Is This an Opportune Time to Convert Your Traditional IRA to a Roth IRA?
Roth IRA distributions provide tax-free retirement benefits while payouts from Traditional IRAs are taxable.
2021 Tax Forms You May Need
Your tax forms are coming soon. Make sure you receive everything you need for your 2021 return. What tax forms to expect when tax season comes. Your tax documents for the 2021 return should have arrived, or will soon.
Minimizing Tax on Social Security Benefits
Whether your Social Security benefits are taxable (and, if so, the amount that is taxed) depends on a number of issues. The following facts will help you understand the taxability of your Social Security benefits. For … Read More
Don’t Miss the Opportunity for a Spousal IRA
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.
5 Things You Need to Know About Losing Your Job
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
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
Only One IRA Rollover Every 12 Months – Period!
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