Tag Archives: Pensions

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 […]

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 […]

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.

10-Year Averaging

Today TaxMama hears from Ramesh, who has a long memory: “There used to be income averaging, that I know was discontinued. But I remember seeing something about a 10-year averaging that was grandfathered for seniors. I now qualify; but all I can find is something for farmers. Can you please find it for me?”

Not Alimony

Today TaxMama hears from Lorrie in New York who just got a sudden shock, “My divorce settlement of 2004 clearly states that neither party can make a claim for maintenance or spousal support. I do get 1/2 the net of my former husband’s retirement pension. The State deducts our taxes on the full amount, before […]

Unreported $50,000

Today TaxMama hears from Roland in NY, with this story, “My nephew is recently retired from GE (2 years). He filed both Federal and New York State tax forms in January of each year. Last week New York State sent him a form demanding over $4,000.00 in taxes for the 2003 filing season. They claim, […]

Are 401(k)s Safe?

Today JP from the Internet is hesitant. “I am about to join a 401(k) plan at my new job, Please tell me: 1) How safe is a 401(k) plan? 2) How much interest can you expect?