3/26/2017

 

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Tax Definitions

Tax Definitions
Tax Definitions A
Tax Definitions B
Tax Definitions C
Tax Definitions D
Tax Definitions E
Tax Definitions F
Tax Definitions G,H
Tax Definitions I
Tax Definitions J,K,L
Tax Definitions M
Tax Definitions N,O
Tax Definitions P,Q
Tax Definitions R
Tax Definitions S
Tax Definitions T
Tax Definitions U,V,W

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Tax Definitions and Terms (J, K, L)

Joint Account: A joint account is an account that has two or more owners with each owner having the right of access and usage and may have the right of survivorship.

Joint Returns: Returns filed by legally married couples who report their combined incomes and deductions to the IRS.

Joint Tenant: When two or more individuals take title to a property, each having an equal, undivided, interest with rights of survivorship, it is known as joint tenancy. Rights of survivorship means that if one of the joint tenants dies, the surviving owner or owners inherits the deceased's total interest in the property.

Keogh Plan: A retirement plan set up by self employed individuals, or by businesses that are not incorporated, in which a certain portion of tax deferred income is put into a retirement account. This money is taxed upon retirement or if it is taken out of the account prior to retirement.

Kiddie Tax: A tax on investment income, such as dividends or interest, for a child who is 14 years of age or under. The kiddie tax does not apply to income from wages.

Levy: The means by which the IRS seizes a taxpayer's income or property to satisfy delinquent taxes that are owed.

Lien: A lien is an encumbrance against property that is filed with the county recorder that makes the property a security against debt. A lien may assessed against property for a mortgage, unpaid tax debt, judgments or other debt.

Like-kind Exchange: A tax-free exchange of real estate or other assets that are held for investment purposes or used in business in which any gain may be deferred to a later date.

Long Term Capital Gains: Investments that are held for over a year. These gains are taxed on a rate that is 20 percent or less and somewhat lower for investors in the bottom 10 to 15 percent federal tax brackets.

Lump-sum Distribution: The payments due to a participant of a tax plan that are made within one year. Qualifications include reaching the age of 59 1/2, becoming disabled, death, or having left the employer. In some cases, lump sums may be rolled over into another account tax free.

 

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