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The April 15 deadline for filing federal income tax returns is looming. Maybe you're still working up your 1040 forms, and muttering under your breath for missing.
Few tax laws cause as much confusion as those that apply to the gift and estate tax, and 2014 is no different. Fortunately, the major changes in recent years have been to your advantage. Gift ...
The 2014 contribution limit for Roth IRAs is $5,500 ($6,500 if you're age 50 or older). You can contribute up to the limit unless you earn less than that amount. You cannot contribute more than ...
There is also a maximum 401(k) contribution limit that applies to all employee and employer 401(k) contributions in a calendar year. This limit is the section 415 limit, which is the lesser of 100% of the employee's total pre-tax compensation or $56,000 for 2019, or $57,000 in 2020. [40] [37] For employees over 50, the catch-up contribution ...
To determine the amount that she may deduct as a charitable contribution, Abby must subtract the ordinary gain inherent in the inventory (the $200,000) from the inventory's fair market value (the $600,000). Thus, the amount of Abby's gift is $400,000 (fmv of $600,000 minus inventory's inherent ordinary gain of $200,000).
For example, a contribution of the 2008 limit of $5,000 to a Roth IRA would have been equivalent to a traditional IRA contribution of $6667 (assuming a 25% tax rate at both contribution and withdrawal). In 2008, one could not contribute $6667 to a traditional IRA due to the contribution limit, so the post-tax Roth contribution may be larger.
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related to: 2014 gift limit contribution deadline chart template form printable blank