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].
REGULATION 2
Kenneth RiveraTax PartnerParissi [email protected]
AJUSTES
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
Educator Expenses
$250
Qualified Educator – K-12
Expired on 2010, was extended
IRAS
Tradicional
Coverdell (Educativa)
Roth
IRA Tradicional
Límite $5,000 por persona ($10,000) si es casada.
Se limita por ingreso devengado.
Catch UP 50 años, $1,000 adicionales
Ingreso Devengado
Salario Comisiones Bonos Alimony!!!!! No incluye:
Interés Dividendos Anualidades Pensiones
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.
Distribución
De la aportación es exenta completa Del incremento
Más de 5 años YHardship
59 ½ años Muerte Incapacidad Primera Residencia
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
MSA
IRAs for Health Care
R2-59(1)
MOVING
PruebasDistancia 50 millasTiempo
39 / 52 (empleado) 78 / 104 (cuenta propia)
Gastos mover muebles y familia. NO INCLUYE COMIDAS
Pucho
ACTUAL30
ALT. A
ALT B
70
90
70(30) 40 90
(30) 60
R2-59(2)
Self Employment
Self Employment Taxes – 50%
Self Employment Health Insurance – 100%
R2-59(3)
KEOGH
Self Employed
Limitation 2010 & 2011 - $49,000; 2012 - $50,00025% del net income (luego del Keogh y ½ del
Self Employment Tax)
Ejemplo
Pancho tiene ingreso neto de $107,000 y su self employment tax fue de $14,000. Cuanto puede aportar a su cuenta KEOGH.
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
Penalty
Concept
Example
Alimony vs. Child Support
RECIPIENT Payor
CHILD
Alimony Payments
MUST BE PAID IN CASHEXCEPT: RENT, MORTGAGE,
TUITION, TAXES
CHILD SUPPORTPAID FIRSTCONDITIONAL
New Deducitions
Attorney Fees Paid (Discrimination Cases)
Domestic Production Activities
STANDARD OR ITEMIZED
Standard Deduction
Depends on Status
Increased for elderly or blind
Dependent of another
New Deduction Real Property - $500 / $1,000 MFJ
R2-59(4)
Standard Deduction
Single - $5,950
HH - $8,700
Married F Joint - $11,900
Married F Separately - $5,950
COMITE CHARITABLE O CASUALTY MEDICAL INTEREST TAXES EMPLOYEE EXPENSES
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
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)
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)
R2-60(7)
CASUALTIES (PERSONAL)
STEP 1: DETERMINE PERSONAL CASUALTY STEP 2: SUBTRACT INSURANCE STEP 3: SUBTRACT $100 (PER CASUALTY) STEP 4: SUBTRACT 10% OF AGI
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.
Ejemplo
Perdida 80,000 Seguro (15,000) Perdida Neta 65,000
“Deducible” (100) 10% del AGI (3,000) Perdida Deducible 61,900
R2-61(8)
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
62-60(5)
Interest
Se limita a interes HIPOTECARIO (Mortgage o Home Equity Loan)
Investment Interest ExpenseNet Investment Interest Income
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)
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?
Employee - Concept
Gastos que se incurren como empleado para la generación de ingresos
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
Tipos de Gastos
Unreimbursed Expenses Reimbursed
Travel Commuting
Meals Educational Uniforms Business Use of Home
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
R2-61(9) R2-62(10)
Tax Credits
Non Refundable
Child Dependent Elderly Education
Lifetime American Opportunity (partial)
Adoption (partial) Retirement Savings Foreign Tax General Business Credit
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)
R2-63 (12)
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
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)
CREDIT ELDERLY
INITIAL AMOUNT
LESS: SOCIAL SECURITY
LESS: REDUCTION
EQUALS CREDIT BASE
X 15%
EQUALS CREDIT
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)
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
Educational Credits (Cont.)
QTPTuition CreditsBeneficiaryElegible InstitutionDistribution are exempt
No deduction on contributions
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
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
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%)
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%.
MISCELANEOUS CREDITS
EARNED INCOME CREDIT – REFUNDABLE R2-63(13)
INCOME TAX WITHHELD EXCESS SOCIAL SECURITY –
PATRONO MORON ALTERNATIVE MINIMUM TAX
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
ALTERNATIVE MINUMUM TAX
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)
AMT (CONT)
MULTIPLY BY RATE
LESS: FOREIGN TAX CREDIT
EQUALS: TENTATIVE MINIMUM TAX
LESS: REGULAR INCOME TAX
EQUALS: AMT
***PHASEOUT APPLIES TO EXEMPTION
PHASE OUT
AMTI
LESS: $150,000 ($112,500)
DIFFERENCE
X 25%
REDUCTION TO EXEMPTION
PHASEOUT (CONT.)
EXEMPTION
LESS: REDUCTION TO EXEMPTION
EQUALS: ACTUAL EXEMPTION
R2-63(13) R2-63(14) R2-64(15)
TAX PROCEDURES
TIEMPO PARA RECLAMAR
AUDITAR 3 años 6 años No Limite
REINTEGRO 3 de la radicacion 2 del pago
R2-64(16)
ESTIMATED TAXES – IND.
LESS THAN $1,000
90% OF CURRENT YEAR
100% OF PRIOR YEAR IF AGI > $150,000 110%
R2-64(17)
Questions???