Sentences with phrase «during taxable year»

In order for the second residence to qualify for the deduction, it must be used for the greater of either 14 days or 10 percent of the number of days during the taxable year for which the unit is rented at a fair market value.

«(II) any deduction under section 832 (b)(4)(A) from the amount of gross premiums written on insurance contracts during the taxable year for premiums paid for reinsurance, and

Medical, dental, etc., expenses (a) Allowance of deduction There shall be allowed as a deduction the expenses paid during the taxable year, not compensated for by insurance or otherwise, for medical care of the taxpayer, his spouse, or a dependent (as defined in section 152, determined without regard to subsections (b)(1), (b)(2), and (d)(1)(B) thereof), to the extent that such expenses exceed 7.5 percent of adjusted gross income.

You can only claim a casualty loss deduction during the taxable year that the car accident occurred and must report any compensation you receive for the loss (i.e. settlement or judgment).

To do so, the master limited partnership must satisfy two requirements during the taxable year.

If a fund's distributions exceed its taxable income and capital gains realized during a taxable year, all or a portion of the distributions made in the taxable year may be recharacterized as a return of capital to shareholders.

If the fund's distributions exceed its taxable income and capital gains realized during a taxable year, all or a portion of the distributions made in the taxable year may be recharacterized as a return of capital to shareholders.

In subsequent taxable years the adjustment will be an addition for gain attributable to any payments made during the taxable year with respect to the disposition.

If you are under age 70 on or before Dec. 31 of the taxable year, enter the lesser of $ 4,000 or the amount contributed during the taxable year to each Virginia529 account (Virginia 529 prePAID, Virginia 529 inVEST, College America, CollegeWealth).

Effective for taxable years beginning on or after January 1, 2016, you may claim a deduction for the amount contributed during the taxable year to an ABLEnow account entered into with the Virginia College Savings Plan.

However, if you are age 70 or older on or before Dec. 31 of the taxable year, you may deduct the entire amount contributed during the taxable year.

Depending on your income (the credit drops as income increases), you may receive up to $ 2,500 of the cost of qualified tuition and course materials paid during the taxable year.

«It is a tax credit of up to $ 2,500 of the cost of tuition, fees and course materials paid during the taxable year.

If you are a legal resident of another state, you are not required to file a Georgia income tax return if your only activity for financial gain or profit in Georgia consists of performing services in Georgia for an employer as an employee when the compensation for services performed does not exceed the lesser of five percent of the income received in all places during the taxable year or $ 5,000.

Yes, effective for tax years beginning after December 31, 2016, a taxpayer may be eligible for either a deduction from federal taxable income for Minnesota income tax purposes or a tax credit on contributions to an Account during a taxable year.

If any security which is a capital asset becomes worthless during the taxable year, the loss resulting therefrom shall, for purposes of this subtitle, be treated as a loss from the sale or exchange, on the last day of the taxable year, of a capital asset.

You may take a deduction for certain medical and dental expenses incurred during the taxable year.

If you did not work during the taxable year and therefore have no earned income, you will not be eligible to receive the EITC regardless of whether you have a dependent.

A flat tax of 30 percent was imposed on U.S. source capital gains in the hands of nonresident alien individuals physically present in the United States for 183 days or more during the taxable year.

Every person who acquires a life insurance contract or any interest in a life insurance contract in a reportable policy sale during any taxable year shall make a return for such taxable year (at such time and in such manner as the Secretary shall prescribe) setting forth --

You can deduct from your gross income an amount not to exceed $ 300 multiplied by the number of months for which you received the fellowship grant during the taxable year.

You may recharacterize your Roth IRA back into a Traditional IRA for those conversions completed during taxable year 2017.

A non-U.S. company will be considered a PFIC for any taxable year if (i) at least 75 % of its gross income is passive income (including interest income), or (ii) at least 50 % of the value of its assets (based on an average of the quarterly values of the assets during a taxable year) is attributable to assets that produce or are held for the production of passive income.

Not exact matches

But homeowners may exclude from taxable income up to $ 250,000 ($ 500,000 for joint filers) of capital gains on the sale of their home if they satisfy certain criteria: they must have maintained the home as their principal residence in two out of the preceding five years, and they generally may not have claimed the capital gains exclusion for the sale of another home during the previous two years.

The term «applicable educational institution» refers to an educational institution which a) had at least 500 students during the preceding taxable year; b) the aggregate fair market value of the assets of which at the end of the preceding taxable year (other than those assets which are used directly in carrying out the institution's exempt purpose) is at least $ 500,000 per student of the institution; and c) more than 50 percent of the students are located in the United States.

The student loan interest deduction allows taxpayers with qualified student loans (loans taken out solely to pay qualified higher education expenses) to reduce taxable income by $ 2,500 or the interest paid during the year, whichever is less.

Because we do not expect to earn revenue from our business operations during the current taxable year, and because our sole source of income currently is interest on bank accounts held by us, we believe we will likely be classified as a «passive foreign investment company,» or PFIC, for the current taxable year.

THE ELIZABETHTOWN - LEWIS CENTRAL SCHOOL BUDGET HEARING, BUDGET VOTE & BOARD MEMBER ELECTIONNotice is hereby given that a Budget Hearing of the inhabitants of the Elizabethtown - Lewis Central School District, Essex County, New York, qualified to vote at school meetings in the District will be held at the school on Tuesday May 8th, 2018 at 7:30 p.m. for the purpose of hearing the report of the meeting.Notice is also hereby given that the vote on adoption of the budget for 2018/2019 school year and a levying a tax on taxable property of the District will take place on Tuesday May 15th, 2018, between the hours of 12:00 noon and 8:00 p.m.Notice is further given that a copy of the statement of an amount of money which will be required during the ensuing year for school purposes, exclusive of public monies may be obtained by a resident or taxpayer in the District during the fourteen days immediately preceding the Budget Vote / Election except Saturday, Sunday and holidays, at the District Office during the hours for 8:00 a.m. to 4:00 p.m. (DST).

The federal tuition and fees deduction allows qualifying taxpayers to reduce their taxable income by up to $ 4,000 for qualifying educational costs they paid during the year.

If you don't have any taxable earnings during the year, you can't contribute.

That said, you might be required to include interest income in your taxable income each year that you receive a Form 1099 - INT from the issuing bank, even if you weren't paid interest during that year but will receive it when the CD matures.

Ultimately, your tax rate is based on all your taxable income during the year.

If, during the year, you contributed $ 5,000 to your 401 (k), it would bring your taxable income down to $ 45,000.

But if you and / or your spouse took a taxable distribution from your retirement account during the two years prior to the due date for filing your return (including extensions), that distribution reduces the size of the Savers Credit available to you.

Tax deductions — these are expenses you've had during the year which you can deduct from your taxable income.

So if you do have a chunk of stock or real estate, or anything to sell that would generate taxable income, do it during the last 2 years the student is in college!

If you have taxable compensation during the year - such as salaries, wages, tips, bonuses, commissions, and self - employment income - you're eligible to contribute to an IRA.

The upshot of all this is that people who expect to be in the 25 % bracket or higher during their retirement years should strongly consider a Roth conversion even if the rate of tax on the conversion is as many as ten percentage points higher, provided they can pay the conversion tax with money that would otherwise remain in a taxable investment account and their investment time horizon is a long one.

As long as no additional gifts are made by the donor to the same beneficiary during those five years, no taxable gifts will have been made.

In certain cases, during the first 15 years of a policy a partial withdrawal may be taxable to the extent there is gain in the policy.

Taxable distributions from an IRA might be exempt from the pre-59 1/2 10 percent penalty (but not taxes) if you are a «first - time home buyer,» which the IRS defines as someone who «had no present interest in a main home during the two - year period ending on the date of acquisition of the home.»

* a reduction in annual taxable income during high taxation years through annual tax - deductible contributions.

An IRS tax form Transamerica Funds will send you and the IRS if you had any taxable distributions (including in - kind distributions) from a qualified tuition program (Section 529) or a Coverdell ESA (Section 530) during the year.

If you sell shares of a taxable non-money market fund account during the year, Transamerica Funds will send you Form 1099 - B after year end, which generally will show the average cost basis of shares sold to consider using to complete your income tax returns.

An IRS tax form Transamerica Funds will send to you and the IRS if you sold (redeemed) shares from a non-money market fund taxable account during the year.

An IRS tax form Transamerica Funds will send to you and the IRS showing the dividends and / or capital gain distributions made to an individual's taxable account during the tax year.

An IRS tax form Transamerica Funds will send you and the IRS if you had any taxable withdrawals from tax - deferred accounts such as IRAs during the year.

You can then use those losses to offset any taxable gains you have realized during the year.

Your contributions are made with post-tax dollars, so they don't reduce your taxable income during the contribution year.

Rebalance once yearly during bear markets and every other year during bull markets especially in taxable accounts.