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Tax Adjustments and Regulations for Educators, IRA, Student Loans, and Moving Expenses

Get insights on tax adjustments and regulations for educators, Individual Retirement Accounts (IRA), student loans, and moving expenses. Learn about deductible expenses, contribution limits, and more.

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Tax Adjustments and Regulations for Educators, IRA, Student Loans, and Moving Expenses

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  1. REGULATION 2 Kenneth Rivera Tax Partner Parissi PSC krivera@Parissicpa.com

  2. AJUSTES

  3. 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

  4. Educator Expenses • $250 • Qualified Educator – K-12 • Expired on 2010, was extended

  5. IRAS • Tradicional • Coverdell (Educativa) • Roth

  6. IRA Tradicional • Límite $5,000 por persona ($10,000) si es casada. • Se limita por ingreso devengado. • Catch UP  50 años, $1,000 adicionales

  7. Ingreso Devengado • Salario • Comisiones • Bonos • Alimony!!!!! • No incluye: • Interés • Dividendos • Anualidades • Pensiones

  8. 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.

  9. Distribución • De la aportación es exenta completa • Del incremento • Más de 5 años Y • Hardship • 59 ½ años • Muerte • Incapacidad • Primera Residencia

  10. IRA Coverdell (Educativa) • Limitada a $2,000 por beneficiario. • No es deducible, pero el ingreso es exento (Uso Educativo) • Beneficiary – Under 18 • Time Limitation – 30 years

  11. MSA • IRAs for Health Care • R2-59(1)

  12. MOVING • Pruebas • Distancia  50 millas • Tiempo • 39 / 52 (empleado) • 78 / 104 (cuenta propia) • Gastos  mover muebles y familia. NO INCLUYE COMIDAS

  13. ACTUAL Pucho 30 70 ALT. A 70(30) 40 ALT B 90(30)60 90

  14. R2-59(2)

  15. Self Employment • Self Employment Taxes – 50% • Self Employment Health Insurance – 100% • R2-59(3)

  16. KEOGH • Self Employed • Limitation • 2010 & 2011 - $49,000; 2012 - $50,000 • 25% del net income (luego del Keogh y ½ del Self Employment Tax)

  17. Ejemplo • Pancho tiene ingreso neto de $107,000 y su self employment tax fue de $14,000. Cuanto puede aportar a su cuenta KEOGH.

  18. 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

  19. Penalty • Concept • Example

  20. Alimony vs. Child Support Payor RECIPIENT CHILD

  21. Alimony Payments MUST BE PAID IN CASH EXCEPT: RENT, MORTGAGE, TUITION, TAXES CHILD SUPPORT PAID FIRST CONDITIONAL

  22. New Deducitions Attorney Fees Paid (Discrimination Cases) Domestic Production Activities

  23. STANDARD OR ITEMIZED

  24. Standard Deduction • Depends on Status • Increased for elderly or blind • Dependent of another • New Deduction • Real Property - $500 / $1,000 MFJ • R2-59(4)

  25. Standard Deduction Single - $5,950 HH - $8,700 Married F Joint - $11,900 Married F Separately - $5,950

  26. COMITE • CHARITABLE • O  CASUALTY • MEDICAL • INTEREST • TAXES • EMPLOYEE EXPENSES

  27. CHARITABLE APRECIADA NO DEDUCTION 50% OF AGIVALUED AT FMV SI LARGO PLAZO DEDUCTION 50% OF AGIVALUED AT COST NO SI DEDUCTION 30% OF AGIVALUED AT FMV

  28. 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)

  29. 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)

  30. R2-60(7)

  31. CASUALTIES (PERSONAL) STEP 1: DETERMINE PERSONAL CASUALTY STEP 2: SUBTRACT INSURANCE STEP 3: SUBTRACT $100 (PER CASUALTY) STEP 4: SUBTRACT 10% OF AGI

  32. 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.

  33. Ejemplo • Perdida 80,000 • Seguro (15,000) • Perdida Neta 65,000 • “Deducible” (100) • 10% del AGI (3,000) • Perdida Deducible 61,900

  34. R2-61(8)

  35. 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

  36. 62-60(5)

  37. Interest • Se limita a interes HIPOTECARIO (Mortgage o Home Equity Loan) • Investment Interest Expense • Net Investment Interest Income

  38. Taxes • State Income Tax • Sales Taxes Instead • Foreign Taxes if not taken as a credit • State & Foreign Real Property Tax • State Personal Property Tax • R2-60(6)

  39. Ejemplo – Pagos Income Tax Estatal Durante 2004 • Rebecca pago • Estimada 4/15 1,000 • Estimada 6/15 1,000 • Estimada 9/15 1,000 • Estimada 1/15/05 1,000 • Además pago $3,000 en 4/15/04 • Cuanto Deduce?

  40. Employee - Concept • Gastos que se incurren como empleado para la generación de ingresos

  41. 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

  42. Tipos de Gastos • Unreimbursed Expenses • Reimbursed • Travel • Commuting • Meals • Educational • Uniforms • Business Use of Home

  43. 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

  44. R2-61(9) • R2-62(10)

  45. Tax Credits

  46. Non Refundable • Child Dependent • Elderly • Education • Lifetime • American Opportunity (partial) • Adoption (partial) • Retirement Savings • Foreign Tax • General Business Credit

  47. 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)

  48. R2-63 (12)

  49. CHILD CARE EXPENSES • DETERMINE VALID EXPENSES • To generate Income • Less than 13 years or disabled • LIMIT THE EXPENSES • $3,000 FOR ONE CHILD • $6,000 IF MORE THAN ONE • CREDIT SHALL BE VALID PERCENTAGE TIMES THE AMOUNT OF THE EXPENSE

  50. 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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