 Why am I not entitled to Working Tax Credits? |
| I am being made redundant in a week (am currently on maternity leave) and I am due to have a baby in 3 weeks. My partner works full time (in a low income job), but HMRC have estimated that I will not ... |
|
 IRS still hasn't processed my 1040X yet?!? |
I submitted my 1040X on April 5th. Delivery Confirmation said it was delivered on April 8th. I paid the taxes I owed the next day online.
My tax preparer said it's taking so long ... |
|
 Do I have to tell the IRS when I receive e-mail saying I won something, even if I think it is a scam? |
I often return e-mails saying that I have won things, such as foreign lotteries. Most of these are obviously scams.
The IRS says that I must report anything I won and may be required to ... |
|
 Is the 'Make Work Pay' tax credit apart of the $8000 tax credit or separate? |
| I just purchased a home May 2010 for $220K. I'm single and filed my taxes in Feb and received a small refund. I'm in the process of filling out the 1040x form but whenever I get to the ... |
|
 Notice of assessment? |
| I lost my notice of assessment letter. Is it possible to get one from a CRA office?... |
|
 If I filed a K-1 Form with a loss, why does my tax software tell me that I still owe taxes? |
I DJ, so I file a 1099-MISC every year.
This year, my net profit was $6914, and the calculated taxes I owe came out to $-579.
I also participated in an S-Corporation in which I ... |
|
 I have an unemployment questions for the state of Kentucky. I am getting laid off from my job? |
| from my job at the end of July. That is certain. My question(s) are...if the company that is coming in and taking over offers me a job, do I have to take it? Or can i still file my unemployment ... |
|
 what is the tax at best buy? |
like, im saving 50 dollars to buy a camera at best buy, which is 50 dollars. but i know thats not the exact price. the tax is included. so how much percent of the price do they add?
... |
|
 How to pay taxes on Stock.? |
| How do you pay taxes on stock? And when? I'll just give you my particular example. I have recently bought 100 shares in a company on an online brokerage. I plan to reinvest the stocks dividend ... |
|
 Is it possible to have the IRS delete a form that you filed this year? |
I filed Form 2555-EZ (Foreign Income Exclusion form) with my 1040 this year.
I now want the IRS to delete Form 2555-EZ. Is this possible for the IRS to remove? (I will, of course, file an ... |
|
 Can you deduct all college costs? |
| Can you wite off the entire tuition that was paid out over the course of the year? I thought I remembered when doing her taxes that they capped it at 4k and then with some sort of formula it ended ... |
|
 Err.. Am I eligible for unemployment? |
| Okay so I took a private in home care job in February. I've just been being paid in personal checks however, not under the table as I and my employer obviously will declare the wages. I don'... |
|
 Income support/carers allowance? |
| what will happen with the new budget 2010?... |
|
| Canada income tax. Tradesperson tool allowance.? |
| can my tool receipts from 2009 be used on my 2010 tax return?... |
|
| What does "Your initial claim has been processed. Please file your biweekly claims as instructed" mean? |
| I filed for unemployment three weeks ago. As I checked on the status of my claim online, I didnt get any reply on status. Then that came up. Does that mean I am approved?... |
|
| Tax free allowances 2010/11,are they putting it up this year cos it don't look like it? |
| It was £6,475.00 for 2009/10 and on the government site still's the same for 2010/11...........is this correct......something else the government keeps quiet about so we actually pay more taxes?... |
|
|  |
Pat Portugal | REVISED: Mom passed away leaving my daughter as beneficiary on an Annuity? |
Here is more specific information on my previous question: My daughter could not have the money until she turned 18. When she turned 18 she cashed out the annuity being a death benefit inheritence and took the money and put it away in a savings account for college. At the end of the 2009 year she was sent a 1099-INT form with gross disb. being $50, 219.00 (box 1) and taxable amount being $27,525.00 (2a). This was the only income she had and we paid over $5,000.00 in IRS taxes. Now after talking with others (not accountants) I'm being told that since this was an inheritance it was supposed to be tax free up to $100,000.00. We all are in Calif. |
 |
 
rtfm
 |
Stop talking to "others" and go talk to an actual tax accountant. You might pay a couple of hundred dollars for an appointment, but you might get back the $5000 that you might not have had to pay in taxes. It's a good tradeoff. |
|
cainvest1
|
You don't state an important part of this issue. How much did Mom leave the daughter on date of death?
Was that amount then used to purchase an annuity in the daughter's name?
How much were the earnings on the annuity?
If you are suggesting that she was left $22,694 and an annuity was purchased with that and the cash out value was $50,219. Then she did owe tax on $27,525. The annuity did not shield her from taxes, it just prevented her from blowing the money until she turned 18. |
|
the tax lady
|
A tax-deferred annuity is fully taxed to the recipient the same way it was to your mother if she had lived.
Estate/Inheritance taxes are wealth taxes (how much stuff you have when you die). They are completely separate from income tax. The only way she could have reduce the tax is if the estate had paid any tax (meaning the estate was several million dollars) when it included the annuity in the estate.
For 2009, she was dinged not only with income tax, but kiddie tax (as this is investment income and she was under 19) and probably AMT as well. She should have taken the money a little at a time and possibly *after* college. |
|
Sharon T
 |
No, it is not tax-free. And she didn't get a 1099-INT. I'll bet it was a 1099-R.
This was an annuity that had grown in value by $27525, which was taxed upon distribution.
Stop talking to those "others" as they have no idea about the law. |
|
StephenWeinstein
 |
Only the portion that already existed when the death occurred is an inheritance. That is the only part that is tax-free. The taxable amount is the portion that was added during the years between the death and now, which is not an inheritance and is not tax-free. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
10 | 3 minutes(s) ago
| | | |
10 | 7 minutes(s) ago
| | | |
10 | 38 minutes(s) ago
| | | |
10 | 3 hour(s) ago
| | | |
10 | 6 hour(s) ago
| | | |
10 | 9 hour(s) ago
| | | |
10 | 2 day(s) ago
| | | |
10 | 5 day(s) ago
| | | |
10 | 1 week(s) ago
| | | |
10 | 2 week(s) ago
| |
|
Homepage 
Financial
Forum 
Taxes 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
