TaxAudit Blog

Category: Retirement

401k nest egg

401k loans aren't reported on your federal tax return unless you default on them. Then it becomes a distribution and subject to the rules of early withdrawal.

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Stock Chart

Hello fellow taxpayers. The Wily Tax Blogger is back to kick off 2016 with a new blog about an investment management tool I’ve discovered.

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Glass globe on financial statements

I’m hoping you are relaxing somewhere with an umbrella drink after tax season. My wife and I are considering installing a solar electrical system on our house..

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Yellow sign that says Retirement Ahead

You want to save money towards your retirement, but your employer does not offer a retirement plan, such as a 401(k). You are not alone...

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Block with Tax words on it

You have your traditional IRA account invested at your bank but you are not happy with the rate of return. You’ve heard that it’s possible to move your IRA...

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Calculator and pen on top of 1040 tax forms

My wife made a $5,000 contribution to her IRA in last year. Through using TurboTax, we learned that we don't have the earned income to support a deduction...

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Green sign that says Retirement Next Exit

You just found out your Uncle Jerry passed away and that he had listed you as the sole beneficiary to his traditional IRA account. You go down to the bank...

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Couple sitting in chairs relaxing on the beach

You have been talking to your financial advisor or hear in the news how great Roth IRAs are and that you should be contributing to a Roth IRA.

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Retired couple relaxing on a boat

I have a confession to make: I’m thirty, single and have about a hundred dollars in my savings account. In addition, I have no retirement plan!

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two people looking over financial charts

My wife has an IRA under professional management with a financial advisor here in Portland. Can we deduct the fees charged for his services?

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Pie Chart with 1/3 a 1040 tax form

Is this additional income from Social Security tax-free, or will it be added to my Gross Income for the year and be taxed as such?

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people examining retirement portfolios and graphs

You inherited a retirement account, and you opted to transfer the assets into a beneficiary or inherited IRA. What now? The “what now” depends on whether RMDs..

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TAX spelled out with tiles

Want to pay less taxes on inherited retirement accounts? Beneficiaries have options available that  may result in increased benefits and less taxes due.

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Retirement Ahead Sign

Did you retire this year or turn 70 prior to July 1st? You may have think about Required Minimum Distributions (RMDs).

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401k nest egg

As the end of the year approaches, the holidays are probably more on your on your mind than saving on your taxes.

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$100 bill wrapped in a bow

Inheriting money is kind of nice for people. You have usually done nothing to earn it but be born. You most likely have not worked for it. 

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Supreme Court

This decision is likely to impact many taxpayers, particularly anyone expecting to inherit an IRA from a parent or someone else.

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Retirement Ahead Sign

I would like to know if I need to declare my Roth IRA and traditional IRA accounts on my tax return even if I haven't contributed to them in the last 4 years.

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church

Is there a tax benefit to making a charitable contribution to my church directly from my IRA rather than writing a check and deducting it from my tax return? 

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Financial charts and graphs

I recently filled out an online tool on a financial advisor website. It had some catchy feel good name like Dream Catcher or something of the like.

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Retirement Ahead Sign

If you are a 20 or 30 something - people in this age group should have saving for retirement at the top of their list of things to do.

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Piggy bank

Under 59½? Need some extra cash? Don’t use your retirement! It isn’t a savings account or a piggy bank to be used to buy an extra pizza on Saturday night

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401k nest egg

If your employer allows you to borrow money against your 401(k), you are essentially using the 401(k) balance as collateral for the loan and you usually make...

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This blog does not provide legal, financial, accounting, or tax advice. The content on this blog is “as is” and carries no warranties. TaxAudit does not warrant or guarantee the accuracy, reliability, and completeness of the content of this blog. Content may become out of date as tax laws change. TaxAudit may, but has no obligation to monitor or respond to comments.