Monthly Archives: December 2016

Imputed Income and Health Insurance Benefits #what #is #the #tax #return

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Imputed Income and Health Insurance Benefits

This information does not constitute tax advice. Consult your tax advisor for specific guidance regarding federal and state income tax.*

Introduction

State of Wisconsin provisions allow state employees, including University of Wisconsin employees/appointees, to add a domestic partner, a partner’s child and/or an employee’s adult child up to age 26 to their health insurance. Adding a non-tax dependent to your health insurance coverage may have tax consequences.

You are responsible for determining the tax dependent status of dependents when you add them to your health insurance coverage. Consult IRS Publication 501 and IRS Notice 2010-38 for tax dependent guidelines and tests, or speak with a tax advisor. Use the Tax Dep? column in Section 3 on the Health Insurance Application/Change Form, ET-2301 to indicate if a dependent is a tax dependent. If you’re married to your same-sex domestic partner, please complete the Tax Status Verification of Marriage Form, UWS-55a .

Recent federal legislation amended IRS provisions to remove the taxable fringe benefit requirement for an employee’s child who has not attained age 26 as of the end of the taxable year. Please see the Adult Children up to Age 26 section below for information about this change.

If you add a dependent to your health insurance coverage who does not qualify as a tax dependent under the Internal Revenue Code Section 152 and Notice 2010-38, the Fair Market Value (FMV) of the UW contribution toward that coverage is considered a taxable fringe benefit, subject to tax withholding. This calculated fringe benefit is known as imputed income. This fringe benefit will increase your taxable income. Therefore, your federal, State, Social Security and Medicare taxes may increase. As a result, your net pay will decrease. Your health insurance premium will continue to be deducted on a pre-tax basis.

Imputed income will have no impact on reported earnings for your Wisconsin Retirement System account, your State Group Life Insurance coverage, or your Income Continuation Insurance coverage.

Monthly Imputed Income Tables

The following reference tables have been prepared for estimating monthly imputed income based on the FMV for each health plan and the number of non-tax dependents covered. The FMV amounts will be adjusted annually.

2016 Tables

  • Imputed Income for Active Employees (HMO and PPO plans) with Dental. Plan Year 2016
  • Imputed Income for Active Employees (HMO and PPO plans) without Dental. Plan Year 2016
  • Imputed Income for Active Employees (High Deductible health plans) with Dental. Plan Year 2016
  • Imputed Income for Active Employees (High Deductible health plans) without Dental. Plan Year 2016
  • Imputed Income for Graduate Assistants with Dental. Plan Year 2016
  • Imputed Income for Graduate Assistants without Dental. Plan Year 2016

2015 Tables

Imputed Income Calculator

The imputed income calculator will help you estimate the tax implications of extending health insurance coverage to a domestic partner or eligible non-tax dependents. Use the Earnings Statement Legend to locate the values that you need for the imputed income calculation.

2016 Calculators

2015 Calculators

Adult Children up to Age 26
ETF Summary | Adult Children’s Eligibility for 2013 Health Insurance

Recent federal legislation amended IRS provisions to remove the taxable fringe benefit requirement for an employee’s child who has not attained age 26 as of the end of the taxable year, including a child who does not qualify as a tax dependent. Thus, the age limit, residency, support and other tests described in Internal Revenue Code Section 152 do not apply with respect to such a child. For this purpose, a child is defined as the employee’s son, daughter, stepchild, adopted child or eligible foster child. Consult IRS Notice 2010-38 for more information.

The State of Wisconsin has not adopted these amended IRS provisions; therefore you will be subject to imputed income for state tax purposes.

Employees with a non-tax dependent child that will attain age 26 by the end of the taxable year, will be subject to imputed income for Federal, State, Social Security and Medicare tax purposes.

Domestic Partnership
ETF Questions and Answers | Domestic Partner Benefits (ET-2116)

The question and answer excerpts below are taken from the Wisconsin Department of Employee Trust Funds (ETF) document, Domestic Partner Benefits, ET-2370. Specific question numbers are referenced. The brackets [ ] indicate a correction or clarification.

Q-32: How does the addition of my domestic partner and his/her eligible dependents to my group insurance affect my income taxes?

A: Under federal tax law, employer contributions for health insurance are excluded from an employee’s gross income. However, federal law permits the exclusion only for coverage of the employee, the employee’s spouse and the employee’s dependents. If your domestic partner is not considered a “tax dependent” under federal law, your employer must include in your gross income the fair market value of the health insurance benefits provided to [your domestic partner]. This is known as imputed income and it will likely affect your taxable income and increase your tax liability.

Q-35: How can I determine if my domestic partner qualifies under the Internal Revenue Code as my tax dependent?

A: In order to be considered a tax dependent, your domestic partner must meet the federal qualifications for a “qualifying relative.” Please see IRS Publication 501 or the IRS Form 1040 Instructions, pages 16-19. for more information.

In general, the IRS requires that a qualifying relative meet four tests:

  • The person does not meet the qualifying child tests;
  • The person must live with you all year as a member of your household (and your relationship must not violate local law);
  • The person’s gross income must be less than $3,650 for the year. (However, under Internal Revenue Service Notice 2004-79. this gross income limit does not apply for purposes of determining tax dependent status when you are covering the person on your health insurance policy. For health insurance purposes, the domestic partner only needs to meet the remaining three tests to be a qualifying relative).
  • You must provide more than half of the person’s support for the year.

The list above should not be used as the sole source of information for determination of your domestic partner’s tax status. ETF staff [or UW staff] cannot provide you tax advice. The IRS’s tests are described in detail in IRS Publication 501. which is available [from] the Internal Revenue Service. In addition, you should consult with your tax advisor or the IRS if you have questions on how the federal rules apply to your situation.

Note: Any individual who meets the criteria of a qualifying child or qualifying relative must also meet the definition of “DEPENDENT” under the Uniform Benefits contract to be covered on your health insurance policy. Source: It’s Your Choice: Reference Guide (ET-2107r-11). pages 75-76 .

*Please Note: The information presented in this material has been prepared to assist you in understanding the tax consequences associated with adding a domestic partner, your partner’s child or an adult child to your health insurance. This material attempts to summarize tax provisions and answer questions. No guarantee or contract is created by this material.

Related Links


Advanced Annuity Calculator #tax #free #income

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Advanced Annuity Calculator

This is an advanced annuity calculator. With it you can calculate either:

(a) how much monthly income you’ll receive from an Investment amount you enter, or,

(b) how much you’ll need to invest in order to receive the Monthly Income amount you enter.

To start, select your Age, Gender, State of Residence, and Income Start Date.

If you’d like a calculation covering yourself and a spouse, select your spouse’s age and gender too.

Next, enter a dollar amount in only one of the two boxes labeled Investment or Monthly Income. Then click Calculate. Your quote appears instantly on the next page.

If you have any questions about your quotes or annuities in general call 800-872-6684.

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Comcast Offers 6 Months Free Internet for Low-Income Families #where #to #get #income #tax #forms

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Comcast Offers 6 Months Free Internet for Low-Income Families

The offer is available to families who are approved for Internet Essentials between Aug. 4 and Sept. 20.

Comcast on Monday announced it will offer up to six months of free service for any new eligible family signing up for its basic Internet Essentials broadband service.

The offer is available to families who are approved for Internet Essentials between Aug. 4 and Sept. 20. Internet Essentials, which dates back to 2011. offers broadband service for $9.95 a month plus the option to purchase an Internet-ready computer for less than $150, as well as access to digital literacy training. To take advantage of the offer, families must have at least one child eligible for the National School Lunch Program.

Alongside the free Internet offer, Comcast announced a new amnesty program for certain low-income families who qualify for Internet Essentials but have a past due balance. Previously, Comcast would only accept Internet Essentials families who did not have an outstanding balance with the Comcast, but now, those with an outstanding bill of more than a year old can take advantage of the program. Comcast will forgive that debt and transfer the customer over to Internet Essentials, as long as they meet other eligibility requirements.

“Internet Essentials is about transforming lives and inspiring a new generation of leaders to be digitally ready to access the information and tools all students need to succeed in the 21st century,” Comcast Executive Vice President David L. Cohen said in a statement. “By offering six months of free Internet Essentials service, along with an amnesty program, we hope to convince even more families that there is no better school supply than having broadband Internet at home. With it, kids can do their homework and parents can be more connected to their children’s teachers and schools.”

Comcast said that more than 350,000 families, or about 1.4 million low-income Americans, have taken advantage of the Internet Essentials program. The program is available in 39 states, and the District of Columbia.



Annuity Payout Calculator #income #fund

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#income annuity calculator

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Annuity Payout Calculator

There are two phases in the life of an annuity. These are the accumulation phase and the annuity payout phase.

The accumulation phase is the period during which it is gathering funds. During the accumulation phase, you make deposits your annuity in whatever form you prefer: Cash, by converting life insurance cash values or by making a 1035 exchange from another annuity (to name a few ways of contributing). If you follow the annuity rules, your annuity will accumulate earnings on a tax-deferred basis until you are ready to make withdrawals.

Just before the age of 60, you can begin the annuity payout phase.

It is possible to withdraw your savings in a lump-sum payment, and this will not incur penalties from the annuity at this point. But you will face severe tax penalties on the savings, so this method is to be avoided unless absolutely necessary.

The other most likely method of withdrawal, for a given period, is the annuitization method. With this option the value of your annuity is paid out over a defined period of time of your choosing, such as 10, 15 or 20 years. Even if you die during this period, the insurance company will continue to make payments to your heirs until the period is over.

An alternative method is the systematic withdrawal schedule. With this method, you can select the amount of payment that you wish to receive each month and the number that you propose to receive. When the payments run out, however, you cease to receive any money. The insurance company will not guarantee that you will not outlive your income payments. You will receive a comfortable sum for a certain period, but it will stop at a certain point.

The annuity payout calculator shows how much you will receive in payment over a certain period of time. You can choose payments annually or per month. You can also supply the inflation rate to the annuity payout calculator to get an idea of what the annuity payout will really worth over the time. The balance schedule below breaks this down.


Free Online Income Tax Course #filing #of #income #tax #return #meaning

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Investment Calculator #residual #income #opportunity

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Investment Calculator

This investment calculator can be used to calculate a specific parameter for an investment plan. The tabs in the following represent the parameter to be calculated. For example, if you want to know the return rate needed to reach your investment goal with a investment schedule, please click the “Return Rate” tab to calculate that. This investment calculator is based on a fixed return rate.

Balance Accumulation Graph

The Investment Calculator can help you to determine the return on investments with a fixed rate of return. A good example of this type of investment is a Certificate of Deposit, or CD, which is available at most banks. A CD is a low risk investment, because, up to the amount of $250,000, it is guaranteed by the Federal Deposit Insurance Corporation, a U.S. government agency. It pays a fixed rate of interest for a specified amount of time. The longer you leave your money in the CD, the better the rate of interest you can receive. Other low-risk investments of this type are savings accounts and money market accounts, which pay relatively low rates of interest.

Risk is a key factor when making investments. In general, one is paid a premium for taking the greater risk. So, for example, if you buy the debt of some companies, which is rated at a risky level by the agencies that determine levels of risk in corporate debt (Moody’s, Fitch, Standard & Poor’s), you will earn a very high rate of interest on it, but you run the risk that these companies might go out of business, and you could lose your investment.

There are, of course, less risky companies to invest in. Buying bonds from companies that are highly rated for risk by the agencies is much safer, but one earns a lower rate of interest. Bonds can be bought both for the short term and the long term.

Short-term bond investors want to buy a bond when its price is low and sell it when the price has risen, rather than holding the bond to maturity. Bond prices tend to drop as interest rates rise, and they typically rise when interest rates fall. Within different parts of the bond market, differences in supply and demand can also generate short-term trading opportunities.

When buying bonds for the long term, you invest in a bond and hold it to maturity. In this way, you will get interest payments, usually twice a year, and receive the face value of the bond at maturity. When you follow a long-term bond-buying strategy, you need not be too concerned about the impact of interest rates on a bond’s price or market value. If interest rates rise, and the market value of your bond changes, your strategy does not change unless you try to sell the bond. This is a conservative approach to bond investment.

One very special kind of bond is the United States Treasury inflation-protected securities, known as (TIPS). TIPS offer an effective way to handle the risk of inflation. They also provide a risk-free return guaranteed by the U.S. government. For this reason, they are a very popular investment, although the return is relatively low compared with other fixed-income investments.

TIPS are guaranteed to keep pace with inflation as defined by the Consumer Price Index (CPI). This is what makes them unique and defines their behavior. Their rate of return is tied to the index.

Still another form of investment is equity or stocks. While this is not a fixed-interest investment, it is one of the most important forms of investment for both institutional and private investors.

Stock is a share, literally a percentage of ownership, in a company. It permits you, as a part owner of that company, to share in its profits, and you receive those funds in the form of dividends for as long as you hold the shares (and the company pays dividends). Some company stocks are traded on exchanges, and many investors purchase stocks with the object of buying them at a low price and selling them at a higher one. Many investors prefer to invest in mutual funds, or other types of stock funds, which group a number of stocks. These funds are actively managed by a skilled trader who tries to bring together as many performing stocks as possible. The investor pays a small fee, called a “load,” for the privilege of working with the manager. Another kind of stock fund is the Index fund, which bases its strategy on the performance of indexes like the Dow Jones, the S it is known as yield can rise to 30 percent or 40 percent per year if the properties are managed carefully, and the proper location is chosen.

Still another popular form of investment is in commodities. These can range from precious metals like gold and silver, to useful commodities like oil and gas. Investment in gold is complex, as the price of gold is not determined by any industrial usage. Gold is used in jewelry, but not in any other practical form. The price of gold is determined very largely by the fact that gold is valuable, and investors wish to hold it, particularly in times of insecurity. When there is war or crisis, investors buy gold, and the price goes up. Investing in silver, on the other hand, is very largely determined by the demand for that commodity in photovoltaics, in the automobile industry, and in other practical uses. Oil is a very popular investment, and demand for oil is strong as the need for gasoline is always considerable. Oil is traded around the world on spot markets, and its price goes up and down depending on the state of the global economy. Investment in commodities like gas, on the other hand, is usually made through the futures exchanges, of which the largest in the U.S. is the CBOT in Chicago. These trade options on quantities of gas and other commodities before delivery. A private investor can trade into futures and then trade out, always avoiding the terminal delivery point.

For investments with a fixed rate of return, this Investment Calculator will help you to determine interest payments and rate of return, as, for example with a bond investment. The investment calculator also shows how much you must invest each month to reach a given target.


Missouri income tax forms #income #tax #service

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#missouri income tax forms

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Current Hot Topics:

See below for the latest in state tax administration news, reports, and information.

Latest News

The FTA Directory of Tax Administrators has contact information for key state revenue department contacts. Click here to learn more and purchase your copy!

Presentations are available for download for the 2016 FTA Technology Conference. Click here to view available presentations.

Click here for an article from the recent Journal of Multistate Taxation. written by Mike Reissig, Deputy Comptroller and Chief Clerk with the Texas Office of the Comptroller of Public Accounts.

Marketing Partnerships are available at select 2016 FTA Events. Offered at six FTA events, specialized marketing opportunities allow industry experts to present their solutions to attendees. Click here to learn more.

Where are the E-Lists (formerly Listservs)?

FTA hosts a number of E-Lists for tax administrators to share best practices and communicate about shared interests. These E-Lists have recently been upgraded and are now part of the new TaxAdmin.org. Along with adding new functionality to all of our E-Lists, we have changed our procedures for signing up.

Hot Topic: Fraud and Identity Theft

Not yet worried about identity theft and refund fraud? These speech notes may change your attitude.
Read the Presentation Notes Here
[Click ‘Read Only’ when opening]

State Tax Rate Summary Tables updated to January 2016

FTA has updated the various summary tables providing information on state tax structures and rates to include changes through January 1, 2016. Click here to view the tables.


EzFile – 2 APK Download – Android Productivity Apps #income #tax #return #form #16

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cloud_download Download APK File

Description

Exactor’s ezFile® Sales Tax ComplianceSolution provides brick and mortar businesses with a simple, yeteffective means of filing and paying their sales tax returnsquickly and securely from a computer or mobile device.

Who Uses ezFile®
ezFile® customers include retailors, restaurants, and serviceproviders that sell products or services onsite at their place ofbusiness. They are owners/managers of small to medium sizedbusinesses that want a simple and accurate means of filing andpaying their sales taxes as quickly and painlessly as possible sothat they can remain focused on running their businesses.

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Exactor ezFile® users receive a notification on their mobiledevices at the beginning of each month to let them know that areturn is due. The user will open the ezFile® app, where they willbe prompted to enter their total sales information. The app willthen calculate the taxes owing, and Exactor will proceed togenerate and file the tax returns and remit payment. Users are ableto file and pay their sales tax returns in a few short minuteswithout using a pen, writing a check, or using a complex onlinefiling system.

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Tax Form Availability #federal #income #tax #extension

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Important legal information about the email you will be sending. By using this service, you agree to input your real email address and only send it to people you know. It is a violation of law in some jurisdictions to falsely identify yourself in an email. All information you provide will be used by Fidelity solely for the purpose of sending the email on your behalf. The subject line of the email you send will be “Fidelity.com: “

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Tax Form Availability

Our goal is to provide you with accurate and timely tax information. To help us accomplish this goal, we make sure we’ve received and processed all relevant information before making your tax forms available.

Questions?

The 2015 tax deadline has been extended

Taxpayers have until Monday, April 18 to file 2015 tax returns because of the April 15 Emancipation Day holiday in Washington DC. Taxpayers in Maine and Massachusetts have until Tuesday, April 19 because of the Patriot’s Day holiday on April 18.

Get notified when forms are available

To be notified by email as soon as your forms are available electronically, you can opt out of postal mail delivery by signing up for eDelivery Log In Required .

Note: The delivery dates of your Fidelity tax forms may differ from this schedule. If you receive your form by mail, we start sending them shortly after they post online.

Fidelity account type

Available online on or before

Nonretirement brokerage or Fidelity Mutual Fund accounts

February 13, 2016 1

Nonretirement brokerage accounts with securities pending final tax information including the Fidelity Cash Management Account

March 10, 2016 1

Mailed by the partnership
(not Fidelity)

1. The consolidated 1099 form for nonretirement brokerage accounts includes 1099-DIV, 1099-INT, 1099-OID, 1099-B, 1099-MISC). For nonretirement Fidelity Mutual Fund accounts, the consolidated 1099 form includes 1099-DIV and/or 1099-B. S-Corps that sold a covered security will receive both a 1099-B and an Informational Tax Statement.

2. For accounts with contributions made between January 1 and April 18, 2016 for the 2015 tax year (April 19, 2016 for MA and ME) forms will be available on May 10, 2016.

Why some forms might not be available until after the IRS deadline

We believe it is important to post tax forms after we have received all anticipated information. Sometimes issuers (e.g. the company or municipality offering securities for sale to investors) are unable to send the final information in time for us to meet IRS deadlines. In such cases, we request a 30-day extension to mail tax information for assets that do not provide final information until after the February 16 initial deadline. Waiting for final information allows us to send you one correct form, instead of multiple versions, which could result in you having to amend your return.

Why you may not receive a tax form for a small amount

For 1099 forms, Fidelity follows the IRS rule de minimis (i.e. not enough to be considered). If the income on the tax form is less than $10.00, we don’t mail a tax form or report the income to the IRS. However, we post the form online and notify you by email. When you view these forms online, you’ll see a watermark and a label on the top right of the form saying “de minimis” .

Note: There are exceptions to this rule. If you sold shares or had tax withholding for any amount and/or if foreign taxes were paid, we will mail you a tax form.

1099 Consolidated Tax Form

1099-R

5498-SA

1099-SA

1099-Q

Supplemental 1099-OID (REMIC)

Supplemental Mortgage Pool Statement

1042-S

1042-S


EFiling Gateway for CA, Tax Professionals – File your tax returns secured and digital way

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#efiling of income tax return login

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Single window for eFiling Gateway for CA, Tax Professional

If you are a Chartered Accountant or a Tax Professional and looking to provide your clients with the sound and effective service for digital and secured way of preparing and filing tax returns, here is our another offering to you.

Slowly and gradually the tax returns filing system is moving to digital way, as the corporate returns in India is mandatory to be filed online, the same in way in years time, individual returns would be the same. eFiling is the modern of way of filing of Taxes.

If you are looking to upload the tax return for your clients you need to create their login in the income tax India site and then upload the XML which is a very tedious tax. Then followed up with downloading of the ITR V acknowledgement from the site.

We offer a single gateway solution for you. Upload unlimited XML with a single user login credential and we will efile the tax return. As an ERI we can help you do the same. With a single login you can upload xml, down ITRV, and keep a track of your XML uploaded.

Create your profile and login as CA or Tax Professional

Upload all XML at one at a time and authorise TaxManager.in to efile

Keep a track of the XML uploaded.

Benefits to file with TaxManager.in

On screen step by step guidance

100% Accuracy guaranteed

User friendly and easy navigation

XML validation and error reporting

Data storage and data security guaranteed

eMail and Call center support

All activity with a single login and single click