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No, unless the amount is over $500
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∙ 12y ago
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Can you deduct from your taxes money given to elderly parents to help supplement their lack of income and or pay their medical bills?
No deduction on your income tax return for the gifts to your parents.
Is there a gift tax on money given to adult children by their parents?
No
Do you have to pay tax on money given to you?
If the money is given to you as a no-strings-attached gift, no. Money given to you by your employer or in exchange for goods or services is not a gift no matter what you agree to call it.
Do you have to file taxes on gifted money from parents?
You don't. If it is above the amount they are allowed to give you GIFT tax free.they pay a gift tax
Do you have to pay taxes on money being paid back to your employer?
Depends on what the payback is for...if it for an overpayment of wages that were taxed when mistakenly given to you, you would not pay tax on that.
What do you call money that a state or nation collects?
Tax is the name given to the money that is collected by a given state or nation. All people working in a given country are usually expected to pay taxes. This is how the government raises to money for different projects
What is a tax that you pay on the money you earn?
To answer your question, the taxes you pay on the money you earn (salary, income) is called income tax.
What do you call money that a state or nation collects called?
Tax is the name given to the money that is collected by a given state or nation. All people working in a given country are usually expected to pay taxes. This is how the government raises to money for different projects
Does IRS tax regular IRA distributions?
Yes, IRA distributions are taxable. You do not pay tax while the money is in the account, but you pay tax when you withdraw the money.
What type of business needs to pay tax and what type of business do not need to pay tax?
you pay from your job money
Can I liquidate my newly deceased parent's IRA and pay taxes at their rate instead of mine?
Upon the passing of your parents, the money inside the IRA becomes yours by inheritance. Assuming that it is under the "Death tax" limit, you will pay income tax at your rate upon withdrawal. You are allowed to keep the money inside the IRA to defer taxes, but the rate at which it is withdrawn it subject to the income tax bracket in which you are in, not your parents.
How much tax do ypu pay on 26000?
on an estate settlement how much money in tax will i pay on $26000.00
