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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...
Weekly Tax Tip March 6, 2018

Weekly Tax Tip March 6, 2018

A client had a question the other day about taking an RMD from an inherited IRA. It was an interesting question that perhaps some of you have encountered but weren’t sure how to answer…the client wanted to know whether to take an RMD, or not take an RMD for the year...