Search Results

When a worker at Home Depot retired at age 55, he transferred his 401(k) to an IRA. The next year, when he was 56 years old, he took a distribution from the IRA to pay for living expenses. He received...

In most cases, you have three years in which to submit an amended return to claim a refund of overpaid taxes. But there are situations in which you can recoup taxes paid without submitting an amended ...

If you received unemployment benefits in 2020, you may be eligible for an earned income tax credit (EITC) if you didn’t claim one, or a larger one if you did. Why? The American Rescue Plan Act provi...

Gain on the sale of a principal residence is tax free up to $250,000 ($500,000 on a joint return) if certain conditions are met. The question put to a district court was whether the basis in the home ...

Inheritances are tax free, regardless of amount. However, if the account starts to earn interest, your spouse must pay tax on the interest from the date of the inheritance....

The IRS adjusts more than five dozen items annually for inflation. Due to significant inflation over the past year, the tax brackets and many items have been increased for 2022 (Rev. Proc. 2021-45). T...

Usually, there’s a 10% penalty for distributions from an IRA. qualified employer plan, or a commercial annuity before age 59½. However, the penalty does not apply if distributions are taken in a se...

The housing market is hot in many locations across the country and sellers are seeing sizable gains. This is so even though mortgage rates are on the rise. Of course, some homeowners are not as fortun...

Employers may offer employees certain tax-free transportation fringe benefits up to set dollar limits. These can be arranged through employer payments or employee payments on a pre-tax basis (salary r...

Social Security benefits may be tax free or includible in gross income at 50% or 85%. This depends on a couple’s income, Social Security benefits, and tax-exempt interest. The fact that the benefits...