Tag Archives: Aging

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 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 […]

Ex-Husband Social Security

Today TaxMama hears from Ann in Texas who wants to know, “I have heard that I can receive my ex-husband’s Social Security when I reach retirement age. Is this so? What are the requirements for doing so?”

Other State Pension

Today TaxMama hears from Andre in New Jersey who tells us, “My dad died last year and he left some money to me and my two siblings. He worked for the State of Illinois and it’s from a deferred compensation plan. Is the money taxable in New Jersey (where I live)?”

Unemployment IRAs

Today TaxMama hears from Tom in Oklahoma, who’s had a bad year. “Due to unemployment and high child support payments, I’ve had to draw money from my IRAs. I know the exclusions for penalty purposes…but is there anything else I’m missing to avoid the penalty. For instance, suppose I owe taxes this year because no […]