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Rollovers and Tax Withholding

Rollovers and Tax Withholding

A client had complained that his 401(k) plan sponsor made an error and withheld 20% for taxes when all he did was “rollover” the 401(k) funds to an IRA. He then asked if the plan sponsor needed to issue another check for the 20%. The answer in this case is no. The...
Tax Tip 9-18-18

Tax Tip 9-18-18

Are Your Social Security Benefits Taxable? Here are some tips to help you determine if your benefits are taxable: • If Social Security is your only 2018 income source, your benefits are probably not going to be taxable. • Social Security tax liability is determined by...
IRA Deadlines Approaching

IRA Deadlines Approaching

September 30th: Deadline to determine the designated beneficiaries for an inherited IRA. October 1st: Deadline to establish a Simple IRA Plan. October 15th: Deadline to remove excess or unwanted IRA contributions for the 2017 tax year (tax return due date including...
Important Tax Deadlines

Important Tax Deadlines

Important IRA Deadlines!   April 1, 2018:  This is the Required Beginning Date (RBD) for IRA owners who turned 70½ in 2017. IRA owners have until April 1st to take their very first required minimum distribution (RMD) if the owner did not take it last year. Keep in...