Are you still dealing with your 2011 tax return? Do you owe a bigger tax bill than you expected? Are you missing a tax break because your adjusted gross income is too high? Would you like a bigger refund? Don’t despair. You might still have time to make some changes. For example: * You have [...]
Last year’s tax law extended the “charitable IRA rollover” rule through the end of 2011. Taxpayers who are 70-1/2 or older may make tax-free distributions of up to $100,000 directly to a charity from their IRA. The rollover fulfills the required minimum distribution (RMD) rule, and the rollover amount is not included in taxable income. [...]
Yes, 2010 was the year of the Roth, and you may have converted your traditional IRA to take advantage of the one-time option to postpone recognizing the income. As you know, half of the related tax bill will be due with your 2011 tax return. End of story? Not exactly. You can still take advantage [...]
You only have to examine your paycheck to realize certain income is tax-free. For example, health insurance premiums paid by your employer are generally not included in your income. Do you know the tax status of other types of income? Here’s a quiz to test your knowledge. 1. You tell your son he’ll be the [...]
Do either of these IRA deadlines apply to you or your family? Deadline #1 – April 1, 2011, is the final date by which you must take your first IRA distribution if you turned 70½ last year. If you fail to take your distribution by this deadline, you face a 50% penalty tax on the [...]