A tax-deferred trust account created by the U.S. government to assist families in funding educational expenses for beneficiaries 18 years old or younger. While more than one ESA can be set up for a single beneficiary, the total maximum contribution per year for any single beneficiary is $2,000. Formerly called an education IRA, the ESA allows families to increase investment earnings through tax-deferral as long as the funds are used for educational purposes. For example, if you contributed $500 to an ESA and it appreciated to $5,000 in 10 years, the earnings would not be taxed until the account's owner was enrolled in a post-secondary institution. When the contributions are distributed, they are tax-free assuming that they are less than the account holder's annual adjusted qualified education expenses. In the event that the distributions are higher than the expenses, the gains are taxed at the account holders' rate, rather than the contributor's rate, which is typically higher.
Premium paid by homeowners on mortgage insurance for FHA loans that can be deducted in the same manner as home mortgage interest. Qualified mortgage-insurance premiums can be deducted in addition to allowable mortgage interest for up to three years. In order to qualify, the mortgage must have been originated after 2006. The amount you can deduct is reduced by 10% for every $1,000 ($500 if your filing status is married filing separately) by which your adjusted gross income exceeds $100,000 ($50,000 if your filing status is married filing separately).
A formal arrangement between a company and its employees - or the employees' union - that provides funding for the employees' retirement. This pool of funds can be financed in several ways and will eventually be used to make periodic payments to retired employees. In most cases, both employer and employees make regular contributions to the plan. In the past, employers were wholly responsible for contributing to the plan based on an employee's work, length of employment and position held. Two of the most common corporate pension plans are the defined-benefit and defined-contribution plans. With defined-benefit plans, employee retirement benefits are calculated according to a formula, usually based on duration of employment and salary history, and it is the employer's responsibility to come up with the necessary cash to fund the plan. Defined-contribution plans, on the other hand, offer no guarantee on the amount of benefit that an employee will receive at retirement; the payout from this plan rests solely on the success of the investment plan. Many corporate pension plans promise to fund the living requirements of retired employees until they die. Not surprisingly, financing them can put a strain on corporations. As a result, many companies are changing their pension plans from defined benefit to defined contribution.
Expenses such as tuition and tuition related expenses that an individual, spouse, or child must pay to an eligible post-secondary institution. These expenses are important because they can determine whether or not you can exclude the interest off of a qualified savings bond from your taxable income.
A written instrument, such as a deed or lease, that transfers some ownership interest in real property from one person to another. You are typically charged a conveyance tax on the transfer.
An electric vehicle that qualifies the owner to claim a nonrefundable tax credit. A qualified electric vehicle must have at least four wheels and be designed for public use. It must also be powered primarily by an electric motor drawing its charge from rechargable batteries or fuel cells. The vehicle must be driven almost exclusively in the U.S. In order to claim the qualified electric vehicle credit, the taxpayer must have purchased the vehicle new and for personal or business use. The vehicle cannot be purchased for resale, and it cannot have been used as a nonelectric vehicle at any time. The credit is claimed on IRS Form 8834.
1. A beneficiary specified by an insurance contract holder who will receive the benefits if the primary beneficiary has died at the time the benefit is to be paid. 2. A beneficiary who is only entitled to insurance proceeds if predetermined conditions have been met at the time of the insured's death (as can be found in a will). Contingent and primary beneficiaries can be changed if the policy is a revocable one, such as with many individual policies. In the business world, most policies are irrevocable, as they are only meant to insure the person(s) originally specified as beneficiaries. Virtually any conditions may be in place for a contingent beneficiary of a will as this depends entirely on the person drafting the will.
A nonprofit organization that qualifies for tax-exempt status according to the U.S. Treasury. Qualified charitable organizations must be operated exclusively for religious, charitable, scientific, literary or educational purposes, or for the prevention of cruelty to animals or children, or the development of amateur sports. Nonprofit veterans' organizations, fraternal lodge groups, cemetery and burial companies and certain legal corporations can also qualify. Even federal, state and local governments can be considered qualified charitable organizations if money that is donated to them is earmarked for charitable causes. only donations that are made to a qualified charitable organization are tax-deductible. Organizations that do not qualify for this status are considered for-profit and are taxed accordingly. For example, political contributions are not tax-deductible, because political parties are not charitable institutions. On the other hand, contributions to an organization dedicated to building hospitals in third-world countries would likely be a charitable organization, and contributions would be tax deductible.
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