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$12,000 per year, per donor and donee. I can give $12,000 a year to as many different people as I choose. Any amount I pay for anyone else's educational and/or medical services, is unlimited. Any amount I give a spouse who is a U.S. citizen.
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What is a credit on credit card?
A credit on a credit card is the amount of money you are allowed to spend before you have to pay it back
What is meant by a credit limit?
Credit limit is the largest amount of money a consumer can charge on a credit card. The amount equals the amount of credit extended to a consumer. Charges over this amount are usually allowed, but expect to pay an "over-the-limit" fee.
What should you do if you ended up paying more than allowed amount in 401K?
If you paid more than the allowed amount on your 401(k), contact your employer 401(k) rep about the amount that you have overpaid. You should receive a check from the 401(k) company or your plan administrator. This amount is to be reported on the Tax Form 1040, line 7. Since this money went into your 401(k) untaxed, it now has to be taxed. Report this money in the tax year you receive it.
What is the meaning of line of credit?
If you are talking about a personal line of credit, this means the maximum amount of money that you are allowed to charge on a credit card an one particular time.
How do you write a gift of equity letter?
The letter only needs to state that whomever is giving you the gift monies (normally a family member) is not requiring you to ever have to pay the money back that they are gifting to you.
What is cash gifting?
Cash Gifting is a way for individuals to "gift" one another money where one person is the recipient of the gifts of many who come after them.
Gifting a friend on birthday?
Give something that describes the person heart.
When is cash gifting not legal?
Cash gifting is not legal when the gifting is part of a pyramid scheme. Pyramid schemes typically encourage people to pay in money, perhaps to another individual, in order to become the next person to receive money, usually 5 or 10 times more than the original stake. The problem with a pyramid scheme is there is always going to be someone at the top receiving the most money and someone at the bottom putting money in, with promises being made, and receiving nothing in return.
What is a credit on credit card?
A credit on a credit card is the amount of money you are allowed to spend before you have to pay it back
Why information system is important to accountant?
System info will help the accountant to find how much money a person has in a account and will give the correct amount of money the person is allowed.
Can disability benefits be cancel if you receive a large amount of money from a lawsuit or have a large amount of money in a bank account?
If the law suit is a result of the event or injury that allowed the disability benefit, yes, the benefits can be discontinued, or money may have to be reimbursed to the insurance company. Consult your attorney for the specifics.
States are not allowed to borrow money?
False, states are not allowed to print money
What is meant by a credit limit?
Credit limit is the largest amount of money a consumer can charge on a credit card. The amount equals the amount of credit extended to a consumer. Charges over this amount are usually allowed, but expect to pay an "over-the-limit" fee.
What should you do if you ended up paying more than allowed amount in 401K?
If you paid more than the allowed amount on your 401(k), contact your employer 401(k) rep about the amount that you have overpaid. You should receive a check from the 401(k) company or your plan administrator. This amount is to be reported on the Tax Form 1040, line 7. Since this money went into your 401(k) untaxed, it now has to be taxed. Report this money in the tax year you receive 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
What does children allowance mean?
I dont know. It could mean an amount of money that a child gets paided or maybe if a child is allowed to do something.
What is Medicare part B approved amount?
The Medicare Part B approved amount is a reasonable amount of money that Medicare says the doctor or provider is allowed to bill. You can get more details here: http://www.medicare.gov/Publications/Pubs/pdf/10050.pdf See pages 25 and 47
