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U.S. citizens and residents pay tax on their worldwide income. However, if you live abroad, the articles of most tax treaties allow the country of residence to tax pensions under its laws. If you live...
Yes. While it’s not the usual situation that someone in a younger generation gives gifts to someone in the older generation, there’s no tax rule barring this. In fact, under tax law there’s no b...
No. You can give each person up to the annual exclusion amount ($14,000 in 2015 and 2016) without any gift tax, or even the need to file a return. A person can make one gift on December 31, 2015, and ...
For income tax purposes, there’s no tax on gifts—to make or receive them. For federal gift tax purposes, there’s an annual exclusion ($14,000 in 2015 and 2016). Above that, you can apply your li...
No, you can do it more than one time. However, you must wait until the following year to make a Roth IRA conversion of the funds that had been recharacterized....
Because you are a volunteer and not a paid educator who works at least 900 hours a year, you cannot use the above-the-line deduction of up to $250 from gross income (allowed even if you don’t itemiz...
If you itemize deductions (instead of taking the standard deduction), medical expenses you pay out of pocket (i.e., are not covered by insurance or a government program) can be deducted to the extent ...
Unfortunately, no. Gifts to individuals, no matter how needy, are never deductible. Only gifts to IRS-recognized charities are deductible if you itemize deductions. In the case of the Louisiana disast...
Unfortunately not, except for certain reinvestments in qualified small business stock or empowerment zone business stock (see the Schedule D instructions for these special rollover rules). Apart from ...
You don’t have to amend the return on which the taxes were deducted. Instead, you report the income on the return for the year of the refund under the tax benefit rule. This rule says that you pick ...
U.S. citizens and residents pay tax on their worldwide income. However, if you live abroad, the articles of most tax treaties allow the country of residence to tax pensions under its laws. If you live...
Yes. While it’s not the usual situation that someone in a younger generation gives gifts to someone in the older generation, there’s no tax rule barring this. In fact, under tax law there’s no b...
No. You can give each person up to the annual exclusion amount ($14,000 in 2015 and 2016) without any gift tax, or even the need to file a return. A person can make one gift on December 31, 2015, and ...
For income tax purposes, there’s no tax on gifts—to make or receive them. For federal gift tax purposes, there’s an annual exclusion ($14,000 in 2015 and 2016). Above that, you can apply your li...
No, you can do it more than one time. However, you must wait until the following year to make a Roth IRA conversion of the funds that had been recharacterized....
Because you are a volunteer and not a paid educator who works at least 900 hours a year, you cannot use the above-the-line deduction of up to $250 from gross income (allowed even if you don’t itemiz...
If you itemize deductions (instead of taking the standard deduction), medical expenses you pay out of pocket (i.e., are not covered by insurance or a government program) can be deducted to the extent ...
Unfortunately, no. Gifts to individuals, no matter how needy, are never deductible. Only gifts to IRS-recognized charities are deductible if you itemize deductions. In the case of the Louisiana disast...
Unfortunately not, except for certain reinvestments in qualified small business stock or empowerment zone business stock (see the Schedule D instructions for these special rollover rules). Apart from ...
You don’t have to amend the return on which the taxes were deducted. Instead, you report the income on the return for the year of the refund under the tax benefit rule. This rule says that you pick ...
