Category Archives: IRAs

Last Minute Payments

NEWS FLASH!   Don’t panic. Breathe – you get one more day #TaxDay  – because the IRS system was down today http://www.cpapracticeadvisor.com/news/12408362/irs-adds-one-day-to-tax-deadline-now-april-18-2018 Today is the tax return (or extension) filing deadline. The IRS’ entire electronic system is  DOWN! Keep an eye on this page to see when it goes back up. Meanwhile, you cannot efile your […]

Tax Season PotPourri

  Today TaxMama® wants to address several issues that are confusing people this year – or important for you to know.

Tax on Required Minimum Distribution (RMD)

Today TaxMama® hears from “AReasonableMan” in the TaxQuips Forum, with a question about his wife’s inheritance.  Essentially, it boils down to this. His mother-in-law died. Among the items his wife inherited is an IRA. When a person is over age 70 ½, they are required to draw a certain amount out of their IRAs and […]

Amending for Nothing

Today TaxMama® hears from bvmite in the TaxQuips Forum with a good question. “After filing 2011 return electronically, I noted that I did not report all IRA and pension rollovers on line 16a. Line 16b, AGI and taxes owed are not affected. Form 1040X, line 1 starts with a change in AGI; and in my […]

IRA Penalty

Today TaxMama® hears from Ed in the TaxQuips Forum, who is concerned “I was a beneficiary of my father’s IRA in 2009, after he died. I took out the entire amount at that time and paid the taxes due. Everything I read on the web indicates that I do not owe an early distribution penalty. […]