Hello! I am a CPA here to assist you with your tax questions. My goal is to provide you with excellent service today.
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The tax liability will be tax on the income from the annuity - so what you take out of the annuity is considered income to you in the year you take it out. It is taxed just as any other income you earn. How much tax you pay, depends on how much you take out and what your other income is.
No, it would be considered a gift from you to them if you paid the tax
If their share is greater than $14,000 you will have to file a gift tax return, but no tax will be due if you have not given away more than $5.2 million during your life.
No, there's no tax liability on the CDs except for any interest income you receive.
And, you can transfer shares to your siblings tax free on that as well.
are you married or single?
If you're single you will be in the 35% tax bracket, and if you are married you will be in the 33% tax bracket
You'll be in the 33% tax bracket, but remember our tax brackets are tiered, so you pay 10% on the first $17,850 of income, 15% on the next layer of income and so on and so forth
Your tax bracket is just what the last dollar of earnings is taxed
So, your tax will be less than 33%
Let me look at that/
You'd be in the 5.92% bracket in OH
Here are the brackets: http://www.tax-brackets.org/ohiotaxtable
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last last question - can you give me the fed tax rates starting with AGI of $150k going up to $350k. Thanks!