Tax News

May 5, 2017 8:17 am

For many individuals, IRAs are significant assets that need to be protected. Last year it was reported that the average balance per IRA owner was $127,600, and many have even more squirreled away. Unf...

April 21, 2017 8:53 am

You work hard to put money into your IRA, 401(k), or other tax-advantaged retirement savings program. The tax law is designed to encourage savings by giving tax breaks—deductions or exclusion from i...

May 17, 2016 11:23 am

If you work, you can contribute to a Roth IRA, but only if your modified adjusted gross income is below set limits. What happens if you contributed to a Roth IRA during 2015 (for the 2016 tax year) bu...

September 14, 2015 12:21 pm

When you receive a distribution from a qualified retirement plan or IRA, you have 60 days from receipt to deposit the funds into another qualified retirement plan or IRA. If you don’t, you will be t...

August 31, 2015 12:08 pm

While the Bernie Madoff scam came to light in 2008, there continues to be a seemingly unlimited number of fraudulent investment schemes afoot. Those promoting these schemes can be very convincing, and...

June 1, 2015 3:20 pm

There are many current needs—health care premiums; mortgage payments—that use up our hard-earned dollars, making it challenging for many people to save money for future needs. Fortunately, Uncle S...

May 22, 2015 9:32 am

More than 50 tax breaks that expired at the end of 2013 were extended for 2014 and can be used on 2014 tax returns. Many of our readers have expressed confusion about which breaks have been extended, ...

November 1, 2013 11:42 am

Flexible spending accounts, or FSAs, allow employees to contribute a portion of their wages that can be used to pay for medical expenses not covered by insurance. The amount contributed to the FSA is ...

November 1, 2013 11:37 am

The IRS has announced the contribution limits for qualified retirement plans and IRAs for 2014. Due to low inflation, most limits remain unchanged from 2013 limits, for example, limits for contributio...

January 17, 2013 4:32 pm

While 2012 is over, the opportunity to favorably impact your tax bill for 2012 if you are 701/2 or older and have an IRA. You can transfer up to $100,000 from your IRA directly to a public charity. Th...

December 11, 2012 12:00 pm

If you are considered to be an “active participant” in your company’s qualified retirement plan, you can make deductible IRA contributions only if your modified adjusted gross income is below se...

November 14, 2012 7:32 am

There’s good news about IRAs for 2013. The contribution limit has increased, and more people will be able make deductible IRAs and Roth IRA contributions. Contribution limitStarting...

November 11, 2010 12:00 am

Whether you are an employee or a self-employed person, now is the time to start thinking about funding a retirement plan in 2011. Most of the tax rules have remained unchanged from 2010, but there ar...

September 7, 2010 12:00 am

Coverdell Education Savings Accounts, or ESAs, were greatly enhanced by the Economic Growth Tax Relief Act of 2001 as a tax-advantaged way to pay for education. However, the provisions in that act are...

September 6, 2010 12:00 am

Retirement plans are primarily designed to provide income during retirement years. However, in tough economic times, individuals short of cash to pay for housing, medical costs, and other necessities ...

September 3, 2010 12:00 am

by Seymour Goldberg, CPA, MBA, JD A power of attorney (POA) is a vital part of an individual's overall estate plan. Many POAs are comprehensive in nature, but many POAs may leave out important financi...

August 9, 2010 12:00 am

According to one study, about 71% of employees have access to a 401(k) or similar plan at work, of which 77% currently contribute or have money invested in the plan. For many individuals, this is a pr...

June 14, 2010 12:00 am

When you withdraw funds from a time-deposit savings account or similar deposit account before the maturity date, the bank penalty imposed on the withdrawal is deductible from gross income. This penalt...

February 3, 2010 12:00 am

In the past couple of years, the stock market has decimated the retirement accounts of many people. Others who lost jobs were forced to tap into retirement savings for living expenses. All in all, the...

December 18, 2009 12:00 am

Usually, you have until October 15 of the year following the year to recharacterize Roth IRA conversion. Thus, if you convert a traditional IRA to a Roth IRA in April 2009, you have until October 15, ...

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Tax Glossary

Required Minimum Distributions (RMDs)

Distributions that must be taken annually to avoid a 50% IRS penalty by a traditional IRA account holder starting with the year age 70?

More terms