Sentences with phrase «future taxable years»

In the year of disposition the adjustment will be a subtraction for gain attributable to installment payments to be made in future taxable years provided that (i) the gain arises from an installment sale for which federal law does not permit the dealer to elect installment reporting of income, and (ii) the dealer elects installment treatment of the income for Virginia purposes on or before the due date prescribed by law for filing the taxpayer's income tax return.

If the contribution to an ABLEnow account exceeds $ 2,000 the remainder may be carried forward and subtracted in future taxable years until the amount has been fully deducted; however, in no event shall the amount deducted in any taxable year exceed $ 2,000 per ABLEnow account.

Not exact matches

I told her I thought I could pretty conservatively put at least $ 40,000 a year into a Vanguard taxable account so that she should use that number to run future return projections.

A Roth is a reasonable bet that taxes might be higher in the future, but in most cases it's superseded by the fact that spreading your taxable income over your retirement years will result in a lower tax bracket.

You would be able to carry the loss back to a prior year's income, if there was taxable income within the past three years (taxes paid in that period would be refunded immediately) or the losses could be used against future income to decrease the taxes payable in those future years.

It should be noted that it would only make sense to defer a deduction if you knew you would have a significantly higher taxable income in a future year.

You can claim the $ 9,000 deduction ($ 11,000 if you haven't used the $ 2,000 excess amount) from your income in the year you are 72, or spread it over future years, depending on your taxable income for the given year.

All capital gains are taxable in the year that you sell your investment so you can't normally «defer» the gain to a future year and you also don't have to worry about any -LSB-...]

Additionally, at the end of the extended 20 + year term, any debt forgiven is actually a taxable event, so a forgiven loan balance of say $ 40,000 could add up to an extra tax bill in that future year of $ 10,000.

Since my income after taking into account the STCG of Rs. 3000 / - is below the taxable income (after considering the rebate under sec 80C, 80D etc., should I compulsarily adjust the STCG against the c / f STCL in this year or can I adjust the total loss of Rs. 5000 / - against my future year gains.

All capital gains are taxable in the year that you sell your investment so you can't normally «defer» the gain to a future year and you also don't have to worry about any capital gains on investments that haven't been sold yet.

For starters, keep abreast of your taxable income for the year and estimate what it will be in future.

If you earn that same 5 % in a taxable account and have a 10 % drag (assuming a mix of dividends and capital gains that got deferred to the 35 % bracket point), then you'd have $ 100 in your RRSP to start in year 2, and $ 39.50 in your taxable account (and all else is equal — future RRSP / non-reg room filled by future earnings).

tax has already been filed for these assets in previous years, and do not contribute to taxable income as of today and the future).

Recall that ROC from a Canadian fund is not taxable in the year it is received, but it lowers your adjusted cost base, thereby increasing the future capital gains tax liability.

The IRS could challenge our calculation of the amount of our NOLs or our determinations as to when a prior change in ownership occurred and other provisions of the Internal Revenue Code may limit our ability to carry forward our NOLs to offset taxable income in future years.

NOLs may be carried forward to offset federal and state taxable income in future years and eliminate income taxes otherwise payable on such taxable income, subject to certain adjustments.

However, our ability to use these tax benefits in future years will depend upon the amount of our otherwise taxable income.

If we do not have sufficient taxable income in future years to use the tax benefits before they expire, we will lose the benefit of these NOLs permanently.

(iii) read as follows: «Entering into or acquiring any forward contract, futures contract, option, or similar financial instrument if such instrument is not marked to market at the close of the taxable year under section 1256.»

The fund is required for federal income tax purposes to mark - to - market and recognize as income for each taxable year its net unrealized gains and losses on certain futures contracts as of the end of the year as well as those actually realized during the year.

Each fund is required for federal income tax purposes to mark - to - market and recognize as income for each taxable year its net unrealized gains and losses on certain futures contracts as of the end of the year as well as those actually realized during the year.

You might want one for your records, and it can make it easier to do future taxes because it gives you an idea of what your taxable money looked like in previous years.