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You need to consult an accountant who knows the law in the county in which you are paying tax.
However in general contributions made to a pension plan out of earnings are tax free, while pension taken out of a pension pot are subject to tax.
In the US, contributions in to certain savings plans (generally normal (not ROTH) IRAs, or 401k plans through an employer are not considered taxable income the year they are made (they reduce your taxable income that year). Restrictions and limits of various types apply to both who may use which specific account, and how much it may be used.
The money invested while in these accounts is also NOT taxable as earned.
On withdrawal it is taxable as ordinary income, (so your investment gains do not get the benefit of the current very reduced tax rate on capital gains).
There are number of rules about when you MUST start taking the (taxable) distributions by, and a calculation called a "required minimum distribution", and RMD that is the minimum amount you must withdraw each year thereafter.
Generally, withdrawing any money before the minimum withdrawal age incurs a substantial penalty along with being taxable income in that year.
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Can I deduct the price of my property rental from my taxes?
If you are the one renting the property you can not deduct this from your taxes. If you are the landlord you can receive a deduction on your taxes for owning the property.
Can you deduct payroll taxes?
A individual taxpayer cannot deduct payroll taxes on the individual taxpayers income tax return.
Can you deduct house insurance from your taxes?
No.
Will you pay taxes on your pension?
Yes could have to pay some income taxes on your pension income.
Can you deduct the amount you pay your tax account?
I am not sure what you mean by this or what kind of tax account you may be referring to.On your federal income tax return, you may deduct payments of various types of state and local taxes that are imposed on you within limitations. These include real estate, state and local income taxes, and sales taxes (but not both sales taxes and income taxes). You may not deduct federal incomes taxes. You may not deduct interest or penalties.A few states let you deduct federal income taxes on your state return.
Tell me the truth about interest payment deductions on filing taxes?
If you itemize, you can deduct mortgage interest and investment interest.
Use the word deduct in a sentence?
When calculating your taxes, remember to list the property tax payment as a deduction, so you pay less tax.
Can I deduct the price of my property rental from my taxes?
If you are the one renting the property you can not deduct this from your taxes. If you are the landlord you can receive a deduction on your taxes for owning the property.
A regular payment made to person after he or she retires?
pension
Can you deduct payroll taxes?
A individual taxpayer cannot deduct payroll taxes on the individual taxpayers income tax return.
Can you deduct house insurance from your taxes?
No.
Will you pay taxes on your pension?
Yes could have to pay some income taxes on your pension income.
What is a regular payment made after a person retires?
A pension
What is a payment called?
pension
A regular payment made to a person after they retire?
A regular payment made to a person after they retire is called a pension
Can you count your tax payment from a previous year's taxes on the current tax form?
If you are talking about your amount paid with your federal tax return, the answer is no. You cannot deduct your previous years federal income tax on your current years tax return. You can deduct on Schedule A the amount paid on your State income tax return if you itemize your taxes.
Can you deduct the amount you pay your tax account?
I am not sure what you mean by this or what kind of tax account you may be referring to.On your federal income tax return, you may deduct payments of various types of state and local taxes that are imposed on you within limitations. These include real estate, state and local income taxes, and sales taxes (but not both sales taxes and income taxes). You may not deduct federal incomes taxes. You may not deduct interest or penalties.A few states let you deduct federal income taxes on your state return.
