Article Highlights: Early Distributions Distributions After Age 59.5 Minimum Required Distributions After Age 70.5 Excess Accumulation Penalty Estate Tax Issues Advance planning can, in many cases, minimize or even avoid taxes on IRA distributions and other qualified plan distributions. When contemplating future retirement and when to begin tapping taxable IRA and … [Read more...] about Planning Your IRA Withdrawal?
June 2015 Individual Due Dates
June 1 - Final Due Date for IRA Trustees to Issue Form 5498 Final due date for IRA trustees to issue Form 5498, providing IRA owners with the fair market value (FMV) of their IRA accounts as of December 31, 2014. The FMV of an IRA on the last day of the prior year (Dec 31, 2014) is used to determine the required minimum distribution (RMD) that must be taken from the IRA if you … [Read more...] about June 2015 Individual Due Dates
Read this article before Tossing Old Tax Records
Article Highlights: Reasons to Keep Records Statute of Limitations Maintaining Record of Asset Basis Now that your taxes have been completed for 2014, you are probably wondering what old records can be discarded. If you are like most taxpayers, you have records from years ago that you are afraid to throw away. It would be helpful to understand why the records must be … [Read more...] about Read this article before Tossing Old Tax Records
Are You Missing Out On The Earned Income Tax Credit?
Article Highlights: Earned Income Tax Credit Refundable Tax Credit Qualifications Special Rule for Military The EITC is for people who work but have lower incomes. If you qualify, it could be worth up to $6,242 in 2015. So you could pay less federal tax or even get a refund. The credit is a refundable credit, so you can receive the benefits of the credit even if you do … [Read more...] about Are You Missing Out On The Earned Income Tax Credit?
Using the Home Sale Gain Exclusion for More than Just Your Home
Article Summary: Home Sale Exclusion Primary Residence Second Home Fixer-upper Rental With careful planning, and provided the rules are followed, the tax code allows the home sale gain exclusion every two years. Let’s assume you own a home, perhaps a second (vacation) home, or maybe are even thinking about buying a fixer-upper and flipping it. With careful planning, it … [Read more...] about Using the Home Sale Gain Exclusion for More than Just Your Home