What sort of tax froms should you receive from the company in charge of this trust?  are you taked on the interest being made or only when you withdraw it?  Are there some trusts which automatically pay or withhold taxes upon each withdrawl?
201319
This question depends on a lot of things.  If you are just a beneficiary of a trust and not the owner, you should get a K-1...which, I beleive only includes your distributions from the trust so you can report it as income.  If you are the owner of the trust, it will depend on what type of trust you have.  Some trusts, such as Revocable Personal Trusts, have their own Tax-ID, so the income is not reported under your Social Security number.  You will still have to report all distributions as income.  And taxes are still paid on the assets in the trust, they are just deducted from the trust, not your pocket (still your money though).  There are other trusts, such as Agencies, in which you have to report the income on your personal tax return, you should receive a 1099 or multiple 1099's for this income (1099-Div, 1099-Int, 1099B(for capital gains)).  No matter what you have, tax will have to be paid on something.  If you have a more specific question on the matter (including whether you are beneficiary or owner and what type), I will be happy to try and answer your questions.
177659
Since you're getting the money w/o tax withholding.  You should also look into paying estimated taxes.  Otherwise, if you owe taxes when filing tax return, you might get charged with interest for the tax payment due.
643133
cost basis for all 468 shares is $570.  However, that assumes there has been no reinvestment of dividends.  \n\nDo you know if this stock has ever paid any dividends?  If it did you should have paid tax on the dividends, and need to adjust the cost basis to add in the amounts used to purchse additional shares.  \nIf for some reason you don't know the amounts, you can always ignore that when you sell and just assume the cost basis is $570 - you'll end up paying more tax than necessary, but should not get in trouble with the IRS. \n\nDiscalimers: The above is my opinion.  I am not authorised or licensed to give any investment, tax or legal advice.
630556
Who is handling the transfer of all the other property if there were any such as the home, furnishing, bank accounts and any other savings, stocks or bonds?\n\nIf there is no probate you should call the insurance company that has the annuity  and find out from them when you will be able to receive our funds.\n\nYou might also check and see if the amount you received has any tax consequences, with a trusted tax advisers that your family or you know.\n\nI hope this has been of some use to you, good luck.\n\n"FIGHT ON"
123964
Footnote to the footnote, unless you are continuing to work and are a 5% owner or greater including family attribution, then you still have to take the RMD.\n\nGood luck!
324339
An income trust is an investment trust that holds income-producing assets. The term also designates a legal entity, capital structure and ownership vehicle for certain assets or businesses. Its shares or "trust units" are traded on securities exchanges just like stocks. The income is passed on to the investors, called "unitholders", through monthly or quarterly distributions. Distributions are typically higher than stock dividends, offering yields of up to 10% a year (up to 20% for riskier trusts).\n\nThe unitholders are the beneficiaries of the trust, and their units represent their right to participate in the income and capital of the trust. Income trusts generally invest funds in assets that provide a return to the trust and its beneficiaries based on the cash flows of an underlying business. This return is often achieved through the acquisition by the trust of equity and debt instruments, royalty interests or real properties. The trust can receive interest, royalty or lease payments from an operating entity carrying on a business, as well as dividends and a return of capital. (Source: Canadian Ministry of Finance.)\n\nThe main attraction of income trusts (in addition to tax advantages) is their ability to generate constant cash flows for investors, which is especially attractive when interest rates on bonds are low. They are especially useful for financial requirements of institutional investors such as pension funds. (Investment Dictionary)\n\nThe names income trust and income fund are sometimes used interchangeably, even though most trusts have a narrower scope than funds. Currently, income trusts are most commonly seen in Canada.
184207
It actually isn't a scam. What you need to watch out for are people who give you poor advice. These people are usually poor them selves.\nI currently hold three Tax Liens Certificates.\nYes they do pay out 12-50% the fifty percent is in some counties in michigan and texas on the second year.\nJust about every county has a department that takes care of them. You need to contact your county tax collector you need to ask the right questions however or people the receptionist many not know what your talking about. You will need to have them send you a list of deinquent tax properties and then pick the lien or liens that you what. Send a check with the amount to cover the delinquent lien and then after 1-3 years, depending on the the time frame for that county to have the tax payer make taxes current you will recieve a check with interest. If you have other questions about it email me at the website below, I can tell you a good book to pick up that tells you everything you need to know.
27356
Yes they can.\n\nWhat I've done is actually open a custodial account (you can do this at www.etrade.com for example). This way you can manage the investment account for them, but it is in their name and more importantly proceeds are taxed at their tax level, which so far for me has been zero.\n\nYes my 2 year old did a tax return !!!!
350255
If you rolled it into a new 401K or IRA account you don't need to do anything else, as you should not be taxed on anything.  If you withdre any funds however before the roll over, then you will need to report it on your tax return,
470910
Assuming that your parents are domiciled and resident in the UK (which you would know if they were not) than all gifts to you will be potentailly excempt transfers.\n\nIf they gift you assets/cash and then survive for 7 years there will be no IHT. The IHT will be reduced on a sliding scale if they survive for between 3 and 7 years. \n\nTransfers to all trusts are now chargeable lifetime transfers (from March 2006) and will give rise to an immediate charge of IHT at half the full death rate. If the donor then dies within 7 years there may be a further charge but as above taper relief may apply. \n\nThere is a yearly annual exception of £3k but this is minor compared to the amounts that you are talking about.\n\nAlso remember that depending on the asset that you are to receive there may be capital gains tax to pay (not on cash, primary residence, cars, wasting chattels and other small exemptions) this can be held over though gift relief. This means that your parents would not pay the tax but when you come to dispose of the asset you would pay capital gain tax on the whole gain starting from when your parents aquired the asset.
425503
Where does somebody get that much money from ... and they want you to put it in your account??? Uh your friend could be commiting tax fraud and making you take the fall for it.\n\nAlso how will you guys work out the interest??\n\nThis is so dodgy I wouldn't do it even if it was legal - which that sum of money why isn't your friend putting it in their own savings account???
49181
Well the PF that is deducted is paid in 2 tranches, check if you got both your tranches also.\n\nYou should ideally get your share + Company share + interest
67499
dividends are taxed in the year earned unless you are doing the drip in a tax deferred account. \n\nhow much you keep net of taxes depends on your situation, but in general qualifying dividends are taxed currently at a 15% tax rate.
672849
No, you cannot withdrawl it without a 10% penalty plus ordinary income taxes (probably around 28%). My opinion....you would be beter off rolling that money over into an IRA and just save for a while to raise money for home improvement projects.
594920
A simple trust might not be the best way to go.\n\nTrusts are taxed at higher rates than people with fewer exemptions (gross oversimplification but it's true) -- I'm an IRS phone rep and know from whence I speak.\n\nTrusts require professional trustees and advisors and those ain't cheep!\n\n And if these "kids" are (old enough to be your grand)kids, you could get gouged with generation-skipping tax!\n\nHave you talked with your financial advisor? Many states offer prepaid tuition bonds and instruments that accumulate value tax free.\n\nAlso if kids are young you might want to set up bank accounts for each of them individually. Teach them the value of saving while you help them reach their goals.\n\nAnd one last -- most important thought -- If you invest in government instruments that accumulate tax free interest, you can use the proceeds to pay your four kids' tuition without (Federal) tax -- provided you pay the college directly.\n\nGood luck, Cincypix
407354
Are you thinking of a ROTH IRA?  It is named after the author of the bill allowing/creating this type of investment that allows for tax free withdrawals at retirement because the contributions have already been taxed.  Unlike a traditional IRA where the contributions are pre-tax and you pay the taxes once you begin withdrawing at retirement.\n\nRoth was the legislator who contrived this investment.
554893
You need to be put on the note from the mortgage company.  Meaning you would have to refinance.  Your parents will get the tax credit.  But as a suggestion, I would ask your parents to put you on the deed so if anything happened to them you will not have to pay an inheritance tax.  Establish credit if you can.  I know it is a tough world but that is your best bet.