WASHINGTON — The Internal Revenue Service reminds taxpayers who converted amounts to a Roth IRA or designated Roth account in 2010 that in most cases they must report half of the resulting taxable income on their 2012 returns. Normally, Roth conversions are taxable in the year the conversion occurs. For example, the taxable amount from [...]
Archive for category Roth IRA
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 that transaction may mean a tax impact when they file their return. Here are 10 facts about the tax implications of an early distribution from your retirement plan. 1. Payments [...]
Before you file your 2011 federal income tax return in 2012, you should be aware of a few important tax changes that took effect in 2011. Check www.IRS.gov before you file for updates on any new legislation that may affect your tax return. Due date of return. File your federal tax return by April 17, [...]
WASHINGTON — Low- and moderate-income workers can take steps now to save for retirement and earn a special tax credit in 2011 and the years ahead, according to the Internal Revenue Service. The saver’s credit helps offset part of the first $2,000 workers voluntarily contribute to IRAs and to 401(k) plans and similar workplace retirement [...]
Mark Your Calendar . . .
Aug 25
SEPTEMBER 15 — Due date for individuals to pay third quarter installment of 2011 estimated tax. 15 — Deadline for filing extended 2010 tax returns for calendar-year corporations. 15 — Deadline for filing extended 2010 partnership and limited liability company returns. OCTOBER 3 — Deadline for businesses to adopt a SIMPLE retirement plan for 2011. 17 — Filing deadline for [...]
WASHINGTON –– Hiding income in offshore accounts, identity theft, return preparer fraud, and filing false or misleading tax forms top the annual list of “dirty dozen” tax scams in 2011, the Internal Revenue Service announced today. “The Dirty Dozen represents the worst of the worst tax scams,” IRS Commissioner Doug Shulman said. “Don’t fall prey [...]
Some taxpayers may have needed to take an early distribution from their retirement plan last year. The IRS wants individuals who took an early distribution to know that there can be a tax impact to tapping your retirement fund. Here are ten facts about early distributions. Payments you receive from your Individual Retirement Arrangement before [...]
