Sentences with phrase «income tax purposes if»

Interest earned on EE bonds with January 1, 1990, and later issue dates may qualify for exclusion from income for Federal income tax purposes if the owner pays his or her tuition and required fees or those of his or her spouse or legally dependent children at colleges, universities, and qualified technical schools during the year eligible bonds are redeemed.

Accordingly, notwithstanding receipt of the IRS private letter ruling and / or opinions of counsel or other external tax advisors, the IRS could determine that the distribution and certain related transactions should be treated as taxable transactions for U.S. federal income tax purposes if it determines that any of the facts, assumptions, representations, statements or undertakings that were included in the request for the IRS private letter ruling or on which any opinion was based are false or have been violated.

Not exact matches

If an entity or arrangement treated as a partnership for U.S. federal income tax purposes holds shares of our common stock, the tax treatment of a person treated as a partner generally will depend on the status of the partner and the activities of the partnership.

If such a sale or disposition takes place in the year in which the participant exercises the option, the income recognized upon the sale or disposition of the shares will not be considered income for alternative minimum tax purposes.

I would personally recommend you reduce equity exposure to 60 % total if and when there is a correction in the bond market, specifically muni bonds for tax purposes based on your income.

Under REPAYE, a spouse's income is almost always counted for income calculation purposes along with the borrower's, even if their tax returns are filed separately.

If we pay distributions on our common stock, those distributions generally will constitute dividends for U.S. federal income tax purposes to the extent paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles.

However, if we do make distributions on our Class A common stock, those payments will constitute dividends for U.S. tax purposes to the extent paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles.

If the IRA contribution is deductible, the end result will be a contribution to an IRA that produces a tax deduction, followed by a Roth conversion that causes the income in the IRA to be recognized for tax purposes.

@Vince If you are French resident for tax purposes, I would have thought you would be liable for French income tax on all investment income, including dividends from UK investments.

The potential tax benefits from investing in MLPs depend on their being treated as partnerships for federal income tax purposes and, if the MLP is deemed to be a corporation, then its income would be subject to federal taxation at the entity level, reducing the amount of cash available for distribution to the fund which could result in a reduction of the fund's value.

«If you use the money for purposes other than education, you are taxed regular income taxes on any gains plus a 10 % penalty,» notes Benedict.

For tax purposes, virtual currencies are treated as capital assets or income depending on whether the virtual currency was held for investment purposes, or if the virtual currency was received as a form of compensation (e.g., if the donor is a miner or received compensation in the form of virtual currency).

And if it be responded that Americans give money to charities because it's advantageous to do so for income tax purposes, well, let's be grateful that, in affording full deductibility to charitable giving, the tax code got something right.

If you are employed by a congregation for a salary, you are generally a common - law employee and income from the exercise of your ministry is considered wages for income tax purposes.

U.S tax laws regulating which parent may claim a child as a dependent, and what happens if couples can't agree on who will claim the children as exemptions for income tax purposes.

While land is pooled, the landowner is taxed as if the land is in direct ownership so for income tax purposes, rents are taxed in the hands of the landowner.

If the purpose of the withdrawal is not for qualified educational expenses, the earnings portion of the withdrawal will be subject to state and federal income tax, as well as an additional 10 % penalty.

Unemployment is taxable income for federal tax purposes, while Social Security is only taxable if your income from certain sources exceeds a specified threshold.

If you claim a dependent for tax purposes, the IRS allows a valuable exemption that allows you to subtract the exemption amount from your gross income.

If the employee is an Australian resident for taxation purposes, $ 18,200 of their yearly income is not taxed.

If you're non-resident - your income (for Federal tax purposes) is separate.

For example, if you pay for health insurance through your employer, or make 401k contributions, that premium is typically excluded from your income for purposes of computing income taxes

The form also shows how much, if any, was withheld from your benefit payments for federal income tax purposes.

Contributions to health and education savings plans can also reduce taxable income and increase your refund the year made, and, if used for the intended purpose, may be tax - free upon withdrawal.

You may have to pay the AMT if your taxable income for regular tax purposes, combined with certain adjustment and tax preference items (including interest on certain private activity bonds), is more than the following exemption amounts below:

If you are a U.S. citizen or resident alien and do not choose to treat your nonresident alien spouse as a U.S. resident for tax purposes, treat your community income as explained next under Spouses living apart all year.

If the bond is redeemed for the purpose of funding a college education, the interest is exempt from federal income tax.

If an individual receives income from interest, dividends, pension proceeds, social security or unemployment benefits, alimony or child support, these do not count as earned income for purposes of the tax credit.

If your fund makes the minimum annual payment the following financial year, a new income stream is taken to have started on 1 July of that year for income tax purposes.

If it is the latter, the IRS expects you to report the canceled debt as income for tax purposes.

If you're an Australian resident for tax purposes, you generally have to declare all income you earned both in Australia and internationally on your Australian tax return.

Your full IRA contributions can always be deducted from your income for tax purposes if you are not covered by a retirement plan at work.

If you withdraw money early (before age 59-1/2) from a tax - deferred retirement account, you'll owe the IRS income tax on the amount withdrawn at your normal marginal income tax rate PLUS — unless the money's for an «allowed purpose «-- a 10 percentage point penalty.

However, if the joint tax return is only filed for the purpose of claiming a tax refund of withheld income tax or estimates paid, then this test will have been met.

From 1 July 2017, individuals will generally be liable to pay Division 293 tax if their income for surcharge purposes (disregarding their reportable super contributions) and their low - tax contributions are greater than $ 250,000.

Under REPAYE, a spouse's income is almost always counted for income calculation purposes along with the borrower's, even if their tax returns are filed separately.

Therefore, if you invest in a fund near the end of the year, you may receive an income information slip showing income that has to be reported for tax purposes even if you have only owned the fund units for a few days.

If you buy an annuity with non-qualified after - tax dollars, the Exclusion Ratio is the percentage of your lifetime income payments that you will not have to treat as income (for federal income tax purposes).

If the trustee doesn't pay the minimum annual pension payment amount, the super income stream (that is, the TRIS) ceases for income tax purposes.

The most likely reason you'll have to pay AMT is if you have certain types of deductions that don't get counted for AMT purposes, such as real estate and state income taxes.

Q1) If i invest in elss, can i claim benefit for income tax purpose till he becomes a major.?

For Federal income tax purposes, the entire amount withheld can be treated as having been made as four timely quarterly payments of estimated tax regardless of when the withholding actually occurred, no questions asked, and if you meet the 110 % of last year's tax criterion, it is not necessary to go into the level of detail that Maryland wants.

If my only income is 1099 retirement and I move from another state, when will I become a Texas resident for tax purposes?

If the seller is a resident of Maine at the time of the sale, if the consideration is less than $ 50,000 (see note below) or if the capital gain is not recognized for federal or Maine income tax purposes, withholding is not requireIf the seller is a resident of Maine at the time of the sale, if the consideration is less than $ 50,000 (see note below) or if the capital gain is not recognized for federal or Maine income tax purposes, withholding is not requireif the consideration is less than $ 50,000 (see note below) or if the capital gain is not recognized for federal or Maine income tax purposes, withholding is not requireif the capital gain is not recognized for federal or Maine income tax purposes, withholding is not required.

If you used the standard deduction, then, Yes, the state tax refund that you received in 2016 is not taxable income for Federal income tax purposes, and it is not taxable income for State purposes either.

If you are an Australian resident for tax purposes, you must declare income from overseas investments in your tax return.

If you're in a 20 % marginal tax bracket, I'm going to make an assumption for discussion purposes that your income is $ 30,000 and that you live in Ontario, Charles.

Using the IRS definition: You may have to pay the AMT if your taxable income for regular tax purposes plus any adjustments and preference items that apply to you are more than the AMT exemption amount.

However, if your income for surcharge purposes is above the thresholds, you may receive too much rebate (premium reduction), and you may incur a private health insurance liability when you lodge your tax return.