Category Archives: IRAs

TaxMama’s Tax Roundtable June 2010

    REPLAY today’s session – you can listen and SEE the session Today’s topics included: Introductions of some participants Testing of microphones ;~) Questions about the new PTIN Registration Brief overview of the new Testing issue for “Registered Tax Preparers”. NAEA’s survey about the Enrolled Agent title – and changes. Discussion of  IRA or 401(k) to […]

QDROs

Today TaxMama hears from Mona in the TaxQuips Forum with this problem. “I recently started to receive a QDRO check from another state.  How do the income taxes get handled? Do I pay the issuing state or the state I live in?”  http://taxmama.wpengine.com/forum/taxquips/qdro-taxes/

IRA Without a Cause

Today TaxMama hears from Chris in the TaxQuips Forum  who says. “I took money out of an IRA for a down payment on a house (after a divorce) and was intending to pay it back within the 60 days. My employer hinted I should start looking for a new job. So I think I want […]

Ten Tips for Taxpayers Contributing to an Individual Retirement Plan

If you haven’t made all the contributions to your traditional Individual Retirement Arrangement that you want to make – don’t worry, you may still have time.  Here are the top 10 things the Internal Revenue Service wants you to know about setting aside retirement money in an IRA. 1. You may be able to deduct some […]

$10,000 from IRA

Today TaxMama hears from PA in the TaxQuips Forum with a quick question. “I recently completed my home construction. I used a loan from my credit card to consolidate other credit card purchases for material. I have a paper trail documenting the transactions. Can I use a withdrawal of $10,000 from my IRA, penalty free […]

IRA on Rental Income

Today TaxMama hears from Bill in the TaxQuips Forum with a common misconception. “I have a W-2 through my employer and contribute to their 401k plan. I also have $30,000 net rental income from Schedule E as a sole proprietorship. Can I contribute to a SEP or any other type of retirement plan to shelter […]

Top Ten Facts about Taking Early Distributions from Retirement Plans

Courtesy of IRS Some taxpayers may have needed to take an early distribution from their retirement plan last year. The IRS wants individuals who took an early distribution to know that there can be a tax impact to tapping your retirement fund.  Here are ten facts about early distributions.

Ask TaxMama Issue 538 – Stop Taxing My Patience

  Dear Family, Much of my time this month has been spent getting ready to do the radio tour for the Office Depot – H&R Block Stop Taxing My Patience Promotion; and getting the contest set up, so you can ask your most pressing tax question – and 5 random winners will get a box […]

IRA for Home

Today TaxMama hears from Matthew in California who begs leave…  “I withdrew money from my IRA for a first time home purchase.  The amount was over $10,000, the lifetime maximum. Can any of the portion over the $10k mark be attached to my wife’s name?  In effect, could we get a $20K early withdrawal penalty exemption […]