Posts tagged as:

401(k)

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: 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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Retirement Account Rules Tweaked for 2009

29 December 2008

Just before the holidays, President Bush signed a bill that eliminated the hefty penalty for not taking the required minimum distributions (RMDs) from certain tax-deferred retirement accounts such as traditional IRAs and 401(k) plans for the year 2009. Under the traditional rules, you must begin RMDs for traditional IRAs and 401(k) plans by April 1 [...]

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Saver’s Credit Available to Some Taxpayers

8 December 2008

Effective for the year 2008, some taxpayers can save for retirement and earn a special tax credit. This credit, referred to as the “saver’s credit” can offset the first $2,000 contributed to the taxpayer’s IRA, 401(k) and other retirement plans. There is a catch. The credit is only available to taxpayers which meet certain income [...]

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Tax Changes for 2006 (Pt 2)

7 March 2007

One of the most important tax changes for 2006 is the increase in the contribution limit for Roth and traditional IRAs rises for those taxpayers who are aged 50 or more. The increase is more than 10% from $4,500 to $5,000. But if you’re under age 50, sorry, the contribution limits remain the same. Even [...]

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