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When someone states that something has or may have tax implications, that simply means that it may affect the taxes you pay. It's generally used in reference to your federal income tax return filed with the IRS (& state tax return if your state has an income tax). If receiving a prize has tax implications, it would likely mean that you need to report the income on your federal tax return.
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What can you tell me about a Roth IRA tax deductible?
The benefit to a ROTH IRA tax deductible is that it is TAX DEDUCTIBLE. But that does not mean that there are no implications, so you still have to be thorough.
Can I get a tax deduction for my roth IRA?
There is no Roth IRA tax deduction, but this does not mean that the Roth IRA does not have tax implications. More information can be found by asking an accountant.
What are the tax implications if you rollover from an IRA to a 401K?
If you do a 401k rollover properly, there are no tax implications associated with the transfer. To do so, you will need to rollover your funds directly into an IRA from your old 401k. As a word of caution, if this is not done properly, then you could possibly be taxed at your ordinary income tax rate plus 10% on the amount.
What are the consumer tax implications from charge off?
The charge off is the declaration by a creditor that an amount of debt is unlikely to be collected. The implication that it increases the consumer tax.
What are the basic accounting concepts and explain their implications?
what are the implications of accounting principles
Are there tax implications for giving a car to a friend?
There are not any tax implications for giving a car to a friend. Once you give the car to your friend, they are responsible for the car.
Can you transfer assets into an irrevocable trust without gift tax implications?
Yes, the transfer is not taxable, but payments from the trust to OTHERS may have tax implications (i.e., other than to your spouse, charities, 529s, etc).
What can you tell me about a Roth IRA tax deductible?
The benefit to a ROTH IRA tax deductible is that it is TAX DEDUCTIBLE. But that does not mean that there are no implications, so you still have to be thorough.
Can I get a tax deduction for my roth IRA?
There is no Roth IRA tax deduction, but this does not mean that the Roth IRA does not have tax implications. More information can be found by asking an accountant.
What are tax implications of debt discharged in a chapter THIRTEEN bankruptcy?
Unless it is a tax debt, none. Discharged debts are not income to the debtor.
What are the tax implications if you rollover from an IRA to a 401K?
If you do a 401k rollover properly, there are no tax implications associated with the transfer. To do so, you will need to rollover your funds directly into an IRA from your old 401k. As a word of caution, if this is not done properly, then you could possibly be taxed at your ordinary income tax rate plus 10% on the amount.
What are the consumer tax implications from charge off?
The charge off is the declaration by a creditor that an amount of debt is unlikely to be collected. The implication that it increases the consumer tax.
The types of Taxes Explain the tax implications under each 19 of them?
you dont have to pay taxes if you sell weed
What areas of tax law concern tax lawyers working with businesses?
taxation implications for corporate organization, reorganization, and liquidation. Some attorneys deal with international tax problems, such as jurisdictional rules, tax situations between industrialized countries and developing countries,
What are the implications when transferring property from mother to son?
Transferring property from mother to son can have legal and tax implications. It may involve the payment of gift or inheritance taxes, and could impact both parties' financial situations. It is important to consult with legal and financial professionals to understand the implications and make informed decisions.
Can you move a Traditional IRA and Roth IRA to Europe IF so what are the tax implications?
No, you can't do that... For more details speak with your plan administrator.
Is it implications on or implications for?
for is the correct choice
