Tag Archives: DI

Disposition

Disposition

Disposition means:
a transaction, such as a sale, that gives rise to a gain or loss under Former IRC (check if this IRC provision is current here) §1001.

Disposable Earnings and California Tax

For more information about taxes in California, click here.

Description and Definition of Disposition

The sale, exchange, or other disposition of property that causes a gain or a loss. Dispositions include like-kind exchanges and involuntary conversions.

Resources

See Also

Further Reading

Direct Transfer

Direct Transfer

Description and Definition of Direct Transfer

A method of moving funds directly from one retirement plan to another. With a direct transfer, you order one sponsor to transfer the funds directly to the other sponsor – you do not take possession of the funds. There is no limit on the number of times you can move your money via direct transfer. The direct transfer method must be used to move funds from a company retirement plan to an IRA, otherwise 20% of the money withdrawn from the company plan will be withheld and paid to the IRS, even if no taxes are due.

Resources

See Also

Further Reading

Disabled

Disabled

Description and Definition of Disabled

A person is permanently and totally disabled if both of the following apply:

he or she cannot engage in any substantial gainful activity because of a physical or mental condition; and a physician determines that the condition has lasted or can be expected to last continuously for at least a year or can lead to death.

Disabled Issue

You may find information about Disabled in this Tax Platform of the American Encyclopedia of Law.

Resources

See Also

Further Reading

Direct Deposit

Direct Deposit

Direct Deposit means:
an arrangement whereby a taxpayer who files electronically and meets certain eligibility requirements can elect to have his or her refund deposited directly into a savings or checking account.

This allows tax refunds to be deposited directly to the taxpayer's bank account. Direct Deposit is a fast, simple, safe, secure way to get a tax refund. The taxpayer must have an established checking or savings account to qualify for Direct Deposit. A bank or financial institution will supply the required account and routing transit numbers to the taxpayer for Direct Deposit.

Description and Definition of Direct Deposit

The IRS will wire transfer your refund directly into your bank account rather than mailing you a check. It's the fastest way to get your refund.

Resources

See Also

Further Reading

Disaster Loss

Disaster Loss

Disaster Loss means:
the loss from a disaster in an area declared by the President as warranting federal assistance. A taxpayer may elect to claim a casualty loss on the tax return for the previous year anytime on or before the later of (1) the due date of the tax return for the year of the disaster or (2) the due date of the return considering any extension for filing the previous tax year's return. Former IRC (check if this IRC provision is current here) §l65(i).

Description and Definition of Disaster Loss

An unreimbursed loss caused by a storm or other damage in an area the President has declared eligible for federal disaster assistance. An election may be made to deduct the loss in either the year before the loss by filing an amended tax return; or the year of the loss.

Resources

See Also

Further Reading

1099-DIV

1099-DIV

Description and Definition of 1099-DIV

Form 1099-DIV is a statement from your broker, a mutual fund, or a company whose stock you own that summarizes the dividends you were paid. The purpose of Form 1099-DIV is to report the dividends you received, income tax withheld from dividends, and foreign taxes paid on dividends.

Resources

See Also

Further Reading

Dividends

Dividends

Description and Definition of Dividends

That portion of a corporation's earnings and profits which is paid to the stockholders on a per share basis. Most dividends are taxable. The distributions may be ordinary dividends, capital gain distributions, or nontaxable distributions. Companies or brokerage firms report dividend income to you on Form 1099-DIV.

Resources

See Also

Further Reading

Disabled Credit

Disabled Credit

About Disabled Credit:

Elderly Or Disabled (Tax) Credit is a maximum allowable credit of up to $1,125 (15% of $7,500), based on the filing status of an elderly or disabled taxpayer. Social Security benefits and Adjusted Gross Income in excess of a base amount reduce the available credit. The credit applies to citizens and residents who (1) are 65 years of age before the close of the tax year or (2) are retired on a disability before the close of the tax year and are permanently and totally disabled upon retirement. Former IRC (check if this IRC provision is current here) §22.

This credit is for low-income taxpayers age 65 or older at the end of 2010, or those who are retired on permanent and total disability. This is not an automatic credit for seniors; in fact, relatively few taxpayers qualify for it.

See the entries Income Tax and State Income Tax in the American Encyclopedia of Law.

Direct Skip

Direct Skip

Direct Skip is used.

with respect to the generation-skipping tax (GST), a transfer that is subject to the estate or gift tax and is made to or in trust for the benefit of a skip person. For example, if a grandmother makes an outright taxable gift to a granddaughter, this transfer would be subject to the GST tax. Former IRC (check if this IRC provision is current here) §26l2(c).

U.S. and other Developed Countries International Tax Meaning

A tax that cannot be shifted to others, such as the federal income tax.

See the entries Income Tax and State Income Tax in the American Encyclopedia of Law.

International Tax Law.