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Toledo Ohio Form 1099-LTC: What You Should Know

A tax on income for the federal estate tax Under the House Republicans' tax reform bill, the federal estate tax would be eliminated, but the estate tax exemption would increase. Under the Federal estate tax legislation for 2023 (H.R. 2738), the tax rate on estates with a taxable value of up to 11 million would be 10 percent. For a taxable estate with a taxable value of more than 11 million, the rate would be 25 percent. A tax on investment income earned from securities, including money market funds The tax could only apply to income earned. A stock mutual fund's investor shares can't be taxed at all or at a maximum rate of 15 percent. Investments in stock funds will still be taxed at their current rate — but as “qualified dividend income.” This “income restriction” could affect some savers in a variety of ways. When selling securities, shareholders have to pay income tax at the same rate as if they'd sold the shares directly to the public. So if a broker sells you shares, but they are held in your account by your broker and do not represent your ordinary income, then you will not be taxed on the sale. But if you buy the shares off the market, at face value, then you have to pay the 15 percent capital gains tax even though you don't have to pay the standard income tax rate. The 15 percent capital gains tax can be compounded, as long as you sell and reinvest the earnings each year. Inflation-protected accounts Under the so-called Buffett Rule, taxpayers in the top one percent of tax filers (with adjusted gross income over 418,600) would only pay 15 percent tax on the full amount of their “contributions” to the accounts, which are commonly referred to as “tax-deferred or tax-free” accounts. The law also allows taxpayers to defer certain taxes for five years, including the 10 percent capital gains and other income tax, for charitable contributions over 200,000. A tax on “passive” income from investment options Most stock options, including stock options on an employer's stock, allow you to buy more, or better, stock than you're paying for.  There's currently no minimum amount that you need to pay to exercise a stock option, but under legislation being debated, a minimum of 1 million of earnings would trigger a tax on such tax-deferred stock options.

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