Sentences with phrase «generally taxable the year»

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.

A Self - Employed 401 (k) may substantially reduce your current income taxes because generally, you can deduct the entire amount of your plan contributions from your taxable income each year.

The income from taxable bond funds is generally taxed at the federal and state level at ordinary income tax rates in the year it was earned.

When the stock appreciation right is exercised, the recipient will generally be required to include as taxable ordinary income in the year of exercise an amount equal to the sum of the amount of cash received and the fair market value of any common stock received upon the exercise.

We discuss how taxable entities with underfunded pensions have been exploring the impact of increasing funding for their plans prior to the deadline for capturing the higher deductions (the deadline is generally 8.5 months after the 2017 plan year ends, so September 15, 2018, for calendar year plans).

Under the Act, the net interest deduction is limited to 30 percent of adjusted taxable income, which will generally mean earnings before interest, taxes, depreciation and amortization (EBITDA) for the next four years (2018 — 2021), and earnings before interest and taxes (EBIT) thereafter (2022 and beyond).

Generally, if you have money in a savings account that earns interest, that interest is considered taxable income for the year it's earned.

Certain farm debts: If you incurred the debt for the purpose of running a farm, more than half your income from the prior three years was from farming, and the loan was owed to a person or agency regularly engaged in lending, your cancelled debt is generally not considered taxable income.

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.

Generally speaking, the younger the MLP's assets are, the larger the amount of deferred taxes because non-cash depreciation charges are higher in earlier years, reducing taxable income without impacting cash distributions.

The sale of assets used in a trade or business (Section 1231 Assets) at a loss generally creates an ordinary loss that the corporation can apply to offset current year taxable income, if any, thereby reducing current year tax liability.

However, because pre-tax dollars are generally used to fund both accounts, your taxable income for the year you contribute may be lowered — meaning you'll likely pay less in income tax.

The member is generally entitled to a tax offset of 15 % of the taxable component of benefits received in the year.

The standard deduction is generally a fixed dollar amount, adjusted each year for inflation, that reduces the taxpayer's taxable income.

Generally, 50 % of a capital gain is taxable in the year it is realized and is taxable at your marginal tax rate.

Generally, all distributions are considered taxable income for the tax year in which they are processed and will be reported on Form 1099 - R.

With a traditional 401 (k) or IRA your contributions are pretax, which means that they generally reduce your taxable income and, in turn, lower your tax bill in the year you make them.

This is generally considered advantageous because most people will have lower taxable income during their retirement years than when they worked, meaning their effective tax rate on the amount withdrawn will be lower.

Generally, you can qualify for this tax credit if you are age 65 or older at the end of the tax year; or if you are under age 65 but retired on permanent / total disability and have taxable disability income.

For investors in regular, taxable accounts, these amounts are generally taxable to you in the year they are declared, whether paid in cash or reinvested.

Depreciation recapture is generally recognized and taxable in the year of sale and can not be deferred with the installment note.

Certain farm debts: If you incurred the debt for the purpose of running a farm, more than half your income from the prior three years was from farming, and the loan was owed to a person or agency regularly engaged in lending, your cancelled debt is generally not considered taxable income.