Today TaxMama® hears from Wayne in the TaxQuips Forum, with this question. “I received a notice from the IRS that my 2011 tax return did not include a withdrawal from my 401k. So I had to pay roughly $3,500 in taxes and penalties for this omission by my tax preparer. Is this $3,500 payment deductible […]
Tag Archives: IRA
Today TaxMama® hears from Yazminia in the TaxQuips Forum with an apt question (rephrased). “I am over age 59 ½ and want to transfer money from my IRA to my Roth IRA tax-free. Based on my income level, how much may I transfer without generating taxes?”
Today TaxMama® hears from Ed in the TaxQuips Forum, who is concerned “I was a beneficiary of my father’s IRA in 2009, after he died. I took out the entire amount at that time and paid the taxes due. Everything I read on the web indicates that I do not owe an early distribution penalty. […]
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 […]
Today TaxMama® hears from Joseph in the TaxQuips Forum with a big problem. “I drew money from my IRA without paying taxes. The IRS has put a lien on my house for $67,000.00. Should I try to negotiate with the IRS myself or should I get a tax lawyer?
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 […]
Today TaxMama hears from Mike in the Tax Quips Forum, who is unclear on the concept. “My 7 month certificate of deposit (in an IRA) will expire in November 2011. I used this money as a tax deduction for 2010. If I re-invest in another 7 month CD, at the same bank, can I use this […]
Today TaxMama hears from Kandi in the TaxQuips Forum with a personal opportunity. (Let me paraphrase the question.) “A friend wants to loan me money from his IRA, but is afraid of having to pay all the taxes when he draws the money out. Is there a way to do this and avoid the taxes?”
Today TaxMama hears from Mike in the TaxQuips Forum with this question. He says, “My IRA’s expire in 12 months. Can I move them to a Roth without paying taxes or penalties or re-invest in 6 month CD?buy canada zoloft online http://healthinschools.org/wp-content/languages/new/canada/zoloft.html no prescription “
Today TaxMama hears from Billie in the TaxQuips Forum who’s getting conflicting information.http://pmilv.com/wp-content/languages/new/prelone.html “In 2010 there was this nice ‘deferment’ one could take advantage of when converting a traditional IRA to a ROTH.http://pmilv.com/wp-content/languages/new/doxycycline.html By doing that in 2010, you could postpone half of the taxes due to 2011 and the other half to 2012. My […]
Today TaxMama hears from Anthony in the TaxQuips Forum with a common problem. “I have a client who stopped working at 81 because he had a stroke and had to go into a nursing home. He had a Sec. 457 plan, which allowed him to put off taking distributions until he terminated employment. But he was […]
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?”