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Tax Burden

Having a tax burden can be a huge weight on a person’s shoulders. The penalties can add up to large amounts of money, and even larger headaches. A well informed person would be wise to study the laws diligently and put that knowledge to use before incurring the penalties that tax burdens can incur. However there are times when questions need to be answered and the common man may not know where to turn for those answers. Below are the most commonly asked questions about tax burdens that have been answered by the Experts.

If a person inherited an IRA (Individual Retirement Account) valued at $70,000 which is part of a trust, and the combined income is around $125,000 what would their tax burden be?

taxable income. >

How could a person minimize or even eliminate any tax burden on their family overseas that is trying to help them with a down payment on a house, while also making the tax burden on themselves minimal. Also what is the most a person could receive without declaring? Would they need a contract?

Gifts that a person receives that are under $100k would not be subject to any United States tax; however the family overseas might want to check the gift tax burden in the country of their residence, but they would not owe any U.S. taxes. If the gift is over $100k then a person would have to file an information return and report the gift. But, that person would not owe any tax on it. If the person is receiving it as a loan then they may be required to have formal loan documents with payment and interest terms. Interest that loan could be taxable in the U.S. to the person giving the loan.

What would the tax burden for a college savings plan that was originally $25,000 but by the time we cashed it out it had dropped to $20,496 for a six year old.

Since the account lost money then there are no taxes due. And in most cases even if it had not lost money there would be no taxes on the donations made to a six year old because these accounts are first of all a gift, and they are also after tax money that are not taxable to a minor.

Could a senior citizen gift money to their grandchildren to lessen their tax burden and receive a tax deduction for it?

In most cases gifts to any specific individual may not be deducted. Only gifts to a qualified charitable organization would be deductible.

Would a person need to pay a portion of last year’s tax burden in order to help my next year’s tax burden?

You are required to pay enough tax (either by having your employer withhold it from your pay, or by paying estimated taxes) in the current tax year so that you will not owe a significant amount of tax in the next year when filing your tax return. If you do not pay enough of your tax liability then you could incur a penalty for underpayment of taxes.

Having a tax burden can be a trying time for even the hardiest of individuals. Many questions can come to play when a person is carrying a burden of this nature. Knowing your rights and the tax laws is the key to being prepared for any questions that might arise when dealing with tax burdens. When having questions about tax burden you can contact the many Experts available.

Ask a Tax Professional

Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: General
Satisfied Customers: 571
Experience:  10 years experience
16356563
Type Your Tax Question Here...
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8 Tax Professionals are Online Now

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Recent Tax Burden Questions

  • Hi, Robin. I am selling the mineral rights for my property

    Hi, Robin. I am selling the mineral rights for my property and want to know at what rate they are taxed and how to report the sale
  • Hello, I have a question regarding tax implications on talking

    Hello,
    I have a question regarding tax implications on talking my small pension in a lump sum.
    Pensions is from a former employer in Georgia.
    I am currently unemployed and moved back to NY 3 weeks ago to live with family, from Colorado where I was laid off.
    I received notice I can receive a lump sum payment now from my pension for $16,000. I am ready to begin a new position shortly, and want to use this money for down payment on a new home in the spring.
    What are the tax implications? I have heard 20-30% federal, and am unclear about NY states tax impact. I don't want to go this route if I will loose too much to justify a down payment on a home.
    Thank you
  • filling out the IT-2663, I am short selling my condo with a

    filling out the IT-2663, I am short selling my condo with a sales price of 150,000. I purchased it in '06 for 238,000. I have not made any improvements other than painting and closet doors. Is #5 referring to my purchase price in '06 or the current? I am not paying any closing cost and there are no other variables I can think of. What would be the proper way to fill this form out. Thank you.
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