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Money can be moved from a retirement plan to an IRA or from one IRA to another. The trick is that the transfer must be completed within 60 days. If the transfer isn’t completed, or the money isn’t returned to the original account, within 60 days the account owner must include the entire amount in […]
When you no longer plan to use a house, is it better to sell or rent that residence or second home? The question faces many retirees, and even many pre-retirees. Of course, not everyone has this choice. They need to sell the former residence or second home in order to buy the new house and […]
This is the transition year. For many Americans it will be a transition to higher income taxes. Beginning in 2004, millions more Americans will get snared in the alternative minimum tax (AMT). They will pay hundreds or even thousands of dollars more in taxes than they imagined possible. They will lose the benefit of tax […]
This year and next could be the time to make a radical change in year-end tax planning. This year, recognizing extra income and capital gains might be the winning long-term strategy. The traditional year-end tax advice is, whenever possible, to defer income until next year or later. Another leg of the strategy is to accelerate […]
Most of us need to get set for an unusual tax filing year. The recent tax laws, phased-in provisions, and other factors will keep you on your toes. Prepare for amended returns. Brokerage firms asked the IRS for permission to issue their Form 1099-DIVs a month late. They have to determine which dividends qualify for […]
It is the charitable giving season, and the tax code is here to help you. Most folks will write checks of after-tax dollars to their favorite charities. A few shrewd taxpayers, however, will give in different ways, enabling them to get higher tax write offs and to provide more help to the charities. Before making […]
Taxpayers with flexible spending accounts might see their after-tax medical costs decline. The IRS recently announced that the cost of nonprescription drugs can be reimbursed by flexible spending accounts. Flexible spending accounts reimburse account holders for medical costs that are not covered by insurance. An employee has a portion of salary deposited into the account, […]
Charitable remainder trusts get a lot of attention from estate planners. Yet, they might not be the best option for many estate owners. There is the less-known charitable gift annuity to consider. Each strategy shelters appreciated assets from capital gains taxes, reduces current income taxes, provides income for life or for a period of years, […]