Sentences with phrase «prior taxable year»

However, to be excludable from the account beneficiary's gross income, he or she must keep records sufficient to later show that the distributions were exclusively to pay or reimburse qualified medical expenses, that the qualified medical expenses have not been previously paid or reimbursed from another source and that the medical expenses have not been taken as an itemized deduction in any prior taxable year.

Not exact matches

Prior to this plan being frozen, participants received «pay credits» which varied with age and years of service (points) and differed for pay above and below the taxable wage base.

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).

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.

Your taxable income is determined based on your overall income for the prior year and reduced by various deductions and exemptions.

If you took a tax deduction for contributions you made to the plan in prior tax years, your distributions are taxable when you withdraw them, up to the amount you previously deducted.

But if you and / or your spouse took a taxable distribution from your retirement account during the two years prior to the due date for filing your return (including extensions), that distribution reduces the size of the Savers Credit available to you.

Each dependent you claim allows you to reduce your taxable income by one exemption for tax years prior to 2018 and will allow you to receive a tax credit for tax years beginning in 2018 and beyond.

If you do, you can subtract the interest you paid tax on in prior years from your taxable income.

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.

In addition to the regular quarterly / monthly income payments, MIC's are required to pay out the majority of their remaining taxable income to shareholders each year so you usually receive an additional «bonus» payment in the first quarter which can be significant depending on the company's prior year performance.

The principal portion of rollovers and nonqualified withdrawals from this plan within two taxable years of the contribution are included in Rhode Island taxable income to the extent of prior Rhode Island tax deductions.

The principal portion of nonqualified withdrawals from this plan, and of rollovers to another 529 plan within one year of the date of contribution, are included in Oklahoma taxable income to the extent of prior Oklahoma tax deductions.

Outbound rollovers by Idaho taxpayers must be included in Idaho taxable income to the extent of amounts deducted on the Idaho return for the current year and for the prior year, effective January 1, 2008.

The principal portion of nonqualified withdrawals from this plan, and rollovers within two years of account opening, are included in District of Columbia taxable income to the extent of prior District of Columbia tax deductions.

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.

So, shifting money from taxable funds and savings into retirement accounts during the years prior to filling out the FAFSA can lower your EFC.

Tip: The I.R.S. imposes a 3 year rule which requires that assets must be in the ILIT for a minimum of 3 years prior to the estate owner's date of death in order to be excluded from the taxable estate.

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.