The IRS has announced further guidance on the once per year rollover limitation that goes into effect on January 1, 2015. Here is the gist of the IRS notice: The new interpretation of the once per year rollover rule applies to distributions from different IRAs if distributions occurs after 2014. Under the transition …
Back in August, many residents and business owners in Napa, California suffered damage due to a 6.0 earthquake that rocked the area on August 24th at approximately 3:20 a.m. One person was killed and significant damage to structures and fires ensued. In response to the aftermath, the IRS announced that certain taxpayers may qualify for …
Social Security Benefit Increase The Social Security Administration announced a 1.7% increase for benefits in 2015 due to a cost-of-living (COLA) adjustment. Social Security Wage Base Increase Based on an increase in average wages, the Social Security Administration announced a 1.3% increase in the 2015 wage base for computing the Social Security tax (OASDI). In …
The Social Security Administration wage base for computing the Social Security tax (OASDI) in 2014 is $117,000. This base is projected to increase to $119,100 for 2015. This 1.79% increase could be finalized any day now (when the other increases for Social Security amounts are announced).
REMINDER: The October 15th tax-filing extension deadline is near! In light of the looming deadline, the IRS issued a notice encouraging taxpayers to double check their tax returns for errors. Of course, some taxpayers, such as members of the military and those serving in combat zones, may have additional time to file and pay any …
Under the 60-day rule, an IRA rollover must be completed no later than the 60th calendar day after the day the individual receives the distribution. However, there are a few exceptions to this 60 day rollover rule: Frozen Deposits First Home Purchase Disaster Area or Combat Zone IRS Discretion – failing …
If you have company owned stock, net unrealized appreciation (NUA) may be able to save you a lot of money on your tax bill. To illustrate, assume you have $500,000 in your 401(k) and $400,000 of it is placed in a variety of mutual funds and $100,000 is in your employer’s stock. Assume that $20,000 …
Net Unrealized Appreciation: the Little Known Tax Break! Read More »
September 30th Deadline to determine the designated beneficiaries for an inherited IRA. October 1st Deadline to establish a Simple IRA Plan for 2014. October 15th Deadline to recharacterize your excess or unwanted 2013 IRA contributions. Deadline to correct any excess 2013 Health Savings Account contributions. October 31st Deadline to submit a copy of all qualified …
Q: Is that even possible? A: YES Q: What is the big secret to tax-free retirement, is it some new product or unique investment? A: NO Most people are already familiar with typical taxable investment plans that include tax-deferred assets such as stocks, mutual funds, bonds, traditional IRAs, 401(k)s and 403(b)s. But are you looking …
Annual Annual gift exclusions are not subject to Federal gift tax. When any lifetime gift tax exemption is used, it will reduce the estate tax exemption of the person making the gift. Married couples may combine their annual gift exclusion amount, up to $28,000 per person for 2014. If your spouse is a U.S. …