Sentences with phrase «tax if the amount»

If you withdraw from your policy, you will owe income taxes if the amount is more than what you have paid in premium payments.

Aside from common sense stuff like creating a budget and retirement planning, attendees learned that «allowances» are considered gifts, making the donor of the gift responsible for paying the gift tax if the amount exceeds $ 14,000.

The distributions from these accounts will not be taxed if the amount in the account is less than the beneficiary's educational expenses at an eligible institution.

You owe more taxes if the amount on line 63 is larger, and you'll need to pay the IRS the difference between the two amounts.

If you withdraw from your policy, you will owe income taxes if the amount is more than what you have paid in premium payments.

Unfortunately, when the second spouse dies, the beneficiaries who inherit his or her assets will then likely be hit with a substantial amount of estate taxes if the amount of assets exceeds the exclusion limit.

Dividends received by the policy owner can also be taxed if the amount exceeds what the policy owner paid in premiums.

If you withdraw from your policy, you will owe income taxes if the amount is more than what you have paid in premium payments.

Not exact matches

For instance, if you're seeking help with a broad range of financial issues, ranging from how to invest or fine - tune your tax planning to choosing the right amount of life or disability insurance or ensuring that your estate plan matches your desires, I would say that your best bet is to find a certified financial planner.

«If I harvest $ 10,000 in losses every year and I do that for a decade, I created another $ 100,000 in capital gains that will be subject to tax because I've systematically lowered my cost basis by the same amount,» Kitces said.

The federal government limits tax - deductible contributions to retirement plans; for most plans, such as 401 (k) programs, the maximum amount you can receive in contributions in 2016 is $ 53,000 if you're under the age of 50, and $ 59,000 if you're eligible to make «catch - up» contributions.

If the market has a big downturn, you will owe tax on the full amount at conversion even if the account value drops by 30 percent before year - enIf the market has a big downturn, you will owe tax on the full amount at conversion even if the account value drops by 30 percent before year - enif the account value drops by 30 percent before year - end.

You probably won't owe the gift tax — which is 40 percent — if you don't exceed the $ 5.49 million lifetime gift exemption amount.»

When you convert your 401 (k) to a Roth IRA (or an IRA to a Roth IRA) you'll have the option of withholding taxes on the conversion, but it's better if you convert the full amount (no withholding) and then set aside money from savings for taxes at tax time.

If you want to move your 401 (k) to a Roth IRA, you'll have to pay taxes on the amount of the conversion, but if you anticipate your income being higher in future years then it could be good idea to convert it now so it can grow tax - freIf you want to move your 401 (k) to a Roth IRA, you'll have to pay taxes on the amount of the conversion, but if you anticipate your income being higher in future years then it could be good idea to convert it now so it can grow tax - freif you anticipate your income being higher in future years then it could be good idea to convert it now so it can grow tax - free.

Even worse, if the IRS determines your misclassification was «willful,» you could owe the IRS the full amount of income tax that should have been withheld (with an adjustment if the employee has paid or pays part of the tax), the full amount of both the employer's and employee's share of FICA taxes (possibly with an offset if the employee paid self - employment taxes), plus interest and penalties.

Beware: If you fail to take the full RMD by the deadline, the amount you should have withdrawn is taxed at 50 percent.

If you want to really get into the nitty - gritty of it, there are certain instances in which you can claim a Child and Dependent Care Credit on your federal tax return — but those instances come with a host of restrictions, and the amount of money you can claim is capped.

At the same time, if you plan ahead, take the right available deductions, and prepare your tax returns properly, you can save on the amount of taxes your business must pay.

For instance, if a professional service corporation subject to a flat tax of 35 percent invested $ 500,000 in computers, software and office furniture, it could reduce its federal tax bill by 35 percent of that amount.

But if your income has increased over what you estimated during the year or your expenses are lower than anticipated, you will need to pay the amount owed or be subject to penalties and interest when you finally do pay your taxes.

This can be favorable for younger beneficiaries, as their RMD amounts will be lower, thereby allowing them to leave larger balances in the accounts to accrue tax - deferred earnings (or tax - free earnings if in Roth IRAs).

If you're planning on leaving your kids a generous amount of money in your will, the federal estate tax may eat up a large chunk of their inheritance.

If you have net income — your business income less expenses — of at least $ 400, that amount is subject to the 15.3 percent self - employment tax.

The current, physical presence standard protects business owners from what amounts to taxation without representation, since a state can not impose its sales tax on purchases if the seller has no store, warehouse, or office located in the state.

«If you're dealing with an aggressive tax strategy that might save or cost you a six - figure amount, you'd be foolish not to approach the IRS about it first,» emphasizes Richard Colombik, a lawyer and certified public accountant based in Schaumburg, Ill..

Schroeder also says that if you use a Defined Benefit and / or Cash Balance Plan structure, the amounts that you can put away are much greater, noting that, «the total benefit that one person can receive for 2014 is $ 210,000,» tax - free.

And if your current state has high income taxes, you could be forking over a considerable amount of money today for absolutely zero benefit to you during your golden years.

The stock grants will generally be subject to tax upon vesting as ordinary income equal to the fair market value of the shares at the time of vesting less the amount paid for such shares, if any.

If the elasticity is near -1 then trading volume would decline by roughly the same amount that the tax increases trading costs.

* If you receive a larger federal tax refund amount using the same Tax Return Information when filing an amended return through another online tax preparation service, then you may be eligible to receive a $ 25 gift card from Credit Karma Ttax refund amount using the same Tax Return Information when filing an amended return through another online tax preparation service, then you may be eligible to receive a $ 25 gift card from Credit Karma TTax Return Information when filing an amended return through another online tax preparation service, then you may be eligible to receive a $ 25 gift card from Credit Karma Ttax preparation service, then you may be eligible to receive a $ 25 gift card from Credit Karma TaxTax.

However, if the final estimate of the tax liabilities is lower than the initial estimate, the first $ 2 billion of that adjustment will instead be made by net reduction in the amount of the cash dividend to 21st Century Fox from the company to be spun off.

If the IRS views it as a gift because there was no intention to repay it, then the lender becomes subject to the federal gift tax rules and will have to pay taxes on any amount in excess of $ 14,000.

When you file your tax return, if the amount of taxes you owe (your tax liability) is less than the amount that was withheld from your paycheck during the course of the year, you will receive a refund for the difference.

If you withdraw less than the RMD amount, you may owe a 50 % penalty tax on the difference.

I'm sure drivers would find paying higher pump prices more appealing if they knew that Mr. Oliver was willing to cut their personal income taxes by an equivalent amount.

Withdrawals of taxable amounts from an annuity are subject to ordinary income tax, and, if taken before age 59 1/2, may be subject to a 10 % IRS penalty.

Your Monthly Payment calculations reflect only principal and interest, and amounts for taxes and insurance, if applicable, may increase your actual payment.

«Total CEO realized compensation» for a given year is defined as (i) Mr. Musk's salary, cash bonuses, non-equity incentive plan compensation and all other compensation as reported in «Executive Compensation — Summary Compensation Table» below, plus (ii) with respect to any stock option exercised by Mr. Musk in such year in connection with which shares of stock were also sold other than to satisfy the resulting tax liability, if any, the difference between the market price of Tesla common stock at the time of exercise on the exercise date and the exercise price of the option, plus (iii) with respect to any restricted stock unit vested by Mr. Musk in such year in connection with which shares of stock were also sold other than automatic sales to satisfy the Company's withholding obligations related to the vesting of such restricted stock unit, if any, the market price of Tesla common stock at the time of vesting, plus (iv) any cash actually received by Mr. Musk in respect of any shares sold to cover tax liabilities as described in (ii) and (iii) above, following the payment of such amounts.

You can gift small amounts for birthdays, holidays, and if you get a tax refund.

If you're looking at gifting a sizeable amount, though, be aware of the gift tax.

Such amount is required to be reported even if Mr. Musk does not actually receive any cash from such exercise or vesting, either because he does not also sell any shares or because he sells only a number of shares sufficient to cover the related tax liabilities resulting from the exercise or vesting.

You will recognize gain or loss on a sale of common units equal to the difference, if any, between the amount realized and your tax basis in the common units sold.

In order to find out if you can or should deduct certain things from your taxes, remember this: 1 — You can take a deduction in two ways — a standard deduction, a set amount based on your filing status and itemized deductions, which...

If you saved your receipts throughout the year, you can add up the total amount of sales taxes you actually paid and claim that amount.

You are legally obligated to file a tax return every spring, if you earned a certain amount of income in the previous tax year.

Income tax forms must be filed each year, if you have earned a certain amount of money.

Be mindful that if you take a withdrawal from a traditional 401 (k) that you will owe taxes on the amount you withdraw, and if you're under 59 and a half, you'll get hit with penalties too.

If an item is subject to sales tax, you agree that the amount of taxes shown at checkout may be adjusted.

The amount of the charitable deduction available to the donor will, however, be reduced by the amount of the depreciation deductions that would have been subject to recapture and tax as ordinary income if the donor had sold the MLP interest.