IRAs

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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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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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? “

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2010 IRA to Roth Rollover

May 4, 2011

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Today TaxMama hears from Billie in the TaxQuips Forum who’s getting conflicting information. “In 2010 there was this nice ‘deferment’ one could take advantage of when converting a traditional IRA to a ROTH. By doing that in 2010, you could postpone half of the taxes due to 2011 and the other half to 2012. My [...]

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The Girl and the Carpenter

February 23, 2011

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Today TaxMama hears from Gabrielle in the TaxQuips Forum, who is trying to help. “My boyfriend is a carpenter and makes about $12,000 annually.  He doesn’t have anyone working under him and really only does small jobs. Last time I did his taxes, he owed $1,700 dollars.  What forms should I be using? I feel [...]

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CCH Identifies 10 Deductions That Make It Easy to Reduce Your Taxes

February 17, 2011

Courtesy of CCH – they write some of THE best material! (RIVERWOODS, ILL., February 17, 2011) – Whether you itemize or take the standard deduction, there are plenty of above-the-line deductions that can mean even greater tax savings, according to CCH, a Wolters Kluwer business and the leading global provider of tax, accounting and audit [...]

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Cashing Part of IRA

January 26, 2011

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Today TaxMama hears from Christine in the TaxQuips Forum, who is unhappy with her investment. “I have an IRA, with 2 classes of shares of the same mutual fund.  One is doing OK; the other is leaking money like a sieve.  I’d like to use the poor one (about $2,800) to pay down or off [...]

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