Serving as executor – both parents passed in 2005. How is the Estate and Income Tax handled for both New Jersey and Federal returns on Annuities and Life/Term Insurance. Not sure what is taxable as Income and what is taxable to Estate. Also, not sure who pays the taxes, beneficiary or estate on the income tax – assuming there is a income tax liability.
How much Income do I need to have in order for me to be considered a financially independent person?
I am over 18, and I need to be financially independent, how much income do I need to earn?
Our son is applying to private high schools in our city, which has a very high cost of living. The private school that he attends now has families who appear to be pretty well off who are receiving financial aid. Is there an income level above which you just shouldn't bother applying? The whole process is mystifying, but with high school tuition here nearing $30k per year, we feel like we need help even with our relatively high income.
Under what conditions would rental income be considered an active trade or business income for determining the business income limitation for section 179 expense? I cannot seem to find any concrete evidence either way on this.
