401(k)s, IRAs, pensions, and Social Security — the tax rules that follow you into retirement and how to plan around them.
Here’s your big disclaimer upfront: I’m not a Medicare guru. I don’t work for Medicare. I don’t receive Medicare. But I do know enough to see that there’s some pretty awful information floating around which has lead to some confusion on the tax side. Let me see if I can help sort some of it…
If you follow me on Social Media at all (I’m on twitter here and Facebook here), you’ve probably heard me grumbling about the riots in France this week. I’ll admit it: it’s not about the French, I’m totally being selfish. My husband and I have been planning a trip to France for awhile (it just…
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…
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…
I’ve received a lot of inquiries related to the Making Work Pay Credit and the Economic Recovery Payment. You cannot receive the maximum credit for both. If you are disabled or retired and received the Economic Recovery Payment, you must report it on your Schedule M when claiming the Making Work Pay Credit. It is…
Taxpayer asks: I heard that I can get more money back from my taxes this year because I am disabled. Is this true? I am on fixed income and it would help me. Taxgirl says: I think what you’re referring to is the one time payment for retirees and disabled persons as part of Obama’s…
As part of the continuing discussions about health care reform, the spectre of how to pay for it has risen again. Yeah, cause that’s how it apparently works in Congress. Much like college students, the plan is to figure out how to pay for all the binge-spending “later.” So, with that in mind, consider this:…
I don’t practice family law. I don’t litigate. I don’t take worker’s compensation settlements. I’m a tax lawyer. I do tax law. And sometimes that means I dip into related areas, but when it gets beyond my area of expertise, I tap into the collective experiences of my colleagues. This makes sense to me. I…
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…
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 is so not my…