by Leif Jensen | Mar 27, 2023 | Taxes |
The Lottery. It exists legally now in many forms from weekly drawing to scratch offs. The Illinois Lottery began operations on July 1, 1974, when lotteries in the United States were confined to areas of the Northeast and Midwest. This was also a maneuver to take over...
by Leif Jensen | Jan 30, 2023 | Taxes |
The SECURE Act significantly reduced the benefit of the stretch IRA by requiring most beneficiaries to distribute the entire inherited IRA over 10 years. For most beneficiaries, the Act does not specify any rate at which distributions must be taken, only that the...
by Leif Jensen | Jan 25, 2023 | Money Management, Taxes |
In determining whether converting a traditional IRA to a Roth IRA benefits a particular taxpayer’s situation, many additional factors must be weighed. These include the following. The taxpayer’s present income tax rate versus the rate expected during retirement — If...
by Leif Jensen | Jan 24, 2023 | Taxes |
If a taxpayer has made nondeductible contributions to traditional IRAs in past years, the distribution of those amounts is not subject to taxation, either on the taxpayer’s return or on their heirs’ returns. If a distribution is made from an IRA that consists of...
by Leif Jensen | Jan 23, 2023 | Taxes |
Form W-4V is relatively short, with few fields to complete, apart from showing the individual’s name, address, social security number, and claim or identification number. It gives the individual the option to start or stop withholding from social security or similar...
by Leif Jensen | Jan 18, 2023 | Taxes |
Before the government enacted the Social Security Amendments of 1983, social security income was not taxable. The legislation’s enactment created the need to withhold federal income tax. Form W-4V, (Voluntary Withholding Request), allows benefit recipients to have...
