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retirement & pension

Does President Obama Want To Tax Your Retirement?

8 April 2013

President Obama plans to tax your retirement. That was the subject of an email I received this morning. Only it wasn’t quite on target. You see, while it’s true that President Obama’s budget proposal, which is to be released on April 10, has included a proposal aimed at retirement accounts, he’s not targeting my retirement […]

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Withdrawal Deadlines Looming For Some Retirement Plan Owners

29 March 2013

When you sock money away in your retirement plan, the appeal is that the money will grow tax-deferred and be available to you for “some day.” For many taxpayers, that “some day” is right around the corner. Taxpayers who reach age 70½ in any calendar year must generally begin making withdrawals by April 1 of […]

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Taxes From A To Z (2013): I Is For IRA Rollover

17 March 2013

I is for IRA Rollover. An individual retirement account (IRA) is type of retirement plan that allows you to set aside money for later use. Depending on the kind of IRA you establish (traditional versus Roth), you can rely on tax-free withdrawals or tax-deferred growth in the future. (Quick caveat: since this topic can be […]

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Sunday Mailbag: The Hot as Hades Edition

15 July 2012

According to the Weather Channel, it feels like 92 degrees right now. I firmly believe that it should never feel like 92 degrees in the evening in Philadelphia. On the plus side, after a grueling day gardening in the heat (hey, it had to be done), I now have the opportunity to sit down, check […]

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Hatch Seeks to Clarify Rules on Tax Levies

19 February 2012

This week, Sen. Orrin Hatch (R-UT) announced plans that may rankle some of those in the public sector: legislation that would subject Thrift Savings Plans (TSP) to levies for back taxes. TSP is a defined contribution plan for federal employees and retirees as well as for members of the uniformed services. It shouldn’t escape notice […]

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Ask the taxgirl: 401(k) Plans and Your Tax Return

11 February 2012

Taxpayer asks: Never had a 401k before so I have to ask. If all I did was put money in, didn’t take any out. Do I have to file a 1099 with my 1040or can I just file regularly with the 1040ez I do normally? I only put in about 605.00. I file single and […]

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Deduct This: History of the IRA Deduction

27 June 2011

Remember Studebaker? Studebaker was a manufacturing company that started in 1852 in South Bend, Indiana, making wagons for farmers, miners, and the military. Ten years after the first gasoline-powered car was tested in the U.S., Studebaker entered the car manufacturing business and it was, at one point, the largest automobile maker in the world. By […]

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Budget Vote Shows Medicare Plan Vulnerable

25 May 2011

When presidential hopeful Newt Gingrich first objected to House Budget Committee Chair Paul Ryan’s (R-WI) Medicare proposal, there was a collective gasp in the political sphere. Until a few weeks ago, many Republicans thought the budget, which included a controversial provision to overhaul Medicare, was untouchable. The proposal, which appeared to be endorsed by most of […]

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Is Ryan’s Medicare Proposal the Right Kind of Change?

22 May 2011

It was one of those jaw dropping, rubbing your eyes, cleaning out your ears moments. Presidential hopeful Newt Gingrich, thought by many to be a frontrunner for the GOP nomination, went out on a limb and criticized his own party’s plans for Medicare reform. Speaking on Meet the Press, Gingrich said about the Republican plan: […]

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