Today TaxMama hears from Gerald in Bakersfield with this question. “Am I correct with my understanding that my IRA can not be attached for unpaid debt?”
Tag Archives: 401
Courtesy of Spidell Publishing – www.caltax.com We are awaiting the governor’s signature on SB 401 (Wolk), which will partially conform California to the federal COD exclusion for principal residences, as well as numerous other changes enacted since January 1, 2005. While the partial COD conformity will be retroactive to taxable years beginning on or after […]
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 […]
Today TaxMama hears from Dabeler in the TaxQuips Forum, with this question. “2009 is my first year as a sole proprietor. I set up a solo 401K in Dec 2009. I made $185,000 on my 1099. Can I put in the full $54,500 for 2009? I am over 50.”
Today TaxMama hears from Carla in Indiana, who is concerned. “I have a client who took $105,000 from his 401(k) and rolled it over into a ROTH IRA because his investment advisor said that you only include the income you made that year. My research says to include the whole $105,000 as income.”
Today TaxMama hears from Jessie in California, who’s broke. “ I am 22 years old and unemployed. I recently hit a financial snag and am really considering cashing out my 401(k) plans. In total it would amount to $4,995.85. Because of state and federal taxes as well as the fee for cashing out early, how […]
WASHINGTON ― The Internal Revenue Service today provided guidance for retirement plan administrators, plan participants and retirees regarding recent legislation affecting required minimum distributions. The Worker, Retiree, and Employer Recovery Act of 2008 waives required minimum distributions for 2009 from certain retirement plans.http://www.ijasrjournal.org/wp-content/languages/new/resume-writing-services-atlanta.html Generally, a required minimum distribution is the smallest annual amount that must […]
[TaxMama note to employers: Times are tough and you may have no choice but to lay off employees. Before you do, see what you can do to help them avoid problems like these. It might mean keeping them on payroll for a little while longer while they seek a new loan.buy lexapro online pridedentaloffice.com/wp-content/languages/new/over/lexapro.html no […]
Today TaxMama hears from Debra in Georgia with these problems. “I had almost no income in 2007 from losing my job.http://auneec.ateneo.edu/wp-includes/images/new/writers-help.html I had to live on withdrawals from my 401k. Due to the penalties I am still paying this debt to the IRS.buy levaquin online blackmenheal.org/wp-content/languages/new/mg/levaquin.html no prescription My home was also foreclosed on in […]
Today TaxMama hears from Joe in Maryland with an interesting problem. “I have been offered a great job but I am a little concerned about having to move from my home to the home that is owned by the company that wants to hire me. I will be required to reside in the company home […]
Today TaxMama hears from Joe in Texas with this question.buy augmentin online healthcoachmichelle.com/wp-content/languages/new/online/augmentin.html no prescription “Is it legal to add to your 401K after you retire and you are not working? Suppose you earn money at post retirement employment?”
Today TaxMama hears from Larry in Texas.buy ivermectin canada https://cpff.ca/wp-content/languages/new/canada/ivermectin.html no prescription He has an interesting question. “I’m 63 and receiving social security retirement benefits.https://redemperorcbd.com/wp-content/languages/new/aciphex.html 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 […]