Did you recently file your tax return and receive a refund that was smaller than you were expecting? Or did you wind up owing additional tax when you filed your return? That might mean it’s time to check and adjust your withholding. This might be necessary due to changes in the Tax Cuts and Jobs […]
After filing a 2019 tax return, there may still be three issues to bear in mind. 1) You can check up on your refund. Go to irs.gov and click on “Get Your Refund Status” to find out. 2) Some tax records can now be thrown out. You should generally save statements, receipts, etc. for three […]
Economic Impact Payments (EIPs) are being sent to eligible individuals in response to the financial impact caused by COVID-19. However, the IRS says some payments were sent erroneously and should be returned. For example, an EIP made to someone who died before receipt of the payment should be returned. The entire EIP should be returned […]
The CARES Act allows qualified people to take “coronavirus-related distributions” from retirement plans without paying tax. So how do you qualify? You can take up to $100,000 in coronavirus-related distributions made from an eligible retirement plan between Jan. 1 and Dec. 30, 2020. If you repay the distribution to your IRA or plan within 3 […]
Traditionally, spring and summer are popular times for selling a home. Unfortunately, the COVID-19 crisis has resulted in a slowdown in sales. The National Association of Realtors reports that existing home sales in April decreased 17.2% from April 2019. Still, many people are selling this year. If you’re one of them, it’s a good time […]
If you’re age 65 and older, and you have basic Medicare insurance, you may need to pay additional premiums to get the level of coverage you want. The premiums can be costly, especially if you’re married and both you and your spouse are paying them. But there may be a silver lining: You may qualify […]
It’s often hard for married couples to save for retirement when one spouse doesn’t work. An IRA contribution is generally only allowed if you have compensation. However, an exception exists. A spousal IRA allows a contribution to be made for a nonworking spouse.
Many taxpayers with student loans have been hard hit by the economic impact of COVID-19. The CARES Act contains some help. It allows borrowers with federal student loans to stop making monthly payments until Sept. 30, 2020. If you do make student loan payments, you may be able to deduct the interest on your return.
Did you get an Economic Impact Payment (EIP) that was less than you expected? The federal government is sending EIPs to help mitigate the effects of COVID-19. If you’re under a certain adjusted gross income (AGI) threshold, you’re generally eligible for the full $1,200 ($2,400 if married filing jointly).
You still have time to make your 2019 traditional and Roth IRA contributions. The deadline is generally April 15 but because of the novel coronavirus (COVID-19) pandemic, the IRS extended the deadline until July 15, 2020. If you qualify, deductible contributions to traditional IRAs can lower your 2019 tax bill. Even nondeductible contributions can be […]