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Do churches have to report to the IRS what they spend their money on?
No, churches are generally exempt from filing certain information returns with the IRS, including Form 990 which requires detailed financial disclosures. However, churches are still required to keep records of their financial activities for potential examination by the IRS if necessary.
Who impose the ceiling in tax deffered in annuity?
IRS
Does bank report a check deposit of 98k into your account to IRS It is from a reputable finance company-a partial cash-in on a deffered annuity account?
Yes. Anything over $9,999 gets reported...
How much money can you deposit in a savings account at any one time without them having to report it to the IRS?
10,000$, Then it must be reported to the IRS, and only if in cash.
Do you report insurance claims to the IRS?
As a rule of thumb you should never report anything to the IRS
What is the difference between a qualify annuity and non qualifying annuity?
You mean qualified. It refers to the tax status of the funds inside it. If funds are qualified that is IRS/investment lingo for pre tax money, such as money in a 401K, IRA, or 403b. Non qualified obviously is money that income tax has already been paid on. Taxes in an annuity are defered until you use the money. In a qualified annuity all of the money would be subject to income tax upon withdrawal. In a non qualified annuity only the gains would be taxed. But since it is tax deferred you pay your income tax rate, not capital gains taxes. The original amount invested is not subject to tax when you withdraw it.
What is a pure annuity?
money
What is a deferred annuity?
An annuity that will not begin until some time period in the future.A deferred annuity is an annuity in which the taxes due on any taxable portion is deferred until you start to withdraw from the annuity. It is a way of compounding interest on the money you would normally paid taxes on if not in a ta deferred annuity. In a way it is like using the government's money to make you money.
What is a income annuity?
This is a type of plan that will make scheduled payments of income to you over a period of time that you choose by making an investment into the annuity plan. You can find some information about the taxation of the distributions amounts from an annuity by going to the IRS gov web site and using the search box for ANNUITY
When are non qualified annuities taxed?
A non qualified annuity is purchased with after tax dollars. The only portion of the annuity that is taxable is the interest portion. This is taxed upon the withdrawal from the annuity at a ration set forth by the company under the guidelines of the IRS.
Does the California DMV report used car sales to the IRS?
No. The DMV has no idea what you paid for it or sold it for, so they have no amount to report to the IRS.
Should I report income from renting a room in my home to IRS What if I have homestead exemption?
If you made money on the rent you will need to claim it as income.
