Tax law generally treats mutual fund shareholders as if they directly owned a proportionate share of the fund’s portfolio of securities and you must report as income any mutual fund distributions, whether or not they are reinvested. Thus, all dividends and interest from securities in the portfolio, as well as any capital gains from the […]
Minimizing Tax on Mutual Fund Activities Read More »
Are you thinking of retiring soon, or changing jobs? You may face a major financial decision: what to do about the funds in your retirement plan. Note: Take a Partial Withdrawal Partial withdrawals are withdrawals that aren’t rollovers, annuities, or lump sums. Because they are partial, the amount not withdrawn continues its tax shelter (see
Planning For Retirement: Withdrawals Read More »
IRA CONTRIBUTION If you haven’t contributed funds to an Individual Retirement Arrangement (IRA) for tax year 2016, or if you’ve put in less than the maximum allowed, you still have time to do so. You can contribute to either a traditional or Roth IRA until the April 18th due date, not including extensions. Be sure
It’s Not Too Late to Make a 2016 IRA Contribution Read More »
Social security benefits include monthly retirement, survivor, and disability benefits. If you received Social security benefits in 2016, you should receive a Form SSA-1099, Social Security Benefit Statement, showing the amount. Note: Supplemental Security Income (SSI) payments are not taxable. If Social Security was your only source of income in 2016 your benefits might not be
Are your Social Security Benefits Taxable? Read More »
Taxpayers may sometimes find themselves in situations when they need to withdraw money from their retirement plan early. What they may not realize is that taking money out early from your retirement plan may trigger an additional tax. Here are 10 things taxpayers should know about early withdrawals from retirement plans: 1. Payments you receive
Early Retirement Distributions and Your Taxes Read More »
In January of 2014, the President announced a new investment program being created by the Department of Treasury called the MyRA account. The purpose of this account is to give lower to middle income Americans easier access to a retirement account, so more would be encouraged to start saving. The plan was officially rolled out
Are myRA Accounts a Good Investment? Read More »
Entrepreneurs and small business owners have several choices for what type of retirement plan they want to set up. For those that are successful, it often comes down to a choice between the self-employed (SEP) IRA and a solo 401K. Both allow participants to contribute a generous amount each year (up to $53,000 for 2015).
The Differences Between SEP IRA and Solo 401K Read More »
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