This document provides an overview and exhibits related to itemized deductions allowed on individual tax returns. It discusses various types of itemized deductions including medical expenses, taxes, interest, charitable contributions and others. The exhibits provide more detail on specific itemized deductions such as medical care capital expenditures, transportation and lodging costs, types of allowable interest, and limitations on charitable deductions.
Agenda: Tax Updates for Individuals; Tax Update for Businesses; Fiscall Cliff; Disposition of Assets or Business Interests; Depreciation; Basis Issues; Business Income and Deductions; Estate Planning; Other Cases and Rulings.
Agenda: Tax Updates for Individuals; Tax Update for Businesses; Fiscall Cliff; Disposition of Assets or Business Interests; Depreciation; Basis Issues; Business Income and Deductions; Estate Planning; Other Cases and Rulings.
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Assignment 7, Chapter 15 NAME _______________________________
FIN 3610
1. a. Explain the various definitions of disability that are found in disability-income insurance. Not sure about the answer
The definition of total disability is stated in the policy. There are several definitions of total disability:
(1) Inability to perform all duties of the insured’s own occupation
(2) Most insurers today use amodified own occupationdefinition of total disability. Because of injury or sickness, you are unable to perform the material and substantial duties of your own occupation, and are not engaged in any other occupation.
(3) Inability to perform the duties of any occupation for which the insured is reasonably fitted by education, training, and experience
(4) Inability to perform the duties of any gainful occupation
(5) Loss-of-income test in some companies
Some individual disability income policies have a two-part definition. For some initial period of disability, such as two to five years, total disability is defined in terms of your own occupation. After the initial period of disability expires, the any occupation definition of disability is applied.
b. Briefly explain the following disability-income insurance provisions: Residual disability, Benefit period, Elimination period, Waiver of premium. Not sure about the answer
(1) Residual disability means that a pro rata disability benefit is paid to an insured whose earned income is reduced because of an accident or sickness.
(2) The benefit period is the length of time that disability benefits are payable after the elimination period is met.
(3) An elimination period is a waiting period during which time benefits are not paid. Insurers offer a range of benefit periods, such as 30, 60, 90, 180, or 365 days.
(4) Most policies include a waiver-of-premium provision. The insured must meet the definition of disability stated in the policy. If the insured is totally disabled for 90 days, future premiums will be waived as long as the insured remains disabled.
2. Identify five major provisions of the Affordable Care Act that will have an impact on individuals and families. Document your source and attach a copy of your information.
Need plz Document your source and attach a copy of your information.
Plz look for website about these info.
Provisions in the Affordable Care Act that will affect individuals and families include the following:
Individual mandate. Beginning in 2014, most citizens in the United States and legal residents must have qualifying health insurance or pay a financial penalty.
Preexisting conditions exclusions prohibited. Children under age 19 with a preexisting condition cannot be denied coverage or rated up because of a preexisting condition. Beginning in 2014, adults cannot be denied coverage or rated up because of a preexisting condition.
Retention of coverage until age 26. The new law allows young adults to remain on their parents’ policy until age 26.
Guaranteed acces ...
The Terrorism Risk Insurance Act (TRIA) tries to prevent double payments of policyholder and claimant losses under multiple federal disaster relief programs. When Treasury implemented TRIA’s double payment rules more than 15 years ago it assumed future disaster relief programs would look a lot like those previously rolled out for hurricanes, floods and earthquakes.
COVID-19 has shaken that assumption.
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2. Chapter 8 Exhibits
1. Medical Expenses
2. Medical Care—Capital Expenditures
3. Medical Transportation and Lodging
4. Medical Care
5. Medical Insurance Premiums
6. Property Taxes
7. Income Taxes
8. Interest
9. Qualified Residence Interest
Chapter 8, Exhibit Contents A CCH Federal Taxation Basic Principles 2 of 24
3. Chapter 8 Exhibits
10. Other Interest
11. Charitable Contributions
12. Charitable Organizations
13. Charitable Contribution Limitations
14. Charitable Contribution Valuations
15. Personal Casualty and Theft Losses
16. Netting Personal-Use Casualty and Theft Gains and Losses
17. Special Disaster Election
18. Miscellaneous Itemized Deductions
Chapter 8, Exhibit Contents B CCH Federal Taxation Basic Principles 3 of 24
4. Medical Expenses
Medical expenses in excess of 7.5% of AGI are allowed as an
itemized deduction.
The deduction is allowed only for medical expenses actually
paid during the year.
Medical expenses must be for medical care of the taxpayer,
spouse or a dependent of the taxpayer. A child of divorced
parents is treated as the dependent of both parents for
purposes of the medical expense deduction. Also, the gross
income requirement for the dependency exemption is waived
for the purpose of the medical expense deduction.
Chapter 8, Exhibit 1 CCH Federal Taxation Basic Principles 4 of 24
5. Medical Care—Capital Expenditures
Qualified expenditures for home improvements and additions may be
deductible to the extent that their costs exceed any increase in the fair
market value of the existing structure.
Examples:
Adding wheelchair ramps
Widening doorways to create wheelchair access
Adding a swimming pool prescribed by a physician to
alleviate some ailment such as partial paralysis
Installing an elevator to provide handicap access between
floors
Chapter 8, Exhibit 2a CCH Federal Taxation Basic Principles 5 of 24
6. Medical Care—Capital Expenditures
Capital expenditures may qualify for an immediate medical
deduction (subject to the 7.5% floor) if prescribed by a
physician to alleviate a physical or mental defect or illness.
Examples:
Seeing eye dogs
Wheelchairs
Eyeglasses
Dentures
Chapter 8, Exhibit 2b CCH Federal Taxation Basic Principles 6 of 24
7. Medical Transportation and Lodging
Mileage - If mileage was primarily for and essential to
medical care, the taxpayer may choose between
the standard mileage allowance of 23 cents, plus
parking and tolls, or
actual expenditures.
Meals - Meals consumed during medical-related
transportation are NOT deductible even if the
transportation is primarily for and essential to the rendition
of medical care.
Chapter 8, Exhibit 3a CCH Federal Taxation Basic Principles 7 of 24
8. Medical Transportation and Lodging
Nondiscretionary lodging during travel - A medical
expense deduction is allowed for lodging (but not meals)
while away from home primarily for and essential to medical
care. This lodging cannot exceed $50 per night for each
individual. The deduction may also be claimed for a person
who must accompany the individual seeking medical care.
Discretionary lodging during travel - If a doctor prescribes
an operation or other medical care and the taxpayer chooses,
purely for personal considerations, to travel to an out-of-town
locality for medical treatment, the lodging is not deductible.
Chapter 8, Exhibit 3b CCH Federal Taxation Basic Principles 8 of 24
9. Medical Care
The cost of in-patient (overnight) hospital care, including
meals and lodging, is an allowable deduction Meals
consumed by patients during hospital stays are not subject
to the 50% reduction.
All medicines and drugs except for insulin require a
prescription to be deductible. Cosmetics and toiletries are
not considered medicine and drugs.
Chapter 8, Exhibit 4 CCH Federal Taxation Basic Principles 9 of 24
10. Medical Insurance Premiums
A medical expense deduction is allowed for medical insurance
premiums.
Premiums paid by the taxpayer for long term care insurance
are allowed as medical expense deduction, subject to
limitation. In 2012, the maximum deduction for prepaid long
term care insurance premiums ranges from $350 for a taxpayer
age 40 or less to $4,370 for a taxpayer over age 70.
Self-employed taxpayers are allowed to deduct 100% of
medical insurance premiums “FOR” AGI.
Chapter 8, Exhibit 5 CCH Federal Taxation Basic Principles 10 of 24
11. Property Taxes
State, local or foreign real property taxes and personal
property taxes are allowed as an itemized deduction.
If real property is sold during the year, the tax deduction
must be allocated between the buyer and seller based on the
number of days each party held the property. This method is
required regardless of which party actually pays the property
taxes.
Personal property taxes must be ad valorem (based on the
value of the property) in order to be deductible.
Chapter 8, Exhibit 6 CCH Federal Taxation Basic Principles 11 of 24
12. Income Taxes
State or local income taxes are deductible as an itemized
deduction in the year they are paid.
For years through 2011, taxpayers can elect to deduct state
and local sales taxes rather than state and local income
taxes.
Taxpayers may also deduct state and local income taxes
withheld from their salary.
If a taxpayer receives a refund of state or local income
taxes in a later year, the refund may need to be included in
gross income (if there was a tax benefit from the original
deduction).
Chapter 8, Exhibit 7 CCH Federal Taxation Basic Principles 12 of 24
13. Interest
Personal interest is NOT deductible. Thus, interest on
consumer debt, such as car loans and credit card debt, is not
deductible.
Qualified education loan interest of up to $2,500 may be
deducted FOR AGI. The deduction is phased out for single
taxpayers with AGI of $60,000 ($125,000 for married
taxpayers).
Chapter 8, Exhibit 8 CCH Federal Taxation Basic Principles 13 of 24
14. Qualified Residence Interest
Interest on home loans secured by a first or second home is allowed as an
itemized deduction.
The home must be a qualified residence. A qualified residence is
A principal residence or
Any second residence that is for personal use
A deduction is allowed for qualified residence interest on up to $1 million
of debt to acquire, construct or substantially improve a qualified
residence. If the acquisition indebtedness is larger than $1 million, up to
$100,000 of the excess can qualify as home equity indebtedness. Interest
on the remainder is not deductible.
A taxpayer may borrow up to the lesser of (1) $100,000 or (2) the equity
in the home in the form of a home equity loan and deduct the interest on
the loan.
Chapter 8, Exhibit 9 CCH Federal Taxation Basic Principles 14 of 24
15. Other Interest
Investment Interest—Interest on investment property (stocks, bonds,
raw land, for instance)
Deductible only up to net investment income—Investment income
(interest, royalties, short-term capital gains) minus investment
expenses
Dividends and long-term capital gains are also included by
election if the special tax rate (0/15%) is given up
Prepaid interest (including “points”)—allocated over the period to
which it applies
Exception—points on a mortgage on a principal residence
Chapter 8, Exhibit 10 CCH Federal Taxation Basic Principles 15 of 24
16. Charitable Contributions
Charitable contributions are subject to limitations based on
adjusted gross income.
Contributions are limited to 20%, 30% or 50% of AGI
depending on the type of property donated and type of charity
receiving the donated property.
The overall charitable contribution deduction is limited to 50%
of AGI.
Unused charitable contributions may be carried forward up to 5
years, subject to the original %-of-AGI limitation in all future
years.
Chapter 8, Exhibit 11a CCH Federal Taxation Basic Principles 16 of 24
17. Charitable Contributions
Donations can consist of either cash or property. The type of property
donated determines which percentage limitation applies.
Ordinary income property includes property held by the donor primarily
for sale to customers in the ordinary course of the donor’s business and
works of art created by the donor. The deduction for ordinary income
property is limited to the basis of the property.
Capital gains property is appreciated property that, if sold at fair market
value, would result in a long-term capital gain. Depreciable property and
land used in a trade or business is considered capital gains property for
charitable contribution purposes. The deduction for capital gains property
is either the property’s basis, fair market value, or a reduced amount in the
case of depreciable property.
Chapter 8, Exhibit 11b CCH Federal Taxation Basic Principles 17 of 24
18. Charitable Organizations
Qualified charitable organizations are divided into 2 categories: public
charities and private charities.
Public charities include:
Churches and hospitals
Educational organizations
Organizations supported by the government
Private operating foundations
Private non-operating foundations that distribute all of their
contributions to public charities
Private charities are private non-operating foundations that do not
distribute all of their contributions to public charities.
Chapter 8, Exhibit 12 CCH Federal Taxation Basic Principles 18 of 24
19. Charitable Contribution Limitations
Contributions are allocated to the appropriate limitations as follows:
% of AGI Types of Donations
50% Donations to public charities of cash, ordinary income property, and
capital gains property with the reduced deduction election
30% Public Donations to public charities of capital gains property [including
qualified appreciated stock and appreciated Section 1231
(depreciable) property]
30% Private Donations to private charities of cash and ordinary income property
20% Donations to private charities of capital gains property [including
qualified appreciated stock and appreciated Section 1231
(depreciable) property]
Chapter 8, Exhibit 13 CCH Federal Taxation Basic Principles 19 of 24
20. Charitable Contribution Valuations
Category Valuation Property Donated
50% public Cash Cash
Basis Ordinary income property
Basis Capital gains property reduced contributions
election
30% public FMV Capital gains property (including qualified
appreciated stock)
FMV-OI Section 1231 (depreciable) property
30% private Cash Cash
Basis Ordinary income property
20% private Basis Capital gains property
FMV Qualified appreciated stock
Chapter 8, Exhibit 14 CCH Federal Taxation Basic Principles 20 of 24
21. Personal Casualty and Theft Losses
Personal casualty and theft losses are allowed as itemized
deductions. As discussed in Chapter 7, business casualty and
theft losses are deductible FOR AGI.
The amount of loss is computed as the lesser of:
Adjusted basis
Decline in fair market value
The loss must be reduced by insurance reimbursements
received (or reasonably expected to be received).
Chapter 8, Exhibit 15 CCH Federal Taxation Basic Principles 21 of 24
22. Netting Personal-Use Casualty and Theft
Gains and Losses
Chapter 8, Exhibit 16 CCH Federal Taxation Basic Principles 22 of 24
23. Special Disaster Election
In a Presidentially declared disaster area, taxpayers may
elect to deduct the loss in the tax year immediately
preceding the year in which the disaster occurred.
Also, in Presidentially declared disaster areas, taxpayers
will never have to recognize gain on the receipt of
insurance proceeds for personal property contained in
personal residences.
Chapter 8, Exhibit 17 CCH Federal Taxation Basic Principles 23 of 24
24. Miscellaneous Itemized Deductions
Miscellaneous itemized deductions are generally grouped together on a
tax return and are deductible to the extent that the total of all
miscellaneous itemized deductions exceeds 2% of adjusted gross income.
Examples:
Unreimbursed employee expenses such as professional dues,
subscriptions to professional journals, union dues and uniforms not
suitable for everyday use.
Job-seeking and educational expenses.
Investment expenses such as safe deposit box rental, subscriptions
to investment related publications, and legal and accounting fees
related to investments.
Tax advice and tax return preparation.
Chapter 8, Exhibit 18 CCH Federal Taxation Basic Principles 24 of 24