Sentences with phrase «federal income tax liability»

The amount of the credit claimed annually can not exceed the lesser of $ 2,000 or your annual federal income tax liability, after all other credits and deductions have been taken into account.

Backup withholding is not an additional tax; rather, the U.S. federal income tax liability of persons subject to backup withholding will be reduced by the amount of tax withheld.

This bill would (i) exempt from federal income tax liability any amounts forgiven relating to federal and private education loans that are discharged due to the death or total and permanent disability of a student, and (ii) allow the parent of a student who becomes totally and permanently disabled to have their federal loan discharged.

But if the tax break isn't extended, and if your marginal federal income tax rate is 15 %, the same sale occurring after December 31 would result in federal income tax liability of:

LIHC provides a dollar - for - dollar reduction in federal income tax liability for project owners who develop rental housing that serves low - income households with incomes up to 60 % of area median income.

However, under Section 1031 of the U.S. Internal Revenue Code, a taxpayer may defer (pay at a later date) capital gains and related federal income tax liability on the exchange of certain types of property.

Under Section 1031 of the United States Internal Revenue Code, a taxpayer can defer capital gains and related Federal income tax liability on the exchange of «Like - Kind Property».

In December 2015, the federal legislature extended the 30 % solar income tax credit through the end of 2019, which is available to all American homeowners that wish to install solar and have an annual federal income tax liability against which this credit can be claimed.

Mortgage Credit Certificate (MCC)-- The Mortgage Credit Certificate makes home ownership more affordable for first time home buyers by reducing a buyers federal income tax liability.

And when you sell your home in California, up to $ 250,000 (and up to $ 500k if married and filing jointly) in capital gains may be excluded from federal income tax liability.

We successfully filed an Offer in Compromise to settle the client's $ 563,673 federal income tax liability for less than $ 20,000.

A Mortgage Tax Credit offers additional income for first - time homebuyers by cutting down on the amount of federal income tax liability that the borrower owes.

If you have a $ 100,000 mortgage to pay off, and you're in the 28 % tax bracket, withdrawing $ 100,000 from the 401k will produce a federal income tax liability of $ 28,000.

Assuming the participant is over age 59 1/2 and in the third highest federal income tax bracket (28 %), his or her federal income tax liability would be $ 11,200 (28 % times $ 40,000) in the year the stock is distributed in - kind from the plan.

In a September analysis, Gov. Andrew Cuomo said 3.3 million New Yorkers would see their federal income tax liability increase by $ 17.5 billion.

Allowing taxpayers to deduct the state and local taxes that they pay in calculating their federal income tax liability is an essential part of a governmental system in which the federal and state governments have independent sovereign taxing authority.

Residents filing in AL, LA, MO and OR are allowed a deduction for federal taxes equal to your federal income tax liability from your return after subtracting certain federal tax credits.

The program provides a special tax credit to qualified borrowers, which reduces their federal income tax liability over the life of the mortgage.

Any amounts withheld may be credited against your U.S. federal income tax liability.

An HSA is an above - the - line tax deduction that can reduce your federal income tax liability.

Any amount of the COBRA premium assistance subsidy recaptured because of an individual's income will be treated as increase in the individual's Federal income tax liability.

Oregon allows residents to subtract their current year's federal income tax liability, after credits, up to $ 6,250, based on income and filing status.

If you are in a position where you do not have a federal income tax liability then you will not be able to take advantage of the 30 % federal solar tax credit.

I don't have a problem with these large companies because they make solar available to people who either don't want to make any investment in solar or do not have the federal income tax liability to be able to get benefit out of the 30 % solar tax credit.

To receive the full tax credit, you must have federal income tax liability that's at least equal to the value of the tax credit.

We helped a client plan a bankruptcy filing which resulted in a removal of a $ 320,000 federal income tax liability.

If you have a life insurance policy with cash value or accelerated death benefits, you may be able to make a partial withdrawal of your policy's funds without incurring a federal income tax liability.

The amount of any backup withholding from a payment to a non-U.S. holder will be allowed as a credit against such holder's U.S. federal income tax liability and may entitle such holder to a refund, provided that the required information is furnished to the Internal Revenue Service.

Another really important point is that the fiscal cliff bill did not make the adoption tax credit refundable, so it only benefits those adoptive families who have federal income tax liability.

The Low Income Housing Tax Credit, rather than a direct subsidy, encourages investment of private capital in the development of rental housing by providing a credit to offset an investor's federal income tax liability.

A Mortgage Tax Credit offers additional income for first - time homebuyers by cutting down on the amount of federal income tax liability that the borrower owes.