Sentences with phrase «got a tax deduction upon»

Although you do pay tax on RRSP withdrawals, don't forget that you also got a tax deduction upon contribution.

Not exact matches

The marital deduction law allows married couples to transfer an unlimited amount to their spouse without an estate tax hit; however, upon the death of a spouse, the surviving spouse does not get this privilege (unless they remarry) and if his / her estate exceeds the federal and state estate tax exemption then it will be taxed upon their death.

Now you don't get a tax deduction, but once the money goes into the Roth IRA, that initial contribution, your principal, future growth, income, are all 100 % tax - free upon withdrawal at retirement.

I don't know how to figure in the tax benefits or any other considerations (e.g., I've heard it said by a non-tax professional that the IRS frowns upon financing a real estate purchase in order to get the deduction while tying up significant cash in tax - exempt vehicles).

If you decide to make a charitable donation upon your death, you won't get an income tax deduction, which you could receive if you made the gift during your lifetime.

Upon paying the premium amount towards getting individual health insurance, you can avail tax deduction under section 80D of the Income Tax Act, 19tax deduction under section 80D of the Income Tax Act, 19Tax Act, 1961.