Taxes From A To Z (2014): K Is For Keogh Plans
Taxes from A to Z: K is for Keogh Plans
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Social Security Benefits Will Not Keep Pace With Tax Contributions In 2014
Social Security benefits will increase in 2014 – but not by much. Why will benefits remain low? And could we see even smaller increases in the future?
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Ask The Taxgirl: Taxing Social Security Benefits
Taxpayer asks: If you have turned full retirement age and are receiving your retirement and also still working full time, how does this effect your taxes? Thank you. taxgirl says: This is a pretty common scenario these days – and a popular question! Once you reach retirement age, whether your Social Security payments are taxable…
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Does President Obama Want To Tax Your Retirement?
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
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 “someday.” For many taxpayers, that “someday” is right around the corner. Taxpayers who reach age 70½ in any calendar year must generally begin making withdrawals by April 1 of the next…
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Taxes From A To Z (2013): O Is For Ordering Rules
O Is For Ordering Rules. Roth individual retirement accounts (Roth IRAs) have been around for a relatively short period of time. Specifically, Roth IRAs were part of the Taxpayer Relief Act of 1997, signed into law under President Clinton. They’re still fairly new, so the rules aren’t all that familiar to many taxpayers. Unlike traditional…
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Taxes From A To Z (2013): I Is For IRA Rollover
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
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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Ask The Taxgirl: Reporting Roth IRA Conversions
Taxpayer asks: In 2010 I converted 40K from a traditional IRA to a Roth IRA. According to the rules I was allowed to defer payment of taxes on this until 2011 and 2012. How and where do I report income on my 2011 and 2012 returns?Thank you, taxgirl says: The rules for converting to a…
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Hatch Seeks To Clarify Rules On Tax Levies
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…