Posts tagged as:

IRA

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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Ask the taxgirl: Figuring the Tax on Joint IRAs

26 March 2010

Taxpayer asks: My mom and I have a joint IRA. She is 73 years old and I am 45 years old. How do we figure out how much of it is taxable to each of us? Taxgirl says: Er, um. You can’t. There isn’t any such thing as a joint IRA. I think you need [...]

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Ask the taxgirl: Are IRAs Taxable?

26 March 2010

Taxpayer asks: Last year, I cashed in my IRA to pay off some doctor bills. I lost my job and couldn’t pay but I did have my IRA so I used that to pay. I used the whole thing. Last month, I got a 1099 that says that it is all taxable. Please help because [...]

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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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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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7 Ways to Save On Your Taxes Now.

22 August 2007

I know, I know. It’s August. Tax season is eons away. You don’t want to think about it. But maybe you should. With some shrewd planning now, you can save thousands on your taxes come April. Consider these actions: 1. Refinance. Yes, the market is a mess right now. But there are still lenders willing [...]

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Ask the Taxgirl: Rollovers

12 April 2007

Taxpayer asks:  I had a IRA from a former employer that was rolled over to a brokerage account in 2006.  While preparing for my tax appointment, I contacted the brokerage house to find out if I was due a 1099 as I hadn’t received one.  They said no.  So I went to my appointment, got [...]

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