Tag Archives: Retirement

Double Taxed Pension

Today TaxMama hears from Marilyn in California, who tells us. “ I have a client who is a resident of Maine and receives retirement income from CA (PERS or STRS). Does he have to pay state tax on that in CA and in Maine?”

401K While on Early Social Security

Today TaxMama hears from Larry in Texas. He has an interesting question. “I’m 63 and receiving social security retirement benefits. I work part-time. Will contributions to my company 401(k) reduce my taxable income? Specifically, will my contributions reduce my total income, enabling me to exceed the earnings limits for being under full retirement age?”

Where to Invest

Today TaxMama hears from Mabel in Georgia with this tale of woe. “After 25 years of marriage I will receive $80,000 from my ex’s retirement account via a QDRO. With the economy like it is, I need to know the safest place to put this money. Also, is there an alternative that would make any […]

Deducting an Investment

Today TaxMama hears from Jerry in Utah with a bold question. “My wife and I have a profitable LLC. We want the LLC to invest in a private offering with the intent of generating income from the investment. Will the money I use for the investment still be taxable income? I’d like to ‘’defer’’ the […]

Retirement Credit

Today TaxMama hears from Cindy in Kansas with an enterprising idea. “I understand that enrolling in an IRA gives an additional tax credit; I have not done so as of yet. Would rolling over a 401(k) account into a Roth IRA be eligible?”

Tap IRA Tax-Free

Today TaxMama hears from Lea in NY who wants to know. “You mentioned somewhere that it’s possible to get money from my IRAs tax-free, instead of paying about 40% in taxes and penalties for early withdrawal. How does that work.”

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)?”

Divorce Asset Split

Today TaxMama hears from Matthew in California who tells us. “My dad is going through a divorce. They have finally reached an agreement on what her half of the house, stocks, retirement, etc. is worth. He is paying her $xxx,xxx.00 and he is re-financing the house to do it. Who has to pay income taxes […]

Saver’s Credit For Retirement Savings Contributions

Courtesy of IRS Even though you may be on vacation, the IRS is always at work thinking about taxes! August and the “Dog Days of Summer” are upon us. Taxes are probably the furthest thing from your mind. But now, months before the end of the year and the start of tax season, is a […]