| Roth IRA Contributions and Distributions |
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| A Roth IRA is an individual retirement plan set up solely for the benefit of a taxpayer or his beneficiaries. The main difference between a Roth IRA and a traditional IRA is that contributions to a Roth IRA are not deductible as they would be if made into a traditional IRA. More... |
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| How to Get a Copy of Your Federal Income Tax Return |
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| You are applying for a mortgage, and the bank requires copies of your income tax returns for the past two years. You search and search, but to no avail. The good news is that your future life as a homeowner is not doomed. But the bad news is that it might take some time and cost some money. More... |
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| Basis of Stock in an S Corporation |
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| In a C corporation, a shareholder's basis in his or her stock is generally its cost. However, in an S corporation, items of income taxed to shareholders increase their basis, while distributions decrease their basis. More... |
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| Long-Term Care Contracts and Expenses |
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| Premiums paid for a qualified long-term care insurance contract are a medical expense, but the deductible amount of the premium is limited by the age of the taxpayer at the end of the tax year. The deductible portion of premiums paid increases with the age of the taxpayer. The limit on premiums is for each person. More... |
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| Partnership Allocation of Foreign Tax Credits |
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| Under the Internal Revenue Code's partnership rules, the partners are generally allowed to decide among themselves how the partnership items will be allocated. The Code provides that a partner's distributive share of income, gain, loss, deduction, or credit shall be determined by the partnership agreement unless there are provisions to the contrary. However, this flexibility is not unlimited. A partner's distributive share in partnership items is determined in accordance with the partner's interest in the partnership only if the allocation under the agreement does not have substantial economic effect on the partner as defined by the Code. Thus, the partnership allocations must either have substantial economic effect or must be in accordance with the partner's interest in the partnership. More... |
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