One frequently overlooked tax benefit is the spousal IRA. Generally, IRA contributions are only allowed for taxpayers who have compensation (the term “compensation” includes wages, tips, bonuses, professional fees, commissions, taxable alimony received, and net income from self-employment). Spousal IRAs are the exception to that rule and allow a non-working or low-earning spouse to contribute to his or her own IRA, otherwise known as a spousal IRA, as long as the spouse has adequate compensation.
Know About Losing Your Job If you have lost your job, there are a number of tax issues you may encounter. How you deal with these issues related to job loss can profoundly impact your taxes … Read More
60-Day Rollover rule was part of the IRA rollover rules that have been clarified. Unfortunately, they are now more heavily restricted. The IRS limits one rollover from an IRA to another IRA in any 12-month period. … Read More
This subject of only one IRA rollover every twelve months has been brought up before. Yes, we are harping on the subject because of the profound tax consequences. This is a reminder that, beginning this year, … Read More