Taxes

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Some people are required to return Economic Impact Payments that were sent erroneously

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June 30, 2020 , , ,

return Economic Impact Payment

The IRS and the U.S. Treasury had disbursed 160.4 million Economic Impact Payments (EIPs) as of May 31, 2020, according to a new report. These are the payments being sent to eligible individuals in response to the economic threats caused by COVID-19. The U.S. Government Accountability Office (GAO) reports that $269.3 billion of EIPs have already been sent through a combination of electronic transfers to bank accounts, paper checks and prepaid debit cards.

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What qualifies as a “coronavirus-related distribution” from a retirement plan?

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June 23, 2020 , , , , , ,

coronavirus-related distribution

As you may have heard, the Coronavirus Aid, Relief and Economic Security (CARES) Act allows “qualified” people to take certain “coronavirus-related distributions” from their retirement plans without paying tax.

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If you’re selling your home, don’t forget about taxes

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June 16, 2020 , ,

Home Sale Taxes

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 (NAR) reports that existing home sales in April decreased year-over-year, 17.2% from a year ago. One bit of good news is that home prices are up. The median existing-home price in April was $286,800, up 7.4% from April 2019, according to the NAR.

If you’re planning to sell your home this year, it’s a good time to review the tax considerations.

Continue Reading: If you’re selling your home, don’t forget about taxes

Seniors: Can you deduct Medicare premiums?

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June 9, 2020

Medicare premium deduction'

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 for a tax break for paying the premiums.

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A nonworking spouse can still have an IRA

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June 2, 2020 ,

IRA for non-working spouse

It’s often difficult for married couples to save as much as they need for retirement when one spouse doesn’t work outside the home — perhaps so that spouse can take care of children or elderly parents. In general, an IRA contribution is allowed only if a taxpayer has compensation. However, an exception involves a “spousal” IRA. It allows a contribution to be made for a nonworking spouse.

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Student loan interest: Can you deduct it on your tax return?

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May 26, 2020 , ,

student loan interest deduction

The economic impact of the novel coronavirus (COVID-19) is unprecedented and many taxpayers with student loans have been hard hit.

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Did you get an Economic Impact Payment that was less than you expected?

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May 19, 2020 , , , ,

Economic Impact Payment

Nearly everyone has heard about the Economic Impact Payments (EIPs) that the federal government is sending to help mitigate the effects of the coronavirus (COVID-19) pandemic. The IRS reports that in the first four weeks of the program, 130 million individuals received payments worth more than $200 billion.

Continue Reading: Did you get an Economic Impact Payment that was less than you expected?

CARES Act tax breaks to help retail businesses.

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May 16, 2020

CARES Act tax breaks to help retail businesses.

There’s still time to make a deductible IRA contribution for 2019

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May 12, 2020 , ,

IRA Contribution

Do you want to save more for retirement on a tax-favored basis? If so, and if you qualify, you can make a deductible traditional IRA contribution for the 2019 tax year between now and the extended tax filing deadline and claim the write-off on your 2019 return. Or you can contribute to a Roth IRA and avoid paying taxes on future withdrawals.

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Do you have tax questions related to COVID-19?

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May 5, 2020 , , ,

Covid-19 tax questions

Here are some answers.

The coronavirus (COVID-19) pandemic has affected many Americans’ finances. Here are some answers to questions you may have right now.

Continue Reading: Do you have tax questions related to COVID-19?