Sunday, March 27, 2022

IRAs from a different perspective

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

Michigan - state tax changes

At Bridge Michigan, a description of the proposed changes to state tax laws in the bill now passed by the House. These are still subject to negotiation and compromise. 

Saturday, February 12, 2022

New figures

 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: 


The first two figures differ depending on whether there are children from a previous marriage. 


Saturday, January 29, 2022

Unexpected

 She Bought Her Dream Home. Then a ‘Sovereign Citizen’ Changed the Locks.

https://www.nytimes.com/2021/09/26/nyregion/moors-newark.html

Early action

An early action when a loved one dies: go to his email account and set up an autoresponder. 

“John died on January 23. Please remove this address; contact jim@boxplanet.com with any questions.” 

Do this on his social media accounts, too. 

IRAs from a different perspective

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...