IRS Limits Home Down-Payment Gifts.Focuses on the ruling passed by the U.S. Internal Revenue Service about home down payment gifts.Wall Street Journal - Eastern EditionCorkeryMichael
The IRS also announced the 2013 contribution limits and other figures for pension plans and other retirement-related items (IR-2012-77). The elective deferral (contribution) limit for employees who participate in Sec. 401(k), 403(b), or 457(b) plans and the federal government’s Thrift Sav...
Gifts and inheritances are often a sigh of relief as they are not subject to federal income taxes. The IRS allows individuals to give up to $17,000 per recipient annually without incurring anygift taxes. Talk to a tax expert to ensure the IRS doesn’t tax big gifts orinheritancesyou get...
Gifts from employer: If you received a non-monetary gift from an employer rewarding you for your work for a company, you may be taxed on that gift. Hobby income Interest Lawsuit settlements: If you win a lawsuit, you may need to pay taxes on your settlement based on the damages you hav...
but she kept the funds invested rather than liquidating the account. Because the annual rollover is limited by the Roth IRA contribution limits, it would take her at least five years to transfer the total $35,000 limit. If her account continues to grow in the interim, she could have a ba...
Inc. was an S-Corporation with a Roth IRA as the sole shareholder, the income was not taxed at either the corporate level or the shareholder level. The structure allowed the taxpayer to exceed Roth IRA contribution limits and decrease the income he otherwise would have reported because Topaz ...