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Are executor fees taxable if the executor receives none of the inheritance?
Fees received by an executor are not classified as inheritance and therefore are not subject to an inheritance tax, but they are classified as income, and are subject to income tax.
Will the bankruptcy court take a tax refund in Colorado?
Yes unless it is Earned Income Credit.
During your bankruptcy how many weeks does it take to receive your income tax check?
I am asking how long for the trustee sends me the amount I am supposed to get on my income come tax check.
Are executor fees taxable?
Executor fees are considered income. As such they are subject to income tax at a federal and state level. Depending on the situation, it may be beneficial to waive the fees if the executor is inheriting a part of the estate. Consult a tax attorney or CPA.
Is an executor fee taxable?
It is considered income. That means it is subject to city, state and federal income tax.
Are executor fees subject to social security?
Executor fees are generally considered taxable income, but they are not subject to Social Security taxes. Since executor fees are reported as self-employment income, they are subject to income tax but not to Social Security and Medicare taxes. However, it's important for executors to consult with a tax professional to understand their specific tax obligations.
Do executor fees count as income in New Jersey?
It is going to be income. Income tax will be do and the estate may have to issue a 1099.
If you are current with your bankruptcy payments will the IRS keep your income tax check?
No
Why can a trustee take your income tax return if you are filing a chapter 7 bankruptcy which relieves you of your debt and does the trustee give the money to the creditors?
The trustee may take the refund and distribute it to creditors because a tax refund is not considered an exempted asset under bankruptcy laws.
Can IRS take your refund if your in bankruptcy?
Yes, the IRS can take your tax refund if you are in bankruptcy, particularly if you owe back taxes or have not filed your tax returns. However, if your bankruptcy case is under Chapter 7 and you have unpaid tax liabilities, the IRS may offset your refund to cover those debts. In a Chapter 13 bankruptcy, your refund may be considered part of your disposable income and could be used to pay your creditors. It is essential to consult with a bankruptcy attorney for guidance specific to your situation.
We are in bankruptcy. Do we have to pay our income taxes that we owe from 2008 or can they be entered into the bankruptcy debt?
Unfortunately, you will have to pay your income taxes from 2008, even after your bankruptcy is finalized. Federal law prohibits income tax debt from being discharged, so you will still owe, but you may find that they stop attempting collection until after your bankruptcy case is complete. You may want to ask your bankruptcy lawyer if he has tax experience so that he can act as your tax lawyer in dealing with the IRS to settle the debts you owe them as well.
Are executor expenses tax deductible?
they are not a deductable amount. You can claim expenses as an executor against the estate funds. However, if you do claim executor expenses against the amount of the estate they are taxed as income for the person claiming them.
