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Topic: Taxpayer Relief Act of 1997


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  Taxpayer Relief Act of 1997 actually is a relief
Under the Act, a married taxpayer filing jointly is generally able to exclude up to $500,000 ($250,000 for single taxpayers) of gain on the sale of a principal residence.
Under the Act, a home office qualifies as the "principal place of business" if the office is used to conduct administrative or management activities for a trade or business, and there is no other fixed location of the trade or business where the taxpayer conducts substantial administrative or management activities of the trade or business.
The 1996 Act suspended the 15 percent excise tax on distributions from retirement plans that exceed certain thresholds (generally $160,000 in one year or $800,000 for a lump sum) for 1997, 1998 and 1999.
www.physiciansnews.com /finance/1297.html   (1647 words)

  
 Taxpayer's Relief Act of 1997 - Education incentives
Individual taxpayers are allowed to claim a non-refundable HOPE credit against Federal income taxes up to $1,500 per student per year for 50 percent of qualified tuition and related expenses (but not room and board expenses) paid for the first two years of the student's post-secondary education in a degree or certificate program.
A taxpayer may claim the HOPE credit with respect to an eligible student who is not the taxpayer or the taxpayer's spouse (e.g., in cases where the student is the taxpayer's child) only if the taxpayer claims the student as a dependent for the taxable year for which the credit is claimed.
Individual taxpayers are allowed a deduction of up to $10,000 per student per year for qualified higher education expenses paid by the taxpayer during the taxable year for education furnished to the taxpayer, the taxpayer's spouse, or a dependent.
www.offshorepress.com /taxhelp/tax7m02a.htm   (7021 words)

  
 Taxpayer Relief Act of 1997
The taxpayer must claim the eligible student as a dependent, unless the credit is for the taxpayer or the taxpayer's spouse.
The amount a taxpayer may claim as a Hope Scholarship or Lifetime Learning Credit is gradually reduced for taxpayers who have modified adjusted gross income between $40,000 ($80,000 for married taxpayers filing jointly) and $50,000 ($100,000 for married taxpayers filing jointly).
The amount of the taxpayer’s deduction is gradually reduced for taxpayers with modified adjusted gross income between $40,000 and $55,000 (between $60,000 and $75,000 for married taxpayers filing jointly).
www.wesleyan.edu /controller/tra/glossary.html   (1114 words)

  
 Issue Paper - March 1998 - Federal Taxpayer Relief Act of 1997
To qualify, a taxpayer must have owned and used the property as his or her principal residence for at least two years during the five years prior to the date of the sale.
Under this credit, taxpayers will be able to claim a tax credit against their income tax equal to $400 in 1998, and $500 for each tax year thereafter, for each child under the age of 17.
In 1997, if either spouse was covered by a pension, the couple could make the maximum deductible contribution only if their AGI was less than $40,000, and deductible contributions were phased-out for couples with AGI between $40,000 and $50,000.
www.senate.michigan.gov /sfa/Publications/Issues/TAXRELIE/TAXISSUE.html   (4576 words)

  
 Taxpayer Relief Act of 1997
Taxpayers with Adjusted Gross Income of less than $100,000 are eligible to rollover or convert a regular IRA to a Roth IRA.
Taxpayers who work at home may be able to claim a deduction for home-office expenses more easily than under prior law.
The 1997 tax law is, to quote the generally accepted observation of one analyst, "mind-numbing in its complexity." The law introduces a lot of complexity even for the average taxpayer because it offers such a variety of new and often bewildering options in many areas.
www.filetax.com /97taxact.html   (2061 words)

  
 Taxpayer Relief Act of 1997   (Site not responding. Last check: 2007-10-19)
The maximum credit is determined on a per taxpayer (family) basis, regardless of the number of postsecondary students in the family.
The full value of both educational tax credits is available to married taxpayers filing jointly with a modified adjusted gross income (AGI) of $80,000 or less and to single taxpayers with a modified AGI of $40,000 or less.
Married taxpayers may claim the credit only if the taxpayer and the taxpayer’s spouse file a joint return for the taxable year.
www.pco.edu /fin_info/fin_03_04taxrelief_info1.htm   (1522 words)

  
 Fool.com: Tax Q&A: The Taxpayer Relief Act of 1997   (Site not responding. Last check: 2007-10-19)
Taxpayers will no longer be penalized for taking large withdrawals from IRAs, qualified plans and tax-sheltered annuities, or leaving large retirement plan accumulations to their heirs.
The 15% excise tax on excess distributions, which had been suspended for 1997 through 1999, is repealed (effective in 1997), and so is the additional 15% estate tax on excess retirement accumulations (effective for persons dying after 1996).
For tax years beginning after 1997, the estimated tax penalty is not imposed if the shortfall for the year is less than $1,000 (up from $500).
www.fool.com /school/taxes/Taxes32.htm   (2834 words)

  
 Anderson University : Taxpayer Relief Act of 1997
Anderson University : Taxpayer Relief Act of 1997
The taxpayer can claim a credit for his own tuition expense or for the expense of his or her spouse or dependent children.
The taxpayer is required to complete and return Form 8863, Education Credits, to the IRS when the tax return is filed in order to claim the Hope Scholarship or Lifetime Learning credits.
www.anderson.edu /finaid/taxact.html   (943 words)

  
 Taxation Advisory - August 22, 1997 Issue: The Taxpayer Relief Act of 1997, Provisions Affecting Individuals
This rule will not apply to taxpayers who close the short position within 30 days after the end of the tax year in which it was established and who continue to own the long position for 60 days after closing the short position.
Taxpayers who have grandfathered SATB positions that have been in effect for two years or more should consider closing such positions before September 4, 1997, because the loss of basis step up generally will cost a taxpayer more than will be saved by maintaining the SATB trade.
The Act has modified this safe harbor to require payments equal to 100% of prior year tax in 1998, 105% in 1999 to 2001, 112% in 2002, and 110% in 2003 and later years.
www.ssbb.com /taxadvis3.html   (1805 words)

  
 Enrollment Services - Bursar's Office - Taxpayer Relief Act of 1997
The credit is gradually phased out for taxpayers who have modified adjusted gross income between $40,000 and $50,000 ($80,000 to $100,000 for married taxpayers filing jointly).
Interest is deductible for loans taken on the taxpayer's own education, spouses' education or dependent's education, but not for other benefactors or relatives.
Taxpayers will be able to claim the deductions for the first time on their 1998 tax returns in 1999.
www.enrollment.iit.edu /bursar/taxrelief_act.html   (1308 words)

  
 Taxpayer Relief Act of 1997 p8
The Senate amendment provides that if a minister is employed by an organization other than a church and the organization is not otherwise participating in the church plan, then the minister does not have to be included as an employee under the retirement plan of the organization for purposes of the nondiscrimination rules.
In the case of a defined benefit pension plan, the limit on the annual retirement benefit is the lesser of (1) 100 percent of compensation or (2) $125,000 (for 1997, indexed for inflation).
The Mental Health Parity Act of 1996 amended ERISA and the Public Health Service Act to provide that group health plans that provide both medical and surgical benefits and mental health benefits cannot impose limits on mental health benefits that are not imposed on substantially all medical and surgical benefits.
www.irstaxattorney.com /legislation/taxpayer_relief_act_of_1997_p8.html   (4314 words)

  
 SDSU - Taxpayer Relief Act
The Taxpayer Relief Act of 1997 (TRA 97) provides many new tax benefits for persons paying higher education costs for themselves and members of their families.
Taxpayers should consult the IRS or their tax preparers for more in depth requirements.
Beginning in 1998 taxpayers who have taken loans to pay the cost of attending an eligible education institution for themselves, their spouse or their dependent may deduct interest they pay on these student loans.
www.sdsu.edu /announcements/tax-relief-act   (1247 words)

  
 International Tax Changes in the Taxpayer Relief Act of 1997 (8/97)
The Act specifies that individuals with no more than $300 ($600 in the case of a joint return) of creditable foreign taxes and whose foreign source income consists entirely of passive income may elect not to be subject to the foreign tax credit limitation.
The Act clarifies that for purposes of the indirect foreign tax credit, a foreign corporation's post-1986 foreign income taxes include foreign income taxes with respect to prior taxable years (beginning after December 31, 1986) only to the extent such taxes are not attributable to dividends distributed by the foreign corporation in prior taxable years.
The Act also modifies the rules regarding the measurement of assets for purposes of applying the passive foreign investment company classification tests by requiring the assets of publicly traded foreign corporations to be taken into account at fair market value.
www.pmstax.com /intl/bull9708.shtml   (5563 words)

  
 Taxpayer Relief Act of 1997 (H.R. 2014)   (Site not responding. Last check: 2007-10-19)
The Balanced Budget Act of 1997 (H.R.2015), is the spending legislation intended to cut federal spending by $137.24 billion to balance the budget by the year 2002 through a combination of changes to Medicare, Medicaid, entitlement, and other areas.
The Small Business Job Protection Act amended the section 415 definition of compensation for purposes of calculating annual maximum deferral limits, allowing pre-tax contributions to a section 125 plan or elective deferrals to a retirement plan to be taken into consideration as compensation.
The Act, however, failed to amend the definition of compensation for purposes of calculating the annual maximum deferral limits for 403(b) plans to allow pre-tax contributions to a section 125 plan or elective deferrals to a retirement plan to be taken into consideration as compensation.
www.rollins.edu /hr/wncupa81.htm   (1460 words)

  
 Highlights from Taxpayer Relief Act of 1997   (Site not responding. Last check: 2007-10-19)
Taxpayers can contribute up to $500 per year into a special IRA to pay the educational expenses of a designated beneficiary who is under the age of 18.
For the sale of a principal residence after May 6, 1997, up to $250,000 of the gain can be excluded if the taxpayer has owned and used the property for 2 years of the 5-year period ending on the date of the sale.
Taxpayers subject to federal hours of service will be able to deduct a larger percentage of their business meals beginning in 1998.
accounting.smartpros.com /x16244.xml   (841 words)

  
 Taxpayer Relief Act of 1997 - Lifetime Learning Tax Credit
Single taxpayers can receive the tax credit up to 20 percent of $5,000 of their tuition, fees, and related expenses paid after January 1, 1998, or a maximum of $1,000 per taxpayer, regardless of the number of students in the family.
Taxpayers can receive the tax credit throughout their undergraduate and graduate course of study.
The credit is only allowed if the student is claimed by his or her parents or other taxpayer as a dependent during the tax year that the credit is claimed.
www.fafsa.com /lifetime.htm   (514 words)

  
 Taxpayer Relief Act of 1997
The amount of the credit is 100% of the first $1,000 of qualified tuition and related expenses paid by the taxpayer, and 50% of the second $1,000 of qualified tuition and related expenses.
The taxpayer, taxpayer’s spouse, and the taxpayer’s dependents are eligible.
If the student is claimed as a dependent on another taxpayer’s tax return, then the student may not claim the tax credit on the student’s tax return.
www.lmu.edu /PageFactory.aspx?PageID=555   (787 words)

  
 DeadlineNews.Com -- Tax Benefits, On The House
Finally, the tax relief act also removed from the books the $125,000 tax exclusion on capital gains for home owners older than 55 and the "rollover" law that allowed you to defer paying your taxes provided you purchased another, more expensive home.
The provision is among the latest round of Congressional tinkering with the Taxpayer Relief Act of 1997.
The tax relief law, which applies to sales made after May 6, 1997, also said if you qualify for and take the home-office deduction, that portion of your home designated as a work place was not eligible for the exclusion.
www.deadlinenews.com /capgains.html   (3151 words)

  
 FPA Journal - IRAs: Opportunities Under the Taxpayer Relief Act of 1997
Higher education withdrawals are exempt from the ten percent additional tax, as long as the expense is attributable to education for the taxpayer, spouse or any child or grandchild of the taxpayer or spouse.
Clearly, the factors to review are the taxpayer’s age and financial status since the Roth IRA requires that assets, as well as the expected investment earnings, not be withdrawn for five years, since the higher the expected earnings, the more beneficial the Roth IRA.
The decision as to whether any of the new IRA opportunities enacted by the 1997 legislation can be coordinated with the overall tax planning strategies of the taxpayer should emphasize the prior grandfather elections in connection with excess distributions and accumulations, as well as the gifting programs either contemplated or already initiated by the taxpayer.
www.fpanet.org /journal/articles/1998_Issues/jfp0498-art5.cfm   (2080 words)

  
 Taxpayer Relief Act of 1997
The amount a taxpayer may claim as a Hope Scholarship Credit is gradually reduced for taxpayers with modified adjusted gross incomes between $40,000 and $50,000 (between $80,000 and $100,000 for married taxpayers filing jointly).
Therefore, taxpayers will first be able to claim the credit when they file their 1998 tax returns in 1999.
The amount a taxpayer may claim as a Lifetime Learning Credit is gradually reduced for taxpayers with modified adjusted gross income between $40,000 and $50,000 (between $80,000 and $100,000 for married taxpayers filing jointly).
www.emich.edu /controller/sbs/shared/tax.htm   (1055 words)

  
 Fredrikson & Byron, P.A. - Taxpayer Relief Act of 1997 Passes
The Act extends until June 30, 1998, the period during which contributions of appreciated publicly traded securities to certain private foundations will qualify for a charitable deduction equal to the fair market value of the securities.
The Act limits the amount a charitable remainder trust may distribute in any year to 50% of the initial value of the assets transferred to the trust.
The deduction is effective for interest payments due after December 31, 1997, and is phased out for taxpayers with adjusted gross income between $40,000 and $55,000 ($60,000 and $75,000 for married taxpayers filing jointly).
www.fredlaw.com /articles/estate/esta_9709.html   (1953 words)

  
 How Does The Taxpayer Relief Act of 1997 Affect Exchanges?
The Taxpayer Relief Act of 1997 is extensive Federal legislation which affects may investment aspects of Federal income taxes.
The bad news is that beginning with assets sold after May 6, 1997, any depreciation deductions that were taken by the taxpayer during ownership are recaptured at a maximum rate of 25%, rather than the 20%/10% or 18%/8% rates.
Prior to the Act, homeowners had to purchase a new home costing at least as much as their prior home to defer any capital gains on the sale of a personal residence.
www.iowaexchange.com /reliefact.htm   (670 words)

  
 President Enacts Pension Reforms in Taxpayer Relief Act, August 1997
Section 1225 of the act modifies the filing threshold for an IRA with an interest in a partnership that is subject to the partnership-level audit rules.
Section 1524 of the Act amends ERISA Section 407(b) to apply a modified form of the current 10% limitation on a plan's investment in employer securities and real property to individual account plans that were exempt from that rule.
The act adds a safe harbor for excess contributions allowing individuals to transfer excess contributions (and any allocable earnings) from a deductible IRA to a Roth IRA without income implications if the transfer is made by the due date of the individual's tax return (not including extensions).
www.ici.org /issues/edu/arc-leg/97_pres_tra_final.html   (2421 words)

  
 Taxpayer Relief Act of 1997   (Site not responding. Last check: 2007-10-19)
Taxpayers may take a deduction on qualified education loans for the benefit of the taxpayer, the taxpayer’s spouse, or any dependent of the taxpayer as of the time the indebtedness was incurred.
The deduction is phased out for taxpayers with modified AGI between $40,000 and $55,000 ($60,000 and $75,000 for joint filers).
Married taxpayers must file jointly to take the deduction, and the credit may not be claimed on the return of anyone who is claimed as a dependent on another person’s return.
www.umich.edu /~sswd/Bobby/services/financial_operations/82b.html   (299 words)

  
 Taxpayer Relief Act of 1997 - Wikipedia, the free encyclopedia
The Taxpayer Relief Act of 1997 (Public Law 105-34) reduced several federal taxes in the United States.
The act exempted from taxation profits on the sale of a personal residence of up to $500,000 for married couples filing jointly and $250,000 for singles.
The $600,000 estate tax exemption was to increase gradually to $1 million by the year 2006.
en.wikipedia.org /wiki/Taxpayer_Relief_Act_of_1997   (245 words)

  
 Impact of the Taxpayer Relief Act of 1997 on Qualified Small Business Stock
The Act is notable for providing taxpayers with the biggest tax cut in more than 16 years and for its breadth and complexity.
Since one half of the gain recognized on a sale or exchange of QSBS is generally excluded from taxable income, the effective tax rate on such gain from QSBS held for more than 5 years is reduced from a maximum of 28% to a maximum of 14%.
Until the adoption of the Tax Technical Corrections Act of 1997, it was uncertain whether rollovers into partnerships or other entities that invest in QSBS would be entitled to relief under Section 1045.
library.findlaw.com /1997/Nov/5/130677.html   (752 words)

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