An amended tax return generally allows you to file again to correct a mistake in your filing status, your income or to add deductions or credits you may have missed. Here are some points the I…
Monday, April 19, 2021
The readers of Current Pension Topics are well aware of how hurtful it is to invest for retirement with a commission-based investment broker. These nationwide sales sharks charge the uninforme…
Monday, April 12, 2021
Can't make the May 17 tax-filing deadline and need more time to file your tax return? You can get an automatic six-month extension of time to file from the IRS. Here are important things you n…
Monday, April 05, 2021
The tax-filing deadline is just around the corner. According to the Internal Revenue Service, 20 to 25 percent of all Americans wait until the last two weeks before Tax Day (now extended to Ma…
As long as you have generated W-2 income/earned income,, you are entitled to contribute to an IRA (Traditional or Roth). There is no age cutoff. Starting at age 72, however, you must begin tak…
Monday, March 29, 2021
Are you expecting a refund this year? Here are important items the IRS wants you to know about your refund.
April is Financial Literacy Month, a time focused on educating people about the importance of planning for a secure financial future. Social Security is a vital part of any financial plan. We …
Monday, March 22, 2021
Mistakes on tax returns mean they take longer to process, which in turn may cause your refund to arrive later. The IRS cautions against these common errors, so your refund is timely:
Monday, March 08, 2021
The Social Security benefits you received in 2020 may be taxable. Each January, you should receive a Form SSA-1099 (Social Security Benefit Statement) which will show the total amount of your …
Do you plan to pay a cleaning person, cook, gardener, babysitter, or other household worker at least $2,300 in 2021? This amount includes any cash you pay for your household employee's transpo…
Monday, March 01, 2021
Before you file your 2020 tax return, you should make sure you have all the needed documents including all your Form W-2s. You should receive a Form W-2, Wage and Tax Statement, from each of y…
Monday, February 22, 2021
Generally, you must decide whether to itemize or use the standard deduction on your income-tax return. You should itemize if your allowable itemized deductions are greater than your standard d…
Tax season is approaching, and replacing your annual Benefit Statement has never been easier. The Benefit Statement, also known as the SSA-1099 or the SSA-1042S, is a tax form we mail each yea…
Friday, February 12, 2021
As most individuals and tax professionals know by now, the standard deduction almost doubled under the Tax Cuts and Jobs Act (TCJA) for the single, married filing jointly (MFJ), married filing…
Q.: At retirement, is it a good idea to take a Final Withdrawal (FW) from the retirement system? F. G.
Monday, February 08, 2021
When filing a Federal income-tax return, taxpayers can choose to either take the standard deduction or to itemize their deductions. It is anticipated that the number of filers who will itemize…
You don't have to be retired or even close to retirement to benefit from a personal my Social Security account. Calling or visiting a local Social Security office probably is rarely necessary …
Monday, February 01, 2021
The first step to filing your Federal income-tax return is to determine which filing status to use. In other words, two people making exactly the same amount of income could have different inc…
Did you know the state and city have a Cost-of-Living Adjustment (COLA) program for public-sector pensioners?
Monday, January 25, 2021
Q.: I have underfunded my 457(b) account and will be retiring in five years. Is there a way to make some big contributions to my account? P.G.