Posts Tagged ‘income’
Money in a tax free money market mut fun, seeking principal protection, current monthly income, better method?
28
Mar
I am looking to retain ownership of principal and no loss to principal value of a million dollars. I also seek current monthly income that could either be tax free or not, but preferably tax free. Wondering if there is a better method than the tax-free money market mutual fund to achieve higher return as rates are low, but still have principal and most importantly current monthly income. I am not looking for an annuity, again ownership of principal. Thank you in advance.
Does anyone know how to report 1099-R (pension and annuity income) info to the IRS?
20
Mar
I received five 1099-R’s this year (never received these before.) I am not sure which one’s considered income as opposed to the ones that are considered distributions. Do I have to report all of them regardless or only those that they withheld federal taxes from. I can’t afford to pay for someone to do my taxes for me. I have tried to find answer to this question on IRS website but was unsuccessfull.
court ordered 35K from tax def annuity for son for college All is being taxed Any way around tax income ave?
20
Mar
I was ordered by family court to put $35K into a trust fund for my son in 2006. I had to take it from my tax deferred annuity. The money is for secondary education, but if not used for this, still passes to him with trustee approval for its reasonable use. I am on SSDI. Because of this one time court ordered funding, not only the 35K is being taxed, but so is my 2006 SSDI. I used Turbo Tax and owe a lot of taxes(Fed+State). Is there any way this tax due can be spread over years, such as income averaging? Does averaging even still exist in tax law?
How is NJ and Federal Estate and Income Tax handled for annuities and life insurance?
16
Mar
Serving as executor – both parents passed in 2005. How is the Estate and Income Tax handled for both New Jersey and Federal returns on Annuities and Life/Term Insurance. Not sure what is taxable as Income and what is taxable to Estate. Also, not sure who pays the taxes, beneficiary or estate on the income tax – assuming there is a income tax liability.
After someone dies, are Annuities that are part of a trust considered income the beneficieres pay taxes on?
14
Mar
The Annuities have been cashed out and the question is if they are considered income the beneficieres have to pay Federal or State taxes on.