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What Form 5495 Creditors: What You Should Know

James is a resident of the United States and domiciled in Chicago, Illinois and is personally liable for the U.S. federal estate tax. Dependents' U.S. Tax: Hodgson Russ LLP. The following tables are provided as a guide for determining the U.S. tax, estate, gift, and/or other income subject to U.S. taxation of each of John and James' dependent children. Please consult a tax advisor or tax professional for specific guidance. John Hodgson Russ LLP (DBA Hodgson Russ LLC) John Hodgson Russ (DBA Hodgson Russ LLC) Taxable Income Decedents: John 50,000 8,000 200,000 James 7,000 1,000 150,000 Taxable Income Decedents' Exemption from U.S. Federal Income Tax Decedents' Exemption Income Tax Exemption Tax Credit John Hodgson Russ LLC 100,000 3,000 100,000 James Hodgson Russ LLC (DBA Hodgson Russ LLC) 0 0 Exemption Amount: The exclusion amount is for the tax year. It applies only to taxable income that is subject to federal income taxes and is properly reported on IRS Form 1040, U.S. Individual Income Tax Return. Maximum Tax Due Maximum tax is the total amount a taxpayer must pay. It is an estimate of what a taxpayer will owe if the taxpayer doesn't have taxable income for all years up to the date of the certification. This amount is reduced by the deduction allowed by the taxpayer. For example, if John has taxable income of 50,000 for the tax year, 18,000 of that is subject to federal income tax, reducing the tax due to 0. Tax Deduction for Taxable Income The deduction is the first 100,000 of each tax year of the tax exemption and is added to the adjusted gross income. If the taxpayer is married filing jointly with one to two dependent children and neither spouse itemizes deductions in the form of deductions or exemptions (such as those for student loan interest and qualified health insurance premiums), it may only be the first 150,000 of the taxpayer's taxable income.

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