From the category archives:

retirement & pension

Checks for Retirees Will Be Mailed in May

29 April 2009

My inbox is crowded with queries from retirees asking me when the $250 economic recovery payments (some folks also refer to them as additional “stimulus checks”) will be mailed out. Well, I finally have an answer. Vice President Joe Biden and Michael Astrue (the Social Security Commish) have announced that checks will be mailed in [...]

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Ask the taxgirl: Roth Conversions

23 April 2009

Taxpayer asks: Hi, I am currently retired, age of 60. I have pension income of $48K / yr and investment income of 20K/ yr. What are the tax consequences of converting a 401k of $120K to a Roth IRA? To limit taxes, should the conversion be structured over several years? Thanks, Taxgirl says: Retirement planning [...]

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Ask the taxgirl: IRA contributions

15 April 2009

Taxpayer asks: What’s the maximum contribution to an IRA for 2008? What about 2009? What happens if I go over? Taxgirl says: Argh! Retirement plan questions are tough because they’re so fact specific. Here are the general rules as they relate to IRA contributions: If you are under 50 years of age at the end [...]

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Twitter Tax Tips #17

31 March 2009

If you’re still looking for ways to minimize your tax this yr, remember that you can make contributions to your IRA thru 4/15 #TwitterTaxTip (For more on twitter tax tips, see my prior explanatory post.)

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Ask the taxgirl: Do I need my 401(k) statement?

9 March 2009

Taxpayer asks: is a person suppose to take his 401 k statement with him when he gets his taxes done! even though im not taking anything out of it as a penalty and i dont plan on it! sure the 401 k plan is another income but im not taking anything out of it until [...]

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Ask the taxgirl: 1099-R Codes

11 February 2009

Taxpayer asks: On the 1099R block 7, what is code 7. Taxgirl says: Code 7 in box 7 on a form 1099-R means “normal distribution” for a retirement account. Here’s a handy list of codes: 1 Early distribution, no known exception 2 Early distribution, exception applies 3 Disability 4 Death 5 Prohibited transaction 6 Section [...]

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Joe Francis Skips Hearing (*cough*)

3 February 2009

Girls Gone Wild founder Joe Francis continues to make headlines. Francis did not make a scheduled hearing on yesterday as part of his federal tax evasion case. Francis reportedly claimed that he was sick (*cough*) but some wonder if there might not be more to the story. Francis was scheduled to appear pro se because [...]

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Fix the Tax Code Friday: SE Tax

16 January 2009

It’s Fix the Tax Code Friday! Over the last few days, there has been a lot of focus on Obama’s nominee for Secretary of the Treasury, Timothy Geithner, and his tax woes. Geithner’s tax problems still from the failure to pay self-employment taxes during his stint at the IMF. Critics on both sides have seized [...]

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Tax Considerations in Retirement Planning, Part 2

3 December 2008

Today, we’re wrapping up a series by guest author Ed Garrison on “Tax Considerations in Retirement Investing.” Ed is the Executive Director of AAFR, the American Association of Future Retirees. If you missed Part 1 of the article, you can catch it here. Enjoy! – Asset Allocation Is Key So how do you know where [...]

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Tax Considerations in Retirement Planning

2 December 2008

Tax is a pretty broad area of the law. I don’t profess to know it all. Okay, my brothers may say that I think I do, but that’s just for their benefit (and to keep them in their place). I really don’t. One of the subjects which I will freely admit is one of my [...]

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