Of the. Are there any other cities in New York State that impose an income tax?

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Of the. Are there any other cities in New York State that impose an income tax?"

Transcription

1 New York Tax Report 2015 Edition New York Personal Income Tax Although managing your portfolio is primarily an investment decision, tax considerations should also be taken into account. Accordingly, Morgan Stanley has prepared this New York Tax Report. It is not a complete description of New York tax law, but it does summarize many of the provisions of most interest to investors. Your Morgan Stanley Financial Advisor is available to discuss investment strategies which take the New York tax law into account. Keep in mind that Morgan Stanley, its affiliates and employees are not in the business of providing tax or legal advice. Clients should consult their personal tax or legal advisors before making tax-related investment decisions. New York State Personal Income Tax Rates for 2015* MARRIED FILING JOINTLY AND QUALIFYING WIDOW(ER) Over: But not over: Your tax is: amount over: $ 0 $16,950 $ % $ 0 16,950 23, % 16,950 23,300 27, % 23,300 27,550 42,450 1, % 27,550 42, ,350 2, % 42, , ,750 9, % 159, ,750 2,125,450 20, % 318,750 2,125, , % 2,125,450 SINGLE AND MARRIED FILING SEPARATELY Over: But not over: Your tax is: amount over: $ 0 $ 8,400 $ % $ 0 8,400 11, % 8,400 11,600 13, % 11,600 13,750 21, % 13,750 21,150 79,600 1, % 21,150 79, ,500 4, % 79, ,500 1,062,650 13, % 212,500 1,062,650 71, % 1,062,650 New York City Personal Income Tax Rates for 2015* MARRIED FILING JOINTLY AND QUALIFYING WIDOW(ER) Over: But not over: Your tax is: amount over: $ 0 $ 21,600 $ % $ 0 21,600 45, % 21,600 45,000 90,000 1, % 45,000 90, ,000 3, % 90, ,000 18, % 500,000 SINGLE AND MARRIED FILING SEPARATELY Over: But not over: Your tax is: amount over: $ 0 $ 12,000 $ % $ 0 12,000 25, % 12,000 25,000 50, % 25,000 50, ,000 1, % 50, ,000 18, % 500,000 * New York does not provide a benefit for a graduated rate schedule for high income taxpayers. Refer to the tax computation worksheets in Instructions to Form IT-201 Are there any other cities in New York State that impose an income tax? The City of Yonkers imposes an income tax surcharge on residents at a rate of 15% of the net New York State Income Tax. Yonkers also imposes a nonresident earnings tax surcharge on wages earned in Yonkers at a rate of.5% (.005). Page 1 of 5

2 What are the retirement plan, IRA and Coverdell contribution limits for 2015? Contribution Limits IRA SIMPLE 401(k), 403(b), 457 Plans Coverdell Education Savings Account Simplified Employee Pension (SEP), Profit Sharing or Money Purchase Plan Basic Limits $5,500 $12,500 $18,000 $2,000 Lesser of 25%** of compensation or $53,000 Catch-up Limit (age 50 or older) 1,000 3,000 6,000* N/A 0 *A higher contribution limit may apply to 457 plan participants in the last three years before retirement. **For self-employed the limit is 20% of net-earnings after an adjustment for self-employment tax up to a maximum of $53,000. What is the New York personal income tax standard deduction for 2015? Filing Status Standard Deduction Single (and can be claimed as a dependent on another taxpayer s return) $3,100 Single (and cannot be claimed as a dependent on another taxpayer s return) 7,900 Married filing joint return 15,850 Married filing separate return 7,900 Head of household 11,100 Qualifying widow(er) with depedent child 15,850 What itemized deductions does New York allow? New York State (NYS) taxpayers who itemize deductions for federal income tax purposes may elect to take those same deductions (with certain modifications) for NYS tax purposes. For taxpayers with NYS adjusted gross income over $525,000 the modifications include a disallowance of 50% of the taxpayers itemized deductions for federal income tax purposes. Those with NYS adjusted gross income over $1 million are barred from claiming any itemized deductions except 50% of the charitable contribution deduction. Interest income from United States government and agency obligations is taxable at the federal level. How are these obligations treated for New York personal income tax purposes? Exempt from New York Personal Income Tax U.S. Treasury Bills, Notes, Bonds U.S. Savings Bonds Federal Home Loan Banks (FHLBs) Financing Corporation (FICO) Federal Intermediate Credit Banks Banks for Cooperatives Federal Farm Credit Banks Student Loan Marketing Association General Services Administration Export Import Bank of the U.S. Series 1978-B Tennessee Valley Authority ETRs, STRIPs, CATs, TIGRs Federal Land Banks Taxable for New York Personal Income Tax Government National Mortgage Association (GNMA) Federal National Mortgage Association (FNMA) Federal Home Loan Mortgage Corporation (FHLMC) International Bank for Reconstruction and Development (World Bank) Puerto Rico, Guam and the Virgin Islands Resolution Funding Corporation (REFCORP) Federal Housing Authority Debentures Page 2 of 5

3 Is municipal bond income exempt from New York personal income taxes? Interest on bonds issued by the State of New York or on municipal bonds issued by a county, city, town or other local government unit in the state is exempt from New York personal income tax. If a mutual fund invests in either federal obligations or New York municipal bonds, may a shareholder exclude the interest attributable to these obligations? Mutual fund shareholders may exclude the portion of the distribution derived from interest on obligations of the United States government, exempt United States agencies and United States possessions if, at the close of each taxable quarter, at least 50% of the value of the fund s assets are invested in any of these types of securities. Mutual fund distributions derived from New York state or local obligations are excludable. There is no percentage threshold requirement for New York obligations. Information on whether a fund qualifies for exclusion is available from the mutual fund company. How are qualified dividends, capital gains and capital losses treated in New York? Qualified dividends and capital gains are taxable as ordinary income. Capital losses are deductible in full against capital gains. Net capital losses are deductible against ordinary income up to a maximum of $3,000, with the remaining balance carried forward. There are some differences in New York and federal laws that may affect the amount of capital gain or loss to be reported. How are IRA, pension and qualified annuity distributions taxed? If you are age 59½ or older, you may subtract up to $20,000 of your IRA, pension and qualified annuity distributions from your federal adjusted gross income for purposes of determining your New York adjusted gross income. If you become age 59½ during the tax year, an exclusion is allowed only for the amount of IRA, pension and annuity income received on or after you became 59½, but not more than $20,000. Certain qualified pension benefits received by officers and employees of the United States, New York State and local governments within New York State are exempt from New York State, New York City, and Yonkers income taxes. Does New York law provide for an exclusion on the sale of a principal residence by a New York resident? Yes, under the same conditions as under federal law an individual may exclude up to $250,000 ($500,000 on a joint return) of gain if the ownership and residence tests are met. Are Social Security benefits taxable in New York? New York does not tax Social Security benefits. Can a New York resident open a Section 529 Qualified Tuition Program to help fund future education costs? Yes. Most states have established qualified tuition programs, also known as Section 529 plans. Residents of New York are free to choose from New York s plan or from a national plan offered through another state. The contribution limits, investment options and costs differ by program. New York allows a $5,000 per person (maximum $10,000 on a joint return) New York State tax deduction for Section 529 plan contributions to the New York State 529 College Savings Program. There is no federal deduction. Section 529 plan distributions are federal and New York state income tax free if used to pay higher education expenses, such as tuition, room and board, books, supplies and equipment required for enrollment at an eligible educational institution. For more information about the features of any state s Section 529 plan, go to Residents of New York working in another state Residents that live in New York and work in a different state are entitled to claim a credit for taxes paid to other jurisdictions, the credit is referred to as the New York State Resident Credit. The credit applies to taxpayers that have income from sources outside New York State and pay income tax to another state, a local government of another state, the District of Columbia, or to a province of Canada. The credit is allowable only for the portion of the tax that applies to income sourced to and taxed by the other taxing authority while you were a New York State resident. Form IT-112-R is filed with your New York State income tax return to claim the credit. Taxpayers that are liable for income tax in another state will need to file a non-resident return in that state, the amount withheld in the other state is claimed against their tax liability. Residents of other states working in New York Residents that live in other states and work in New York are required to file New York State non-resident income tax returns. Wages earned in New York are taxed in New York. Other states that levy an income tax have a similar credit available to New York s Resident Credit. What are the Rules for Same-Sex Married Couples (SSMCs) Filing Status? With the Supreme Court decision striking down the provision of the Defense of Marriage Act (DOMA), new for 2013, same-sex couples who are legally married can no longer file federal tax returns using the Page 3 of 5

4 single filing status. They can either file a joint return or file as married filing separately. New York State has given equal treatment to individuals legally married to different-sex spouses and same-sex spouses since the enactment of the Marriage Equality Act, which took effect on July 24, Opportunities may exist for filing amended tax returns, clients affected should consult with their tax advisor. Does New York State permit Transfer On Death Accounts? Yes. On January 1, 2006, New York introduced Transfer On Death (TOD) accounts. A TOD account is a relatively easy-to-implement planning tool that generally avoids probate. A TOD account permits the account owner to name beneficiaries to whom the account assets pass upon the account owner s death. Some attributes of a TOD account are: The account generally avoids probate since the assets are payable to a named beneficiary The account owner retains total control over the account during his or her lifetime The account owner may name anyone, including a minor, as beneficiary of the TOD account TOD may be used with single or joint accounts. If the account is registered as a joint account, then only on the death of the last surviving joint tenant, such as the surviving spouse, do the assets pass to the named beneficiaries The beneficiary designation on a TOD account generally takes precedence over the account owner s will. How does New York Tax Non-Residents? If you are a nonresident individual, estate, or trust, you are subject to tax on your New York source income. New York source income includes income derived from or connected with a business, trade, profession, or occupation carried on in New York State. If you are a partner in a partnership, New York source income also includes those items of income, gain, loss, and deduction included in your distributive share of partnership income that is derived from or connected with business carried on by the partnership in New York State. To compute the amount of tax due, use New York Form IT-203, Nonresident and Part-Year Resident Income Tax Return. You will compute a base tax as if you were a full-year resident, then determine the percentage of your income that is subject to New York State tax and the amount of tax apportioned to New York State. See New York State Department of Taxation and Finance publication 88 for more information. Does New York impose an estate tax? Yes, New York imposes an estate tax. New York made significant amendments to the tax effective for estates of individuals with dates of death on or after April 1, The filing threshold was increased and will gradually increase each year through 2019 to conform to the federal estate tax laws. The top New York estate tax rate remains at 16%. The estate of a New York resident must file a New York State estate tax return if: The amount of the resident s federal gross estate, plus The amount of any includible gifts, exceeds the basic exclusion amount applicable at the date of death. The New York estate tax basic exclusion amounts through 2019 are: Date of Death Exemption Prior to 04/01/14 $1,000,000 04/01/14 to 03/31/15 $2,062,500 04/01/15 to 03/31/16 $3,125,000 04/01/16 to 03/31/17 $4,187,000 04/01/17 to 03/31/18 $5,250,000 On or after 01/01/19 $5MM indexed for inflation from 2010 Nonresident estates are required to file an estate tax return if they include real or tangible personal property with a situs in New York State, and the total of the federal gross estate and includible gifts exceeds the basic exclusion amount. Where can a taxpayer obtain more information on New York taxes? Information is available from the New York State Department of Taxation and Finance by calling Information and tax forms are also available on the New York State Department of Taxation and Finance Website at Page 4 of 5

5 How Do New York Tax-Exempt Yields Compare to Taxable Yields in Various Federal Income Tax Brackets for New York Residents?* New York Federal Tax Brackets 25.00% 28.00% 33.00% 35.00% 39.60% Single $37,451-90,750 $90, ,300 $189, ,500 $411, ,200 $413,201- Joint $74, ,200 $151, ,450 $230, ,500 $411, ,850 $464,851- Assumed New York State Rate 6.85% 6.85% 6.85% 6.85% 8.82% Federal Rate 25.00% 28.00% 33.00% 35.00% 39.60% Effective Combined Rate 30.14% 32.93% 37.59% 39.45% 44.93% 2.50% 3.58% 3.73% 4.01% 4.13% 4.54% 3.00% 4.29% 4.47% 4.81% 4.95% 5.45% 3.50% 5.01% 5.22% 5.61% 5.78% 6.36% 4.00% 5.73% 5.96% 6.41% 6.61% 7.26% 4.50% 6.44% 6.71% 7.21% 7.43% 8.17% 5.00% 7.16% 7.46% 8.01% 8.26% 9.08% 5.50% 7.87% 8.20% 8.81% 9.08% 9.99% New York City & State Combined Federal Tax Brackets 25.00% 28.00% 33.00% 35.00% 39.60% Single $37,451-90,750 $90, ,300 $189, ,500 $411, ,200 $413,201- Joint $74, ,200 $151, ,450 $230, ,500 $411, ,850 $464,851- Assumed New York State Rate Federal Rate Effective Combined Rate (State/ City) 10.73% 10.73% 10.73% 10.73% 12.70% 25.00% 28.00% 33.00% 35.00% 39.60% 33.04% 35.72% 40.19% 41.97% 47.27% 2.50% 3.73% 3.89% 4.18% 4.31% 4.74% 3.00% 4.48% 4.67% 5.02% 5.17% 5.69% 3.50% 5.23% 5.45% 5.85% 6.03% 6.64% 4.00% 5.97% 6.22% 6.69% 6.89% 7.59% 4.50% 6.72% 7.00% 7.52% 7.75% 8.53% 5.00% 7.47% 7.78% 8.36% 8.62% 9.48% 5.50% 8.21% 8.56% 9.20% 9.48% 10.43% * Rates are estimated based on projections using formulas specified in the Internal Revenue Code and the New York State Tax Law. This matrix should be used as a general guideline when determining taxable equivalent yields for municipal bonds. Tax-exempt yields are for illustrative purposes only and do not represent any specific offerings. These tax rates are subject to change. New York does have lower tax rates within each federal bracket with relation to income level and type of filing. If state tax rates are lower than posted, taxable equivalent yields may be lower than the actual number printed. The effective combined rate assumes the taxpayer itemizes his/her deductions. The factors do not adjust for: the imposition of the 3.8% Medicare surtax, nor the phase-out of itemized deductions, personal exemption phase-out, or the reduction of any credits that may occur for certain high-income taxpayers; the yield to maturity factoring in market discount or market premium, or the effect, if any, of the federal Alternative Minimum Tax (AMT). The tax information herein is based on laws in effect as of March 1, Morgan Stanley Smith Barney LLC. Member SIPC. Page 5 of 5 CS /15

Of the. Are there any other cities in New York State that impose an income tax?

Of the. Are there any other cities in New York State that impose an income tax? New York Tax Report 2014 Edition New York Personal Income Tax Although managing your portfolio is primarily an investment decision, tax considerations should also be taken into account. Accordingly, Morgan

More information

2016 Tax Planning & Reference Guide

2016 Tax Planning & Reference Guide 2016 Tax Planning & Reference Guide The 2016 Tax Planning & Reference Guide is designed as a reference and is not intended to function as tax advice. Please consult your professional accounting advisor

More information

2016 Fingertip Tax Guide

2016 Fingertip Tax Guide ADVANCED MARKETS 2016 Fingertip Tax Guide INCOME TAXES 2016 If Taxable Income Is: 1 Married Filing Jointly: $0 $18,550 $0 + 10% $0 $18,550 $75,300 $1,855 + 15% $18,550 $75,300 $151,900 $10,367.50 + 25%

More information

APPENDIX G: PROVIDED TAX TABLES

APPENDIX G: PROVIDED TAX TABLES APPENDIX G: PROVIDED TAX TABLES The tax tables and limits below are provided to individuals taking the July 2016 CFP Certification Examination. Exam Window Tax Rates, Tables, & Law Tested July 2016 2016

More information

Important Information Morgan Stanley SIMPLE IRA Summary

Important Information Morgan Stanley SIMPLE IRA Summary SIMPLE IRA Summary September 2013 Important Information Morgan Stanley SIMPLE IRA Summary The following is intended to provide you with basic information on the roles and services that Morgan Stanley Smith

More information

New York Tax Treatment of Distributions and Rollovers Relating to Government IRC Section 457 Deferred Compensation Plans

New York Tax Treatment of Distributions and Rollovers Relating to Government IRC Section 457 Deferred Compensation Plans New York State Department of Taxation and Finance Office of Tax Policy Analysis Technical Services Division New York Tax Treatment of Distributions and Rollovers Relating to Government IRC Section 457

More information

INDIVIDUAL INCOME TAX Unmarried Individuals (other than Surviving Spouses and Heads of Household)

INDIVIDUAL INCOME TAX Unmarried Individuals (other than Surviving Spouses and Heads of Household) Key Numbers 2016 Presented by M. Katherine Liola, CFP, CRPC, AIF INDIVIDUAL INCOME TAX Unmarried Individuals (other than Surviving Spouses and Heads of Household) $9,275 or less 10% of taxable income Over

More information

Wealth Management Systems Inc. 2015 Tax Guide. What You Need to Know About the New Rules

Wealth Management Systems Inc. 2015 Tax Guide. What You Need to Know About the New Rules Wealth Management Systems Inc. 2015 Tax Guide What You Need to Know About the New Rules Tax Guide 2015 This guide is not intended to be tax advice and should not be treated as such. Each individual s tax

More information

General Information. Nonresident Step-by-Step Instructions

General Information. Nonresident Step-by-Step Instructions Illinois Department of Revenue Schedule NR IL-1040 Instructions 2014 General Information What is the purpose of Schedule NR? Schedule NR, Nonresident and Part-Year Resident Computation of Illinois Tax,

More information

2013 TAX PLANNING TIPS FOR INDIVIDUALS

2013 TAX PLANNING TIPS FOR INDIVIDUALS 2013 TAX PLANNING TIPS FOR INDIVIDUALS The 2012 American Taxpayer Relief Act, which was enacted in early January 2013, was a sweeping tax package that included permanent extension of the Bush-era tax cuts

More information

General Information. Illinois Department of Revenue Schedule NR IL-1040 Instructions

General Information. Illinois Department of Revenue Schedule NR IL-1040 Instructions Illinois Department of Revenue Schedule NR IL-1040 Instructions What is the purpose of Schedule NR? Schedule NR, Nonresident and Part-Year Resident Computation of Illinois Tax, allows you, a nonresident

More information

2013 Year-End Tax Planning Letter

2013 Year-End Tax Planning Letter PLAN AHEAD 2013 Year-End Tax Planning Letter You are receiving this letter because your income tax rates have increased based on 2012 data. Please be sure to talk with your advisor to discuss anticipated

More information

Income, Gift, and Estate Tax Update

Income, Gift, and Estate Tax Update Income, Gift, and Estate Tax Update Individual Income Tax Rates p. 1 Phil Harris Department of Agricultural and Applied Economics University of Wisconsin-Madison Marriage Penalty Relief p. 1 Capital Gains

More information

Mutual Fund Tax Guide

Mutual Fund Tax Guide 2010 Mutual Fund Tax Guide TABLE OF CONTENTS Part 1 - Tax Items of Interest... 2-6 Part 2 - Tax Forms... 7-14 Form 1099-DIV...7 Form 1099-B...8 Form 1099-R...9 Form 1099-Q...10 Form 1099-INT...11 Form

More information

2015 vs. 2016 Key Facts and Figures Note: We highlighted the information that changed between 2015 and 2016 with a box.

2015 vs. 2016 Key Facts and Figures Note: We highlighted the information that changed between 2015 and 2016 with a box. 2015 vs. 2016 Key Facts and Figures Note: We highlighted the information that changed between 2015 and 2016 with a box. 2016 Keir Educational Resources Key Facts-1 800-795-5347 Personal Exemption 2015

More information

Table of contents. 2 Federal income tax rates. 12 Required minimum distributions. 4 Child credits. 13 Roths. 5 Taxes: estates, gifts, Social Security

Table of contents. 2 Federal income tax rates. 12 Required minimum distributions. 4 Child credits. 13 Roths. 5 Taxes: estates, gifts, Social Security 2015 Tax Guide Table of contents 2 Federal income tax rates 4 Child credits 5 Taxes: estates, gifts, Social Security 6 Rules on retirement plans 8 Saver s credit 12 Required minimum distributions 13 Roths

More information

2016 tax planning tables

2016 tax planning tables 2016 tax planning tables 2016 important deadlines Last day to January 15 Pay fourth-quarter 2015 federal individual estimated income tax January 26 Buy in to close a short-against-the-box position (regular-way

More information

New York Tax Treatment of Interest Income on Federal, State and Municipal Bonds and Obligations

New York Tax Treatment of Interest Income on Federal, State and Municipal Bonds and Obligations New York State Department of Taxation and Finance Taxpayer Services Division Technical Services Bureau This memorandum supersedes memorandum TSB-M-86-(8)I dated December 18, 1986 which should be destroyed.

More information

Taken from Guide to Ohio s School District Income Tax 2009 Ohio Dept. of Taxation

Taken from Guide to Ohio s School District Income Tax 2009 Ohio Dept. of Taxation Taken from Guide to Ohio s School District Income Tax 2009 Ohio Dept. of Taxation 1. WHAT IS A SCHOOL DISTRICT INCOME TAX? The school district income tax is an income tax separate from federal, state,

More information

1040 Review Guide: MARKETS ADVANCED. Using Your Clients 1040 to Identify Planning Opportunities

1040 Review Guide: MARKETS ADVANCED. Using Your Clients 1040 to Identify Planning Opportunities 1040 Review Guide: Using Your Clients 1040 to Identify Planning Opportunities ADVANCED MARKETS Producers Guide to a 1040 Review At Transamerica, we re committed to providing you and your clients with the

More information

ATTENTION: NEW NC-4 WITHHOLDING FORMS ENCLOSED

ATTENTION: NEW NC-4 WITHHOLDING FORMS ENCLOSED North Carolina Department of Revenue ATTENTION: NEW NC-4 WITHHOLDING FORMS ENCLOSED IMMEDIATE ACTION REQUIRED North Carolina Department of Revenue TO: IMPORTANT NOTICE: NEW NC-4 REQUIRED FOR PAYMENTS BEGINNING

More information

Highlights of the 2010 Tax Relief Act

Highlights of the 2010 Tax Relief Act On December 7, 200, President Barack Obama signed into law H.R. 4853, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 200 (the 200 Tax Relief Act). This massive bill affects

More information

2014 tax planning tables

2014 tax planning tables 2014 tax planning tables 2014 important deadlines Last day to January 15 Pay fourth-quarter 2013 federal individual estimated income tax January 27 Buy in to close a short-against-the-box position (regular-way

More information

PENNSYLVANIA PERSONAL INCOME TAX GUIDE

PENNSYLVANIA PERSONAL INCOME TAX GUIDE CHAPTER 8: INTEREST TABLE OF CONTENTS I. PENNSYLVANIA INTEREST... 2 A. Gross Income Class... 2 B. Nonresidents... 2 C. Interest Income - Residents versus Nonresidents... 2 D. Interest is Classified as

More information

NORTHEAST INVESTORS TRUST. 125 High Street Boston, MA 02110 Telephone: 800-225-6704

NORTHEAST INVESTORS TRUST. 125 High Street Boston, MA 02110 Telephone: 800-225-6704 NORTHEAST INVESTORS TRUST traditional IRA INVESTOR S KIT 125 High Street Boston, MA 02110 Telephone: 800-225-6704 Table of Contents NORTHEAST INVESTORS TRUST TRADITIONAL IRA DISCLOSURE STATEMENT...1 INTRODUCTION...1

More information

LORD ABBETT SHAREHOLDER TAX GUIDE 2015

LORD ABBETT SHAREHOLDER TAX GUIDE 2015 IMPORTANT TAX INFORMATION LORD ABBETT SHAREHOLDER TAX GUIDE 015 Important Information Needed to Prepare Your 015 Tax Returns 00157676 Please Review Along with Your 1099-DIV and 1099-B Forms 1 Important

More information

*Brackets adjusted for inflation in future years. 2015 Long Term Capital Gains & Dividends Taxable income up to $413,200/$457,600 0% - 15%*

*Brackets adjusted for inflation in future years. 2015 Long Term Capital Gains & Dividends Taxable income up to $413,200/$457,600 0% - 15%* Income Tax Planning Overview The American Taxpayer Relief Act of 2012 extended prior law for certain income tax rates; however, it also increased income tax rates on upper income earners. Specifically,

More information

NEW YORK TAX RATES. chart 2012-2014 MAXIMUM INTRODUCTION INCOME EXCLUSIONS DEDUCTION ADJUSTMENTS

NEW YORK TAX RATES. chart 2012-2014 MAXIMUM INTRODUCTION INCOME EXCLUSIONS DEDUCTION ADJUSTMENTS state tax issues New York, New Jersey, Connecticut, Pennsylvania, and California tax most of the income subject to federal income tax, but all five states either limit or exclude the itemized deductions

More information

Answers to Frequently Asked Questions for Registered Domestic Partners and Individuals in Civil Unions

Answers to Frequently Asked Questions for Registered Domestic Partners and Individuals in Civil Unions Answers to Frequently Asked Questions for Registered Domestic Partners and Individuals in Civil Unions The following questions and answers provide information to individuals of the same sex and opposite

More information

Tax Breaks for Families and Students. Increased Medicare Payroll Tax. Qualified Plan Distributions Exempt from the NIIT. Nonspouse IRA Beneficiaries

Tax Breaks for Families and Students. Increased Medicare Payroll Tax. Qualified Plan Distributions Exempt from the NIIT. Nonspouse IRA Beneficiaries Oregon Pike PO Box 669 Brownstown Pennsylvania 17508 Phone: 717.859.1158 or 717.627.1250 Fax: 717.859.4884 Web: www.hersheyadvisors.com May 2013 Welcome to this month's edition of the Tax and Business

More information

ADVANCED MARKETS IRS FORM 1040 REVIEW GUIDE

ADVANCED MARKETS IRS FORM 1040 REVIEW GUIDE IRS FORM 1040 REVIEW GUIDE your 1040 can help you IDENTIFY PLANNING OPPORTUNITIES At Transamerica, we re committed to providing you with the tools and information you need to make the right decisions.

More information

Provinces and territories also impose income taxes on individuals in addition to federal taxes

Provinces and territories also impose income taxes on individuals in addition to federal taxes Worldwide personal tax guide 2013 2014 Canada Local information Tax Authority Website Tax Year Tax Return due date Is joint filing possible Are tax return extensions possible Canada Revenue Agency (CRA)

More information

2014/2015 IRA and Tax Planning Reference Guide

2014/2015 IRA and Tax Planning Reference Guide Retirement 2014/2015 IRA and Tax Planning Reference Guide Individual Retirement Accounts (IRAs) Annual Contribution Limits Contributions can be made to both a Traditional and Roth IRA (if eligible) in

More information

Keep pace with tax law changes.

Keep pace with tax law changes. 2014 Tax Guide Keep pace with tax law changes. The following discussion on federal income and other taxes is for general informational purposes only it is not meant to be used, and cannot be used, by individuals

More information

2011 Tax And Financial Planning Tables

2011 Tax And Financial Planning Tables 2011 Tax and Financial PLanning Tables Investment Planning 2011 Tax And Financial Planning Tables Tax planning is an important component for your overall financial plan. 2011 Tax and Financial PLanning

More information

! There are currently two types of IRAs.

! There are currently two types of IRAs. An IRA can be established and funded at any time from January 1 of the current year and up to and including the date an individual s income tax return is due (generally, April 1 of the following year),

More information

2016 tax planning tables

2016 tax planning tables 216 tax planning tables 216 important deadlines Last day to... January 15 Pay fourth-quarter 215 federal individual estimated income tax January 26 Buy in to close a short-against-the-box position (regular-way

More information

T he transfer of assets upon death by residents of Puerto Rico ( PR ) may be subject to estate taxes imposed by the United

T he transfer of assets upon death by residents of Puerto Rico ( PR ) may be subject to estate taxes imposed by the United US and PR Estate Tax considerations for Puerto Rico Residents Born in PR or Who Acquired US Citizenship Solely by Residency in PR (PR Persons) By: Ricardo Muñiz, Esq. T he transfer of assets upon death

More information

GUIDE TO OHIO S SCHOOL DISTRICT INCOME TAX Prepared by THE OHIO DEPARTMENT OF TAXATION JUNE 2013 TABLE OF CONTENTS

GUIDE TO OHIO S SCHOOL DISTRICT INCOME TAX Prepared by THE OHIO DEPARTMENT OF TAXATION JUNE 2013 TABLE OF CONTENTS Gui det oohi o s SchoolDi st r i ct I ncometax Updat edjune2013 GUIDE TO OHIO S SCHOOL DISTRICT INCOME TAX Prepared by THE OHIO DEPARTMENT OF TAXATION JUNE 2013 TABLE OF CONTENTS General Filing On the

More information

2013 Income Taxes - What s Old is New Again

2013 Income Taxes - What s Old is New Again Tax Alert 2013-02 2013 Income Taxes - What s Old is New Again OVERVIEW Both the Economic Growth and Tax Relief Reconciliation Act of 2001 ( EGTRRA ) and Jobs and Growth Tax Relief Reconciliation Act of

More information

PATRICK J. RUBEY & COMPANY, LTD. CERTIFIED PUBLIC ACCOUNTANTS

PATRICK J. RUBEY & COMPANY, LTD. CERTIFIED PUBLIC ACCOUNTANTS PATRICK J. RUBEY & COMPANY, LTD. CERTIFIED PUBLIC ACCOUNTANTS American Taxpayer Relief Act January 1, 2013 Here are the act s main tax features: Individual tax rates All the individual marginal tax rates

More information

SEP or SIMPLE. Making the Right Decision for Your Business

SEP or SIMPLE. Making the Right Decision for Your Business SEP or SIMPLE Making the Right Decision for Your Business SEP or SIMPLE Similarities Who may establish? Any Self-Employed Individual, Partnership, S Corporation, Corporation, Tax Exempt Organization or

More information

Presented By: Tracy Monroe, CPA, MT

Presented By: Tracy Monroe, CPA, MT Presented By: Tracy Monroe, CPA, MT Tax extenders for individuals Tax planning Ohio update On December 18, 2015 the President signed the Protecting Americans from Tax Hikes (PATH Act): Extended many expired

More information

Withholding Certificate for Pension or Annuity Payments

Withholding Certificate for Pension or Annuity Payments NC-4P Web 11-13! Withholding Certificate for Pension or Annuity Payments North Carolina Department of Revenue Important: You must complete a new Form NC-4P for tax year 2014. As a result of recent law

More information

STATE OF VERMONT COMMISSIONER OF TAXES TECHNICAL BULLETIN TB-24

STATE OF VERMONT COMMISSIONER OF TAXES TECHNICAL BULLETIN TB-24 STATE OF VERMONT COMMISSIONER OF TAXES TECHNICAL BULLETIN TB-24 (Replaces Technical Bulletin TB-24, dated April 17, 2001, and Department Opinion 138, dated September 21, 1988) TAX: VERMONT PERSONAL INCOME

More information

Tax Information for Same Sex Married Couples

Tax Information for Same Sex Married Couples State of California Franchise Tax Board FTB Publication 776 Tax Information for Same Sex Married Couples ONLINE SERVICES Go to ftb.ca.gov for: MyFTB Account view payments, balance due, and withholding

More information

FYI Income 6 Part-Year Resident and Nonresident Individuals

FYI Income 6 Part-Year Resident and Nonresident Individuals Colorado Department of Revenue Taxpayer Service Division 01/11 FYI Income 6 Part-Year Resident and Nonresident Individuals HOW IS COLORADO RESIDENCY DETERMINED? A Colorado resident is a person who has

More information

Tax Facts At-A-Glance

Tax Facts At-A-Glance 2016 Tax Facts At-A-Glance Income Taxes 2015 If Taxable Income is: But Not Of the Over Over The Tax is Amount Over Married Filing Jointly: $ 0 $ 18,450 $ 0 + 10% $ 0 18,450 74,900 1,845 + 15% 18,450 74,900

More information

Can Deduction Be Taken Prior to Investing the Funds?

Can Deduction Be Taken Prior to Investing the Funds? Deadline to Establish and Fund an IRA An IRA can be established and funded at any time from January of the current year and up to and including the date an individual s income tax return is due (generally,

More information

Crunch or Crucible? Upcoming Changes in the Federal Tax Law A Special Edition Tax Guide for Friends and Alumni of Pomona College

Crunch or Crucible? Upcoming Changes in the Federal Tax Law A Special Edition Tax Guide for Friends and Alumni of Pomona College Upcoming Changes in the Federal Tax Law A Special Edition Tax Guide for Friends and Alumni of Pomona College Pomona College, Office of Trusts & Estates, 550 N. College Ave., Claremont, CA 91711 www.pomona.planyourlegacy.org

More information

2014 TAX AND FINANCIAL PLANNING TABLES. An overview of important changes, rates, rules and deadlines to assist your 2014 tax planning.

2014 TAX AND FINANCIAL PLANNING TABLES. An overview of important changes, rates, rules and deadlines to assist your 2014 tax planning. 2014 TAX AND FINANCIAL PLANNING TABLES An overview of important changes, rates, rules and deadlines to assist your 2014 tax planning. 2014 2014 TAX TAX AND AND FINANCIAL FINANCIAL PLANNING PLANNING TABLES

More information

Hawaii Individual Income Tax Statistics

Hawaii Individual Income Tax Statistics Hawaii Individual Income Tax Statistics Tax Year 2012 Department of Taxation State of Hawaii Hawaii Individual Income Tax Statistics Tax Year 2012 Department of Taxation State of Hawaii November 2014 Prepared

More information

2013 Year End Tax Planning Seminar

2013 Year End Tax Planning Seminar 2013 Year End Tax Planning Seminar Walter H. Deyhle, CPA, CFP December 4, 2013 GRF s Tax Team 2 Disclosure This presentation and these materials are designed to provide accurate and authoritative information

More information

TAX ASPECTS OF MUTUAL FUND INVESTING

TAX ASPECTS OF MUTUAL FUND INVESTING Tax Guide for 2015 TAX ASPECTS OF MUTUAL FUND INVESTING INTRODUCTION I. Mutual Fund Distributions A. Distributions From All Mutual Funds 1. Net Investment Income and Short-Term Capital Gain Distributions

More information

Client Letter: Individual Tax Provisions of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010

Client Letter: Individual Tax Provisions of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 Source: Tax Legislation > 111th Congress (2009-2010) > Enacted > Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (P.L. 111-312) > Practice Tools > Client Letter: Individual

More information

SC REVENUE RULING #06-12. All previous advisory opinions and any oral directives in conflict herewith.

SC REVENUE RULING #06-12. All previous advisory opinions and any oral directives in conflict herewith. State of South Carolina Department of Revenue 301 Gervais Street, P. O. Box 125, Columbia, South Carolina 29214 Website Address: http://www.sctax.org SC REVENUE RULING #06-12 SUBJECT: Tax Rate Reduction

More information

Q1. Why is it necessary for me to complete a new Employee s Withholding Allowance Certificate for tax year 2014?

Q1. Why is it necessary for me to complete a new Employee s Withholding Allowance Certificate for tax year 2014? General Frequently Asked Questions Q1. Why is it necessary for me to complete a new Employee s Withholding Allowance Certificate for tax year 2014? A1. The North Carolina General Assembly recently enacted

More information

Line-by-Line Instructions for Schedule 1, Additions and Subtractions

Line-by-Line Instructions for Schedule 1, Additions and Subtractions and interest and send you a bill. If you annualize your income, you must complete and attach an MI-2210. Enter the penalty and interest amounts on the lines provided. Line 35: Refund. This includes any

More information

Basics In Tax Preparation 101. Presented by Savant Capital Management, Inc. Tawn M. Jacobs MST, CPA, CFP Scott K. Laue JD, CRPS SM

Basics In Tax Preparation 101. Presented by Savant Capital Management, Inc. Tawn M. Jacobs MST, CPA, CFP Scott K. Laue JD, CRPS SM Basics In Tax Preparation 101 Presented by Savant Capital Management, Inc. Tawn M. Jacobs MST, CPA, CFP Scott K. Laue JD, CRPS SM Tawn M. Jacobs MST, CPA, CFP Senior Financial Planner/ Director of Financial

More information

The 3.8% Medicare Surtax on Investment Income

The 3.8% Medicare Surtax on Investment Income Wealth Strategy Report The 3.8% Medicare Surtax on Investment Income OVERVIEW Beginning in 2013, certain investment income will be subject to an additional 3.8% surtax, enacted as part of the Health Care

More information

News Release Date: 1/8/13

News Release Date: 1/8/13 News Release Date: 1/8/13 American Taxpayer Relief Act of 2012 Cross References H.R. 8, the American Taxpayer Relief Act of 2012 TheTaxBook, 2012 Tax Year, 1040 Edition/Deluxe Edition, pages 1-6 and 1-7.

More information

How much can I deduct if I am an active participant in a qualified plan?... 2

How much can I deduct if I am an active participant in a qualified plan?... 2 Table of Contents What is an Individual Retirement Account (IRA)?...................................... 1 Who may establish a Traditional IRA?............................................... 1 How much

More information

Traditional and Roth IRAs

Traditional and Roth IRAs october 2012 Understanding Traditional and Roth IRAs summary An Individual Retirement Account (IRA) is a powerful savings vehicle that can help you meet your financial goals. As shown in the chart on page

More information

2015 Savvy Year-End Tax Planning Thoughts & Ideas

2015 Savvy Year-End Tax Planning Thoughts & Ideas 2015 Savvy Year-End Tax Planning Thoughts & Ideas JONATHAN GASSMAN CFP, CPA/PFS November 11, 2015 2015 Tax Rates Ordinary Income Qualified Dividends & Long-Term Capital Gains 10% 15% 25% 28% 2015 Rates

More information

Roth Individual Retirement Account Disclosure Statement (Pursuant to Treasury Regulation 1.408-6)

Roth Individual Retirement Account Disclosure Statement (Pursuant to Treasury Regulation 1.408-6) 2721 North Central Avenue Phoenix, Arizona 85004-1172 investorsclub@oxfordlife.com Roth Individual Retirement Account Disclosure Statement (Pursuant to Treasury Regulation 1.408-6) Right to Revoke Your

More information

2013 Federal Income Tax Update with The American Taxpayer Relief Act of 2012

2013 Federal Income Tax Update with The American Taxpayer Relief Act of 2012 THE UNIVERSITY OF TENNESSEE 2013 SINGLETON B. WOLFE MEMORIAL TAX CONFERENCE OCTOBER 31, 2013 2013 Federal Income Tax Update with The American Taxpayer Relief Act of 2012 JOHN D. HOUSTON, CPA Certified

More information

NAR Frequently Asked Questions Health Insurance Reform

NAR Frequently Asked Questions Health Insurance Reform NEW MEDICARE TAX ON UNEARNED NET INVESTMENT INCOME Q-1: Who will be subject to the new taxes imposed in the health legislation? A: A new 3.8% tax will apply to the unearned income of High Income taxpayers.

More information

INDIVIDUALS -- 2000 DEPARTMENT OF TAXATION -- STATE OF HAWAII

INDIVIDUALS -- 2000 DEPARTMENT OF TAXATION -- STATE OF HAWAII hawaii income patterns INDIVIDUALS -- 2000 DEPARTMENT OF TAXATION -- STATE OF HAWAII STATE OF HAWAII Benjamin J. Cayetano, Governor DEPARTMENT OF TAXATION Marie Y. Okamura, Director Grant B. Tanimoto,

More information

National Capital Gift Planning Council

National Capital Gift Planning Council National Capital Gift Planning Council Nuts and Bolts Session September 16, 2015 Craig Stevens, Aronson LLC www.aronsonllc.com 1 Income Tax and Tax Brackets Calculating Income Tax Gross Income Everything

More information

INSTRUCTIONS IRS THIS BOOKLET DOES NOT CONTAIN INSTRUCTIONS FOR ANY FORM 1040 SCHEDULES. makes doing your taxes faster and easier.

INSTRUCTIONS IRS THIS BOOKLET DOES NOT CONTAIN INSTRUCTIONS FOR ANY FORM 1040 SCHEDULES. makes doing your taxes faster and easier. 1040 THIS BOOKLET DOES NOT CONTAIN INSTRUCTIONS FOR ANY FORM 1040 SCHEDULES INSTRUCTIONS 2014 makes doing your taxes faster and easier. Get a faster refund, reduce errors, and save paper. For more information

More information

Iowa Status on Federal Extenders for Tax Year 2008

Iowa Status on Federal Extenders for Tax Year 2008 Iowa Status on Federal Extenders for Tax Year 2008 April 27, 2009 Coupling with Federal Extenders We continue to receive inquiries about whether Iowa will adopt the federal provisions for what are commonly

More information

American Taxpayer Relief Act of 2012- UPDATED

American Taxpayer Relief Act of 2012- UPDATED American Taxpayer Relief Act of 2012- UPDATED On January 2, 2013, the President signed the American Taxpayer Relief Act, thus ending the nation s brief stint over the fiscal cliff a confluence of expiring

More information

North Carolina s Reference to the Internal Revenue Code Updated - Impact on 2015 North Carolina Corporate and Individual income Tax Returns

North Carolina s Reference to the Internal Revenue Code Updated - Impact on 2015 North Carolina Corporate and Individual income Tax Returns June 3, 2016 North Carolina s Reference to the Internal Revenue Code Updated - Impact on 2015 North Carolina Corporate and Individual income Tax Returns Governor McCrory signed into law Session Law 2016-6

More information

tax planning strategies

tax planning strategies tax planning strategies In addition to saving income taxes for the current and future years, effective tax planning can reduce eventual estate taxes, maximize the amount of funds you will have available

More information

TRADITIONAL TAX PLANNING

TRADITIONAL TAX PLANNING Partners David R. Brzezniak CPA Daniel P. Schreiber CPA William T. Botzum CPA Thomas C. Zonaras CPA Oliver R. McElroy CPA Re: 2014 Year-End Tax Planning For Individuals As 2014 draws to a close, we are

More information

Bunting, Tripp IngleyLLP

Bunting, Tripp IngleyLLP Dear Clients and Friends, As the end of 2011 approaches, now is a good time to start year-end tax planning to minimize your individual and business tax burden. Generally, year-end tax planning involves

More information

TRADITIONAL IRA DISCLOSURE STATEMENT

TRADITIONAL IRA DISCLOSURE STATEMENT TRADITIONAL IRA DISCLOSURE STATEMENT TABLE OF CONTENTS REVOCATION OF ACCOUNT... 1 STATUTORY REQUIREMENTS... 1 (1) Qualification Requirements... 1 (2) Required Distribution Rules... 1 (3) Approved Form....

More information

Time to File Your 2014 Income Tax Return. Center for Economic Progress Tax Clinic or

Time to File Your 2014 Income Tax Return. Center for Economic Progress Tax Clinic or Time to File Your 2014 Income Tax Return Center for Economic Progress Tax Clinic 312-630-0280 or TAXCLINIC@economicprogress.org 1 Today s Topics Do you need or want to file a tax return? Filing Status

More information

Custodial accounts 3. Kiddie tax 4. Estimated tax payments 4. Retirement plans 6. 2015 individual income tax rates 10. Charitable contributions 12

Custodial accounts 3. Kiddie tax 4. Estimated tax payments 4. Retirement plans 6. 2015 individual income tax rates 10. Charitable contributions 12 a b 2015 tax planning guide The confidence to pursue all your life goals begins with a plan. Advice. Beyond investing. Your financial life encompasses much more than the current markets. It includes your

More information

December 15, To Our Clients and Friends:

December 15, To Our Clients and Friends: December 15, 2016 To Our Clients and Friends: As the year draws to a close, now is an excellent time to review your current tax planning strategies to ensure they are still meeting your needs and to develop

More information

Medicare taxes for higher-income taxpayers

Medicare taxes for higher-income taxpayers Medicare taxes for higher-income taxpayers Many changes from the 2010 Affordable Care Act are now in effect Begin planning now You ll especially want to discuss these tax provisions with your Financial

More information

Becker CPA Review Regulation Course Textbook and Lecture Tax Update 2013 Exam Edition

Becker CPA Review Regulation Course Textbook and Lecture Tax Update 2013 Exam Edition Note to Students: The items listed below are updates to your materials for the IRS amounts applicable to 2013. CPA Exam questions generally do not focus on concepts and amounts that are specific to an

More information

TABLE OF CONTENTS PAGE GENERAL INFORMATION B-3 CERTAIN FEDERAL INCOME TAX CONSEQUENCES B-3 PUBLISHED RATINGS B-7 ADMINISTRATION B-7

TABLE OF CONTENTS PAGE GENERAL INFORMATION B-3 CERTAIN FEDERAL INCOME TAX CONSEQUENCES B-3 PUBLISHED RATINGS B-7 ADMINISTRATION B-7 STATEMENT OF ADDITIONAL INFORMATION INDIVIDUAL VARIABLE ANNUITY ISSUED BY JEFFERSON NATIONAL LIFE INSURANCE COMPANY AND JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT G ADMINISTRATIVE OFFICE: P.O. BOX 36840,

More information

Social Security and Your Retirement

Social Security and Your Retirement Social Security and Your Retirement Important Information for Investors Planning Social Security will not and was never designed to provide all of the income you ll need to live comfortably during retirement.

More information

DISCLOSURE STATEMENT

DISCLOSURE STATEMENT DISCLOSURE STATEMENT for Individual Retirement Annuities Home Office: Wilmington, Delaware Administrative Office: P.O. Box 19032 Greenville, SC 29602-9032 Telephone 866-262-1161 The following information

More information

Tax Facts Quick Reference 2012

Tax Facts Quick Reference 2012 Wealth Management Services Tax Facts Quick Reference 2012 Income Investment Estate Retirement Social Security FOR USE BY FINANCIAL ADVISORS AND CLIENTS IN CONSULTATION WITH THEIR FINANCIAL ADVISOR FOR

More information

Tax Items For Businesses Ohio Tax Law Changes

Tax Items For Businesses Ohio Tax Law Changes FRUSH & ASSOCIATES, INC. OVERVIEW Recap of 2013 ACA Act NII Surtax Medicare Wage Surtax Tax Items For Businesses Ohio Tax Law Changes Circular 230 Disclosure Pursuant to the rules of professional conduct

More information

1. Nonresident Alien or Resident Alien?

1. Nonresident Alien or Resident Alien? U..S.. Tax Guiide for Non-Resiidents Table of Contents A. U.S. INCOME TAXES ON NON-RESIDENTS 1. Nonresident Alien or Resident Alien? o Nonresident Aliens o Resident Aliens Green Card Test Substantial Presence

More information

2010 Update for The Case Approach to Financial Planning: Writing a Financial Plan

2010 Update for The Case Approach to Financial Planning: Writing a Financial Plan 2010 Update for The Case Approach to Financial Planning: Writing a Financial Plan The 2010 update includes a 2009 and 2010 version of the Financial Facilitator spreadsheet, a few errata, some 2009 and

More information

An IRA can put you in control of your retirement, whether you

An IRA can put you in control of your retirement, whether you IRAs: Powering Your Retirement One of the most effective ways to build and manage funds to help you meet your financial goals is through an Individual Retirement Account (IRA). An IRA can put you in control

More information

Tax Tips. Sidney Kess. Trusts have historically been used for a variety of reasons: to benefit family

Tax Tips. Sidney Kess. Trusts have historically been used for a variety of reasons: to benefit family Tax Tips Sidney Kess This article was drafted in conjunction with Robert S. Barnett, CPA, JD, MS (Taxation). Mr. Barnett is a partner at Capell Barnett Matalon & Schoenfeld LLP in Jericho, New York, where

More information

Social Security and Your Retirement

Social Security and Your Retirement Social Security and Your Retirement Important information for investors planning Social Security will not and was never designed to provide all of the income you ll need to live comfortably during retirement.

More information

1040 U.S. Individual Income Tax Return 2013

1040 U.S. Individual Income Tax Return 2013 F or Department of the Treasury Internal Revenue Service (99) U.S. Individual Income Tax Return 23 m OMB No. 55-7 IRS Use Only Do not write or staple in this space. For the year Jan. Dec. 3, 23, or other

More information

Individual Income Tax Return 2013. North Carolina Department of Revenue. You must enter your social security number(s) M.I. Spouse s Last Name

Individual Income Tax Return 2013. North Carolina Department of Revenue. You must enter your social security number(s) M.I. Spouse s Last Name Staple All Pages of Your Return Here D-4 Web Print in Black or Blue Ink Only No Pencil or Red Ink For calendar year or fiscal year beginning (MM-DD) Your First Name(USE CAPITAL LETTERS FOR YOUR NAME AND

More information

2014 Tax Law Changes & Effective Planning Strategies. Mark J Weech, CPA

2014 Tax Law Changes & Effective Planning Strategies. Mark J Weech, CPA 2014 Tax Law Changes & Effective Planning Strategies Mark J Weech, CPA Do You Ever Feel This Way? Do IRS Form Instructions Ever Sound Like This? Your Tax Return May Seem Like This... Sometimes the Grim

More information

ADDITIONAL MEDICARE TAX ON EARNED INCOME

ADDITIONAL MEDICARE TAX ON EARNED INCOME Assisting Family Lawyers With Navigating the 2013 Tax Changes Under the Patient Protection Care Act (PPACA) and the Health Care and Education Reconciliation ACT (HCERA) On June 28, 2012, the United States

More information

Franklin Templeton Investments Retirement Plan Overview. Reference Guide

Franklin Templeton Investments Retirement Plan Overview. Reference Guide Franklin Templeton Investments Retirement Plan Overview Reference Guide May Be Suitable For Features Eligibility Requirements Plan Contribution Limits Deadline to Set Up/Contribute Distributions Traditional

More information

TAX RELIEF ACT UPDATED DECEMBER 29, 2010

TAX RELIEF ACT UPDATED DECEMBER 29, 2010 2010 TAX RELIEF ACT UPDATED DECEMBER 29, 2010 TAX RELIEF, UNEMPLOYMENT INSURANCE RE-AUTHORIZATION, AND JOB CREATION ACT OF 2010 INTRODUCTION On December 17, 2010, President Obama signed the much-anticipated

More information

Staying Healthy, Wealthy & Wise: The Aftermath of the Fiscal Cliff. Heather Kovalsky, CPA

Staying Healthy, Wealthy & Wise: The Aftermath of the Fiscal Cliff. Heather Kovalsky, CPA Staying Healthy, Wealthy & Wise: The Aftermath of the Fiscal Cliff Heather Kovalsky, CPA 2013 Tax Changes The Patient Protection and Affordable Care Act American Tax Relief Act of 2012 The Patient Protection

More information

2013 LANSING INDIVIDUAL INCOME TAX FORMS AND INSTRUCTIONS

2013 LANSING INDIVIDUAL INCOME TAX FORMS AND INSTRUCTIONS 2013 LANSING INDIVIDUAL INCOME TAX FORMS AND INSTRUCTIONS Form L-1040 For use by individual residents, part-year residents and nonresidents ALL PERSONS HAVING LANSING TAXABLE INCOME IN 2013 MUST FILE A

More information