It is not always necessary to accept the oddball ways that Congress and the IRS do things. At our 906LawTech page, we provide an alternative IRA distribution schedule and projection that gets rid of the "divisors" and simply uses percentages for each year's required minimum distribution.
Wednesday, March 2, 2022
Saturday, February 12, 2022
A new year brings updates in dollar limits. The IRS figures first:
"Annual exclusion" for gifts $16,000
Estate/gift tax exemption equivalent $12,060,000
Recall that the per-year gift exemption relates to reporting requirements only. If one single person gives another single person $20,000, this exceeds the per-year exclusion, but does not trigger a gift tax liability so long as the exemption equivalent is not exceeded. What it usually requires is the filing of a gift tax report using Form 709. See the IRS instructions for that form.
For persons dying in 2022, the new figures as certified by the Michigan Department of Treasury are:
Saturday, January 29, 2022
She Bought Her Dream Home. Then a ‘Sovereign Citizen’ Changed the Locks.
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