Patriot Federal Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members. The 10% early distribution penalty from tax-advantaged retirement savings plans does not apply to hardship distributions for 2016 or 2017 disasters, and a casualty loss deduction can be claimed as an additional standard deduction amount, without regard to the 10%-of-AGI threshold, but with a $500 reduction in the loss.
The Tax Cuts and Jobs Act of 2017 (TCJA) made dramatic changes to the rules for individuals that affect tax planning at all stages of life. The rollover to the new plan can be made up to the due date of the return (including extensions) for the year in which the plan loan offset occurs. MORTGAGE INTEREST James R. Grimaldi, CPA is a partner at Citrin Cooperman. ICYMI | On Congressional Subpoenas to Accounting Firms, ICYMI | Explaining the New Landscape for Charitable Tax Breaks, Ten Questions on COVID-19 and Charitable Giving, TCJA Clarifies Wagering Loss Deduction Rules, Cybersecurity Risk Considerations for 401(k)…, ICYMI | A New Approach to Teaching Ethical Decision Making to Accounting Students, ICYMI | Eleven Ways to Reboot Business Momentum in the Midst of COVID-19.
Funds in 529 plans can be rolled over tax free to Achieving a Better Life Experience (ABLE) accounts for disabled individuals. Opportunity zones are economically disadvantaged areas designated by the government. The new law suspends the deduction for personal exemptions. A child who works can continue to make contributions to an IRA or Roth IRA. Keep in mind that extending your return does not increase your chances of an audit but an amended return might! The CPA Journal 14 Wall St. 19th Floor New York, NY 10005 [email protected]. Investment Representatives are registered through CFS. The dependency exemption for a child, which was $4,050 in 2017, has been eliminated for 2018 through 2025.
Casualty and theft losses – The deduction for personal casualty and theft losses is eliminated, except for casualty losses suffered in a federal disaster area. The AMT has been retained for individuals by the new law but the exemption has been increased to $109,400 for joint filers ($54,700 for married taxpayers filing separately), and $70,300 for unmarried taxpayers. ICYMI | Tax Cuts and Jobs Act: Impact on Individuals at Different Stages of Life, ICYMI | A New Approach to Teaching Ethical Decision Making to Accounting…, ICYMI | The Accounting Curriculum Needs a Complete Overhaul, ICYMI | Eleven Ways to Reboot Business Momentum in the Midst of….