0
If a person collects a lump sum on their 401k after leaving a job and gives it as a gift to their spouse are they still required to pay taxes on it?
Wiki User
∙ 15y ago
Absolutely. Taxes AND Penalty for early withdrawal. (Only transfers to another qualified account avoid tax and penalty....this is normally explained to you many times by those administering it). You never paid taxes on the money going in or as it (presumably) grew...you must as it comes out. What you do with it, give it to a spouse, a casino or a toilet makes no difference.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
If you are Married Filing Separately can you each deduct half of the property tax?
Maybe. If each of you paid one-half of the property tax, then each may deduct one-half. A deduction may be taken only by the person who was required to pay it and who actually paid it. If only one spouse paid the property tax, that spouse may deduct it. If one spouse itemizes deductions, the other spouse must also itemize, even if the first spouse is entitled to all of the deductions; i.e., the other spouse has few or no deductions.
Is it forgery if a spouse writes a check out of a single account?
It depends: a. No - If the spouse writes a check out of a single account held by the person writing the check b. Yes - If the spouse writes a check out of a single account that is held by their spouse and the person writing the check is not a joint owner of the account. To be simple: Writing a check from an account that is not held by the person writing the check is a crime.
Do person receiving ssi have to file tax return?
If SSI is the only income that you and your spouse, if married, receive then you will not be required to file an income tax return for the Federal Government.
Is an estate accounting required even if assets were held in joint tenancy and spouse is only heir?
If all property was jointly owned then ownership automatically passed to the surviving spouse. There is no need to open an estate proceeding.
How much money can an individual person give another individual without being required to pay gift taxes or file a gift tax return?
In 2009 you can give: an unlimited amount to a US citizen spouse. $133,000 to a non-US citizen spouse. $13,000 to any other person. That is the total including all gifts given during the course of the year. There is no limit on gifts to charities or political organizations. Also tuition payments (not including room and board) and medical services payments made directly to an educational institution or medical services provider do not count against any limits.
What is a alien resient surviving spouse entitled to in probate court?
Probate court is used when the dead person has a Will leaving their money or possessions to another person. If the dead person leaves something to their spouse, the spouse will receive it.
Can a separated person be required to pay debt of the spouse?
If the separated spouse is still legally married to the debtor spouse and/or co-signed the original obligation while married, yes.
Who collects when there's no beneficiary on a life insurance policy?
who collects the life insurance in a marriage when one spouse dies and theres no beneficiary on file
Can you will your spouse your American Airlines advantage travel miles when you die?
Yes. Even without a will, a person can have the miles transferred into their account if their spouse dies. Proof is required, of course.
Does a deceased husband's wife inherit the husband's heir property?
If the person leaving the remainder died before the spouse, it is a part of their estate and will get distributed per the will or the law.
Are there any laws that affect a widow remarrying?
United StatesThe only laws that affect a widow's remarriage are state laws of intestacy. You can check the laws in your state at the related question link provided below. In some states, if a person who owns property dies without a will leaving a spouse and children that are not the children of that spouse, the children, minor and adult, will be provided with a share in the estate.United StatesThe only laws that affect a widow's remarriage are state laws of intestacy. You can check the laws in your state at the related question link provided below. In some states, if a person who owns property dies without a will leaving a spouse and children that are not the children of that spouse, the children, minor and adult, will be provided with a share in the estate.United StatesThe only laws that affect a widow's remarriage are state laws of intestacy. You can check the laws in your state at the related question link provided below. In some states, if a person who owns property dies without a will leaving a spouse and children that are not the children of that spouse, the children, minor and adult, will be provided with a share in the estate.United StatesThe only laws that affect a widow's remarriage are state laws of intestacy. You can check the laws in your state at the related question link provided below. In some states, if a person who owns property dies without a will leaving a spouse and children that are not the children of that spouse, the children, minor and adult, will be provided with a share in the estate.
Why do abused wives have a difficult time leaving their spouse?
they are worried the spouse my hurt them more or kill them or hurt some one they love
Does a miltary soldier have to pay alimony to the ex spouse when he has a new spouse?
Who has a new spouse? The person paying alimony or the one receiving it? If it's the one paying it, then he/she is still required to pay it even if he/she remarries. If it's the one receiving it...generally, alimony payment terminates if the recipient remarry.
Is a spouse or significant other required to pay fees for an enlisted man's leave?
No, a spouse or significant other is not required to pay fees for an enlisted person's leave in the military. Leave is a benefit provided to service members, and any costs associated with it, such as travel expenses, are usually the responsibility of the service member.
Who will inherit if cousin died leaving no spouse or siblings?
If there is no living spouse, the children inherit, after them the siblings. If there is no living spouse, children or siblings, parents inherit, after them first cousins, then second cousins, etc.
Can a tourist visa stay with her citizen spouse in the US?
It is highly unlikely that a person would be granted a tourist visa if there is already an immigration petition filed for her (I-130). This is because immigration might consider this an attempt to enter with no intent of leaving. Since the person already has a citizen spouse, the spouse can petition for a K-3 visa to bring his spouse into the U.S.
Spouse died leaving medical bills in NY state there is no estate very little less than 15000 dollars insurance are you responsible for these enormous bills of tens of thousands of dollars?
If your spouse died and left outstanding bills, Yes your required to pay them off because the two of you were married before he/she passed away.
