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Asked by Dbrunman
Answered by Michael Karu, CPA/CFF/CGMA in Livingston, NJ
For 2017, the standard deduction for a couple with the filing status of Married Filing Jointly is $12,700. For each person aged 65 or older, there is an additional $1...
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Asked by an anonymous user
Answered by Michael Karu, CPA/CFF/CGMA in Livingston, NJ
The full value of the IRA is includable as income by the beneficiary of that IRA. If no beneficiary was named, then it is taxable to the estate, which must file Form ...
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Asked by cavener
Your age is not relevant. you may deduct gambling losses only if you itemize your deductions on Form 1040, Schedule A and kept a record of your winnings and losses. Th...
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Answered by Michael Karu, CPA/CFF/CGMA in Livingston, NJ
Interest and dividends earned on life insurance policies are not includable for tax purposes unless paid to a beneficiary and even then, the insurance carrier would se...
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