FAQs tagged as

Personal Tax

  1. Earnings within a Roth IRA are tax free, so are these earnings included in the modified adjusted gross income which is used to determine Roth IRA eligibility?

  2. How Long Should I Keep My Tax Records?

  3. Are 401(k) loans taxed?

  4. How does the government spend my taxes?

  5. If you have a house that is under your company name and you want to sell it back to yourself, do you have to pay capital gains taxes?

  6. What is the double taxation of dividends?

  7. How are life insurance proceeds taxed?

  8. Will jointly filing taxes have the effect of joining a couple's credit?

  9. Why does the IRS withhold income taxes from employee paychecks?

  10. Do nonprofit organizations pay taxes?

  11. Do I still have to pay penalties and taxes on money that I don't roll over from a DROP fund?

  12. Is my non-qualified Roth IRA distribution subject to taxes or early distribution penalties?

  13. What procedure applies to a taxpayer who made excess contributions for 2001, 2002, 2003 and 2004 and has neither withdrawn the excess and the earnings for 2001-2003, nor recharacterized 2004 to a Traditional IRA? How are multiple years such as this to be

  14. How do I file taxes for income from foreign sources?

  15. What are the tax consequences of a Roth IRA distribution if the IRA holder is younger than 59.5?

  16. When am I not required to submit a social security number on my tax return?

  17. Should I put money into a retirement account even if it isn't tax deductible?

  18. How can I easily get ready for next year's tax season?

  19. How does the marginal tax rate system work?

  20. After receiving a required distribution when and how are my taxes affected?

  21. Are the deferred earnings in a SIMPLE IRA subject to FICA taxes?

  22. If I take a severance package from my employer, how will it be taxed?

  23. I am a non-U.S. citizen living outside the U.S. and trading stocks through a U.S. internet broker. Do I have to pay taxes on the money I earn?

  24. Can I convert non-deductible contributions made to my Traditional IRA to a Roth IRA without being taxed?

  25. Can a corporation deduct dividend payments to shareholders before taxes are calculated?

  26. I deducted my IRA contribution on my tax return but failed to transfer the funds. What do I do?

  27. When am I considered "married" for tax purposes?

  28. As a temporary resident of the US, can I withdraw funds from my Traditional IRA without penalty when I leave the country?

  29. What is the purpose of a "repatriated tax break", and why is it so controversial?

  30. How do I use the IRS Free File tax forms?

  31. Can I, without tax penalties, use the IRA I inherited from my father to buy a home that I will live in? He was 72 and had started taking small payouts on it.

  32. If an employee is paid by commission, who is responsible for withholding taxes?

  33. What are the "certain requirements" that must be met for substantially equal periodic payments (SEPPs)? Is it taxed at 20%? Is there any downside to the SEPP?

  34. How can I make sure I'm ready to file my taxes?

  35. What aids will help me file my own tax return?

  36. I am 52 years old and wish to make a withdrawal from my 401(k) plan. Is there any way I can avoid having to pay additional tax on the grounds of hardship - e.g. unemployment?

  37. How can I reduce the taxes on my inherited retirement assets?

  38. Upon my death, will the beneficiaries of my IRA be compelled to take the entire amount in the IRA as ordinary income, forcing them into unusually high income tax brackets?

  39. How can I use a child tax credit?

  40. How do I sign up for the saver's tax credit?

  41. Does everyone have to file a federal tax return?

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