Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
34 Cards in this Set
- Front
- Back
|
DO I HAVE TO FILE TAXES
|
SINGLE UNDER 65 AND MAKE MORE THAN 8950
MARIED JOINT UNDER 65 17900 HEAD OF HOUSEHOLD UNDER 65 11500 |
|
|
PERSONAL EXEMPTIONS
|
3500 DEPENDANTS ARE ALSO 3500
|
|
|
PHASE OUT FOR EXEMPTIONS
|
SINGLE 159950
MARRIED JOINT 239950 EXEMPTION REDUCES 2% FOR EVERY 2500 MINIMUM EXEMPTION 2333 |
|
|
INTREST INCOME REPORTED ON
|
1099-INT
|
|
|
DIVIDEND INCOME REPORTED ON
|
1099-DIV
|
|
|
NORMAL TAX RATE GREATER THAN 25%
|
DIVIDENDS TAXED AT 15%
|
|
|
NORMAL TAX RATE LESS THAN 25%
|
NO TAX ON DIVIDENDS
|
|
|
QUALIFIED DIVIDEND COMMON STOCK
|
COMMON STOCK 60 DAYS DURING THE 121 DAY PEROID
|
|
|
QUALIFIED DIVIDEND PREFERED STOCK
|
PREFEREDSTOCK 90 DAYS DURING THE 181 DAY PEROID
|
|
|
NONDIVIDED DISTRIBUTIONS
|
REDUCE THE BASIS OF YOUR STOCK
|
|
|
MAXIMUM EXCLUSUION ON THE SALE OF A HOME
|
250000 SINGLE
500000 MARIED |
|
|
TO OPEN TRADITIONAL IRA
|
MUST BE UNDER 70.5
|
|
|
HOW MUCH CN YOU SAVE YRLY IN YOUR IRA
|
THE LOWER AMOUNT FO 5000 (6000 IF OVER 50) OR YOUR TAXABLE COMPENSATION FOR THE YEAR
|
|
|
THE FULL AMOUNT OF THE CONTRUBUTIONS CAN BE DEDUCTED IF
|
YOU ARE NOT COVERED BY A RETIREMENT PLAN
|
|
|
WHEN MUST YOU BEGIN RECIEVING YOUR DISTRIBUTION FROM A TRADITIONAL IRA
|
70.5
|
|
|
DISTRIBUTIONS FROM YOUR TRADITIONAL IRA
|
ARE TAXED AS INCOME
|
|
|
INCOME FOR REGULAR IRA REPORTED ON
|
1099-R
|
|
|
OVER LIMIT CONTRABUTIONS
|
TAXED AT 6% UNTIL OVERAGE BOTH PRINCIPLE AND INTREST HAVE BEEN REMOVED
|
|
|
MINIMUM DISTRUBUTION AGE
|
59.5
|
|
|
PENELTY FOR EARLY DISTRIBUTION
|
10%
|
|
|
ROTH IRA
|
YOU CAN MAKE CONTRIBUTIONS AFTER 70.5
|
|
|
TO SET UP A ROTH IRA
|
YOU MUST MAKE LESS THAN 169000MARRIIED JOINT
116000 SINGLE |
|
|
CONTRIBUTION PHASED OUT
|
159000 MARRIED
101000 SINGLE |
|
|
NONTAXABLE DISTRIBUTIONS ROTH
|
AFTER 5 YRS AND OVER 59.5
|
|
|
ROTH EARLY WITHDRAWL PENALTY
|
10%
|
|
|
EMPLOYER EDUCATION ASISTANCE
|
5250 EXEMPT
|
|
|
STUDENT LOAN INTREST DEDUCTIONS RESTRICTIONS
|
AGI 70000 SINGLE
145000 |
|
|
STUDENT LOAN INTREST DEDUCTIONS
|
2500 OR AMOUNT OF INTREST WHICHEVER IS LESS
|
|
|
EDUCATION RELATED ADJUSTMENTS
|
4000 (CANT CLAIM IF MARRIED-SEPERATE OR AGI IS 80K S OR 160K M
|
|
|
SINGLE OR MARRIED FILING SEPERATLY
|
5450
|
|
|
STANDARD DEDUCTION MARRIED JOINT OR WIDDOW WITH DEPENDENT
|
10900
|
|
|
HEAD OF HOUSEHOLD
|
8000
|
|
|
HOPE EDUCATION CREDIT
|
1800 FRIST TWO YRS
|
|
|
LIFETIME LEARNING CREDIT
|
2000 PER YEAR
|
