What is phantom income? Is the accrued interest on zero-coupon bonds considered phantom income?

Dec 26, 2024 ... Interest income you received from US bonds, bills, notes and other obligations is taxable by the federal government and generally exempt from Minnesota income ... Note: Interest owed and earned on International Fuel Tax Agreement (IFTA) tax are set by IFTA , Inc. Interest rates for current and prior years can be found ... Learn how CD interest is taxed, how to report it and more to help you prepare for what to expect when filing taxes. Line 2 – Taxable Interest. If you did not receive any of the kinds of income ... Enter in column C the interest you identified as tax-exempt interest on ... Mar 14, 2023 ... For an individual filer to generate this $200,000 amount of income taxable under the Interest and Dividends Tax, rates of return ranging from ... This is an increase of 1/8 of 1 percent on the sale of all tangible personal property that is taxable. In the 2011 Legislative Session reduced the interest rate ... Dec 5, 2024 ... This article discusses how to enter Iowa taxable interest. Interest is based on the amount that should have been remitted on time. Penalty for nonpayment or late payment of tax. 15% of the tax due or $50, whichever ... Filing Thresholds and Exclusion Amounts · Table W - Computation of Washington Estate Tax (for dates of death Jan. 1, 2014 and after) · Interest Rates ... Jul 31, 2014 ... The deferred tax liability on the installment note obligation is $10 million ($50 million × 20%), assuming the transaction is taxed using the ...