The IRS Audit Blog

Posts Tagged ‘ira’

Question: IRS rules about withdrawals from a regular IRA?

How much do you have to withdrawal from your IRA after you reach 70 and 1/2? Or how little can you withdrawal from your IRA after 70 and 1/2?

Answer: You have several options. The right one depends on whether or not the IRA is needed for retirement income. If the IRA is going to sit “for a rainy day”, then there is a mathmatical formula that calculates your Required Minimum Distribution (RMD). This is the minimum amount that Uncle Sam says has to be liquidated yearly. Its his little way of making sure that you remember that he gave you tax-deferral for years, and now he is wanting to collect his taxes. As the balance on the IRA grows, so does the amount that must be liquidated. Talk to your financial advisor or insurance professional about purchasing a Lifetime Income Annuity that will not only satisfy the RMD, but will guarantee a stream of income as long as the IRA owner lives. Otherwise, its time to annuitize the IRA to create income, either with a period certain or lifetime income.

New Roth IRA rules may lower tax bill

The new Roth IRA rules may be one of the few tax changes that provide a win-win opportunity for both investors and the government.

Protect Your IRA & 401k From the IRS!!!! * Workshop*

Question: . Are the irs rules concerning inheritance tax different for spouses who are not citizens(reside in USA) ?

Since my wife received completely different answers from the IRS and from the legal department of the Japanese Embassy,
providing me with the appropriate references in addition to answering this question will be appreciated.

Answer: There is no law that gives the IRS the right to tax (period). Don’t believe me? Check out the site below. Sorry, I know this won’t answer your question but it is good information.

Renewed interest in federal estate tax

Maryland lawyers and advisers have been in a holding pattern waiting for Congress to act Eileen Ambrose: Lawyers, advisers have been in a holding pattern waiting for Congress to act, but billionaire George Steinbrenner’s death raises issue again

Federal IRS Inheritance Income Tax Return Laws & Rates 2009, 2010

Question: IRS Tax Question Cancellation of Debt HELP ME please?

Can the IRS come back on my new husband and I ten years AFTER my divorce for from my 1st husband cancellation of debt. My ex continued to charge on a credit card that he was awarded in our divorce. Iwanted the card shut down but he demanded it be left open so they left it open. Then he filed bankruptcy in 2006 and now the IRS is coming after me in 2008 for the taxable difference. It was 10 years ago that credit card was issued to him. It was no longer my bill. I paid my half of the debt and he gets out of his while my husband and I pay for his debt? Do I fall in the lines of the innocent spouse rule on this case? Please help any help would so greatly appreciated

Answer: I would certainly file the innocent spouse form.

It may or may not work, but at least it’s free to try.

In hindsight, you should have had the card frozen so he couldn’t add to it. Then your liability would have been limited to the bill at the time. If he continued to charge to the bill, that’s the stuff you want to claim innocent spouse on.

Coming up in Harding, the Chesters, Mendhams, and Washington Twp.

SATURDAY, Jan. 16 A free forum on end of life issues will be hosted from 9 a.m. to 1 p.m. at the Church of the Messiah, 50 Route 24 West, Chester. The forum will address legal documents, health options and funeral planning. Attorney James B. Garland will speak on legal issues and wills at 9 a.m. Michele Cameron, a registered nurse with Atlantic Home Care & Hospice, will speak on advance health …

Need A Top Lawyer – Attorney? DUI, DWI, Legal Defense, Personal Injury, IRS, Divorce… We Can Help!

Question: Since essentially nobody on this forum understands our tax system how can they choose the “right” candidate? ?

Only by switching to a flat tax for all income levels and relying on sales and corp tax revenue can anything be fair. Poor people can control their spending as well as the rich, but this provides incentive to improve education and training and encourages savings and thrift. Nothing wrong with that theory advocated by many patriotic Americans. Let the Kennedy’s buy their yachts and I will be okay with a cheap canoe, which I can paddle myself. Just give us the chance. Nobody can keep up with the awesome complexity of the laws and IRS codes and interpretations. Only lobbyists do that. The big time CPA firms and corp law firms write the laws and tell the politicians what it all means. I know. It takes armies of these people to administer this monster. And those like Ron Paul, Mike Huckabee and others have told you correctly, change the system. Dump the awesome bureaucracy and libraries of codes and rulings and all of these government entanglements. You cannot understand it, trust me.

Answer: In five years, we will mark the 100th anniversary of the “income tax” amendment (the 16th).

Yup! Income taxes on American citizens are less than a hundred years old.

If our servants in government can FORM the IRS, they can ABOLISH the IRS. The Constitution already provided for taxes…but not income taxes. And it worked just fine for 120 years. That’s 25 years longer than the new system has worked.

Ron Paul got it right (again!)… no income tax. no IRS.

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The Dog Ate My IRA Rollover

If you miss the 60-day rollover deadline, will the IRS be sympathetic?

New Rules for Tax Preparers Coming From IRS