Sentences with phrase «exceed irc»
Not exact matches
Net Investment Income Tax Pursuant to IRC Section 1411: When applicable, an additional 3.8 % surtax applies to taxpayers with «net investment income» who exceed threshold income amounts of $ 200,000 for single filers and $ 250,000 for married couples filing jointly.
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If the policy is fully surrendered — which means by definition all principal and all gains were withdrawn (at once)-- any gains are fully taxable as ordinary income under IRC Section 72 (e)(5)(E), to the extent the total proceeds exceed the cost basis.