REGULATION 2 Kenneth Rivera Tax Partner Parissi PSC [email protected].
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Transcript of REGULATION 2 Kenneth Rivera Tax Partner Parissi PSC [email protected].
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AJUSTES
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Adjustments
Educator IRA Student Loans Tuition & Fee HSAs Moving Attorneys Fees Domestic Production
Self Employment FICA
Self Employment Insurance
Self Employment Retirement (Keogh)
Interest Alimony
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Educator Expenses
$250
Qualified Educator – K-12
Expired on 2010, was extended
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IRAS
Tradicional
Coverdell (Educativa)
Roth
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IRA Tradicional
Límite $5,000 por persona ($10,000) si es casada.
Se limita por ingreso devengado.
Catch UP 50 años, $1,000 adicionales
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Ingreso Devengado
Salario Comisiones Bonos Alimony!!!!! No incluye:
Interés Dividendos Anualidades Pensiones
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IRA Roth
Limite $5,000 por persona ($10,000) si es casada.
No es deducible. Ingreso es exento.
La aportacion se limita por lo que se aporte a una IRA Tradicional.
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Distribución
De la aportación es exenta completa Del incremento
Más de 5 años YHardship
59 ½ años Muerte Incapacidad Primera Residencia
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IRA Coverdell (Educativa)
Limitada a $2,000 por beneficiario.
No es deducible, pero el ingreso es exento (Uso Educativo)
Beneficiary – Under 18Time Limitation – 30 years
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MSA
IRAs for Health Care
R2-59(1)
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MOVING
PruebasDistancia 50 millasTiempo
39 / 52 (empleado) 78 / 104 (cuenta propia)
Gastos mover muebles y familia. NO INCLUYE COMIDAS
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Pucho
ACTUAL30
ALT. A
ALT B
70
90
70(30) 40 90
(30) 60
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R2-59(2)
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Self Employment
Self Employment Taxes – 50%
Self Employment Health Insurance – 100%
R2-59(3)
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KEOGH
Self Employed
Limitation 2010 & 2011 - $49,000; 2012 - $50,00025% del net income (luego del Keogh y ½ del
Self Employment Tax)
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Ejemplo
Pancho tiene ingreso neto de $107,000 y su self employment tax fue de $14,000. Cuanto puede aportar a su cuenta KEOGH.
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Ejemplo (cont)
107,000 (7,000) ½ Self Employment
100,000 20,000 (20% del income antes)
80,000 Ingreso neto x 25%
20,000
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Penalty
Concept
Example
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Alimony vs. Child Support
RECIPIENT Payor
CHILD
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Alimony Payments
MUST BE PAID IN CASHEXCEPT: RENT, MORTGAGE,
TUITION, TAXES
CHILD SUPPORTPAID FIRSTCONDITIONAL
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New Deducitions
Attorney Fees Paid (Discrimination Cases)
Domestic Production Activities
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STANDARD OR ITEMIZED
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Standard Deduction
Depends on Status
Increased for elderly or blind
Dependent of another
New Deduction Real Property - $500 / $1,000 MFJ
R2-59(4)
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Standard Deduction
Single - $5,950
HH - $8,700
Married F Joint - $11,900
Married F Separately - $5,950
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COMITE CHARITABLE O CASUALTY MEDICAL INTEREST TAXES EMPLOYEE EXPENSES
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CHARITABLEAPRECIADA
LARGO PLAZO
DEDUCTION 50% OF AGIVALUED AT FMV
DEDUCTION 50% OF AGIVALUED AT COST
DEDUCTION 30% OF AGIVALUED AT FMV
NO
NO
SI
SI
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Ejemplo 1
Yelitza compró un cuadro por $25,000. Tres años después cuando el cuadro vale $22,000 lo regala a una iglesia. Ella tiene un AGI de $40,000. Cuanto deduce?Valora FMV ($22,000)Limitación 50% del AGI ($20,000)
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Ejemplo 2
Lynnette compró un cuadro por $25,000. Tres años después cuando el cuadro vale $30,000 el lo regala a una iglesia. Ella tiene un AGI de $40,000. Cuanto deduce?Valora FMV ($30,000)Limitación 30% del AGI ($12,000)
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R2-60(7)
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CASUALTIES (PERSONAL)
STEP 1: DETERMINE PERSONAL CASUALTY STEP 2: SUBTRACT INSURANCE STEP 3: SUBTRACT $100 (PER CASUALTY) STEP 4: SUBTRACT 10% OF AGI
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Ejemplo
Zayas tiene un bote que perdió en un fuego. El bote tenia una base de $80,000 y el seguro le reembolso $15,000. El AGI fue de $30,000.
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Ejemplo
Perdida 80,000 Seguro (15,000) Perdida Neta 65,000
“Deducible” (100) 10% del AGI (3,000) Perdida Deducible 61,900
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R2-61(8)
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MEDICAL EXPENSES
STEP 1: DETERMINE AND ADD VALID MEDICAL EXPENSES (OJO: LOST PROFIT IS NOT CONSIDERED)
STEP 2: SUBTRACT MEDICAL INSURANCE STEP 3: SUBTRACT 7.5% OF AGI
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62-60(5)
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Interest
Se limita a interes HIPOTECARIO (Mortgage o Home Equity Loan)
Investment Interest ExpenseNet Investment Interest Income
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Taxes
State Income TaxSales Taxes InsteadForeign Taxes if not taken as a credit
State & Foreign Real Property Tax
State Personal Property Tax
R2-60(6)
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Ejemplo – Pagos Income Tax Estatal Durante 2004 Rebecca pago
Estimada 4/15 1,000Estimada 6/15 1,000Estimada 9/15 1,000Estimada 1/15/05 1,000
Además pago $3,000 en 4/15/04 Cuanto Deduce?
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Employee - Concept
Gastos que se incurren como empleado para la generación de ingresos
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Employee - Computation
Gladys tiene gastos como empleada de $4,000. Tiene un AGI de $90,000. Su deduccion se computa de la siguiente forma:
$4,000
menos (1,800) 2% de $90,000
2,200
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Tipos de Gastos
Unreimbursed Expenses Reimbursed
Travel Commuting
Meals Educational Uniforms Business Use of Home
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Tipos de Gastos (cont.)
Employment Agency Safe Deposit/Investment Advice Professional Journals Tax Preparation (Accounting & Legal)
No divorce or Will
Not Subject to 2% Gambling Federal Estate
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R2-61(9) R2-62(10)
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Tax Credits
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Non Refundable
Child Dependent Elderly Education
Lifetime American Opportunity (partial)
Adoption (partial) Retirement Savings Foreign Tax General Business Credit
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Refundable
Earned Income Credit Child Tax Credit
Additional (3 children / tax paid) Withholding Excess Social Security Long Term (NEW) American Opportunity Making Work (2008 – 2010) Adoption (2010 and forward)
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R2-63 (12)
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CHILD CARE EXPENSES
1. DETERMINE VALID EXPENSES1. To generate Income
2. Less than 13 years or disabled
2. LIMIT THE EXPENSES1. $3,000 FOR ONE CHILD
2. $6,000 IF MORE THAN ONE
3. CREDIT SHALL BE VALID PERCENTAGE TIMES THE AMOUNT OF THE EXPENSE
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VALID PERCENTAGE
USUALLY IS 35% HOWEVER IS REDUCED FOR 1% FOR
EACH FOR EACH $2,000 OF AGI IN EXCESS OF $15,000
MINIMUM RATE IS 20% Pg 2-37(Example)
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CREDIT ELDERLY
INITIAL AMOUNT
LESS: SOCIAL SECURITY
LESS: REDUCTION
EQUALS CREDIT BASE
X 15%
EQUALS CREDIT
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CREDIT ELDERLY
INITIAL AMOUNT $5,000 $7,500 (BOTH OVER 65)
REDUCTION AGI LESS: $7,500(SINGLE) OR $10,000 (MARRIED) X 50% EQUALS REDUCTION
Pg. 5-35 (Example)
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EDUCATIONAL CREDITS
AMERICAN OPPORTUNITY (HOPE) CAN BE USED FOR FIRST 4 YEARS CREDIT LIMITATION - $2,500
100% OF FIRST $2,000 25% OF SECOND $2,000
40% Refundable
LIFETIME NO LIMIT IN YEARS CREDIT LIMITATION 20% OF FIRST $10,000
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Educational Credits (Cont.)
QTPTuition CreditsBeneficiaryElegible InstitutionDistribution are exempt
No deduction on contributions
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Other Credits
Adoption CreditLimited to $12,650 (2012) R2-63(11)
Retirement Savings Contribution General Business Credit Work Opportunity Welfare to Work Foreign Tax Credit
Limitation 1-10
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FTC – Ejemplo 1 - $100 de US y 20 de
Mexico (se incluyen los 120 en US) US MEXICO
Ingreso $120,000 $20,000
Tasa 40% 10%
Tax 48,000 2,000
Crédito 2,000 n/a
Tax Final 46,000 2,000
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FTC – Ejemplo 2 - $100 de US y 20 de
Mexico (se incluyen los 120 en US) US MEXICO
Ingreso $120,000 $20,000
Tasa 40% 60%
Tax 48,000 12,000
Crédito 8,000* n/a
Tax Final 40,000 12,000
* Credito se limita ($20,000 X 40%)
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CHILD TAX CREDIT
$1,000 PER CHILD UNDER 17 3 OR MORE ADDITIONAL CREDIT CARES Refund Rules
Credit up to Earned income less $12,550 times 15%.
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MISCELANEOUS CREDITS
EARNED INCOME CREDIT – REFUNDABLE R2-63(13)
INCOME TAX WITHHELD EXCESS SOCIAL SECURITY –
PATRONO MORON ALTERNATIVE MINIMUM TAX
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New Credits
Small Employer Pension Start Up50% of the first $1,000
SBA Healthcare35% of plan premiums
Health Coverage (individual)80% of premiums
Residential Energy30% of investment
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ALTERNATIVE MINUMUM TAX
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AMT
TAXABLE INCOME BEFORE EXEMPTIONS
ADJUSTMENTS (STD. DEDUCTION, Medical 2.5%, Interest (home equity), Miscellaneous, State and Local Income Taxes (MIMs),
MACRS DEPRECIATION)
PREFERENCES (TAX EXEMPT PRIVATE ACTIVITY BONDS)
ALTERNATIVE MIN. TAX. INCOME (AMTI)
LESS: EXEMPTION ($48,450 OR $74,450)
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AMT (CONT)
MULTIPLY BY RATE
LESS: FOREIGN TAX CREDIT
EQUALS: TENTATIVE MINIMUM TAX
LESS: REGULAR INCOME TAX
EQUALS: AMT
***PHASEOUT APPLIES TO EXEMPTION
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PHASE OUT
AMTI
LESS: $150,000 ($112,500)
DIFFERENCE
X 25%
REDUCTION TO EXEMPTION
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PHASEOUT (CONT.)
EXEMPTION
LESS: REDUCTION TO EXEMPTION
EQUALS: ACTUAL EXEMPTION
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R2-63(13) R2-63(14) R2-64(15)
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TAX PROCEDURES
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TIEMPO PARA RECLAMAR
AUDITAR 3 años 6 años No Limite
REINTEGRO 3 de la radicacion 2 del pago
R2-64(16)
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ESTIMATED TAXES – IND.
LESS THAN $1,000
90% OF CURRENT YEAR
100% OF PRIOR YEAR IF AGI > $150,000 110%
R2-64(17)
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Questions???