Time Frames Flashcards
- Make COBRA election within health plan coverage ending
60 days
- Time frame to consider when renting vs. buying
3 years
Does 3 year rule apply when a transfer for value occurs
no
- Amount of time I and EE bonds earn interest up to
3 years
- Amount of years of installment payments for 6166 sole prop property
14
first 4 are interest only
- Depreciation for 1250 property for residential real property
27.5 years
Only a standard 401k can be established before ______ will allow a tax deduction for the same year
the last day of the current year
- 403Bs- employees who have been with the same same employer for ___+ years of service can contribute an additional $3,000 to 403B if certain requirements are met
15 years
- Medicare will cover LTC expenses (if diagnosed to improve + some other requirements)
100 days
- If someone wants to opt of of QOSA (joint and survivor annuity) this must be done during a ___ period prior to the annuity’s starting date (written with consent)
180 days
- Length of Cobra coverage for SPOUSE AND dependents in the event of death, divorce, Medicare eligibility.
36 months
- RMD is required for SIMPLEs, SEPs, IRAs, and SARSEPs.
April 1st of the calendar year age 72 is reached
- Deprecations for 1245 property for computers, autos, trucks
5 years
The amount of time which someone must have collected unemployment compensation
before someone can withdraw from their IRA (trad, sep, simple and roth) to pay for medical insurance premiums without penalty
12 weeks
- “once a year” - Amount of times that a person can withdraw IRA funds (using 60 day rule) and redeposit it into another IRA and continue to defer income taxes
annually
Erisa requirement
1000 hours
- submit evidence in support of investigation up to ___ days before hearing
45 days
Amount of years required that either the decedent of a member of the decedent’s family must have materially participated in the operation of the farm or business PRIOR TO DEATH that would allow real property to qualify to special use valuation (2032A). 10 years if talking about after death
5 out of 8 years
- Amount that 72t payment must be made (“at least this much”)
annually
Per week- When someone works more than 30 hours per week, they are usually eligible for group health
30 hours
- If someone over 21 works this much, an employee needs to be enrolled in a SEP
3 out of 5 years
An employer has until this point to establish and make contributions to a SEP for the taxable year (a noteworthy advantage)
up to the due date of the business tax return (including extensions)
- Amount of time that needs to pass before death for the FMV of a GRAT to NOT be included in their gross estate
5 years
Does a 3 year rule apply with a gift to irrevocable trust
no
The amount of time to look at to see if an employee can participate in a SIMPLE. Earned over $5,000 in any of them & is expected to earn more than that this year? - Eligible
previous 2 years
- If qualifying ISA is sold before this–> FMV- Exercise = ordinary income & ded. by corporation
- Another way to say that: If sale date of stock option is more than ____ from the grant date, it results in a disqualifying disposition
2 years
The date that FSA money that must be spent by or else it is forfeited (this includes grace period amendment) - ONLY HEALTH FSA gets this- NOT dependent care
March 15th