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Submitted By: someone
Answered: March 25, 2020 2:48 am
Answered: March 25, 2020 2:48 am
Are funeral expenses tax deductible?
For income tax purposes, you cannot deduct funeral and burial expenses. If the decedent’s estate was large enough to be subject to federal estate tax, then these costs are deductible on the estate tax return, Form 706. The threshold for filing a federal estate tax return is $11.4 million for a decedent dying in 2019 and $11.58 million for a decedent dying in 2020.
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Tax Glossary
Withholding
An amount taken from income as a prepayment of an individual’s tax liability for the year. In the case of wages, the employer withholds part of every wage payment. Backup withholding from dividend or interest income is required if you do not provide the payer with a correct taxpayer identification number. Withholding on pensions and IRAs is automatic unless you elect to waive withholding.
