2002 tax calculator
After the owner's death, the new rules allow a period of time before the "designated beneficiaries" are finally determined. 2002 tax calculator Tax-planning. During that time, charitable beneficiaries can be paid off in full and eliminated from the calculation of payout periods for the remaining beneficiaries. This allows individual beneficiaries to receive payments over their life expectancies. The new rules require that such cash-outs occur by September 30 of the year after the owner's death. 2002 tax calculator Irs online. Accordingly the owner's personal representative will have at least 9 and up to 21 months to pay the bequest to the charitable beneficiary in full, so that other beneficiaries will not be adversely affected. Under the new rules individuals may make charitable bequests in either a dollar amount or percentage of assets from an IRA or qualified retirement plan account. The bequest must be made directly from the IRA or plan by naming the recipient charity on a beneficiary designation form for the plan. 2002 tax calculator Turbo tax 2002. The estate should not be named as the beneficiary, even if there are other charitable bequests under the will. The new rules address only gifts made upon death. There is currently no opportunity to make tax-favored charitable gifts out of an IRA or retirement plan while the owner is living. Legislative proposals may change this situation in the future. TAX LAW CHANGES ENHANCE RETIREMENT PLAN BENEFITS FOR TAX-EXEMPT ORGANIZATIONSTax-exempt organizations can now provide significant retirement benefits to key employees, as a result of recent changes in the tax law. The changes substantially alter both the maximum permitted annual contributions to a retirement plan and the way in which the maximum is calculated. As a result, employers that maintain both a Section 403(b) plan and a Section 457 plan, or both a Section 401(k) plan and a Section 457 plan, may now provide enhanced retirement benefits. Under the new rules an individual may contribute the lesser of $11,000 (increased from $10,500) or 100 percent of his/her gross compensation to a Section 403(b) plan. An employer's contribution is not counted in the limitation. Similarly, allowable contributions to a Section 457 plan are now the lesser of $11,000 for 2002 (increased from $8,500) or 100 percent of the individual's taxable compensation.
2002 tax calculator
Inheritance || Alternative-minimum-tax || Irs-home-page || Irs-tax