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A Guide To Moving and Taxes

A GUI DE TO MOVING 8TAXESS Moving requires a lot of work, money and emotional energy. The good news is that MOVING for any number of reasons CAN TRIGGER NEW TAX ELIGIBILITIES. COLLEGE/ GRAD SCHOOL • Student loan interest deductions • DEDUCT MOVING EXPENSES OVER 50 MILES NEW HOME •Mortgage interest points and property tax deduction • Penalty-free $10K PAYOUT from IRA TO BUY FIRST HOME MARRIAGE • You can CHANGE YOUR WITHHOLDING AMOUNT ON YOUR W-4 • You can now file taxes jointly HAVING KIDS • ADD AN EXEMPTION to your tax return CHILD CARE TAX CREDIT can be utilized • Add a dependency for each additional child CHILD TO COLLEGE • LIFETIME LEARNING CREDIT American Opportunity Credit, Hope Credit and tuition deductions NEW JOB •USING 529 plan or Coverdell funds IS TAX-FREE Severence pay is taxable •The first $2,400 of unemployment NOT TAXABLE • JOB SEARCH EXPENSES DIVORCE can be ITEMIZED DEDUCTIONS • Can still file jointly if divorce not final by 12/31 • HOME SALE TAX EXCLUSIONS can be up to $250K EACH • ALIMONY PAYMENTS = DEDUCȚION Relocation expenses over 50 miles deductible RETIREMENT Primary home sale cap gain exclusion (UP TO $500K) Rollover stock/assets/401(k) to a traditional or Roth IRA. • Tax distributions from 401 (k) BEGINNING AGE 70.5 OR FACE PENALTIES SECOND HOME • If not rental, deduct the interest on the mortgage • Rental income LESS THAN 14 DAYS IS TAX FREE •RV and boat interest CAN BE DEDUCTED LIKE A MORTGAGE Rental income from MORE THAN 14 DAYS IS TAXABLE (check rules) WHO KNEW YOU COULD SAVE MONEY MOVING? SOURCES: Learn more at mymove.com. http://kiplinger.com http://www.irs.gov BETA mymove U.S. Census Bureau *This is not meant to provide tax advice. Please speak to an informed accountant for the specific tax guidance you need to comply with all federal, state and local tax codes. ERESE UNICKE TE IS LEGAL STS, PUBLIC AND %24

A Guide To Moving and Taxes

shared by ksoto on Mar 14
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A Guide to Moving and Taxes show recent movers some of the ways that they may be able to save money on their taxes this spring.

Publisher

MyMove

Category

Economy
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