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What else can I help you with?
In a Traditional IRA when does a person pay taxes on the money in the account?
Taxes do not become due until money is spent from the account (withdrawn)
What is state employer account number?
When you pay your taxes to the state, you have an account number that identifies your company. When you pay, the amount is credited to the employer's account. It's the same as paying your taxes using a Social Security number.
What is an escrow account used for?
Escrow account is used to pay the taxes and insurance of the property
What is an account with a financial institution used to pay taxes and insurance called?
An Escrow Account.
Can the State of Minnesota or the IRS take money from a bank account that is not a joint account to pay for a spouse's back taxes if the one who has the account does not owe taxes?
Minnesota is not a community property state, so the answer is generally no. However, if the funds are in the account as a result of a fraudulent conveyance to evade payment of taxes, action could be taken to recover them. Errors do happen, of course. As long as you are married to someone who does not pay their taxes, you do have to worry.
Do you pay taxes on your checking account?
No, you do not pay taxes on the money in your checking account.
Do you still have to pay taxes on short sale balances?
You pay tax when you close your short position. If your brokerage pays interest on your balances, the interest would be taxable.
Do I have to pay taxes on the funds in my checking account?
Yes, you may have to pay taxes on the interest earned from the funds in your checking account, but not on the actual funds themselves.
Can a 529 Plan be transfered to the Coverdell Education Saving account?
If you move money from a 529 account into a Coverdell Education Savings Account, you pay taxes and a penalty. It is only tax free if you move money FROM a Coverdell ESA to a 529 plan.
If you deposit a cashiers check to a friends checking account do they pay taxes the money is mine and 5 figures?
If the money that is being deposited into the checking account is a gift, then they do not pay taxes. However, if this is a business transaction, then they may have to pay taxes.
Should I invest in an IRA sep account?
An IRA Sep account has a number of advantage versus a regular saving account. First the interest accrued is much larger with an IRA. Also, the person with the IRA does not have to pay taxes on it until they start withdrawing.
What do banks pay to people with a saving account?
bank pays bonus and interest on saving accounts
Do you pay taxes on employer 401k contributions?
No, you do not pay taxes on employer 401k contributions until you withdraw the money from the account.
When in the traditional IRA does a person pay taxes on money in the account?
Taxes do not become due until money is spent from the account (withdrawn)
In a Traditional IRA when does a person pay taxes on the money in the account?
Taxes do not become due until money is spent from the account (withdrawn)
What is an escrow account used for?
Escrow account is used to pay the taxes and insurance of the property
What is an account with a financial institution used to pay taxes and insurance called?
An Escrow Account.
