If you have not already done so, consider making your annual exclusion gifts to your beneficiaries before the end of the year. For 2023, you are allowed to make tax-free gifts of up to $17,000 per year, per individual ($34,000 if you are married and use a gift-splitting election, ...
Social Security:Not taxable Pensions:Taxable (Does not apply to federal, NYS, local, and military retirement income ) 401(k) and IRA Distributions:Taxable Note: You might qualify for New York's $20,000 pension and annuity exclusion, even if your retirement income is classified as taxable abov...
50 years of tax preparation experience Payment methods: Cash, Check, Credit card, Venmo, Specialties include: Special tax situations, Rental property, Stocks or bonds, Disability, Military service, and Small businesses Offers remote services as well as on-site office visits (pending COVID conditions...
The Deluxe edition of H&R blocks tax software isdesigned for homeowners and investors. This version includes everything from the previous two versions as well as a search for more deductions, information about stocks, bonds, and mutual funds, and helps with mortgage interest, charitable donations, ...
For example, assume John Doe had a Will that requires his executor to fund a trust with the maximum amount allowed to pass tax free for federal purposes. This was a common planning technique for many years and worked just fine when the New York and federal exclusion amounts were the same...