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25K

social security benefits taxable if MAGI exceeds certian threshold

50% 25K single 32K MFJ, 85% 34K single 44K MFJ

 

Deductible loss, Materially participated rental activity

25K-50%(AGI-100K)

 

 

250K

Sale or exchange of principal residence(sec121)

1) Up to 500,000 of gain for MFJ(single 250,000) excluded from sale of principal residence

2) Requirements

Principal residence > must be owned+occupied for 2/5yrs

* occupancy period not met, due to the following change of > Amount of exclusion pro-rated

 

 

Accumulated Earnings tax(AET)

accumulated earnings credit:

  greater of 250K - beg AE&P   or    reasonable needs of the biz

   * 150K for service company

 

 

Net capital loss

	Individual	Corporation
Deductibility	Offset CG 3K	offset CG only
Excess CL	indefinite co	cb3/co5
Identity of CO	st or lt	st

3K limit same for MFJ

 

 

IRS contribution deduction

직장퇴직연금 없음 > 인당 6K

우선자기자신은 풀로 6K 공제 가능함. 

직장퇴직연금 한명 있음 > 103K~123K, phase out 적용/ Single 64K~74K

직장퇴직연금 둘다 있음> 193K~203K , phase out 적용  

 

 

Sch 1 deduction

$300 educator expense

 

SE tax rate

92.35% * 15.3%

int on education loan up to $2500, including room & board

 

 

 

5 dependent test

1) US citizen

2) Related

    3촌이내 age limit 없음

    3촌이상 member of household

       child under 19, 24 full time student, any age for handicapped person

3) Dependent cannot file a joint return

4) Gross income, less than 4300

5) Support 1/2 of livng cost, 10% of multiple support

 

 

Sch A, interest

 

Qualified residence int

loans up to $750K for MFJ, $350 S

 

Investment interest

- deduction limited to the amount of net investment income

-  Excess int is carried forward indefinitely

 

 

Charitable contributions

-out of pocket expense only for services

	Amount	Deduct up to
Cash	Cash	60% of AGI
inventory/ STCG property property, Basis>FMV	Basis FMV	50% of AGI
LTCG property	FMV	30%

- Excess contribution, cf 5yrs(same for Corp)

- no deductible contritbutions

   paid to non-qualified organiztion(individual, foreign, communist, political organization)

   value of taxpayer's time or service

   Blood donated

 

 

Personal casualty losses

Lessor of

  Cost Basis  or

 

FMV before the casualty     

- FMV after the casualty    

Loss ( limited to basis)

- insurance reimbursement

Net loss

(-) $100 per casualty

(-) 10% of AGI

 

* not deductible casualty loss

- repair costs

- temporary living costs

 

 

QBID

20% of pass-through entities: sole-proprietorship, Scorp, partnership, limited liability company > ordinary income

 

 

Self employment tax

Guranteed payment (F1065 K-1)

income from sole proprietorship(Sch C)

 

Refundable tax credit

Earned income credit, American opportunity credit(HOPE)

 

foreign tax credit 

cb 1yrs, co 10 years

* no limitation if deduct in Sch A

 

American opportunity credit	Lifetime credit
post-secondary education program
2.5K per student	2K per return
refundable	non-refundable

 

Child care credit	Dependent child tax credit	Earned income credit
child under 13 both parents gainfully employed  baby sitter> dependent 아니면 됨	qualifying child, under 17	low earned-income + child under 19 > refundable low earned-income                           > reduce credit - earned income 12 month period - MFJ - passive income in excess of 3.6K nono - not include worker's compensation benefit
3K for one 6K for two or more	2K for a child
non-refundable	non-refundable

 

 

adoption expenses credit

up tp 14,400, co 5yrs

child age under 18

a child who is physically or mentally incapable of self-care

 

 

Estimated tax

Individual	Corp
4,6,9,1	4,6,9,12
current 90% prior 100%(150K<, 110%)	current 100% prior 100% * Large corp >1M, current only
no tax penalty less than 1K	no tax penalty less than 500

 

Penalty

0.05 late filing (max 0.25) 5 month

0.005 underpayment of tax, delinquency (max 0.25), 90% paid no penalty

 

20%, accuracy-related penalty, exceeding greater of 10% of tax or 5K

15%(max 75%) per month for civil fraud penalty

 

 

Statute of limitation 3yrs regular 6yrs omission more than 25% of income reported no limit, not filed / fraud

Claims for refund 3yrs regular 2yrs if not filed 7yrs bad debts or worthless securities

 

 

DRD

50%(~20%) 65%(20%~80%) 100%

 

Capital loss cb3yrs, co5yrs

 

small biz 25M or less for last 3yrs

 

uniform capitalization rule

apply to manufacturing, retail, whole sale biz not apply to small biz 25M or less

subject to ucap rule - inventory related - repair/ maintenance - rent and utilities - QC

not subject to ucap rule -selling, marketing, R&D, income tax

organization expense director meetings, legal fees, documents

Start up costs marketing, personnel hirng/ training

* 5K- (cost-50K), 50K를 초과하는 비용은 5K에서 차감

 

 

NOL

~2018: cb 2yrs, co 20yrs

2018,2019,2020 cb5 100%, co no limit, offset 80%

2021~, co no limit, 80%

 

 

Casualty loss

ordinary deduction for actual damage but limited to AB

 

Sch M-1

NOL, DRD 없음

 

Sch M-3

total assets of $10M or more

distinguish bet temporary, permanent

 

SH's basis in S corp stock Initial basis + additional capital contribution + share of S corp ordinary income + share of separately stated income(including non-taxable income) 12/31 Basis before distribution - Distribution(cash) 12/31 Basis for loss - Share of S Corp ordinary loss - share of separately state loss or deduction(including no-deductible expense) 12/31 shareholder's basis in S corp stock

Partner's basis in partnership initial basis + Additional capital contribution + Partnership liability increase + share of ordinary income + share of separately stated income(including nontaxable inc) Ending basis before distribution -Distribution(cash) Basis for loss - Share of ordinary loss - share of separately state loss or deduction Ending Basis in partnership

 

Separately stated items(reported on Schedule K)

- rental activity

- int, divi and royalty income

- capital gains/losses

- sec 1231

- charitable contributions

- sec 179 deductions 1,080K

- int exp on investment indebtedness

- foreign income taxes

- tax-exempt income

- non-deductible expenses

 

Ordinary income

Rev cogs

int exp

operating exp

 

Deduction of Scorp losses - stock and debt basis in S corporation - at risk basis(recourse debt) - Passive activity loss limitation

Deduction of Partnership losses - Basis in partnership - at-risk basis - Passive activity loss limitations * any losses excess of at risk B > carry forward indifinetely, duduct in the future

 

 

QBID

sole proprietorship, Scorp, partnership, LLC

 

SE income

Sole, general partnership`, guaranteed payment

 

Passive activity

- 500 hours a year

- any rental activity

- Limited partnership int

* c/o excess losses indefinitely or disposed