Sentences with phrase «receives during the taxable year»

Not exact matches

You can deduct from your gross income an amount not to exceed $ 300 multiplied by the number of months for which you received the fellowship grant during the taxable year.

That said, you might be required to include interest income in your taxable income each year that you receive a Form 1099 - INT from the issuing bank, even if you weren't paid interest during that year but will receive it when the CD matures.

If you did not work during the taxable year and therefore have no earned income, you will not be eligible to receive the EITC regardless of whether you have a dependent.

If you are a legal resident of another state, you are not required to file a Georgia income tax return if your only activity for financial gain or profit in Georgia consists of performing services in Georgia for an employer as an employee when the compensation for services performed does not exceed the lesser of five percent of the income received in all places during the taxable year or $ 5,000.

Federal income tax refunds received during 2016 are not taxable income for 2016 (or any other year) on either the Federal or the State tax return.

An Individual Retirement Account (IRA) is a personal retirement savings plan available to anyone who receives taxable income during the year.

Depending on your income (the credit drops as income increases), you may receive up to $ 2,500 of the cost of qualified tuition and course materials paid during the taxable year.

An Individual Retirement Arrangement (IRA), commonly called an Individual Retirement Account, is a personal retirement savings plan available to anyone who receives taxable compensation during the year.

You can only claim a casualty loss deduction during the taxable year that the car accident occurred and must report any compensation you receive for the loss (i.e. settlement or judgment).

The portion of the annuity received during the year is added to your taxable income, while the remainder continue to accumulate tax - deferred.

The beneficiary's taxable income is increased by the amount received during the course of the year, and ordinary income tax rates are applied to the annuity benefits.