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?”
Category Archives: IRAs
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 […]
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? “
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 […]
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
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 […]
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 […]
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 2011. In general, these limits will either remain unchanged, or the inflation adjustments for 2011 will be small. Highlights include:
Today TaxMama hears from Gerald in Bakersfield with this question. “Am I correct with my understanding that my IRA can not be attached for unpaid debt?”
Today TaxMama wants to speak to you about how to gain a better understanding of your investments, and money – and perhaps their relationship to your taxes.
Did you know that you may be able to deduct some of your job search expenses on your tax return? Many taxpayers spend time during the summer months updating their résumé and attending career fairs. If you are searching for a job this summer, you may be able to deduct some of your expenses on […]
Today TaxMama wants you to look at your finances to see if you need to take action this month.