Monday, July 26, 2021

Formerly called the Retirement Savings Contributions Credit, the Saver's Credit gives a special tax break to low-to-moderate-income workers who are saving for retirement. Contributors to a tra…

For the Career Civil Servant (CSS), is it better to invest pre-tax or after-tax? Will the CSS be in a lower or higher income tax bracket during retirement compared to the tax bracket while working?

Monday, July 19, 2021

Charitable contributions made to qualified organizations may help to reduce your taxable income and lower your tax bill. The IRS has put together the following tips to help ensure your contrib…

Monday, July 12, 2021

The Tax Cuts and Jobs Act imposed a lower dollar limit on mortgages qualifying for the home-mortgage-interest deduction. Beginning in 2018 and until 2025, taxpayers may only deduct interest of…

Every civilian worker in this state and city is afforded the opportunity to take 75 percent of their accumulated- deductions account balance as a Final Withdrawal. The tax-free portion of the …

Friday, July 02, 2021

Interest is an amount you pay for the use of borrowed money. To deduct interest you paid on a debt on your tax return, you must be legally liable for the debt and you must be able to itemize y…

A Traditional (pre-tax) IRA owner may withdraw funds at will. The amount withdrawn is subject to ordinary income tax. If the owner is younger than 59.5, an additional tax, equal to 10 percent …

Social Security helps you secure today and tomorrow with financial benefits, information, and tools that support you throughout life's journey. If you don't have enough Social Security credits…

Friday, June 25, 2021

There are certain types of taxes that you can deduct on your return if you itemize on Form 1040, Schedule A. To be deductible, a tax must be charged to you and you must have paid it during you…

Regardless of the amount of annuity income generated, I am steadfastly opposed to the purchase of an annuity with one's supplemental retirement investments: (457(b), 401(k), 403(b), 401(a), IRA).

Monday, June 21, 2021

If you itemize your deductions on Form 1040, Schedule A, you may be able to deduct expenses you paid in 2021 for medical and dental care for yourself, your spouse and your dependents. Here are…

Monday, June 14, 2021

Q.: I am a member of the New York City Fire Department Pension Fund. I have been contributing for 37 years. At retirement, what steps must I take to withdraw as much as possible from my pensio…

If you applied for Social Security benefits, or have a pending reconsideration or hearing request, you can check the status online using your free personal my Social Security account. If you d…

Monday, June 07, 2021

For most taxpayers, the tax deadline has passed. But planning for next year can start now. The IRS reminds taxpayers that being organized and planning ahead can save time and money in 2021. He…

One very convenient benefit of investing with the Deferred Compensation Plans of the State and City of New York is an "in-plan" opportunity to convert amounts from the pre-tax account to the d…

Friday, May 28, 2021

As school winds down, many students will hit the job market for summer employment. The Internal Revenue Service reminds students that not all the money you earn may make it into your pocket. T…

On May 3, I first wrote about the fact that the State Comptroller, as sole trustee of the New York State and Local Retirement System, does not seem to know that loans taken in conjunction with…

Monday, May 24, 2021

Along with the lazy, hazy days of summer come some extra expenses, including summer day camp, nursery school and preschool. The IRS has some good news for parents: those added expenses may hel…

There's probably been a time in your life when you've wondered, "Can I do this online instead of visiting a Social Security office?" The answer is more than likely yes, and you can find more i…