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Recent Revenue Act questions
I am a retired Massachusetts school teacher, 60 years old.
I am a retired Massachusetts school teacher, 60 years old. When I taught for 34 years, I was able to benefit from the CAF Plan FLEX plan which allowed me to have an amount subtracted from my pay each month, that I would be reimbursed for by my own money, that had to do with doctors' visits or RX's. Then at the end of the year, my salary was reduced by that amount that I paid in to the CAF PLAN FLEX PLAN. (2,500.) Now that I am retired and making less money with more medical expenses, That plan is not available to me any longer. It doesn't make sense. Is there a program that allows us to deduct our medical expenses on a pre-tax basis other than what exceeds 7.5 of our salary that Massachusetts offers?... Retired teachers truly need that opportunity much more now than they did when they worked!!
Bachelor's Degree Equivalent
Surely there is a tax professional out there who can address
Surely there is a tax professional out there who can address this issue. It is not so terribly complicated. Does anyone want to try this question. Apparently this did not go thru with the correct price then when I resubmitted with the better price, it got blocked as a duplicate. Try, try again. Please note that there are 5 question marks and GIFT and ESTATE are capitalized for attention.A good answer deserves a bonus. If 2 wealthy men each gave to their only sons $60,000 in 1966, how would the gift taxes have applied with the lifetime exemption and the annual exemption? In other words how much of the $60,000 would have been subject to a gift tax? A decade later, the Tax Reform Act of 1976 was passed which combined the estate and gift taxes into a single unified tax that could be reduced by a unified credit. This replaced the $30,000 gift exemption and the $60,000 death exemption. If the first man, Mr. Anderson, died in 1973, before the Tax Reform Act of 1976, and the second man, Mr. Smith, did not die until 1998 and each man had an estate worth $7,000,000 left to each son, then how differently would these $60,000 gifts to their sons have been treated on their estate taxes because one died before the new law and the other died after the 1976 reform was passed? Let us assume for the following questions that both men filed GIFT tax returns in 1966 for the $60,000 gifts. 1973 Death: Would Mr. Anderson's gift of $60,000 in 1966 have been completely ignored on his ESTATE tax report since it was a separate matter already settled in the 1966 GIFT tax report with appropriate gift taxes paid...or would it have been reported again in his ESTATE tax forms and used in ESTATE tax calculations? 1998 Death: Would the second man's gift ( Mr. Smith's gift) of $60,000 in 1966 have been pulled into his ESTATE tax calculations as part of his UNIFIED CREDIT or would it have been excluded from his ESTATE tax report as a settled matter since given before 1976, given before the new law?
Due to moving into Michigan from Ohio, my employer failed to
Due to moving into Michigan from Ohio, my employer failed to deduct 5 months of state withholding for Michigan income tax. I never filled Michigan taxes for that year (2004 - just forgot) and I never received a Letter of Inquirey, a Notice of Assessment, a Bill for Taxes Due, a Final Assessment, or any court documents at all. I have faithfully filed every year since and have never owed any taxes since 2004. With the General Statutes of Limitations being six (6) years, that time will have expired IF taken from the date "the claims accrue" (April 15th 2005). BUT since no "final assessment of a tax deficiency" was ever rendered, what actions can the Michgan Treasury take against me at this point in time or in the future? Can the courts take any action? What case-law is there to back my position?
Bachelor's Degree Equivalent
R is a non-citizen resident and C is a US citizen. R and
R is a non-citizen resident and C is a US citizen.
R and C are married and they live in a community property state. They jointly own (with right of survivorship) a house valued at $1.5M with a mortgage balance of $700K. Hypothetically, R and C do not have other assets in his estate.
If C dies with a unified credit amount of $1M, what portion of his estate is exposed to gift tax and/or estate tax?
(I understand that unlimited marital deduction does not apply in this case)
Please walk me through the calculation process (what is the gross estate, what is the taxable estate, what are the deductions) so that I can understand estate tax better.
Hello, I am trying to understand the reason(s) behind ...
Hello, I am trying to understand the reason(s) behind the development of IRC 6013(b)(2)(B). I cannot find any legislative history that would suggest the practical reason for development of the code subsection. I know the language was added with the Revenue Act of 1951. Any thoughts? Thanks, Chris
1099-Misc NonEmployee Income (Box 7)View more tax questions
I am using Turbotax for the web. My wife received a payment for bonus and travel expenses from a state run (Florida) organization that is not her employer related to educational courses she took during 2007. She received a 1099-MISC with the amount in Box 7. How do I report this since she is not an employee of the company that sent her the money nor is she self employed? If I enter the amount in Box 7 on Turbotax - I'm required to enter one of the following:
A-Filed SS-8 and an employee
B-Section 530 Employee
C-IRS Correspondence Received Stating an Employee
E-Coworkers are treated as employees
F-Coworkers files SS-8 and are employees
G-Filed SS-8, no reply received
None of these are a valid option for her. She should not have to fill out a SS-8 since she is not nor has she been an employee of the organization that provided the funds. How should I report the income? Thanks.
Senior HR Consultant and Business Devlpm