Gross Income & Exclusions
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1 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 Identify exclusins frm grss incme such as life insurance prceeds, fringe benefits, schlarships, inheritances and gifts, etc. Identify cmmn emplyee fringe benefit incme exclusin Apply rules gverning inclusin f Scial Security payments as incme 1
2 Defining Grss Incme Tax cde defines grss incme as All incme frm whatever surce derived This means all surces f incme are included unless specifically excluded See Table 2.1 n page 2-3 fr inclusins See Table 2.2 n page 2-3 fr exclusins Nn-cash items included at fair market value Barter transactins are includable Nte: IRS nw requires that wages paid using virtual currency (such as bitcin) requires the payr t issue a W-2 2
3 Interest Incme If ttal interest incme >$1,500, must reprt n Schedule B (1040 r 1040A) Interest is reprted in year received fr cash basis taxpayers Fair market value f gifts/services a taxpayer receives fr making lng-term depsits r pening an accunt are taxable interest 3
4 U.S. Gvernment Bnds Series EE bnds Purchase at discunt and then redeem Interest taxed in year f maturity r year bnds are cashed in (whichever is earlier) Series HH bnds Issued at face value Pay interest semiannually and interest is taxed each year Treasury stpped issuing 8/04, but there are still utstanding HH bnds paying interest Series I bnds Purchase fr face value Earnings are adjusted semiannually fr inflatin Interest taxed each year r at maturity 4
5 Dividend Incme 3 kinds f dividends Ordinary dividends are mst cmmn Return f net incme t sharehlders Schedule B when ttal dividend incme > $1,500 Nntaxable distributins are return f riginal investment - nt paid frm crpratin s earnings and prfits Nt included in taxpayer s incme and reduces basis in stck Capital gain distributins (CGD) When stck reaches zer basis, further distributins are CGD Reprt n page 1 f Frm 1040 r Schedule D 5
6 Tax Rates fr Dividends Qualifying dividends are classified by crpratins issuing dividends and brkerage firms hlding stck investments Regular tax bracket Qualifying Dividend Rate 10-15% 0% 25-35% 15% 39.6% 20% High Incme ACA Medicare Surtax 3.8% If nt qualifying, dividends taxed at rdinary rates 6
7 Alimny Alimny is deductible t payer and taxable t payee Alimny payments must meet five requirements as fllws (if subject t divrce agreement after 1984) Must be in cash and received by ex-spuse Must be made in cnnectin with written instrument Can t cntinue after death f ex-spuse Can t be designated as anything ther than alimny Parties may nt be members f the same husehld 7
8 Other Issues with Alimny Recapture prvisins prevent frnt-end lading f alimny payments Prperty transfer is nt alimny because it s nt cash Transferr desn t have t recgnize any gain n transactin Transferee s basis in prperty is same as transferr s Nte: IRS crsschecks alimny payments with the payee s declaratin f alimny as incme 8
9 Alimny Example Example Cmplying with a written divrce decree, Frederik pays Shanna $1,800/mnth. The decree specifies that the payments will be reduced 40% when their daughter, in Shanna s custdy, becmes eighteen. Hw much can Frederik deduct per year as alimny? 9
10 Slutin Example Cmplying with a 2014 written divrce decree, Frederik pays Shanna $1,800/mnth. The decree specifies that the payments will be reduced 40% when their daughter, in Shanna s custdy, becmes eighteen. Hw much can Frederik deduct per year as alimny? Slutin 40% f each payment is cnsidered nndeductible child supprt; therefre, $1,800 x 12 mnths x 60% = $12,960/year deductible alimny. 10
11 Child Supprt Child supprt is nt deductible t payer and nt taxable t payee If payer falls behind n child supprt, he/she must bring this current befre any prtin f payments can be cnsidered alimny Rules differ fr divrce agreements executed preand pst
12 Prizes/Awards Taxable amunt equal t cash prize r fair market value f prperty Exceptin: Emplyee awards f tangible persnal prperty (up t $400) received fr recgnitin f length f service r safety achievement are excludable. Up t $1,600 may be excluded, if it is granted under a qualified plan award. Game shw and reality TV shw winners shuld be aware that prizes/awards are taxable 12
13 Prize/Award Example Example Jsef, an emplyee f Vesuvius Statuaries LLC, receives a clck fr 20 years f service valued at $1,500 and the award is nt cnsidered a qualified plan award; hw much is excludable frm Jsef s grss incme? 13
14 Slutin Example Jsef, an emplyee f Vesuvius Statuaries LLC, receives a clck fr 20 years f service valued at $1,500 and the award is nt cnsidered a qualified plan award; hw much is excludable frm Jsef s grss incme? Slutin $400 is excluded and $1,100 wuld have t be included in Jsef s grss incme calculatin 14
15 Annuities/Pensins An annuity is an instrument that a taxpayer buys (usually at retirement) in return fr peridic payments fr the remainder f his/her life The taxable prtin f these peridic payments is calculated based n Mrtality tables prvided by IRS and The annuity purchase price 15
16 Annuities/Pensins General Rule Payments received are bth taxable (incme) and nntaxable (return f capital) Must calculate amunt t exclude frm incme 1. First, calculate exclusin rati Investment in Cntract / (Annual payment x Life expectancy) 2. Secndly, find the amunt t exclude Exclusin Rati (frm step 1) x Annual Amunt f Annuity Received 16
17 Annuities/Pensins Example Example Din has saved $750,000 in his retirement accunt and uses it t purchase an annuity. His annuity equals $4,800/mnth and the IRS tables shw he is expected t live 19 years. Hw much is excludable frm tax each year f Din s retirement? Assume that Din is required t use the general rule. 17
18 Slutin Example Din has saved $750,000 in his retirement accunt and uses it t purchase an annuity. His annuity pays $4,800/mnth and the IRS tables shw he is expected t live 19 years. Hw much is excludable frm tax each year f Din s retirement? Assume that Din is required t use the general rule. Slutin $750,000/($4,800 x 12 mnths x 19 years) = = 68.5% f amunt is excluded frm tax.685 x ($4,800 x 12 mnths) = $39,456 annual exclusin 18
19 Annuities/Pensins Simplified Methd Individuals generally required t use this methd t calculate taxable amunt frm an annuity - if annuity payments cmmenced after 11/18/96 Taxpayer must fill in wrksheet prvided by IRS See pp and 2-13 fr example f simplified methd wrksheet 19
20 Emplyee Annuities Emplyers may make peridic payments t retirement plans n behalf f their emplyees These payments are nt taxable t emplyee in current year They are nt cnsidered part f investment when calculating exclusin rati 20
21 Life Insurance Prceeds Life insurance prceeds are excluded frm grss incme if: Prceeds paid t beneficiary by reasn f death f the insured and Beneficiary has an insurable interest Nte: Interest n prceeds paid ver several years is generally taxable incme 21
22 Life Insurance Prceeds Example Example Karina dies n 6/15/14, leaving her husband, Dann, a $500,000 life insurance plicy. The prceeds will be paid ut t Dann $100,000 per year plus interest fr 5 years. In the current year, Dann receives $105,000 ($100,000 + $5,000 interest). Hw much is taxable t Dann in the current year? 22
23 Slutin Example Karina dies n 6/15/14, leaving her husband, Dann, a $500,000 life insurance plicy. The prceeds will be paid ut t Dann $100,000 per year plus interest fr 5 years. In the current year, Dann receives $105,000 ($100,000 + $5,000 interest). Hw much is taxable t Dann in the current year? Slutin Dann must include the $5,000 f interest incme in his grss incme calculatin; the face value f $100,000 is nt taxable. 23
24 Viatical Settlements Als knwn as accelerated death benefits Viatical settlements are excludable frm grss incme in certain situatins Chrnically r terminally ill taxpayer cllects early payut frm insurance cmpany r sells/assigns plicy t a viatical settlement prvider Terminally ill patient must have certificatin frm MD stating that he/she reasnably expected t die within 24 mnths Chrnically ill must have certificatin frm MD stating the he/she is unable t perfrm daily living activities unassisted 24
25 Life Insurance Plicy Transferred fr Value If plicy is transferred fr value, then all r part f the prceeds may be taxable t recipient Taxable amunt = Prceeds frm death f insured - [Cash surrender value at time f transfer + Premiums paid by purchaser t keep plicy active] Exceptin: if plicy is transferred fr value t partner f insured, a partnership in which insured is a partner r a crpratin in which insured is an fficer, then plicy prceeds are nt taxable 25
26 Life Plicy Transfer Example Example Bianca transfers a life insurance plicy with a face value f $25,000 and cash surrender value f $4,000 t Yvette as payment fr services rendered. Yvette pays premiums f $500 per year fr a ttal f $1,500 in the ensuing 3 years; Bianca dies and Yvette cllects the $25,000. Hw much must Yvette include in her grss incme? Hw wuld this answer differ if Yvette and Bianca were partners in a partnership? 26
27 Slutin Example Bianca transfers a life insurance plicy with a face value f $25,000 and cash surrender value f $4,000 t Yvette as payment fr services rendered. Yvette pays premiums f $500 per year fr a ttal f $1,500 in the ensuing three years; Bianca dies and Yvette cllects the $25,000. Hw much must Yvette include in her grss incme? Hw wuld this answer differ if Yvette and Bianca were partners in a partnership? Slutin Yvette must include $19,500 in incme [$25,000 (4, ,500)]. If Yvette and Bianca were partners in a partnership, the entire prceeds ($25,000) wuld be tax-free. 27
28 Gifts & Inheritances Inheritances are excluded frm incme Any incme generated frm prperty received after transfer is taxable Estate may incur taxes Gifts received are excluded frm incme A gift is defined by the curts as a vluntary transfer f prperty withut adequate cnsideratin Gifts in business settings usually cnsidered taxable incme If recipient renders services fr the gift, amunt is taxable 28
29 Schlarships Schlarships received fr fees, bks, tuitin, curse-required supplies r equipment are excluded frm incme Must include schlarship amunts in incme fr: Any amunts applied t rm and bard Any amunts received as cmpensatin fr required wrk (including wrk study) 29
30 Emplyer Paid Accident & Health Insurance Premiums Taxpayers may exclude frm incme the ttal amunt received fr Payment f medical care Payment fr lss f a bdy member r functin (called accidental death and dismemberment) Premiums paid by emplyer n emplyee s behalf are excluded frm incme Fr medical insurance Fr accidental death and dismemberment insurance 30
31 Meals and Ldging Meals and ldging prvided by emplyer are generally excluded frm incme (if fllwing tests are met) (1) Meals prvided by emplyer n premises during wrking hurs slely fr the benefit f the emplyer because emplyee must be available fr emergency calls r is limited t shrt meal perids (2) Ldging prvided by emplyer n premises and must be accepted as a requirement fr emplyment 31
32 Municipal Bnd Interest Taxpayer may exclude interest n state and lcal gvernment bligatins (called muni bnds ) frm federal taxatin After-tax return fr tax-free bnd calculated as fllws After-tax return = Tax-free interest rate / (1.00 taxpayer s tax rate) 32
33 Municipal Bnd Interest Example Example Gpal is in the 33% federal incme tax bracket and invests in a Nashville City Bnd paying 6%. What taxable interest rate will yield the same after-tax return as the municipal bnd? 33
34 Slutin Example Gpal is in the 33% federal incme tax bracket and invests in a Nashville City Bnd paying 6%. What taxable interest rate will yield the same after-tax return as the municipal bnd? Slutin Taxable interest rate equivalent = 8.96% (.06) / ( ) =
35 Unemplyment Cmpensatin Unemplyment cmpensatin payments are fully taxable in 2014 These payments are deductible n sme state s incme tax returns 35
36 Emplyee Fringe Benefits: Emplyer-Prvided Spending Accunts Emplyer-spnsred plan allwing emplyees t set aside pretax dllars fr: Dependent care accunts (up t $5,000/year) Medical flexible spending accunts (up t $2,500/year) Health insurance c-pays Prescriptin csts Public transprt/parking/biking csts up t certain limits Can result in significant tax savings fr emplyee Use-it-r-lse-it prvisin If amunts are left in dependent care accunts after certain date, EE lses them Medical spending accunt plans may have ptin t carryver up t $500 f unused amunts int a grace perid int the next year 36
37 Emplyee Fringe Benefits May exclude certain fringe benefits frm grss incme, such as: Emplyer-paid premiums fr grup term life insurance (face value up t $50,000) Qualified emplyee discunts (with exceptins) Wrking cnditin fringe benefits - excludable if yu culd deduct item n yur wn as an emplyee De minimis fringe benefits (immaterial and nt wrth tracking) Tuitin reductin Different rules fr undergraduate vs. graduate Value f membership t athletic facilities Retirement planning services Other excludable fringes 37
38 Scial Security Benefits Part f Scial Security benefits may be included in grss incme Maximum inclusin amunt = 85% Inclusin based n taxpayer s Mdified AGI (MAGI) MAGI = AGI + tax-exempt interest (and ther items) If [MAGI + (50%)(SS benefits)] < base amunt* then benefits are nt includable *If this number exceeds base amunt, must cmpute taxable prtin. See pages fr sample wrksheets n hw t calculate includable Scial Security benefits. 38
39 Calculating Taxable Amunt f SS Benefits If [MAGI + (50%)(SS benefits)] exceeds base amunt as fllws: Base Amunt Filing Status $32,000 MFJ $25,000 All thers then, the taxable amunt is calculated by cmpleting the Simplified Taxable Scial Security Wrksheet 39
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