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Tax Carnival Ecstasy – November 5, 2013

Welcome to the November 5, 2013 edition of Tax Carnival Ecstasy. In this edition we start with an article on The Government Shutdown delaying The Start Of The January Tax Season by Bill Smith. Lee Hadnum has a nice article onNon-Resident & Offshore Tax Planning that you should take a look at. Hope you enjoy all the material and follow the carnival to it’s next destination.


Bill Smith presents The IRS Publication 17 And You posted at 2009 Tax, saying, “IRS publication 17 deals with general instructions and guidance for people using form 1040. Paying income tax can … Read more at 2009 Tax.

IRA Tax Penalty For Withdrawing Early

IRA Tax Penalty

If you are wondering if there is an IRA tax penalty for withdrawing money from an IRA early, the answer is yes.

It is best if you do not touch your money and let it accumulate as long as you can. If you decide to withdraw any money before the age of 59 and a half, the money will be subject to an early withdrawal penalty of 10% of the amount of distribution. By withdrawing your money early, you are losing tax free compounding which can cost you lots of money by the time you retire.

The … Read more at 2009 Tax.

Rules For Roth IRA Withdrawals

Roth IRA

Roth IRA (Photo credit: Philip Taylor PT)

If I make a partial Roth IRA withdrawal from a converted Roth IRA, will I have to pay taxes on it? That is a question that is often asked by tax payers.

My spouse and I converted most of our Roth IRA a couple years ago, and taxes were paid on it. If we have to, is it possible to withdraw that portion without paying any taxes or penalties? Just a slight technical issue here-any IRAs cannot be owned by two people, even married couples. It belongs to one of you two, and … Read more at 2009 Tax.

Pros and Cons of IRA Conversions

IRA conversions are basically where you change the classification of your account from an IRA classification as a Traditional Individual Retirement Account over to a Roth IRA. Back in 2010 the government changed the rules to allow investors to move over to Roth IRA’s from their Traditional IRA’s irrespective of the amount of money that they earned. Before 2010 people were only able to invest in Roth IRA’s if their MAGI (modified adjusted gross income) went below a certain level. One example was married couples whose combined income exceeded $179,000 – previously they would not have been allowed to … Read more at 2009 Tax.

Preparing for the Future Today

Preparing for your retirement years can be a frustrating task if you consider how mediocre the returns are of your retirement investments can be. If that’s the case with you right now, it’s time for you to look for ways how to generate the best Roth IRA rates of return that can ensure well-off retirement years for you.

One basic thing to consider is that the better your assets are performing in the market, the higher the returns are, the more beneficial for your IRA account. To make it easier for you, seek the advice of an expert who will … Read more at 2009 Tax.

Last Ditch Retirement Plans When You Are Close to Retirement Age

You are in a position right now where you simply did not plan in advance soon enough. You want to retire, and soon, but you do not have the money in the bank to do so. If you have waited until the last minute to plan for retirement, there is good news. There are options that can help you, but you will need to take steps to plan now.

Waiting until the last minute is a big risk for several reasons. The biggest reason is that there is little time to take advantage of compounding interest. In other words, … Read more at 2009 Tax.

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