Archive for March, 2008
Question: is a copyright settlement taxable?
i am a graphic designer.
i worked for 10 years as an independent contractor for a large company.
they then tried to stop working with me and offered me a small
i hired a lawyer and went around in circles with them for a year and
finally gave me a settlement for copyright. they continue to sell their
with my designs.
the large company sold the company to another large company right after
they settled with me.
they never furnished me with a 1099 and when i pressed they said they
send me a 1099
indicating that the $$ was paid in settlement of a claim (box 3 - other
income) so that it is not subject to self employment tax. i never
but is this correct? do i have to claim the money i received as income
self employment tax? it was not paid as wages as i had already left the
company a year before. also do i have to claim for federal and state
taxes? do i even mention it on my 1040 schedule c? if so where?
Answer: That's fully taxable, whether they send you a Form 1099 or not. If it was a lump-sum settlement for use of your copyrighted material, claim it under Other Income on line 21 of Form 1040, NOT on Schedule C. If it's part of an on-going income stream for continued use, claim it on Schedule E as royalty income.
It is not self employment income and no SE tax is due on it.
$1,202,770,000 Tobacco Settlement Financing Corporation tobacco settlement asset-backed bonds : $282,975,000 series 2001A (taxable), $919,795,000 series 2001B (tax emempt).
PassKey EA Review Part 2: Businesses: IRS Enrolled Agent Exam Study Guide 2013-2014 Edition
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Wiley Registered Tax Return Preparer Exam Review 2012 (Wiley Tax Return Preparer Competency Exam Prep: Individual Tax Filing)
The most effective system available to prepare for the new Tax Return Preparer Competency ExamIn recent years, the role of third party assistance in tax return preparation within the United States has become more significant. To acknowledge this trend, the IRS is strengthening partnerships with tax practitioners, tax return preparers, and other third parties in order to ensure effective tax admini...
Gainesville reaches $60,200 settlement with former code enforcement officer over unpaid overtime
By Christopher Curry Staff writer The city of Gainesville has reached a settlement in the amount of $60,200 with a former code enforcement officer to end a lawsuit over unpaid overtime filed in 2008.
Caesar III: Best settlement of wealth
Question: When switching jobs, where is it best to put your 401k...in new employer's 401k, a traditional IRA or a ROTH??
I am looking at switching jobs and am wondering where it would be best to put my current 401k money...into a new 401k, a traditional IRA or a ROTH IRA. I currently have a ROTH IRA and enjoy the ability to invest in what I want. I also enjoy knowing that the money I see will not be taxable upon retirement. I'm leaning this way because I'm 24, my wife is 22. We are both engineers, we have an AGI of a shade under 100k for 2007, and I anticipate retiring in a higher tax bracket (currently in the 25% range). Another factor is does the rollover count as a contribution for the current year? Also, are there any tax implications for any of the choices?? Any information on this would be helpful as I am pretty ignorant when it comes to rollovers. Thanks!
Answer: I would say it depends on the quality of your new employer's 401k and whether they will even take it. Most people like the independence of rolling it into a self-directed IRA so they have the complete investment control.
If you roll to a traditional IRA, there are no tax consequences, and it's not counted as a contribution for the current year.
If you roll to a Roth, you will have to pay the taxes on it and then invest the remainder. You can always change it to a Roth at any time, just paying the taxes on it when you make the change. Of course, if you anticipate earning more money, you will be out of the Roth IRA range. So, it might be to your advantage to pay the taxes now (out of the IRA proceeds) and then invest what is left in the Roth.
It wouldn't hurt to consult an accountant regarding the tax implications. If you have more questions, email me and I will get the answers for you.
Get a Financial Life: Personal Finance In Your Twenties and Thirties
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Personal Financial Planning (Available Titles Coursemate)
In the midst of today's shifting financial environment and fast-paced, changing lives, solid financial planning is more important than ever. Gitman/Joehnk/Billingsley's market-leading PERSONAL FINANCIAL PLANNING, 12E provides your students with the tools, techniques, and understanding they need to define and achieve their financial goals. The book follows a life-cycle approach -- addressing financ...
Cathay General Bancorp Reports First Quarter Results
Cathay General Bancorp , the holding company for Cathay Bank , today announced results for the first quarter of 2010.
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Obamacare on Trial
This short book analyzes the Obamacare case -- focusing on many points the Supreme Court was never told about -- including the fact that the constitutional framers themselves had approved mandates to buy health insurance!...
Gilbert Law Summaries: Income Tax I: Individual
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Comparative Income Taxation: A Structural Analysis
The purpose of this book is to compare different solutions adopted by nine industrialized countries to common problems of income tax design. As in other legal domains, comparative study of income taxation can provide fresh perspectives from which to examine a particular national system. Increasing economic globalization also makes understanding foreign tax systems relevant to a growing set of tr...
IRS is Taxing My Nobel Prize!
Most of us will never win a Nobel Prize, but if we do, it comes with a tax bill. The 2010 winners m
Question: How can should "Fidelity Cash Reserves" dividend be reported on Canadian tax?
Hi. Fidelity does some strange transactions for cash sitting in the account, where each month it would pay "dividend" on them (Fidelity Cash Reserves) and then remove money back and count the dividend as taxable income.
Question is, where do I report this dividend on Canadian tax forms?
Well, I called Fidelity and they said one of the removing transactions is for non-resident tax (which is like, 33% of the dividend).
I wonder if I still pay Canadian tax on that, or how it comes together
Answer: Other Investment income. Section II of Schedule 4. Transfer the amount to line 121 of your T1.
You may not receive a T5 slip if the amount is less than $50, but you still report this income.
Mulvihill Premium Canadian Bank Quarterly Distributions Declared
TORONTO, ONTARIO--(Marketwire - Jan. 5, 2010) - Mulvihill Premium Canadian Bank (the "Fund") (TSX:PIC.A)(TSX:PIC.PR.A) has declared its quarterly distribution of $0.215625 on each of its Preferred Shares and $0.15 on each of its Class A shares, payable January 29, 2010 to shareholders of record as of January 15, 2010. To the extent that any portion of the distributions are ordinary taxable ...
Question: Is the VA Disability Pension (non service connected) taxable by the IRS etc.?
Also can you draw the VA Disability Pension and any Social Security benefits, disability etc. without them offsetting each other?
Answer: I am a disabled Vet Viet Nam and i draw a pension and it is non taxable and my brother draws one he is non service connected,where mine is service connected and its non taxable and yes you can draw Social Security diasbility no tax however Just social security is taxable.Good Luck
Tax Tip: 7 tips for disabled taxpayers
Taxpayers with disabilities may qualify for a number of credits and benefits. Parents of children with disabilities may also qualify. Here is what they should be aware of.