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Submitted By: someone
Answered: March 24, 2017 8:41 am
Answered: March 24, 2017 8:41 am
Is the HAFA payment I received taxable?
The Home Affordable Foreclosure Alternatives (HAFA) Program is a federal program to help distressed homeowners retain their homes. Payments received under the program usually are not taxable. They are treated as payments on the mortgage loans by the government on behalf of borrowers and are excludable from gross income under the general welfare doctrine.
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Foreign tax credit
A credit for income taxes paid to a foreign country or U.S. possession. 401(k) plan. A deferred pay plan, authorized by Section 401(k) of the Internal Revenue Code, under which a percentage of an employee’s salary is withheld and placed in a savings account or the company’s profit-sharing plan. Income accumulates on the deferred amount until withdrawn by the employee at age 59?
