Income tax

What Is Form 1099-SA: Distributions From an HSA, Archer MSA, or Medicare Advantage MSA? Form 1099-SA: Distributions from an HSA, Archer MSA, or Medicare Advantage MSA is an Internal Revenue Service (IRS) form that reports distributions made from various health accounts. These include distributions from a health savings account (HSA) , an Archer medical savings account (MSA) , or a Medicare Advantage (MA) MSA. It also provides reporting information on the inheritance of accounts by spouses, non-spouses, and estates. Amounts shown on Form 1099-SA must be reported on the taxpayer's federal income tax form. Key Takeaways Form 1099-SA form is sent to individual taxpayers who receive distributions from health savings, medical savings, and Medicare Advantage accounts. Information from Form 1099-SA is reported on either Form 8853 or Form 8889. Unused distributions from an HSA must be reported as income. You can repay a mistaken distribution from a health savings … [Read more...] about IRS Form 1099-SA: What It Is, Who Has to File and How

What Is Form W-2G: Certain Gambling Winnings? Form W-2G is an Internal Revenue Service document that a casino or other gambling establishment sends to customers who had winnings during the prior year that must be reported as income to the Internal Revenue Service (IRS). Its full title is Form W-2G, Certain Gambling Winnings. The form contains information that the taxpayer needs to file taxes for the year. It includes the total amount of winnings, the date or dates they were won, the type of wager, and how much federal and state income tax has already been withheld. All gambling winnings are taxable but only some gambling winnings are recorded with a Form W-2G. Key Takeaways The IRS requires U.S. citizens to report all gambling winnings as income, whether or not they receive a W2-G. Winnings from gambling, lotteries, and contests all must be reported as "Other Income" on Form 1040. Cash and the cash value of prizes are taxable. State and local taxes may be due on … [Read more...] about Form W-2G: Certain Gambling Winnings, Guide, and Filing How-to’s

Key Takeaways Tesla lowered the prices of its most expensive models for the second time this year. The price cuts come just days after investors expressed disappointment the company didn't unveil a new model at last week's investor day. The average price for a new Tesla has fallen by half in the past five years; the least expensive models now account for 95% of sales. Other automakers could follow amid gloomy profit forecasts. Shares of Tesla fell as much as 2% today after the company reduced U.S. prices of its most expensive models. Tesla cut the prices of its Model S sedan by 5% to $89,990 from $94,990 and its Model X SUV by 9% to $99,990 from $109,990. The company also reduced the upscale Plaid versions of each model to $109,990, down $5,000 and $10,000, respectively. The price reductions came days after investors expressed disappointment that Tesla didn't unveil a lower-priced model at its first-ever investor day . They also follow cuts of up to 20% on … [Read more...] about Tesla Cuts US Prices on Most Expensive Models

MANILA, Philippines  -Consunji-led DMCI Holdings Inc. pumped up cash dividends by 50 percent after a rally in commodity prices propelled 2022 profits of the conglomerate to a record high. DMCI said in a stock exchange filing on Wednesday it will pay a total of P9.56 billion in both regular and special cash dividends to stockholders. This was equivalent to 31 percent of core earnings and above the holding company’s dividend policy of paying out 25 percent of the past year’s profits. It is paying a total cash dividend of P0.72 per share common share on April 28 to stockholders on record as of April 27 this year, the filing showed. DMCI, which owns coal and power producer Semirara Mining and Power Corp., earlier said 2022 net income surged 69 percent to over P31 billion. Contributions from units, which include water services, property development, mining and construction, pushed up revenues by 32 percent to P142.6 billion. DMCI said contributions from Semirara last year … [Read more...] about DMCI increases cash dividends by 50% after record profit

The U.S. President Joe Biden signs the CHIPS and Science Act of 2022, on the South Lawn of the White House in Washington, DC on August 9, 2022. [AFP/YONHAP] The United States is pushing foreign chip makers to disclose sensitive business data, including yield rates, to receive subsidies under the CHIPS and Science Act. Onerous is the requirement that some companies might decide not to apply for funding. The yield rate, the amount of a silicon wafer that is successfully made into dies, is considered a key indicator to determine a chip producer's manufacturing capabilities. It is often confidential. Other required information includes production capacity for each wafer, operation rates, estimated production yields, semiconductor prices on first-year production, annual production figures and the increase or decrease rate of the cost. All of the information need to be submitted as Excel files. It can be used to verify the final numbers and the calculation process, the U.S. … [Read more...] about Korean companies may walk away from CHIPS Act money

Share to Twitter Share to Linkedin C how Shing Yuk, a former professional poker player who studied economics at Stanford University, has joined the billionaire ranks, but not because he drew a lucky hand. Over the past decade, Chow, 44, has steadily built Lalamove into a logistics and delivery giant from a base in Hong Kong, backed by the likes of Neil Shen’s Sequoia China and Lei Zhang’s Hillhouse Capital. On Tuesday, Chow’s company, whose formal name is Lalatech Holdings, filed for an initial public offering in Hong Kong that revealed he owns a 25% stake through a family trust. Based on Chow’s stake and proceeds of earlier share sales, Forbes estimates, his net worth to be $2.2 billion, making him a rare startup billionaire in Hong Kong. Lalatech’s last private fundraising was a $230 million Series G round in November 2021, during the startup bubble. According to a report by technology website the Information, that round valued Lalatech at a … [Read more...] about Former Pro Poker Player, Who Founded Asian Delivery Giant Lalamove With His Winnings, Becomes A Billionaire

Share to Twitter Share to Linkedin We believe that American Airlines stock (NASDAQ NDAQ : AAL) and its peer Delta Air Lines stock (NYSE: DAL) will likely offer similar returns in the next three years. American Airlines is trading at 0.2x trailing revenues compared to 0.4x for Delta Airlines. Investors have assigned a higher multiple to Delta due to its superior revenue growth, as discussed below. If we look at stock returns, Delta Airlines, with -16% returns in the last twelve months, has fared marginally better than American Airlines, down 19%, and both have underperformed the broader S&P 500 index, down 13%. There is more to the comparison, and in the sections below, we discuss the possible returns for AAL and DAL. We compare a slew of factors, such as historical revenue growth, returns, and valuation, in an interactive dashboard analysis of American Airlines vs. Delta Air Lines DAL : Which Stock Is A Better Bet? Parts of the analysis … [Read more...] about Pick Either American Airlines Stock Or Its Peer – Both May Offer Similar Returns

Share to Twitter Share to Linkedin Turkey's President Recep Tayyip Erdogan casts his ballot at a polling station in Istanbul, Sunday, ... [+] June 23, 2019. Polls have opened in a repeat election in Turkey's largest city where Erdogan and his political allies could lose control of Istanbul's administration for the first time in 25 years. (AP Photo/Emrah Gurel) For President Recep Tayyip Erdogan, losing control of Istanbul, Turkey's economic and political powerhouse, at the local elections yesterday is a big blow, possibly the most stinging defeat of his political career. If the AK Party hadn't pushed for the cancellation of the March election, it would have been easier to recover from a narrow defeat in Istanbul and several other major cities, including Ankara and Adana. Now, however, after a defeat of a far more significant margin, the ruling party is in a much weaker position. Istanbul's importance The elections have been viewed widely as … [Read more...] about Istanbul Elections: Failure Of Polarising Tactics In Turkey

Share to Twitter Share to Linkedin Nearly half a million people have been approved for federal student loan forgiveness under a one-time waiver program geared towards borrowers working in public service jobs. Processing is continuing. Many more borrowers may ultimately qualify, even while another Biden administration initiatives — the one-time mass student debt relief plan — remains blocked by federal courts . Student Loan Forgiveness Under PSLF Waiver Accelerates Public Service Loan Forgiveness (PSLF) is a federal student loan forgiveness program that can eliminate the federal student loan debt for borrowers who commit to public service careers. After 120 “qualifying payments” (equivalent to 10 years) while working for approved nonprofit or government employers, borrowers can receive a complete discharge of their federal student debt. Historically, PSLF has been a troubled program since its creation in 2007. PSLF has had complicated … [Read more...] about 453,000 Borrowers Approved For Student Loan Forgiveness Under Waiver As Processing Continues

Share to Twitter Share to Linkedin Key News Asian equities had a good day as Hong Kong outperformed while Mainland China was off slightly. Alibaba led the way as it jumped +12.23% on high volume as analysts updated their sum of the parts analysis (SOTP). Tencent gained +1.75% on high volume and strong buying from Mainland investors, Meituan closed higher by +4.01% on high volume and moderate buying from Mainland investors, JD.com finished at +1.92%, and BYD gained +3.12% on strong financial results and its net income jumping +400% year-over-year in another masterful move from Warren Buffet and Charlie Munger. BYD’s results, which beat on revenue, adjusted net income, and adjusted EPS, lifted the EV space with Xpeng HK +3.64%, Li Auto HK +4.59%, and Nio Auto HK +1.83%. Hong Kong short turnover jumped to 17% of total turnover though short turnover was highly concentrated in three Hong Kong listed ETFs while internet stocks had lower short turnover. … [Read more...] about BYD & Kuaishou Beat