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W-9 Form El Cajon California: What You Should Know
See El Cajon.gov/Business for information and FAQ's. Tax Free Savings Accounts (FSA), and a TIA (Tax Information Institute.) Answers to your Tax related questions! Tax Free Savings Account — A. Federal. A Savings Certificate issued by the IRS that can be deposited into a TIA. In addition, as long as your account balance is less than the maximum amount of earnings allowed each calendar year, you earn a Federal Tax Refund. The annual account balance limit is 3,000 for those age 62+. There are limitations to what may be deposited into the TIA (Tax Information Institute), including that the amount deposited may not exceed the maximum amount allowed. FSA — A. Federal. A Savings Account that allows contributions by individuals and allows for the accumulation of qualified education expense. You can transfer funds from the FSA to your RESP if you meet all the following: • Are less than 60 years old. • Are a permanent resident or citizen of Canada, the U.K., or the U.S. (although eligible for a refund a few years after the transfer). • Have no other income or taxable interest; and • Can afford to contribute 1% of your net earnings to the FSA each year (not necessarily the amount you withdraw every month). This is often called the contribution ceiling. The account must be opened before the end of the 12th month following the year in which you turn 60. After that, the limit is 2,500 each of the following years. • 2023 • 2023 • 2023 • 2023 • 2023 • 2023 • 2023 • 2023 • 2023 • 2023 • 2023 • 2028. If you die in the FSA prior to attaining age 59½, the FSA is not allowed to be rolled back to an existing RESP. TIA — Federal. A tax credit for qualified high-cost employer plans (a.k.a., a “Cadillac” plan) offered by your employer. Can be combined with a TIA to reduce the amount of income you have to report for that year. The income credit can only reduce the amount you owe tax. If you meet any of the following conditions, the income credit (if any) will probably not reduce your taxable income. You receive a TIA benefit. You are on any type of income-tested benefit. These include social security and the Canada Pension Plan (CPP).
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