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Just hang on for a few years. After awhile the IRS will do all the work for you. They'll calculate how much you owed for every year you didn't file and make the adjustments for penalty and interest. All you'll have to do then is write the check. They don't charge any tax preparation fees for this service.
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GOOGLE may not be your friend...do not trust carte blanche. :ohdear: |
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I love being :boom:'d for no reason. :1rotfl::1rotfl::1rotfl: |
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A point about QCD's. Qualified Charitable Donations. My own financial advisor did not know what a QCD is. I found that many brokers/financial advisors do not know what this is. For those of you that are not aware of this tax saving device - if you are required to take a Minimum Required Distribution (RMD) AND you give to charity you can only deduct up to six hundred dollars (Married Filing Jointly) on page 1 if you claim a standard deduction. The excess charity does not reduce your taxes. If you give more than six hundred and you have to do a RMD you can distribute money directly from your retirement fund to charities and it will reduce the taxable portion of your RMD. The QCD counts towards your RMD. This can help reduce your Modified Adjusted Gross Income which may affect how much medicare you pay and reduce your tax burden.. |
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Several years ago, we were in the TV house at tax time when our longtime, back-home accountant had to retire due to illness.
Because we were already in TV and planned to stay around for longer than usual, we looked for someone to do our taxes in TV. That was when we found Elizabeth White with Village Tax and Accounting Solutions on Rolling Acres Rd., in the Lady Lake part of TV. We liked her and would have gone back, but we now use a home-based accountant again. You might want to see if she is still there. Boomer |
A smart tax advisor would tell you how to not pay tax on the RMD and still control the money
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If your tax return is a half inch thick or more you need a CPA.
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4. Marry someone younger Oddly, the age of your spouse can affect the amount of required minimum distributions you are mandated to take. The IRS allows you to use different life expectancy tables depending on your unique situation. The amount of your RMD is based on the balance of your accounts at the end of the previous year and a life expectancy factor based on the ages of you and your spouse. If you are unmarried, have a spouse who is fewer than 10 years younger than you, or your spouse isn't the sole beneficiary of your IRA, you'll use the Uniform Lifetime Table. But if your spouse is more than 10 years younger and is the sole beneficiary of your IRA, you'll use the Joint Life and Last Survivor Expectancy Table. The Joint Life and Last Survivor Expectancy Table allows you to withdraw a smaller amount of your account balance each year. And because you're taking out less money, you won't owe as much in taxes. 6 Legal Ways to Avoid Taxes on RMDs | FinanceBuzz |
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Income Taxes
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