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The tax law allows individuals who receive foster care payments to exclude them from gross income if all three of the following conditions are met: (1) Payments are made pursuant to a foster care prog...
It depends. Legal fees related to a recovery for unlawful discrimination under various federal laws such as the Family and Medical Leave Act are deductible as adjustments to gross income (i.e., they a...
For 2018 through 2025, there is no phase-out of itemized deductions for high-income taxpayers....
Yes. Executor’s fees are taxable income. But if a taxpayer is not a professional executor, the fees are reported as miscellaneous income (not business income) and are not subject to self-employment ...
A qualified charitable distribution (QCD) can only be taken from a traditional or Roth IRA. It cannot be taken from a SEP or SIMPLE-IRA. However, SEPs and SIMPLE-IRAs can be rolled over to an IRA and ...
The qualified business income (QBI) deduction is not a business deduction; it does not appear on Schedule C or any other business tax return. Instead, it is a personal deduction on Form 1040 that is s...
No. Income averaging is limited to certain lump-sum distributions from qualified retirement plans. There is no income averaging for IRA distributions or income resulting from a Roth IRA conversion....
While casualty losses to personal use property in 2018 are not deductible unless the property is located in a federally-declared disaster area, this rule does not apply to investment property. If you ...
While annual contributions to Roth IRAs can be made up to the due date of the return (e.g., April 15, 2019, for 2018 contributions), a Roth IRA conversion is taxable in the year it is made. So if you ...
If you itemize deductions instead of claiming the standard deduction, you may be eligible for an itemized medical deduction with respect to treatment for your child’s condition. Depending on the sev...
The tax law allows individuals who receive foster care payments to exclude them from gross income if all three of the following conditions are met: (1) Payments are made pursuant to a foster care prog...
It depends. Legal fees related to a recovery for unlawful discrimination under various federal laws such as the Family and Medical Leave Act are deductible as adjustments to gross income (i.e., they a...
For 2018 through 2025, there is no phase-out of itemized deductions for high-income taxpayers....
Yes. Executor’s fees are taxable income. But if a taxpayer is not a professional executor, the fees are reported as miscellaneous income (not business income) and are not subject to self-employment ...
A qualified charitable distribution (QCD) can only be taken from a traditional or Roth IRA. It cannot be taken from a SEP or SIMPLE-IRA. However, SEPs and SIMPLE-IRAs can be rolled over to an IRA and ...
The qualified business income (QBI) deduction is not a business deduction; it does not appear on Schedule C or any other business tax return. Instead, it is a personal deduction on Form 1040 that is s...
No. Income averaging is limited to certain lump-sum distributions from qualified retirement plans. There is no income averaging for IRA distributions or income resulting from a Roth IRA conversion....
While casualty losses to personal use property in 2018 are not deductible unless the property is located in a federally-declared disaster area, this rule does not apply to investment property. If you ...
While annual contributions to Roth IRAs can be made up to the due date of the return (e.g., April 15, 2019, for 2018 contributions), a Roth IRA conversion is taxable in the year it is made. So if you ...
If you itemize deductions instead of claiming the standard deduction, you may be eligible for an itemized medical deduction with respect to treatment for your child’s condition. Depending on the sev...
