Federal Income Tax
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What is Income?
Annuities and Pension
- To determine tax for annuities, calculate an exclusion ratio and then you are taxed on the ratio multiplied by the yearly payout. See rule 72.
- For pensions, the employer contribution is taxable but the employee contribution is treated like the annuity (deferred taxation). Se rule 72.
Claim of Right
- 172: Net operating loss carryovers