Chapter 4 Business Income & Expenses - Part II
|
|
- Silvester Hancock
- 6 years ago
- Views:
Transcription
1 Chapter 4 Business Incme & Expenses - Part II Ø Apply tax rules fr rental and vaca>n prper>es Ø Explain treatment f passive incme/lsses Ø Iden>fy tax treatment f varius deduc>ns fr AGI Ø Understand treatment f Individual Re>rement Accunts (IRAs) Ø Explain cntribu>n and distribu>n rules fr ther re>rement plans Ø Explain pensin plan rllver rules 1
2 Rental Incme/Expenses Ø Net Rental Incme/Lss is part f taxpayer s grss incme Reprt n Schedule E - Part I Ø Vacatin Hmes If bth persnal and rental use f residence, must allcate expenses Deductins limited based n perid f time residence used fr persnal vs. rental 2
3 Hmes With Dual Use Rental and Persnal Ø Three Categries different tax treatments Categry I: Primarily persnal use (if rented fr less than 15 days) Categry II: Primarily rental use, if Rented mre than r equal t 15 days and Persnal use des nt exceed greater f 14 days r 10% f rental days Categry III: Rental/persnal (dual use) f prperty, if Rented mre than r equal t 15 days and Persnal use exceeds greater f 14 days r 10% f rental days See fllwing screens fr tax treatment fr each scenari 3
4 Primarily Persnal Use Ø Treated as a persnal residence Ø Rental perid is disregarded Rental incme is nt taxable Mrtgage interest and real estate taxes reprted n Schedule A (itemized deductins) Other expenses are persnal and nndeductible 4
5 Primarily Rental Use Ø Must allcate expenses between rental and persnal use calculated as fllws: Rental days / Ttal days used = Rental % Expenses x Rental % = Rental deductins Persnal days / Ttal days used = Persnal % Ø If rental deductins exceed rental incme, can deduct against ther incme, subject t passive lss rules Ø Persnal % f mrtgage interest and real estate taxes reprted n Schedule A 5
6 Rental/Persnal (Dual) Use Ø Allcate expenses between rental and persnal based n same allcatin frmulas as prir screen Ø Rental deductins can be taken up t amunt f rental incme nly, in rder, as fllws Taxes and interest (can take int lss situatin) Utilities/maintenance (nly up t remaining rental incme) Depreciatin (nly up t remaining rental incme) Ø Persnal % f mrtgage interest & real estate taxes reprted n Schedule A 6
7 Example f Dual Use Rental Prperty Example The Prebena family wns a ski cnd in Alta, UT; in the current year persnal use = 25 days and rental use = 50 days. Data pertaining t the rental fllws - what amunts will be reprted n Schedules E and A fr the current year? Rental incme $10,000 Taxes 1,500 Interest 3,000 Utilities 2,000 Insurance 1,500 Snw remval 2,500 Depreciatin 12,000 7
8 Slu>n Example The Prebena family wns a ski cnd in Alta, UT; in the current year persnal use = 25 days and rental use = 50 days. Data pertaining t the rental fllws; what amunts will be reprted n Schedules E and A fr the current year? Rental incme 10,000 Taxes 1,500 Interest 3,000 Utilities 2,000 Insurance 1,500 Snw remval 2,500 Depreciatin 12,000 Slutin Step 1: Persnal use is > 14 days r 10% f rental (5 days); therefre, des exceed the greater number and this is dual use prperty Step 2: Taxes/interest = $4,500 x 50/75 = $3,000 deductin n E Step 3: Other expenses = $6,000 x 50/75 = $4,000 deductin n E Step 4: Depreciatin = $12,000 x 50/75 = $8,000 but limited t $3,000 (remaining incme) because dual use prperty can t create a lss Step 5: = What amunt ges t Schedule A? ($4,500 taxes/interest $3,000 rental = $1,500) Step 6: = What is the lss carry frward? $8,000 3,000 = $5,000 8
9 Alterna>ve Allca>n Methd Ø IRS requires that dual use f rental prperty allcatin is based n ttal days f use Ø U.S. Tax Curt has allwed allcatin f interest and taxes using 365 as denminatr This allws mre interest/taxes t be deducted n Schedule A, creating greater ptential t take ther expenses n the Schedule E Ø This cntrversy between IRS and Tax Curt is still nt reslved 2015 CENGAGE LEARNING. ALL RIGHTS RESERVED. MAY NOT BE SCANNED, COPIED, OR DUPLICATED, OR POSTED TO A PUBLICLY ACCESSIBLE WEBSITE, IN WHOLE OR IN PART. 9
10 Categries f Incme Ø Three classifica>ns f incme Ac>ve This is frm wages, salaries and self- emplyment incme PrQli This is generated frm dividend and interest incme Passive This is frm items such as limited partnerships and rental real estate 10
11 Passive Lss Limita>ns Ø Passive lss rule - When taxpayer has minimal r n invlvement in an activity, generated lsses are cnsidered passive, and may nt be deducted in excess f passive gains. Hwever, Lsses can be carried frward and deducted in future years r They can be deducted when investment is sld Ø Passive lsses generally cannt be used t ffset active r prtfli incme 11
12 Passive Lss Limita>ns - Excep>n Ø Rental prperty is specifically designated as passive, even if taxpayer actively manages Ø Hwever, individual taxpayers May take up t $25,000 f rental lss (even thugh cnsidered passive) against rdinary incme The $25,000 lss capability is reduced by 50 fr each $1 Mdified AGI (MAGI) > $100,000* Ø Different rules apply if married filing separately *Therefre, n deductin fr rental lsses exists when MAGI reaches $150,000 12
13 Passive Lss Limita>ns Ø If taxpayer is heavily invlved in real estate rental activities, may be cnsidered t have an active business Ø Requirements fr this are Mre than 50% f individual s persnal service during year is perfrmed in real prperty trade and Mre than 750 hurs f service perfrmed Ø The taxpayer may then be able t deduct entire lss n real estate business 13
14 Rental Real Estate Lss Example Example Bbbi J is single and wns a rental duplex that shws a lss f $20,000. Her mdified AGI, befre the lss, is $118,000. What amunt f the rental lss can be claimed? 14
15 Slu>n Example Bbbi J is single and wns a rental duplex that shwed a lss f $20,000. Her mdified AGI, befre the lss, is $118,000. What amunt f the rental lss can be claimed? Slutin Step 1 Mdified AGI exceeds $100,000 (therefre, $25,000 ttal lss capability must be reduced) Step 2 $118,000 - $100,000 = $18,000 excess, $25,000 - ($18,000 x 50%) = $16,000 Only $16,000 f the rental lss can be deducted 15
16 Self Emplyed Health Insurance Deduc>n Ø Deductin fr AGI allwed fr: Medical/dental insurance premiums paid t cver the taxpayer, spuse and dependent children Medical/dental insurance paid fr children under age f 27 wh are nt dependents Medicare premiums Lng-term care insurance premiums - within limits Ø Limited by the fllwing Nt allwed in mnths where taxpayer is eligible t participate in emplyer-spnsred health care plan Only allwed t extent f self-emplyed taxpayer s net earned incme Deductible lng-term care premiums based upn taxpayer s age Self emplyed taxpayers that receive advance premium credits under the ACA may deduct nly prtin paid ut f pcket 16
17 Health Savings Accunts (HSA) Ø Deductin fr AGI allwed fr: Amunts put int an HSA that is used t pay unreimbursed medical expenses Earnings and unused balance accumulate tax free Only available if taxpayer has high-deductible insurance High deductible health insurance defined as $2,500 (family) r $1,250 (self nly) Maximum ut f pcket requirements fr insurance plicy must be $12,700 (family) r $6,350 (self nly) Ø Cntributin limited, based upn if HSA is fr family r self nly HSA cntributin must be made by April 15 f fllwing year Additinal cntributins allwed fr taxpayer age 55 r lder Can t cntribute nce 65 and qualify fr Medicare 17
18 Health Savings Accunts (HSA) Ø Distributins Amunts distributed ut f HSAs are tax free when used t pay fr medical expenses Nnqualified distributins are subject t a 20% penalty and incme tax Hwever, if ver 65 years ld, distributins taken fr nnmedical expenses are subject t tax, but nt penalties Ø Publicatin 969 is an IRS publicatin that prvides a gd surce f infrmatin fr HSAs 18
19 Mving Expenses Ø Deduc>n fr AGI can deduct csts f mving persnal items and travel (except meals) t new lcality 2014 mileage rate is $.235/mile Ø Mving expenses must be reasnable Ø Qualified mving expenses reimbursed by an emplyer are nt reprted as part f grss incme 19
20 Time/Distance Tests Ø Time/distance tests must be met t qualify fr mving expense deduc>n Taxpayer must change jb sites Distance f frmer residence t new jb lca>n must be at least 50 miles mre than distance frm frmer residence t frmer jb lca>n Emplyee must wrk 39 weeks f twelve mnths a_er mve (r if self- emplyed, 78 weeks f next 24 mnths) 20
21 Types f Individual Re>rement Ø Tradi>nal IRA Accunts (IRAs) Deduc>n fr AGI if certain cndi>ns met Distribu>ns in re>rement are taxable Ø Rth IRA N current deduc>n Distribu>ns in re>rement are nntaxable 21
22 Cntribu>ng/Deduc>ng - IRA Ø Rth r tradi>nal IRA cntribu>n limited t lesser f 100% f earned incme r $5,500 Can make cntributins up thrugh April 15, 2015 fr 2014 Spuse with n earned incme will be able t cntribute up t $5,500 Fr 2014, taxpayers and spuses age 50 and lder can cntribute an additinal $1,000/year (called catch-up prvisin ) 22
23 Cntribu>ng and Deduc>ng t a Rth IRA Ø Rth IRA cntributin maximum is reduced fr all taxpayers ver certain incme levels Phase-ut fr cntributin is reflected in table n page 4-19 Des nt matter whether ne spuse is an active plan participant r nt Ø If taxpayer cntributes t bth a traditinal and Rth IRA, cmbined amunt cannt exceed $5,500 ($6,500 if 50 r ver) 23
24 Cntribu>ng and Deduc>ng t a Tradi>nal IRA Ø Traditinal IRA deductin is dependent n AGI and whether taxpayer (r taxpayer s spuse, if married) is an active participatin in a qualified retirement plan Single taxpayers see table n tp f page 4-20 MFJ taxpayers see table, phase-uts based n if ne, bth r neither spuse is an active participant Nte: if nly ne spuse is in a qualified plan, phase-ut fr the nn-active participant spuse begins when married filing jint cuple s AGI > $181,000 24
25 IRA Cntribu>n Example Example Owen is 42, single, and wants t cntribute the maximum t his Rth IRA. His AGI = $118,000, s his cntributin will be limited (per table n p. 4-19). Please calculate hw much he can cntribute t his Rth. Hw wuld that change if Owen were 62? 25
26 Slu>n Example Owen is 42, single, and wants t cntribute the maximum t his Rth IRA. His AGI = $118,000, s his cntributin will be limited. Please calculate hw much he can cntribute t his Rth. Hw wuld that change if Owen were 62? Slutin Lk at the phase-ut chart n p The denminatr t the calculatin is the range f the phase-ut amunts* * $129,000 - $114,000 [($127,000 $118,000)/$15,000] x $5,500 = $3,300 Rth IRA cntributin If he were 62: [($127,000 $118,000)/$15,000] x $6,500 = $3,900 Rth IRA cntributin 26
27 IRA Cntribu>n Example Example Liza and Mikal (bth 41) filed married filing jintly. Liza is cvered by a 401(k) plan at wrk and earns $96,000. Mikal is nt cvered by a plan at wrk and earns $30,000. Hw much can each f them cntribute t a traditinal IRA? 2015 Cengage Learning. All Rights Reserved. May nt be scanned, cpied, r duplicated, r psted t a publicly accessible website, in whle r in part. 27
28 Slu>n Example Liza and Mikal (bth 41) are MFJ; Liza is cvered by a 401(k) plan at wrk and earns $96,000. Mikal is nt cvered by a plan at wrk and earns $30,000. Hw much can each f them cntribute t a traditinal IRA? Slutin Their cmbined AGI = $126,000. Their AGI exceeds the tp end f the phase-ut range fr MFJ fr active participant spuse, per Nte 1 in the table n page 4-20 (phase ut range is $96,000 - $116,000). Since Liza is the active plan participant and their jint incme exceeds the upper phaseut limit, she may nt make a deductible cntributin t a traditinal IRA. She culd, hwever, make a $5,500 cntributin t a Rth IRA, since their AGI is nt in the Rth phase-ut range (see table page 4-19). Mikal can make the full $5,500 traditinal IRA cntributin since the AGI phase-ut fr the spuse that is nt in an active plan des nt kick in until $181,
29 Tradi>nal IRA Distribu>n Ø Distributin taxed as rdinary incme Must begin taking distributins by age 70.5 There s a 10% penalty if yu take distributin befre age 59.5 Penalty-free withdrawals frm IRAs may be made by taxpayers wh are: Disabled Using special level payment ptin Purchasing a hme fr the first time (up t $10,000) Paying higher educatin expenses Paying medical expenses > 10% f AGI r medical insurance premiums fr dependents and n unemplyment at least 12 weeks 29
30 Rth IRA Distribu>n Ø Qualified distributins are tax free as lng as Rth IRA was pen fr five years and Distributin is made n/after age 59.5 Distributin is made due t a disability Distributin is made n/after participant s death Distributin is used fr first time hmebuyer s expenses Ø If dn t meet abve, part f distributin may be taxable. Return f capital is tax-free and earnings are taxed. 30
31 Kegh Plan Ø Participants must meet minimum age and years f service requirements Ø Retirement plan geared twards self-emplyed individuals (that are unincrprated) Ø Tax free cntributins are limited t lesser f 20% f net earned incme (befre Kegh deductin) r $52,000 Net earned incme includes business prfits, if significantly generated frm taxpayer s persnal services Must reduce earned incme by ½ self-emplyment tax t get net earned incme fr pensin cntributin calculatin (in prir bullet) 31
32 Simplified Emplyee Pensin (SEP) Ø Same dllar limits as Kegh plans, but cntributins made int SEP-IRAs IRA accunt with higher funding limits Ø Participants must meet minimum age and years f service requirements Ø Pay early withdrawal penalty if receive distributins prir t age 59.5 Ø Must start drawing by age
33 Qualified Re>rement Plan Ø Cntributins by an emplyer t qualified retirement plans are tax deductible, emplyee cntributins are pre-tax and tax n earnings is deferred Ø T achieve qualified plan status, an emplyer-spnsred retirement plan must Be fr exclusive benefit f emplyees Be nndiscriminatry Have certain participatin and cverage requirements Cmply with minimum vesting requirements Meet unifrm distributin rules Ø Limitatins n cntributins t/benefits frm qualified plans Defined cntributin annual additin t emplyee s accunt can t exceed lesser f 25% f cmpensatin r $52,000 Defined benefit annual benefit can t exceed lesser f $210,000 r average cmpensatin fr the highest three cnsecutive years 33
34 Sec>n 401(k) Plans Ø 401(k) Emplyee chses t defer sme cmpensatin int plan Defer means t freg current cmpensatin - the reductin ges int a qualified retirement plan Each emplyee chses % f wages t cntribute t plan Amunt can t exceed $17,500/year fr all salary reductin plans Or caps at $23,000/year if 50 r lder An emplyer may match t encurage participatin; this match is excludable frm incme When distributins ccur, cntributins and earnings are taxable 34
35 Rth 401(k) Ø Beginning in 2006, emplyers allwed t set up Rth 401(k) plan Emplyees may defer same annual amunt as traditinal 401(k), but with n reductin in current taxable incme Withdrawals/earnings generally tax free upn distributin Ø Expected t be ppular with high incme taxpayers, because n AGI phase-ut and much higher annual cntributin than a Rth IRA 35
36 Lw Incme Re>rement Plan Cntribu>n Credit Ø Credit t encurage lw-incme taxpayer participatin in retirement savings Ø Als called Saver s Credit Ø Tax credit fr percentage f retirement plan cntributin based upn AGI Credit equal t 50%, 20% r 10% f cntributin See chart n page 4-26 Credit is direct deductin frm incme taxes payable 36
37 Direct Transfer f Re>rement Plan Funds Plan 1 Plan 2 Taxpayer Ø Taxpayer instructs trustee f plan t directly transfer assets t trustee f anther plan Ø N backup tax withhlding necessary, because $ ges right frm ne plan t anther Ø Unlimited number f direct transfers per year 37
38 Distribu>n Rllver f Re>rement Plan Funds 80% f $ Taxpayer Plan 1 Plan 2 Ø Taxpayer receives assets frm fund, and then has 60 days t get 100% f the $ frm ne plan t anther, in rder t avid penalties Or 120 days if first-time hmebuyer, waived in certain situatins Ø 20% federal backup tax withhlding is mandatry S taxpayer must make up the 20% withhlding, and then wait until year-end t get refund!! Als, if under 59.5 years ld, prtin f plan distributin nt transferred subject t 10% penalty! 38
39 Re>rement Plan Distribu>n Rllver Example Example The is 54 and instructs her emplyer, Ectrek LLP, t distribute $250,000 f her nn-ira retirement accunt t her. Hw much must the trustee f the fund withhld and what must The d t avid taxes and penalties n the distributin in the current year? 39
40 Slu>n Example The is 54 and instructs her emplyer, Ectrek LLP, t distribute $250,000 f her nn IRA retirement accunt t her. Hw much must the trustee f the fund withhld and what must The d t avid taxes and penalties n the distributin in the current year? Slutin The trustee must withhld 20%; therefre, The will receive $200,000 ($250,000 less withhlding f $50,000). T avid taxes, she must cntribute $250,000 t a new fund within 60 days. If The des nt have the extra $50,000 t cntribute, that prtin f the distributin will be included in her taxable incme and she will be subject t a 10% penalty. If she can cntribute the full $250,000; the amunt withheld will be accunted fr n her annual tax return. 40
Business Income & Expenses Part II
Chapter 4 Business Incme & Expenses Part II Rental and vacatin prperties Passive incme/lsses Deductins fr AGI Individual Retirement Accunts (IRAs) Other retirement plans Rllver rules 1 Rental Incme/Expenses
More informationHRA s and HSA s GALLAGHER BENEFIT SERVICES, INC. ARTHUR J. GALLAGHER & CO. AJG.COM G-FORMS\GBS Forms\Template - Word - 1 margins.
HRA s and HSA s 1. HRA/HSA What Are They? 2. Can I have ther cverage and still cntribute? 3. Can I cntribute t my FSA if s, full r limited? 4. Can I have bth an HRA and an 5. Can I have bth an HSA and
More informationYUM! Brands 401k Plan
YUM! Brands 401k Plan Final Distributin Electin Name: Scial Security #: Address: Daytime Telephne #: Evening Telephne #: Befre yu can prcess a Final Distributin Electin, yur status must be terminated.
More informationPREPARING TO TERMINATE DROP
PREPARING TO TERMINATE DROP If yu wrk until yur riginal Deferred Retirement Optin Prgram (DROP) terminatin date, the Divisin f Retirement will mail yu yur DROP Terminatin Packet apprximately 90 days prir
More informationTown of Palm Beach Retirement System. Deferred Retirement Option Plan (DROP) Policies and Information for Participants
Twn f Palm Beach Retirement System Deferred Retirement Optin Plan (DROP) Plicies and Infrmatin fr Participants Twn f Palm Beach Retirement System Deferred Retirement Optin Plan (DROP) Plicies and Infrmatin
More informationEOFY tax strategies for small businesses
As we apprach the end f the financial year (EOFY), there are a number f smart strategies yu culd cnsider t help yu streamline yur finances and legitimately save n yur tax bill. Insurance premiums Sme insurance
More informationEXXONMOBIL SAVINGS PLAN Hardship Withdrawal Form
EXXONMOBIL SAVINGS PLAN Hardship Withdrawal Frm Name: Sc. Sec #: Wrk Phne: ( ) Hme Phne ( ) Yu may request a hardship withdrawal when yur financial need cannt be met thrugh: Reimbursement r cmpensatin
More information10 Best Income Tax Planning Ideas for 2018 After Tax Reform
10 Best Incme Tax Planning Ideas fr 2018 After Tax Refrm Belfint Briefing December 5, 2018 Presented by: Jrdn Rsen, CPA, MST, AEP - Directr Valerie C. Middlebrks, CPA - Principal Cpyright 2018 Belfint,
More informationSuperannuation contributions tax ruling Tax deductibility of superannuation contributions
July 2011 Technical Bulletin Superannuatin cntributins tax ruling Tax deductibility f superannuatin cntributins Wh is impacted? As a result f tax ruling 2010/1 yur clients can n lnger claim a tax deductin
More informationINNES & LOTITO, P.C. CERTIFIED PUBLIC ACCOUNTANTS
INNES & LOTITO, P.C. CERTIFIED PUBLIC ACCOUNTANTS 22525 Hall Rad, Suite A Macmb, MI 48042 Telephne: (586) 468-0200 Fax: (586) 468-0747 Website: cpanerds.cm Email: Innes.Ltit@cpanerds.cm 2014 1040 CHECKLIST
More informationInformation Package CAFETERIA 125 PLANS
Infrmatin Package CAFETERIA 125 PLANS Shaffer Insurance Services, Inc. Benefits Divisin 902 E. Ave Q-9 Palmdale Ca. 93550 Tll Free (866) 412-5872 Office Tel (661) 575 9331 Fax (661) 280 2016 Sectin 125
More informationPension Plan Limits for the Tax Years
Pensin Plan Limits fr the Tax Years 2006-2012 On Octber 20, 2011, the Internal Revenue Service annunced cst f living adjustments affecting dllar limitatins fr pensin plans and ther retirementrelated items
More informationYUM! 401(k) Plan Financial Hardship Withdrawal Form
YUM! 401(k) Plan Financial Hardship Withdrawal Frm Withdrawal Request Infrmatin: The infrmatin requested n this frm is necessary t determine yur eligibility fr a financial hardship withdrawal. An incmplete
More informationSchedule C Worksheet for Self-Employed Filers and Contractors tax year Part 1: Business Income and Expenses
Schedule C Wrksheet fr Self-Emplyed Filers and Cntractrs tax year 2017 This dcument will list and explain the infrmatin and dcumentatin that we will need in rder t file a tax return fr a self-emplyed persn,
More informationArticle. 1 or 2 paragraphs that can be used to set context or be used as talking points
Article Title: Emplyer-Spnsred Affrdability Test (9.5%) Dmain SHOP Market: Eligibility and Enrllment Subject: Tpic: Eligibility fr Cvered Califrnia Subtpic: Date Published: 1/31/2014 Eligibility fr Small
More informationWhat employers need to know about The Patient Protection and Affordable Care Act (PPACA)
What emplyers need t knw abut The Patient Prtectin and Affrdable Care Act (PPACA) 1. It is nw the law. Dept. f Health & Human Services (HHS) guidance is still needed n pen issues. 2. New state insurance
More informationEmployee Benefits Guide. January 1 December 31, 2019
Emplyee Benefits Guide 2019 January 1 December 31, 2019 Medical and Prescriptin Drugs Benefits are insured by: 4 Medical Plan Optins Effective January 1, 2019 Premium Netwrk HDHP 1 Nn-Premium Netwrk Nn-Netwrk
More informationYear-End Tax Planning 2013 for Businesses and Individuals
Year-End Tax Planning 2013 fr Businesses and Individuals As 2013 draws t a clse, there is still time t minimize yur 2013 taxes and plan ahead fr 2014. Yearend tax planning has the ptential t be especially
More informationCash Balance Plans. When participants terminate employment, they are eligible to receive the vested portion of their account balance.
Cash Balance Plans January 1, 2014 Cash Balance Plan Overview: Maximizing wner benefits under a retirement plan is an effective methd f utilizing tax breaks and cnverting them int retirement savings. A
More information2015 DATA ORGANIZER. First Name and Initial Last Name Social Security Number. (Optional: E-file confirmation will be sent to this address.
CLIENT CHECKLIST Cpy f Scial Security cards fr all individuals n the tax return Cpy f drivers licenses fr primary taxpayer and spuse (if applicable) Vided check if yu wuld like direct depsit r direct debit
More information$5,884 $16,351. Employer Health Benefits 2013 ANNUAL SURVEY. High-Deductible Health Plans with Savings Option. section
57% $16,351 Emplyer Health Benefits 2013 ANNUAL SURVEY High-Deductible Health Plans with Savings Optin sectin $5,4 2013 Sectin Eight: High-Deductible Health Plans with Savings Optin Changes in law ver
More informationHigh Deductible Health Plan/ Health Savings Account Presentation
High Deductible Health Plan/ Health Savings Accunt Presentatin WHY THE CHANGE? Current plan cannt be sustained inflatin and disease states cmpunding effect n cst fr emplyees and Bard HDHC plan structured
More informationCOMPREHENSIVE BENEFITS SUMMARY (Health Plan)
2017 COMPREHENSIVE BENEFITS SUMMARY (Health Plan) Health Insurance Health insurance is prvided frm the 1 st f the mnth fllwing yur date f hire. Our current plan fferings are as fllws: HealthyBlue r ActiveUnivera
More informationTax Information Needed To Prepare Your 2017 Returns
Tax Infrmatin Needed T Prepare Yur 2017 Returns This incme tax preparatin checklist is divided int relevant categries t help yu rganize yur tax infrmatin. As yu receive r lcate an item, check it ff f the
More informationSteps toward Retirement
Steps tward Retirement Eligibility, Actin Steps, and Benefit Optins fr Faculty and Staff Nearing Retirement Eligibility fr Official University Retiree Status The fllwing jb types f the University are eligible
More informationDecember YEAR- END TAX PLANNING TIPS
December 2018 2018 YEAR- END TAX PLANNING TIPS Year- End Planning fr Incme Taxes is Critical! Phase One f Tax Refrm Has Becme Law 2018 is cming t a clse; hwever, yu still have time t avid big surprises
More informationGross Income & Exclusions
CHAPTER 2 Grss Incme & Exclusins Understand and apply definitin f grss incme Determine tax treatment f incme categries such as interest, dividends, alimny, unemplyment, etc. Calculate taxable prtin f annuities
More informationMonthly Newsletter. December 2018
Mnthly Newsletter December 2018 In this issue The New Business Deductin Medicare Part D Open Enrllment 6 Last-Secnd Mney-Saving Tax Mves Retirement Cntributins Get a Bst in 2019 Unclaimed Prperty Tax filing
More informationPG&E's Paid Family Leave & Disability Benefits
PG&E's Paid Family Leave & Disability Benefits Utility IBEW and SEIU--represented emplyees 2017 and 2018 Paid Family Leave and Medical /Disability Benefits Overview PG&E s Paid Family Leave wage cntinuatin
More informationQUESTION WE VE BEEN ASKED
Date f issue: 23 February 2018 QUESTION WE VE BEEN ASKED QB 18/05 Incme Tax insurance persnal sickness and accident insurance taken ut by emplyer fr the benefit f an emplyee This Questin We ve Been Asked
More informationNAVIPLAN PREMIUM LEARNING GUIDE. Set insurance goals
NAVIPLAN PREMIUM LEARNING GUIDE Set insurance gals Cntents Set insurance gals 1 Learning bjectives 1 NaviPlan planning stages 1 Client case 2 Describe the assumptins and analysis methds available fr determining
More informationPrint this article. Check things off as you collect them, and enter information such as Social Security numbers and cash amounts.
Checklist fr Preparing Yur Incme Tax Return Use the fllwing detailed checklist t gather infrmatin fr preparing yur incme tax return. Nt every categry will apply t yu. Just pick the nes that d apply and
More informationSpecial Conditions Form
2019-2020 Special Cnditins Frm Cntact Infrmatin www.twsn.edu/finaid finaid@twsn.edu 410-704-4236 If yur family has experienced a majr reductin in incme, the Financial Aid Office may be able t reevaluate
More informationDisability Replace Part of Your Pay for Disabilities that Continue After Your Short Term Disability Benefits End
Disability 1 PLAN HIGHLIGHTS Prvide Cverage at N Cst As part f the USEC Inc. Leave Plicy, Full-time Emplyees are prvided up t 10 days f sick leave per calendar year. Part-time Emplyees are prvided prated
More informationTax Reform Series II: Retirement Plan and IRA Provisions
If yu have questins, please cntact yur regular Grm attrney r ne f the attrneys listed belw: Elizabeth Dld edld@grm.cm (202) 861-5406 David Levine dlevine@grm.cm (202) 861-5436 Mark Lfgren mlfgren@grm.cm
More informationTax Reform Legislation: Changes, Impact, and Planning Considerations
Tax Refrm Legislatin:,, and Planning Cnsideratins Planning Update January 2018 The Tax Cuts and Jbs Act f 2017, the lng-awaited tax refrm bill, was signed int law in December 2017. In this update, we will
More informationSummary of proposed section 951A GILTI regulations
Delitte Tax LLP Summary f prpsed sectin 951A GILTI regulatins The Treasury and the IRS n September 13 released prpsed regulatins addressing the new Glbal Intangible Lw-Taxed Incme (GILTI) prvisin f the
More informationParent Guide to Financial Aid
Parent Guide t Financial Aid fr the 2019-20 schl year OVERVIEW AND DEADLINES Welcme t the financial aid applicatin seasn fr the 2019-20 schl year. We recgnize that the applicatin prcess can be stressful
More informationChapter 3 Business Income & Expenses Part I
Chapter 3 Business Income & Expenses Part I Income Tax Fundamentals 2011 Gerald E. Whittenburg Martha Altus-Buller Learning Objectives Apply tax rules for rental and vacation properties Explain treatment
More informationPuerto Rico Treasury Department Finally Grants Relief to Participants Affected by Hurricane Maria
Nvember 16, 2017 If yu have questins, please cntact yur regular Grm attrney r ne f the attrneys listed belw: Juan Luis Alns jalns@grm.cm (202) 861-6632 Elizabeth T. Dld edld@grm.cm (202) 861-5406 David
More informationSENATE RELEASES DRAFT ACA REPLACEMENT BILL
HIGHLIGHTS Senate Republicans released their ACA replacement legislatin, called the Better Care Recnciliatin Act. The Senate bill clsely mirrrs the Huse prpsal the American Health Care Act including by:
More informationUBC Properties Trust (UBCPT) Restricted Faculty Second Mortgage Loan Program Summary of Key Terms. November 1, 2013
UBC Prperties Trust (UBCPT) Restricted Faculty Secnd Mrtgage Lan Prgram Summary f Key Terms Nvember 1, 2013 The Prgram is intended t assist full-time tenured and tenure-track faculty at UBC's Vancuver
More information2018 Employee Benefits Program (U.S.) Qualified Status Changes
2018 Emplyee Benefits Prgram (U.S.) Qualified Status Changes SUMMARY PLAN DESCRIPTION (SPD) 2018 Emplyee Benefits Prgram (U.S.) Qualified Status Changes TABLE OF CONTENTS WHAT HAPPENS TO YOUR BENEFITS...
More informationCLIENT PROFILE. The Austin-Decher Group at Morgan Stanley Smith Barney
CLIENT PROFILE The Austin-Decher Grup at Mrgan Stanley Smith Barney 600 Thimble Shals Blvd. Suite # 110 Newprt News, VA 23606 757-873-3300 / 800-338-8948 Wanda M. Austin Senir Vice President-Wealth Management
More informationSpecial Conditions Form
2017-18 Special Cnditins Frm Cntact Infrmatin www.twsn.edu/finaid finaid@twsn.edu 410-704-4236 If yur family has experienced a majr reductin in incme, the Financial Aid Office may be able t reevaluate
More informationSpecial Circumstance Review
1 f 7 Student s Name: Last First SLU Banner ID Number 2008-2009 Special Circumstance Review Parent(s)/Stepparent(s) and Student/Spuse may use this frm t reprt significant changes that have ccurred since
More information2018 Tax Reform Update. John Price & Tony Perricelli
2018 Tax Refrm Update Jhn Price & Tny Perricelli Agenda Individual Tax Changes Crprate Tax Changes Planning & Strategies 2 Tax Refrm Update Timeline f Refrm Legislative Path SENATE CONFERENCE COMMITTEE
More information2018 Healthy Boiler Wellness Incentive Program FAQs
2018 Healthy Biler Wellness Incentive Prgram FAQs As healthcare csts cntinue t rise acrss the cuntry, the university s best way t cmbat this is by helping t imprve the verall wellness f ur ppulatin. Therefre,
More informationIRS Notice CLICK HERE to return to the home page
CLICK HERE t return t the hme page IRS Ntice 2012-9 I. PURPOSE This ntice restates and amends the interim guidance n infrmatinal reprting t emplyees f the cst f their emplyer-spnsred grup health plan cverage
More informationINCOME NAME. Occupation and Employer. Current Residential Address. Current Postal Address. Address. Phone Number
NAME Occupatin and Emplyer Gvernment emplyees please include level. Current Residential Address Current Pstal Address Email Address Phne Number Hw Wuld Yu Like Us t Cntact Yu Email Phne Bank Accunt Infrmatin
More informationStrategies for Year-End Income Tax Planning December 2015
Strategies fr Year-End Incme Tax Planning December 2015 Tax Rates and Brackets Unchanged The changes brught abut by the American Taxpayer Relief Act f 2012 ( ATRA ) cntinue t apply fr 2015 and 2016. Fr
More informationTax Information Needed To Prepare Your 2012 Returns
Tax Infrmatin Needed T Prepare Yur 2012 Returns This incme tax preparatin checklist is divided int relevant categries t help yu rganize yur tax infrmatin. As yu receive r lcate an item, check it ff f the
More informationPLANNING FOR QUALITY CARE AND INDEPENDENCE. Why you need to plan for long-term care assistance, and what funding options are available.
PLANNING FOR QUALITY CARE AND INDEPENDENCE Why yu need t plan fr lng-term care assistance, and what funding ptins are available. PLANNING FOR QUALITY CARE AND INDEPENDENCE THE VALUE OF PLANNING AHEAD
More informationSettlement agreements (Formerly compromise agreements)
FORUM LAW FACT SHEET Settlement agreements (Frmerly cmprmise agreements) Where an emplyee has ptential claims against the emplyer under the Emplyment Rights Act 1996 r ther emplyment legislatin, r where
More informationTerminating an Employee in Accounts Business
Terminating an Emplyee in Accunts Business When wrkers leave the emply f the business, whether it is vluntary r invluntary, they will ften be entitled t a number f additinal payments abve their nrmal pay.
More informationCafeteria Plan. Explanation Booklet. For January 1, 2010 through December 31, 2010 Plan Year Elections
Cafeteria Plan 2010 Explanatin Bklet Fr January 1, 2010 thrugh December 31, 2010 Plan Year Electins 1 Table f Cntents Cafeteria Plan Overview 3 Medical Plan Optins. 5 Dental Plan Overview. 7 Flexible Spending
More informationUnderstanding Loan Product Advisor s Determination of Total Monthly Debt for Conventional Loans
Understanding Lan Prduct Advisr s Determinatin f Ttal Mnthly As indicated in Freddie Mac s Single-Family Seller/Servicer Guide (Guide) Sectin 5401.2, the Brrwer's liabilities must be reflected n the Mrtgage
More informationHighlights for 2017 Compliance
Prvided by Natinal Insurance Services, Inc. Highlights fr 2017 Cmpliance The Affrdable Care Act (ACA) has made a number f significant changes t grup health plans since the law was enacted in 2010. Many
More informationTaxAid. Your Personal Tax Account Filing Your Tax Return
TaxAid Yur Persnal Tax Accunt Filing Yur Tax Return The Persnal Tax Accunt (PTA) Yur persnal tax accunt allws yu t manage yur tax affairs with HMRC nline. It can be used fr a number f purpses including:
More informationWithholding Certificate for Pension or Annuity Payments. --.a Code
epartment f Revenue Services Frm T -W4P ffective January 1, 2018 State f nnecticut (Rev. 10/17) Withhlding ertificate fr Pensin r Annuity Payments r7.'\l New withhlding requirement: ffective January 1,
More informationRequest for Taxable Conversion to WEAC Roth IRA
P.O. Bx 7893 Madisn, WI 53707-7893 1-800-279-4030 Prducer Cde Fax: (608) 237-2529 Request fr Taxable Cnversin t WEAC Rth IRA If yu are cnverting frm mre than ne cmpany, please cmplete a separate frm fr
More informationSection 125 Flexible Benefit Plan Plan Year Frequently Asked Questions & Answers and 125 Plan Summary of Reimbursement Account Arrangement
PLACER COUNTY OFFICE OF EDUCATION Sectin 125 Flexible Benefit Plan 2015-2016 Plan Year Frequently Asked Questins & Answers and 125 Plan Summary f Reimbursement Accunt Arrangement 800-248-8858, Ext. 251
More informationMICRO GROUP EMPLOYER DOCUMENTATION REQUIREMENTS
Seattle, Washingtn 98101 MICRO GROUP EMPLOYER DOCUMENTATION REQUIREMENTS D nt cancel any existing plicies until yu receive cnfirmatin f final rates and/r acceptance f the grup by Regence BlueShield (Regence).
More informationHow to Count Employees Determining Group Size Under the Medicare Secondary Payer Regulations
Hw t Cunt Emplyees Determining Grup Size Under the Medicare Secndary Payer Regulatins 1. Wh is an Emplyee? An emplyee is an individual wh wrks fr an emplyer r an individual wh, althugh nt actually wrking
More informationAn Educational Guide for Individuals. Radius Choice SM. MassMutual s Premier Individual Disability Income Insurance Protection. Insurance Strategies
An Educatinal Guide fr Individuals Radius Chice SM MassMutual s Premier Individual Disability Incme Insurance Prtectin Insurance Strategies HELP MAKE YOUR FINANCIAL FUTURE MORE SECURE Radius Chice is disability
More informationDesignated Fund Contribution Form
1 Designated Fund Cntributin Frm Name(s) Address Street City State Zip Alternate Address: Business Seasnal Street City State Zip Telephne Wrk Hme Cell Email: Alternate email: Hw did yu hear abut the Cmmunity
More informationGMS SURGENT 2018 YEAR-END TAX SAVING TIPS
GMS SURGENT 2018 YEAR-END TAX SAVING TIPS Previusly we wrte t yu regarding the Tax Cuts and Jbs Act (TCJA) that was signed int law at the end f 2017. The TCJA has brad implicatins fr bth individual and
More informationYear-End Tax and Financial Planning
Year-End Tax and Financial Planning December, 2015 A year withut change prvides a nice respite. Will it last? This is getting t be a habit. Fr the secnd year in a rw, things have been very quiet n the
More informationJanuary 2017 *Benefits Highlights for Medical Center Employees
January 2017 *Benefits Highlights fr Medical Center Emplyees Health Insurance Plans A Tricare Supplement plan is ffered t Tricare eligible emplyees: all ther emplyees have t the ptin t enrll in the MUSC
More informationFor the employees of: City and County of San Francisco Health Service System
Cmpass Critical Illness Insurance A limited benefit plicy Enrllment at a Glance An affrdable way t help prtect against the financial stress f a serius illness. Fr the emplyees f: City and Cunty f San Francisc
More informationCAFETERIA PLAN AND FLEXIBLE SPENDING ACCOUNTS PARTICIPANT HANDBOOK
CAFETERIA PLAN AND FLEXIBLE SPENDING ACCOUNTS PARTICIPANT HANDBOOK PROVIDED BY MID- AMERICAN BENEFITS, INC. EXAMPLE OF TAX ADVANTAGE AVAILABLE THROUGH THE FLEX PLAN Under current tax law, yu may establish
More informationCompass Critical Illness Insurance Enrollment at a glance An affordable way to help protect against the financial stress of a serious illness.
Cmpass Critical Illness Insurance Enrllment at a glance An affrdable way t help prtect against the financial stress f a serius illness. Fr the emplyees f: ACME Truck Line, Inc. D yu knw smene wh has had
More informationStartup for Fund Accounting
Startup fr Fund Accunting Setup........2 Preferences...2 Accunting Funds...2 Chart f Accunts....3 Accunts Payable...5 Credit Card Payable...5 Accunts Receivable...5 Beginning Balances...6 *** Since tax
More informationEnding Your Membership in the Plan
Ending Yur Membership in the Plan Yu must be eligible fr a valid disenrllment perid. Yur cverage will end the first day f the mnth after we receive yur request t disenrll. When can yu end yur membership
More informationHighlights of The Tax Cuts and Jobs Act
WEALTH SOLUTIONS GROUP Highlights f The Tax Cuts and Jbs Act The Huse is the first t release a bill in what will be a cntentius tax refrm debate This first tax refrm prpsal cnslidates tax brackets, eliminates
More informationABLE Accounts: 10 Things You Should Know
ABLE Natinal Resurce Center 1667 K Street, NW Suite 640 Washingtn, DC 200006 (202) 296-2040 inf@ablenrc.rg ABLE Accunts: 10 Things Yu Shuld Knw 1. What is an ABLE accunt? ABLE Accunts, which are tax-advantaged
More informationTo all Members of the Medical Insurance Plan for Retirees:
The Wrld Bank Grup Human Resurces, MSN G2-202 (202) 473-2222 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT Washingtn, D.C. 20433 (202) 522-7026 fax INTERNATIONAL DEVELOPMENT ASSOCIATION U.S.A.
More informationLucky Lagniappe Savings
Lucky Lagniappe Savings Prduct Prfile Prize-Linked Savings Accunt Prgram Lucky Lagniappe Savings Prduct Descriptin The Luisiana Credit Unin League (LCUL) ffers a Prize-Linked Savings (PLS) Prgram that
More informationYour Retirement Guide. Employees
Yur Retirement Guide Emplyees Retirement is a big step. Over the next few weeks and mnths yu ll be asked t make many imprtant decisins abut yur New Yrk Life benefits and yur financial security. This easy-t-use
More informationU.S. Domestic Relocation Summary
U.S. Dmestic Relcatin Summary Fr Internatinal Assignment t United States Career Path Change Mving t the United States January 1, 2015 Human Resurces Shared Services Intrductin This dcument prvides a summary
More informationRelocation/Moving Procedures for New Employees
Relcatin/Mving Prcedures fr New Emplyees Purpse T prvide guidelines and restrictins regarding thse cases where relcatin csts are necessary fr an individual t accept emplyment with the University and t
More informationUNIVERSITY OF TORONTO TOWN HALL PRESENTATION. on the University Pension Plan (UPP)
UNIVERSITY OF TORONTO TOWN HALL PRESENTATION n the University Pensin Plan (UPP) This is a presentatin prepared by the University f Trnt fr its emplyees and retirees and is based n the University f Trnt
More information2017 BUSINESS TAX ORGANIZER
2017 BUSINESS TAX ORGANIZER Instructins: The fllwing infrmatin is required fr preparatin f yur Business Tax Returns. Please fill ut this frm cmpletely and return it with the requested infrmatin fr yur
More informationRESEARCH FACT SHEET Tax Cuts and Jobs Act
RESEARCH FACT SHEET 2017 Tax Cuts and Jbs Act Abstract This analysis cntains statistical and research infrmatin prepared by the Research and Ecnmic Department at the CALIFORNIA ASSOCIATION OF REALTORS
More informationACCT 101 LECTURE NOTES CH.
ACCT 101 LECTURE NOTES CH. 11 Crprate Reprting and Analysis Gals: 1) Be familiar with characteristics f a crpratin and with different surces f equity. 2) Be familiar with varius cmmn stck transactins,
More informationFrequently Asked Questions for Blue Shield Producers Guarantee Issue for Children Under Age 19 Updated June 7, 2011
Frequently Asked Questins fr Blue Shield Prducers Guarantee Issue fr Children Under Age 19 Updated June 7, 2011 What are the new health refrm requirements fr applicants under age 19? The Affrdable Care
More informationHighlights of the Final Tax Cuts and Jobs Act
WEALTH SOLUTIONS GROUP Highlights f the Final Tax Cuts and Jbs Act The Huse and Senate have bth passed the cmbined tax refrm bill The cmbined tax refrm bill includes plans t lwer tax rates n individuals
More informationAdvanced Nondiscrimination Testing
Advanced Nndiscriminatin Testing Cverage and Nndiscriminatin Limits extent t which plans can be designed in favr f HCEs = must pass bth cverage and nndiscriminatin tests every plan year Cverage measures
More informationVerification Worksheet
2015-2016 Verificatin Wrksheet Independent Student Tracking Grup V1 STAFF USE ONLY Frm Received by Date Yur 2015 2016 Free Applicatin fr Federal Student Aid (FAFSA) was selected fr review in a prcess called
More informationTax Reform Series I: Fringe Benefit and Health & Welfare Provisions
January 12, 2018 If yu have questins, please cntact yur regular Grm attrney r ne f the attrneys listed belw: Kathryn Amin kamin@grm.cm (202) 861-2604 Jn Breyfgle jbreyfgle@grm.cm (202) 861-6641 Lisa Campbell
More informationCONNECTICUT CARPENTERS HEALTH FUND COBRA CONTINUATION COVERAGE ELECTION NOTICE
CONNECTICUT CARPENTERS HEALTH FUND COBRA CONTINUATION COVERAGE ELECTION NOTICE DATE Dear : This ntice cntains imprtant infrmatin abut yur right t cntinue yur health care cverage in the Cnnecticut Carpenters
More informationVerification Worksheet- V1 DIRECTIONS 2016 INCOME TAX FILER DIRECTIONS:
2018-2019 Verificatin Wrksheet- V1 DIRECTIONS 2016 INCOME Yur applicatin was selected by the U.S. Dept. f Educatin fr review in a prcess called "verificatin". Yu must submit the last 3 pages f this verificatin
More informationCredits & Special Taxes
CHAPTER 6 Credits & Special Taxes Child tax credit Earned incme credit; child/dependent care credit Educatin credits; freign tax credit Adptin credits Basic individual credits fr energy efficiency Understand
More informationTRU Partnership Employees Savings and Profit Sharing Plan Summary Plan Description
TRU Partnership Emplyees Savings and Prfit Sharing Plan Summary Plan Descriptin This dcument is a Summary Plan Descriptin (SPD), as defined by the Emplyee Retirement Incme Security Act f 1974 (ERISA),
More informationAdvanced Nondiscrimination Testing
Advanced Nndiscriminatin Testing Cverage and Nndiscriminatin Limits extent t which plans can be designed in favr f HCEs = must pass bth cverage and nndiscriminatin tests every plan year Cverage measures
More informationEmployer Shared Responsibility (ESR) Provisions under the ACA Part II
April 1, 2013 Emplyer Shared Respnsibility (ESR) Prvisins under the ACA Part II Treasury and the IRS released prpsed regulatins n the new Emplyer Shared Respnsibility (ESR) prvisins (a/k/a Play r Pay,
More informationAUSTIN POLICE RETIREMENT SYSTEM ACTUARIAL VALUATION AS OF DECEMBER 31, 2011
AUSTIN POLICE RETIREMENT SYSTEM ACTUARIAL VALUATION AS OF DECEMBER 31, 2011 FOSTER & FOSTER ACTUAR IES AND CONSULTANTS 2 December 17, 2012 Mr. Sam Jrdan, CEO Austin Plice Retirement System 2520 Suth I
More informationInvestor Profile Questionnaire
Investr Prfile Questinnaire Investment Objectives 1. An investment bjective can vary, frm a cnservative strategy in which the fcus is n capital preservatin t an aggressive grwth strategy in which the fcus
More informationWhat Does Specialty Own Occupation Really Mean?
What Des Specialty Own Occupatin Really Mean? Plicy definitins are cnfusing, nt nly t dentists but als t many f the insurance prfessinals wh sell them. Belw we will try t prvide an understandable explanatin
More informationW2 Processing Cheat Sheet
W2 Prcessing Cheat Sheet **IGNORE any errrs related t YTD adjustments. IT is wrking with Escape t get these crrected** Verify Payrll Data Review the fllwing reprts: [HR/Payrll- Reprts- Payrll] - Pay 31
More information