Tag Archives: Pension

Mandatory Distribution

Today TaxMama® hears from Patricia in the TaxQuips Forum, with this question.  “I have a client who is 70.5 and working for his own company. He has a 401k plan. Does he have to start taking distributions from his 401k because he is 70.5, even though he is still working? Can he still contribute to […]

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 […]

IRS Announces 2013 Pension Plan Limitations

Courtesy of the Internal Revenue Service 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 2013.  In general, many of the pension plan limitations will change for 2013 because the increase in the cost-of-living index met the statutory thresholds […]

Contributed and Quit

Today TaxMama® hears from Sergey in the TaxQuips Forum, with this problem. “I started a new job with a 401k plan this year; but I had to quit after a few months. I accumulated some money in my 401k with this organization; and I want to take that money out now. Am I subject to […]

Paying Extra Social Security

Today TaxMama® hears from Stephen in the TaxQuips Forum who has a sensible (though late) question.  “In the current economy, raises are hard to come by. I haven’t had a raise in several years. I am 64 1/2 planning on a full retirement at age 66. Can I volunteer to pay more into Social Security […]

IRS Announces Pension Plan Limitations for 2012

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 […]

IRS CPE Opportunities in April

Phone Forums – Employee Plans   Free phone forums featuring IRS employees discussing retirement plan topics. Funding Standards and Relief for Single and Multiemployer Plans – April 28, 2011  –  2:00 p.m. EST Funding standards applicable to single and multiemployer pension plans will be discussed in an hour-long update presented by Adrien LaBombarde and Tonya […]

Tax on Canadian Pension

Today TaxMama hears from Susan in the TaxQuips Forum, who is perplexed. “My husband started receiving a Canadian pension this year. There was $115 non-resident tax paid on the pension.  Canadian tax officials tell me that it can be claimed as a foreign tax credit.  I have no idea how to do this.  Do I […]

Insolvency and COD

Today TaxMama hears from Katherine in the TaxQuips Forum, who gets it. “I settled a debt today and am doing a list of assets and liabilities. My question is about assets “Interest in a pension plan.” My husband has been receiving an annuity retirement check for about 20 years. How would we know the value […]

IRS Announces Pension Plan Limitations for 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 2011. In general, these limits will either remain unchanged, or the inflation adjustments for 2011 will be small. Highlights include: