Do I need to file a PA state tax return?
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Do I need to file a PA state tax return?
Every resident, part-year resident or nonresident individual must file a Pennsylvania Income Tax Return (PA-40) when he or she realizes income generating $1 or more in tax, even if no tax is due (e.g., when an employee receives compensation where tax is withheld).
Are there tax breaks for seniors in PA?
The rebate program benefits eligible Pennsylvanians age 65 and older; widows and widowers age 50 and older; and people with disabilities age 18 and older. The maximum standard rebate is $650, but supplemental rebates for qualifying homeowners can boost rebates to $975.
What income is not taxable in PA?
Pennsylvania fully exempts all income from Social Security, as well as payments from retirement accounts, like 401(k)s and IRAs. It also exempts pension income for seniors age 60 or older. While its property tax rates are higher than average, the average total sales tax rate is among the 20 lowest in the country.
Is unemployment income taxable in PA?
Although unemployment compensation is not taxable for Pennsylvania personal income tax purposes, this form will be an important part of preparing your tax returns.
Does executor of will get paid in PA?
Executors normally will receive a percentage fee as compensation. Click here to see the fee guidelines often used in Pennsylvania Estates. However, if you are an executor, but are also listed as a primary beneficiary in the Will, it may be in your best interest to refuse to accept the compensation.
How much can an executor pay themselves?
The executor is entitled to 5% of the first $200,000 of corpus; 3.5% of the excess over $200,000 up to $1,000,000; and 2% of the excess of the corpus over $1,000,000. From a practical standpoint, using my example of a $400,000 estate, my hypothetical executor would be entitled to a commission of $17,000.
Can an executor refuse to sell a house?
The Executor of an Estate is allowed to sell property owned by the deceased person, as long as there are no surviving joint owners or clauses in the Will that prevent selling the property.
