opening statement that your income for 2016 is low might make this unlikely), and (i) you and / or your spouse received compensation (earned income such as wages, salary, self - employment income, commissions for sales, nontaxable combat pay for US Military Personnel, etc) in 2016, and (ii) you were not 70.5 years of age by December 2016, then you and your wife can make contributions to existing IRAs in your names or establish new IRAs in your names.

(Before that, you had to report them as part of your dividends and then subtract them so they would be nontaxable.)

However, you can't deduct interest when the property you buy produces nontaxable income, such as tax - exempt bonds.

Funds received from your loan are generally considered to be * nontaxable as the money received is not income earned.

To counter this, consider moving a portion of your retirement assets into nontaxable assets, such as Roth IRAs, a Roth 403 (b) if allowed by your employer or permanent life insurance.

You can't include nontaxable items such as child support, or nontaxable alimony received pursuant to a settlement or decree entered into after 2018.

A: No, your conversion distribution will be treated as partly taxable and partly nontaxable, even if you try to roll only the nontaxable part.

If you file a federal tax return as an individual and your «combined income» — calculated by adding one - half of your Social Security benefit to other income, including nontaxable interest income — is between $ 25,000 and $ 34,000, up to 50 percent of your benefits may be considered taxable.

Nontaxable trades: If you acquire new investment property in exchange for old investment property, such as in a tax - deferred exchange, the holding period begins on the day after the date the original (or old) property was acquired.

Among the top bond funds in the nontaxable space, the number of winning funds was nearly the same as the prior year: 64 funds won best bond funds awards for 2018 out of a total of 375 municipal bond funds evaluated.

Taxes can also vary whenever you change your mix of income sources, such as shifting from withdrawals from taxable to nontaxable accounts.

The size of your credit depends on how much taxable disability income you had as well as how much you received in nontaxable disability benefits.

A portion of your Social Security benefits will be taxable if your income — such as from freelance work, a taxable pension and IRA withdrawals, or nontaxable interest — plus half of your Social Security benefits add up to more than $ 25,000 if single or $ 32,000 if married filing jointly (see Calculating Taxes on Social Security Benefits for more information).

«Spending $ 1,000 to get $ 10 in points is seen as a discount and is nontaxable,» says enrolled agent Morris Armstrong of Armstrong Financial Strategies * in Danbury, Connecticut.

• First - hand experience in collecting and summarizing timekeeping information to ensure correct payroll processing activities • Track record of accurately calculating garnishments and commissions and efficiently posting them to payroll systems • Competent at handling sophisticated payroll systems and databases by following state and federal rules and regulations • Proficient in calculating and depositing payroll taxes and processing employment verifications to ensure accurate payroll procedures • Adept at maintaining payroll information by collecting, calculating and entering payroll data into predefined company systems • Competent in determining payroll discrepancies and taking effective measures to ensure that they are corrected before they have an adverse effect on the system • Qualified to prepare payroll reports by compiling summaries of earnings, taxes, deductions and nontaxable wages • Effectively able to update payroll information by recording changes such as insurance coverage, loan payments and salary increases • Proven ability to address employees» pay - related concerns and queries by remaining within the confines of company protocols • Hands - on experience in developing, maintaining and managing comprehensive payroll records by ensuring that both confidentiality and security of information is maintained

Each year, a seller receiving payments from an installment sale must determine how much of the year's payments are taxable as capital gains and how much are a nontaxable recovery of the seller's cost basis.

However, the crowdfunding platform also claims that Kickstarters may be able to classify certain funds as «nontaxable gifts» instead.