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Are GMIB charges on your annuity tax deductible?
No GMIB charges on annuities are not tax deductible. However,a GMIB annuity is tax-deferred so the taxes will not be due on any money until after it is withdrawn.
Are late payment penalties to a homeowners association tax deductible if the regular fees are deducted on Sch E?
No, for several reasons...the only reason the Assoc fees are deductible is because they are actually paid as a tax to a tax authority....the penalty is not. Just about anything that is a penalty of any type is NOT deductible. Getting a benefit from paying a penalty (doing a bad thing) is against public policy.
What is the difference between a tax defered annuity and a income annuity?
Deferred tax means you have invested money into a plan and it is earning some income for you free from income tax until the time that you choose to start taking distributions from the annuity. When you start receiving distributions from the annuity it will become a income annuity to you. Depending on the type of the Annuity the distribution amounts will have have a gross distribution amount and a taxable distribution amount included in each distribution. When you decide you want to start taking distributions from the annuity you will need to be careful because the seller of the annuity will probably have a set number of years before you can start taking your distribution from the plan without paying them a penalty for any early distribution amounts before the number of years end. The IRS could also have a early withdrawal penalty of 10% of the taxable amount of the distribution unless you meet one of the exceptions to 10% early withdrawal penalty amount. You can some information about this by going to the IRS gov web site and using the search box for ANNUITY
Are the contributions to an annuity tax deferred?
No. The money payments to a annuity plan when you purchase the annuity plan the amount that you pay for the plan is not tax deferred. The amount is after income tax funds. The earnings that go on inside of the annuity plan will be tax deferred until the time that you start taking distributions from the annuity plan.
What can you tell me about a Roth IRA tax deductible?
The benefit to a ROTH IRA tax deductible is that it is TAX DEDUCTIBLE. But that does not mean that there are no implications, so you still have to be thorough.
Can a penalty paid for early withdrawal of funds in an annuity be deducted from Federal Income for tax purposes?
The insurance company surrender charge is not deductible. Nor is the 10% federal penalty.
Are GMIB charges on your annuity tax deductible?
No GMIB charges on annuities are not tax deductible. However,a GMIB annuity is tax-deferred so the taxes will not be due on any money until after it is withdrawn.
Are late payment penalties to a homeowners association tax deductible if the regular fees are deducted on Sch E?
No, for several reasons...the only reason the Assoc fees are deductible is because they are actually paid as a tax to a tax authority....the penalty is not. Just about anything that is a penalty of any type is NOT deductible. Getting a benefit from paying a penalty (doing a bad thing) is against public policy.
How do you turn in a mature annuity?
To surrender a mature annuity, you typically need to contact the insurance company or financial institution that issued the annuity. They will provide you with the necessary forms and instructions to initiate the surrender process. Keep in mind that surrendering a mature annuity may result in surrender charges or tax implications, so it's important to understand the terms of your contract before proceeding.
What is the difference between a tax defered annuity and a income annuity?
Deferred tax means you have invested money into a plan and it is earning some income for you free from income tax until the time that you choose to start taking distributions from the annuity. When you start receiving distributions from the annuity it will become a income annuity to you. Depending on the type of the Annuity the distribution amounts will have have a gross distribution amount and a taxable distribution amount included in each distribution. When you decide you want to start taking distributions from the annuity you will need to be careful because the seller of the annuity will probably have a set number of years before you can start taking your distribution from the plan without paying them a penalty for any early distribution amounts before the number of years end. The IRS could also have a early withdrawal penalty of 10% of the taxable amount of the distribution unless you meet one of the exceptions to 10% early withdrawal penalty amount. You can some information about this by going to the IRS gov web site and using the search box for ANNUITY
If you have an annuity of 10K that pays about 5 percent each year should you use that to pay as much of your tuition bill as you can?
Assuming that the annuity in question is a "deferred" annuity (that is, that it is not already providing regular annuity payments), the answer depends upon whether you're over 59 1/2 or not. If you're not, any distributions from that annuity will be taxable as Ordinary Income AND subject to a 10% penalty tax - 10% of the amount of the distribution (IRC Sect. 72(q)). Not a very attractive result. If you're over 59 1/2 and still attending school, BRAVO! But the distribution from your annuity will still be taxable (but without that 10% penalty tax).
Is your annuity subject to pa inheritance tax?
does a beneficiary of an annuity pay pa inheritance tax
Are the contributions to an annuity tax deferred?
No. The money payments to a annuity plan when you purchase the annuity plan the amount that you pay for the plan is not tax deferred. The amount is after income tax funds. The earnings that go on inside of the annuity plan will be tax deferred until the time that you start taking distributions from the annuity plan.
What can you tell me about a Roth IRA tax deductible?
The benefit to a ROTH IRA tax deductible is that it is TAX DEDUCTIBLE. But that does not mean that there are no implications, so you still have to be thorough.
Is tax preparation tax deductible?
Yes. Tax Preparation does lies under business investment thus, is tax deductible.
Are there tax consequences when you move money from an annuity to a mutual fund?
AnswerThe answer depends upon whether the annuity was purchased inside an IRA or employer-sponsored ("qualified") plan. If so, then money can be transferred from the annuity to any other investment in that plan (for employer sponsored plans, that means only those investments permitted in that plan; for IRAs, it means any investment you wish to purchase within your IRA) without tax.There may be surrender chargesimposed by the annuity, but the transfer will not be a taxable event.If the annuity was purchased outside such plans (with after-tax dollars), then any distribution from the annuity (including a direct transfer to a mutual fund) will be taxable, to the extent of "gain" (contract value in excess of the amount you invested). In addition, if you're under age 59 1/2, there will be a penalty tax of 10% of the distribution (IRC Sect. 72(q)).
Is Gas sales tax deductible?
Gas tax is an excise tax not a sales tax. It is therefore not deductible for federal income tax purposes.
