Tax

Inherited Qualified Plan not Required to Support Non Spouse Rollover

17 years ago
in
Among other things the IRS has posted IRS Notice 2007-7 which provides guidance on non spousal rollovers of qualified accounts authorized by the Pension Protection Act (PPA). Here are some of the key points I get from the Q&A. Sec 829 – Non Spouse Beneficiary transfer to inherited IRA Plans are [...]

Private Mortgage Insurance (PMI) deduction

17 years ago
in
PMI is now deductible if you itemize and have income less than $110K.

Tax Relief and Health Care Act of 2006

17 years ago
in
Congress has passed a bunch of tax extension legislation. As usual, CCH has one of the better overviews. You can find CCH’s summary at http://tax.cchgroup.com/legislation/2006-tax-relief-health-care.pdf

HSA Contributions No Longer Limited by Deductible

17 years ago
in
The Tax Relief and Health Care Act of 2006 has a bunch of goodies in it. Previously the tax law limited HSA contributions to the lesser of an indexed annual limit or the maximum deductible under the qualifying high-deductible plan. The law repeals the second limitation starting in 2007. So if you [...]

IRS Releases 2007 Inflation Adjustments

17 years ago
in
The value of each personal and dependency exemption, available to most taxpayers, will be $3,400, up $100 from 2006. The new standard deduction will be $10,700 for married couples filing a joint return (up $400), $5,350 for singles and married individuals filing separately (up $200) and $7,850 for [...]

2007 Mileage Rates

17 years ago
in
The new 2007 rate is 48.5 cents per mile for business miles driven.

IRS Announces Pension Plan Limitations for 2007

17 years ago
in
The IRS has announced the new pension limits for 2007. Elective deferrals go up to $15,500 ($20,500 catch up) Defined contribution limits go up to $45,000 It does not include limits for IRAs which remain at $4,000 ($5,000 catch up) for 2007.  Here is a table of all pension plan limits For a table [...]

Deferring Taxes on Appreciated Property – Not Private Annuities

17 years ago
in
The IRS is closing the ability to defer taxes on appreciated property using a private annuity exchange.  This will close a chapter on a very powerful and popular technique in estate planning.  Stay tuned to see what the smart lawyers come up with next to replace this technique.
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