Sentences with phrase «during the taxable year»

You may take a deduction for certain medical and dental expenses incurred during the taxable year.
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.
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).
«It is a tax credit of up to $ 2,500 of the cost of tuition, fees and course materials paid during the taxable year.
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.
If you contributed more than $ 4,000 per account during the taxable year, you may carry forward any undeducted amounts until the contribution has been fully deducted.
Premiums for beneficiaries who are married and lived with their spouse at any time during the taxable year, but file a separate return, are as follows:
The internal revenue code (IRC) defines a business expense as «all the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business.»
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.
You may recharacterize your Roth IRA back into a Traditional IRA for those conversions completed during taxable year 2017.
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.
For the 2012 taxable year, qualifying children can not: exceed age 19 as of December 31, 2012 if younger than you or your spouse if you are filing jointly; exceed age 24 as of December 31, 2012, if a student and younger than you or your spouse if you are filing jointly; or there is no age limit if the child is permanently and totally disabled 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.
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.
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.
'' (22) The firstAn amount not to exceed fifty thousand dollars ($ 50,000) of net business income the taxpayer receives during the taxable year.
If you are in Illinois «for other than a temporary or transitory purpose during the taxable year», you are a resident for tax purposes, which includes being «employed in a position that may last permanently or indefinitely».
«(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
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.
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.
-- 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 --
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.
a taxpayer shall be considered as not married at the close of his taxable year if at any time during the taxable year his spouse is a nonresident alien; and
The internal revenue code (I.R.C.) defines a business expense as «all the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business.»
A taxpayer who does not claim the deduction from federal taxable income for Minnesota income tax purposes may be eligible for a non-refundable tax credit equal to 50 % of the contributions to Accounts, reduced by any withdrawals, made by that taxpayer during the taxable year, with a maximum credit amount of up to $ 500, subject to phase - out based on certain federal adjusted gross income thresholds.
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).
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.
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