A letter from the Internal Revenue Service that advises a taxpayer about delinquent taxes owed plus any penalties and interest. A notice of deficiency is sometimes also called a 90-day letter because it gives the taxpayer 90 days to dispute the tax assessment. If the taxpayer disagrees with the assessment, he or she can file an appeal with the U.S. Tax Court. Sometimes a taxpayer can resolve a dispute with the IRS without going to court by going through an appeal process. The Request for Appeals Review form asks the taxpayer to list each item of the IRS decision that is in dispute and why. Taxpayers can represent themselves during the appeals process or hire a certified public accountant, attorney or enrolled agent to represent them. The IRS does not allow taxpayers to disagree based on moral, religious, political, constitutional or conscientious objection grounds.
The difference between future Social Security obligations and the income rate of the Social Security Trust Fund as of present. The Social Security program is said to be in actuarial deficit if the summarized income rate is less than the summarized cost rate of Social Security for any given valuation period. This situation is commonly referred to as the Social Security System being "insolvent." Actuarial balance is calculated for 66 different valuation periods, beginning with the upcoming 10 year period and growing with each successive year up to the full 75 year projection. If at any point over the 75 year projection the anticipated costs of Social Security exceed the future value of the trust fund's income, that period would be deemed to be in actuarial deficit.
Dividends from a mutual fund or some other regulated investment company that are not taxed. Taxes are not paid out because the fund invests in municipal and other tax exempt investments. The mutual fund must invest over 50% of its capital into tax exempt investments for the dividends to be classified as nontaxable.
The difference between future Social Security obligations and the income rate of the Social Security Trust Fund as of present. The Social Security program would be said to be in actuarial balance if the summarized income rate is inline with the summarized cost rate of Social Security for any given valuation period. Commonly referred to as the "solvency" of the Social Security System. Actuarial balance is calculated for 66 different valuation periods, beginning with the upcoming 10 year period and growing with each successive year up to the the full 75 year projection. If at any point over the 75 year projection the anticipated costs of Social Security exceed the future value of the trust fund's income, that period would be deemed to be out of actuarial balance. The difference would theoretically be the difference in the tax rate of Social Security provided from FICA.
A type of dividend that is paid to shareholders of a corporation not as a result of earnings, but as a return of capital. Nontaxable distributions can also include stock received from a spinoff. Dividends paid to cash-value life insurance policyholders are also considered nontaxable returns of capital. Shareholders who receive nontaxable distributions must reduce the basis in their stock accordingly. Upon the sale of the stock, the resultant gain or loss will be calculated from the adjusted basis. Nontaxable distributions are generally reported in box 3 of the Form 1099-DIV.
An individual's life expectancy based on calculations and statistical modeling. Actuaries use mathematical and statistical computations to predict a person's life expectancy, or his or her actuarial age, to assist insurance companies with pricing, forecasting and planning. For instance, knowing a person's actuarial age will help determine the most appropriate payments from an annuity. A person's actuarial age is the age to which mathematical and statistical modeling indicate a person will live. The actuarial age reflects factors such as health and serious medical conditions. Actuaries assess risk for insurance companies and use computerized predictive modeling to project probable outcomes for a wide variety of circumstances.
A non-U.S. citizen who doesn't pass the green card test or the substantial presence test. If a non-citizen currently has a green card or has had a green card in the past calender year, he or she would pass the green card test and would be classified as a resident alien. If the individual has resided in the U.S. for more than 31 days in the current year and has resided in the U.S. for more than 183 days over a three-year period, including the current year, he or she would pass the substantial presence test and also be classified as a resident alien. Resident aliens are taxed on all earned income as if they were U.S. citizens, but a nonresident alien is not taxed in the same way. For a nonresident alien, only income that is generated from U.S. sources, excluding certain investments such as stocks, is subject to taxation. For example, if you live in England and own a company that operates in the U.S., but you have not been to the U.S. for five years and don't have a green card (a non-resident alien), the income generated by the business will be subject to U.S. tax. Dividends are taxed at 30% for every non-resident alien, while capital gains are not subject to U.S. tax.
Active-participant status is a reference to an individual's participation in an employer sponsored retirement plan. The plans which qualify include: 1. Qualified plans, such as profit sharing plans, defined benefit plans, money purchase pension or target benefit plans and 401(k) plans 2. SEP IRAs 3. SIMPLE IRAs 4. 403(b) plans 5. Qualified annuity plans 6. Employee Funded Pension Trusts (created before June 25, 1959) 7. A plan established for its employees by the United States, by a State or political subdivision of the United States, or by an agency or instrumentality of the United States or any of its subdivisions Typically, the employer will indicate on the individual's Form W-2 if the individual is an active participant by checking the 'Retirement Plan' box. Individuals should check with their employers to be sure.
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