Georgia tax forms
These funds, established by charities to encourage deferred giving, are usually offered by universities, churches, and other major charitable groups. georgia tax forms Georgia tax forms. In return for your contribution of cash or property to the PIF, the PIF agrees to provide you and/or your spouse with a life income. There is no guarantee of the amount of income, as it is based upon the investment return of the PIF. The PIF will provide you with a history of its past investment results, as well as its investment philosophy, to give you some idea of the income you can expect. georgia tax forms California state income tax. At the death of you and/or your spouse, the income interest will terminate, and your capital account in the PIF will be given to the sponsoring charity. A PIF has clear tax advantages. You will be entitled to an income tax deduction in the year in which you make your contribution to the PIF. georgia tax forms Illinois state tax forms. The amount of the deduction is the value of the interest which passes to the charity at your death or the death of your spouse. This amount will vary, depending upon your life expectancies and the investment return of the PIF. As an example, if a 60-year old donor transfers $100,000 to a PIF which has an 8. 5% return, and retains a life income interest, the amount of his charitable deduction will be $26,758. There are also advantages to contributing appreciated property, such as stock, to a PIF. Although the stock will be valued at its fair market value in determining your charitable deduction, no capital gains tax will be imposed on you or the PIF. A contribution to a PIF will also help to reduce your estate tax since the amount passing to the charity after your death will be deductible for estate tax purposes. Charitable Remainder TrustsA charitable remainder trust (CRT) is similar to a PIF in that, in return for your payment, the trust will pay you income for a fixed period of time, with the principal eventually paid over to charity. A CRT, however, is more flexible than a PIF since it provides you with more options for the payment of the income. Rather than tying your income to the investment return of the trust, a CRT can pay you either a fixed annuity payment or a "unitrust" payment. A unitrust payment is advantageous in inflationary times since it is a fixed percentage of the value of the trust assets, revalued annually.
Georgia tax forms
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