The poll also found that the $95
tax penalty is as ineffective to compel younger respondents to buy health insurance as it was for survey respondents as a whole-61 percent for 18 to 24-year-olds and 55 percent for 25 to 34-year-olds.
I urge members of Congress to do what they've done four times over the past four years, vote to include marriage
tax penalty relief," said Connor.
The estimated
tax penalty is imposed in lieu of an interest charge on the tax underpayments.
If withdrawals and other distributions are taken prior to age 59u, a 10% federal
tax penalty may apply.
The marriage
tax penalty forces approximately 25 million American couples to pay an average of $1,450 more in taxes simply because they are married.
Congressional leadership, House and Senate bill co- sponsors, and Family Research Council (FRC) have scheduled a Valentine's Day theme news conference to discuss Thursday's vote on the Marriage
Tax Penalty Relief Act.
A situation may arise when retirement savings might be needed for a possible emergency in the near future, when a Federal
tax penalty of 10% is imposed on early withdrawals.
As the professional organization representing more than 4,800 tax executives throughout the United States and Canada, TEI is pleased to submit these comments on the procedure for Joint Committee review of refund claims and the FSC estimated
tax penalty.
Employees and employers can make annual tax-free contributions, up to certain limits, and the funds may be used without
tax penalty to pay for qualified medical expenses.
45) A
tax penalty is discharged if the underlying tax liability is discharged.
For the individual taxpayer, Davis said, the feature most likely to catch him or her off-guard is the fact that an individual can no longer rely on the previous year's tax for relief from a
tax penalty, if he or she was assessed a penalty for failure to pay the correct amount of estimated tax in any of the three preceding years.
Thus, we submit that there is no policy reason to deny a safe harbor from the estimated
tax penalty with respect to FSCs and their related suppliers.
