Retirement Planning

Minimizing Tax on Mutual Fund Activities

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 […]

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Planning For Retirement: Withdrawals

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 Because they are partial, the amount not withdrawn continues its tax shelter (see

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Are your Social Security Benefits Taxable?

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:ย Supplemental Security Income (SSI) payments are not taxable. If Social Security was your only source of income in 2016 your benefits might not be

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Early Retirement Distributions and Your Taxes

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

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