The Internet is a great thing. You can probably find any piece of information you want somewhere out there. It is only a matter of asking the right question. My mother thinks I look everything up on the Internet. However, along with great information available on the worldwide web, there is a lot of misinformation. Some things are just plain wrong and some are very misleading. The Internet is no substitute for expert financial and retirement planning advice - as a recent bankruptcy court case proves.
IRS has announced that an estimated 984,400 taxpayers who did not file a 2009 income tax return are owed over $917 million in refunds. In order to collect your refund, you must file your 2009 federal income tax return by April 15, 2013. The average refund owed is over $500. Find out more about how to claim this refund below.
IRS has announced that they are now processing all 2012 tax returns. Tax season is in full swing. What IRS forms might you need to file your tax return if you have any retirement plan transactions?
Ed Slott and Company is spending two full days talking about the new tax laws, IRAs, retirement distribution planning and more during our 2-Day IRA Workshop starting tomorrow in Orlando. We took some time in the video below to talk about the new tax laws (American Taxpayer Relief Act of 2012) and key planning strategies and dates clients and their tax team should be aware of when filing their 2012 tax returns.
IRS recently issued a "friendly" reminder to taxpayers who did Roth conversions back in 2010 and took advantage of the two-year deal to split their conversion income equally between 2011 and 2012. IRS wants to be sure that those taxpayers do not "forget" to include the second half of their conversion on their 2012 tax returns.
As I was looking for information on pension plans for our U.S. presidents, I came across information on pension plans for members of Congress, the group of individuals we elect to set tax and spending policies for our government. The same group of individuals who miss crucial deadlines for setting policies time after time after time. The same group that gives us phased-in provisions in legislation, temporary provisions that expire or are supposed to expire but get renewed over and over again.
Prior to 1958, the U.S. did not provide a pension for its former presidents. George Washington retired to Mount Vernon where he resumed his role as a plantation owner/farmer. Abraham Lincoln did not live to collect a pension. His wife, Mary Todd Lincoln, petitioned Congress for a widow's pension in 1870, five years after Lincoln's death. She was awarded the sum of $3,000 a year.
For Valentine’s Day many of us gave or received tokens of love such as flowers, candy, jewelry, or a nice dinner in a restaurant. But now Valentine’s Day is over (much to Hallmark's chagrin). That makes this a good time to think about our beneficiaries. How much do we love them? Do you love your beneficiaries enough to take the time to check up on your beneficiary forms for your retirement accounts? You really should consider doing this because there are plenty of "un-loving" consequences if you don't.
The IRS updated Publication 590, Individual Retirement Arrangements (IRAs) For use in preparing 2012 Returns. This publication is a good source of basic information about Traditional and Roth IRAs, simplified employee pension (SEP) plans, and savings incentive match plans for employees of small employers (SIMPLE) IRA plans. Pub 590 contains a section called “What’s New for 2012.” See some of the notable changes below.
If you took a withdrawal from any IRA or employer plan last year, you will get a copy of IRS Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. very soon. The IRA custodian or employer plan was required to send you a copy of Form 1099-R by January 31, 2013 for any 2012 retirement plan distributions you took.
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