Taxes and Retirement

Retirement 401k and IRA Accounts – Have You Rebalanced and Reallocated based on Changing Market Conditions and Contribution Limits?

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I recently checked my Vanguard 401K account and was very pleased to see that it was up 20% in the last quarter! Still well down from high, before the great credit crisis of Autumn 2008, but at least it’s moving in the right direction now. However, my return could have been even greater had I [...]

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Update on the $250 Social Security Stimulus (SSI) Payment in 2010 for Retirees, Veterans and the Disabled Who Get No COLA Increase

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[Update Dec 2010 - No $250 SSI Payment in 2010] Congress officially nixed a one-time payment of $250 in 2010 to Social Security recipients who haven’t received cost of living adjustments (COLA) since 2008.  The cancellation of a $250 SSI payment in 2010 was justified on the basis of low inflation (see update below). But many seniors are [...]

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Smart Move: Claiming Social Security Benefits Later Rather Than Earlier

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As a result of the recession, social security retirement and disability benefit claims have risen 50% more than expected. Bloomberg reports that the 150,000 extra retirees claiming benefits may add to the financial pressure on the entitlement program and that expenses would exceed revenue beginning in 2016, with the social security fund running out of [...]

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Job, Home and Stimulus Tax Breaks and Traps in Difficult Financial Times

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In these tough economic times with many families struggling to make ends meet and the threat of unemployment looming the last thing people want to think about is taxes. However, it is precisely at the this time, with all the government subsidies on offer covering unemployment to housing that people need to realize what tax [...]

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2009 versus 2010 Federal Income Tax Bracket Tables and Standard Deduction Changes

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2010 Federal Income Tax Rate and Brackets and various tax benefits will remain unchanged or change only slightly over 2009 levels as shown in the table below. Consumer Price Index (CPI) data released by the Bureau of Labor Statistics (BLS), used by the IRS in calculating 2010 tax parameters, has been reviewed by many tax [...]

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Simplifying 401K and IRA Rules Around Automatic Enrollment, Unused Vacation Contributions and Rollover Payments

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The IRS and Treasury department will roll out a number of updated and streamlined 401K and IRA rules under the guidance of the Obama administration. These are aimed at encouraging Americans who haven’t been regularly setting aside money in private accounts to save for retirement. The changes include: 1. Streamlining the process for small businesses [...]

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Getting a Free Copy of Your Official Tax Return Information (Form 4506T)

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I recently had to request a copy of my tax return when closing on my home (lenders required it) and when filing some INS papers. I had thought that this would be a hassle given that the requesting parties wanted an official transcript (not a H&R Block or Turbo-tax copy). However it was actually a [...]

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Nearly 50% of American Households Pay No Federal Taxes

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Just when I thought I have seen most statistics, CNN brings us estimates by the nonpartisan Tax Policy Center, that In 2009, roughly 47% of households, or 71 million, will not owe any federal income taxes. What’s more is that, some of these non-tax payers will get additional money from the government because they qualify [...]

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5 Personal Finance Tips For Smart Retirement Planning

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The WSJ brings us some timely expert personal finance tips for those in or close to retirement. Normally, personal finance is targeted at the young and new to working life, but older Americans are in need of advice as much as anyone else. In fact they are even more at risk, because they don’t have [...]

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Roth IRA 2011 vs. 2012 Contribution and Income Limits and Conversion Rules From Traditional IRA Retirement Accounts

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[Updated with 2012 Roth IRA Limits] The IRS has released 2012 IRA information and there is no change to Roth IRA contribution limits over 2011 levels. Income ranges have increased slightly meaning more people are eligible to open a Roth IRA account in 2012. Updated details and a comparison to 2011 levels are shown in [...]

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