Investment and Finance
The most frequently asked tax questions related to Investment and Finance
For Tax Payers
Need professional help with a specific tax issue or have general tax questions? Ask a CPA is the easiest way to get advice from a licensed accountant in our network.
Ask a Tax QuestionFor Accountants
Provide answers to tax questions and introduce your practice to new potential clients. Build your CPAdirectory profile and earn reputation points.
Answer Tax QuestionsDefined benefit plan - limitation on annual benefit
Asked Wednesday, November 29, 2000 by an anonymous user
For 2013, the annual benefit for a participant under a defined benefit plan cannot exceed the lesser of: 100% of the participant's average compensation for his or her highest 3 consecutive calendar years or $205,000.
For 2014, the annual benefit for a participant under a defined benefit plan cannot exceed the lesser of: 100% of the participant's average compensation for his or her highest 3 consecutive calendar years or $210,000.
For 2014, the annual benefit for a participant under a defined benefit plan cannot exceed the lesser of: 100% of the participant's average compensation for his or her highest 3 consecutive calendar years or $210,000.
Goodwill - amortizable basis
Asked Monday, November 27, 2000 by an anonymous user
The cost of business intangibles such as Goodwill, covenants not to compete amounts, trademarks are amortized over a 15 year period.
Most intangible assets are expected to benefit more than one year, so their cost is a capital expenditure under Internal Revenue Codesection 167 (depreciation), the primary authority for deducting intangibles
Most intangible assets are expected to benefit more than one year, so their cost is a capital expenditure under Internal Revenue Codesection 167 (depreciation), the primary authority for deducting intangibles
Investments & Financial Planning
Is there a website for determining withdrawals from retirement fund to achieve a specific income level ?
Asked Monday, November 27, 2000 by an anonymous user
T. Rowe price has created a website for users to enter assets information, how long they plan to be in retirement and their desired withdrawal from the retiremnet fund to determine the liklelihood or success based on these variables. www.troweprice.com/ric is the address.
What is the tax rate for stocks that are sold ?
Asked Wednesday, November 22, 2000 by an anonymous user
Stocks when sold result in capital losses or capital gains. Short term capital gains are taxed at the same rate as ordinary income. Long term gains, that is stocks which are held for at least one year, are taxed at a maximum federal bracket of 15%. Some lower income individuals will not pay on the long term gains. Speak to a CPA in your area to find out how this applies to you.
Is the amount listed on Form 1099-DIV box 6 , foreign taxes deductible ?
Asked Wednesday, November 22, 2000 by an anonymous user
The amount listed on Form 1099-DIV box 6 for foreign taxes are deductible on tax credit Form 1116 or as an itemized deduction, other tax amount on IRS Schedule A.
What year is the Mutual fund dividend I received in December and paid in January taxable ?
Asked Wednesday, November 22, 2000 by an anonymous user
Mutual fund dividends declared at the end of the year in the months of October through December and paid the following January are taxable in the year declared.
Investments & Financial Planning
How are Mutual funds distributions reported to the IRS ?
Asked Wednesday, November 22, 2000 by an anonymous user
Mutual fund distributions are reported to the IRS and to you on Federal Form 1099-DIV or a substitute equivalent 1099-DIV statement.
Several types of of dividends can be reported on Form 1099-DIV.
Dividends that were reinvested by you instead of receiving cash will be listed on this form.
Several types of of dividends can be reported on Form 1099-DIV.
Dividends that were reinvested by you instead of receiving cash will be listed on this form.
Investments & Financial Planning
What is a Closed end Mutual fund ?
Asked Wednesday, November 22, 2000 by an anonymous user
A closed end fund issues a fixed number of shares that trade similarly to shares of publically held corporations listed on the stock exchange.The daily price of a closed end mutual fund may be below or above the net value of its investment portfolio. This is different than a open end fund. An open end fund characteristic is the value of and the number of shares in your portfolio change daily as investors purchase and redeem shares.
Investments & Financial Planning
What is a Open end Mutual Fund ?
Asked Wednesday, November 22, 2000 by an anonymous user
The characteristic of an open end fund is the value of and the number of shares in your portfolio change daily as investors purchase and redeem shares. This is different than a closed end fund which issues a fixed number of shares that trade similarly to shares of publically held corporations listed on the stock exchange.The daily price of a closed end mutual fund may be below or above the net value of its investment portfolio.
