IRAs

Taxable Retirement Income

May 7, 2012

Today TaxMama® hears from Dave in the TaxQuips Forum with a quickie little question. “If I retire at 62 or 63 with Social Security and IRA distributions (not Roth) what will my tax liabilities be? For example: Monthly: $1700 from social security and $3,000 from IRA for total of $4,700. Do I pay income tax [...]

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IRA Tax Lien

May 1, 2012

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Today TaxMama® hears from Joseph in the TaxQuips Forum with a big problem. “I drew money from my IRA without paying taxes. The IRS has put a lien on my house for $67,000.00. Should I try to negotiate with the IRS myself or should I get a tax lawyer? Share this:

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Schedule K-1 for IRA

March 1, 2012

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Today TaxMama® hears from David in the TaxQuips Forum with a quick question. “I received a Schedule K-1 from a fund included in my IRA. I did not make any withdrawals from the IRA, and it is supposed to be tax-deferred. Do I have to include the information from the Schedule K-1 in my 2011 [...]

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2010 401k Rollover

February 22, 2012

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Today TaxMama® hears from Tom in the TaxQuips Forum with this issue. “I rolled over a 401k directly to a Roth IRA in 2010. I received a 1099 for this, but did not fill out an 8606 when I submitted my 2010 return. The plan was to report half of the taxable amount in 2011 and [...]

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Ready for End-of-year Tax Planning?

November 4, 2011

CCH Suggests Steps to Consider Before Time Runs Out (RIVERWOODS, ILL., November 2, 2011) As the clock winds down on the 2011 tax year, now is the time for taxpayers to look at their financial situations, consult tax and accounting experts and determine if they can be better positioned for filing income tax returns [...]

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IRS Announces Pension Plan Limitations for 2012

October 21, 2011

WASHINGTON — The Internal Revenue Service today announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for Tax Year 2012. In general, many of the pension plan limitations will change for 2012 because the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment. However, other [...]

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Double-Dip IRA

October 6, 2011

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Today TaxMama hears from Mike in the Tax Quips Forum, who is unclear on the concept. “My 7 month certificate of deposit (in an IRA) will expire in November 2011. I used this money as a tax deduction for 2010. If I re-invest in another 7 month CD, at the same bank, can I use this [...]

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Big Loan from IRA

July 6, 2011

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Today TaxMama hears from Kandi in the TaxQuips Forum with a personal opportunity. (Let me paraphrase the question.) “A friend wants to loan me money from his IRA, but is afraid of having to pay all the taxes when he draws the money out. Is there a way to do this and avoid the taxes?” [...]

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Rolling to Roth

May 31, 2011

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Today TaxMama hears from Michelle in the TaxQuips Forum who wants to know. “If someone 68 years old rolls over funds from thrift plan (taxed at 20%) into a Roth IRA, will there be any additional tax due? And is there a specific length of time funds must remain in a Roth IRA before being [...]

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IRA Question

May 10, 2011

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Today TaxMama hears from Mike in the TaxQuips Forum with this question. He says, “My IRA’s expire in 12 months. Can I move them to a Roth without paying taxes or penalties or re-invest in 6 month CD? “ Share this:

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