An Internal Revenue Service (IRS) form with which an individual reports his or her distributions from annuities, profit-sharing plans, retirement plans, IRAs, insurance contracts and/or pensions. The following are some of the items included on the form: the gross distribution paid during the given tax year, the amount of the distribution that is taxable, the federal income tax that has been withheld, the contributions made to the investment or premiums paid, and a code that represents the type of distributions made to the holder of the plan. The plan custodian sends the form to the owner of a plan if he or she has made distributions of $10 or more from the plan in a given year. The form is mailed to recipients by January 31 of the year after the distribution was made. In some cases, the individual needs to attach a copy of Form 1099-R to his or her tax return. The plan owner, the IRS and the municipal or state tax department (if applicable) all receive a copy of the form.
A U.S. income tax form used by taxpayers to report itemized deductions, which can help reduce an individual's federal tax liability. Expenses that can be itemized and claimed on the form include medical and dental expenses, amounts paid for particular taxes and interest expenses as well as specific losses due to theft. In the U.S. income tax system, taxpayers have the option of either claiming a standard deduction on their tax returns, or itemizing their expenses and claiming the total itemized deductions. only taxpayers whose total itemized deductions are greater than the standard deduction will select this option.
A section of the IRS code stating that a gain from selling real estate that has been subjected to accelerated depreciation should be treated as ordinary income instead of a capital gain. Generally capital gains taxation rates are more favorable than income tax.
A retirement savings plan created by a person or a company to benefit individuals who are not Canadian residents. These beneficiaries may or may not be Canadian citizens, but the plan applies to income they earn for services they perform outside of Canada. Foreign plans are one of the most complex topics related to personal income tax in Canada. Individuals interested in creating a foreign plan for themselves or for another non-Canadian resident would be well advised to seek the assistance of a professional.
A section of the U.S. Internal Revenue Service Code that allows investors to defer capital gains taxes on any exchange of like-kind properties for business or investment purposes. Taxes on capital gains are not charged on the sale of a property if the money is being used to purchase another property - the payment of tax is deferred until property is sold with no re-investment. The idea behind this section of the tax code is that when an individual or a business sells a property to buy another, no economic gain has been achieved. There has simply been a transfer from one property to another. For example, if a real estate investor sells an apartment building to buy another one, he or she will not be charged tax on any gains he or she made on the original apartment building. When the investor sells the original apartment building and purchases a new one, the value used from the original to buy the new one has not changed - the only thing that has changed is where the value is being held.
A method of calculating an employer's contribution to an employee's defined benefit plan whereby the employer multiplies an employee's months of service by a predetermined flat monthly rate. There are three basic types of defined benefit plans: the flat benefit, unit benefit and variable benefit.
A form attached to Form 1040 that is used to calculate the standard deduction for certain tax filers. Schedule L is only used by taxpayers who are increasing their standard deduction by reporting state or local real estate taxes, taxes from the purchase of a new motor vehicle or from a net disaster loss reported on Form 4684. Refunds and rebates already received on real estate taxes reduce the amount of additional standard deduction for which a taxpayer may be eligible. With regards to motor vehicles, taxpayers in states that do not charge sales tax but levy another fee on the purchase of a new vehicle can treat those fees as a tax for the purpose of this form. Taxpayers should check to see if an increased standard deduction will provide the same tax benefit as itemizing deductions.
One of three methods by which early retirees of any age can access their retirement funds without penalty before turning 50.5. The fixed annuitization method divides the retiree's account balance by an annuity factor taken from IRS tables to determine an annual payment amount. The annuity factor is based on IRS mortality tables and an interest rate that is less than 120% of the federal mid-term rate. once the payment amount is determined, it cannot be changed. The two other methods for early, penalty-free retirement withdrawals are the fixed amortization method and the required minimum distribution method. Each method can result in quite different distribution amounts. The fixed annuitization method is the most complicated but sometimes offers the highest payments. Normally, funds withdrawn before age 59.5 are assessed a 10% early-withdrawal penalty. Funds must be withdrawn as substantially equal periodic payments as outlined by Internal Revenue Code Section 72(t) and must continue for five years or until the retiree reaches 59.5, whichever is longer. Retirees can elect to receive their distributions annually, quarterly or monthly. If withdrawals are stopped, all funds that have already been withdrawn become subject to early withdrawal penalties.
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