MGMT 132A Lecture Notes - Lecture 7: Foreign Earned Income Exclusion, De Minimis, Punitive Damages
7 Jun 2016
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Items specifically excluded from gross income: gifts and inheritances. Maximum deduction for agi is ,500 per year. If at least 50 years old, the limit is ,500 per year. Distribution: must wait until you"re 59. 5, there is 10% penalty (tax) B. 3. c. no deductions on roth ira as deduction for agi. Distance test: compare old job to old house, new job to old house, and if the difference between them is > 50 miles, then you can deduct. If self-employed, 78 weeks within a two year period. Travelling to new residence for all members of household, but no meals. Penalties, house-hunting costs, meals, realtor expenses, selling house at loss, temporary living expenses. Tuition and fees deduction (form 8917, line 34) Requires qualified tuition or related expenses for higher education (only tuition. Requirements: qualified education expenses at qualified institutions (tuition, fees, books, supplies, room and board) Maximum deduction is ,500: itemized deductions (schedule a) Agi (7. 5% of agi if >= age 65)
