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Professionals Column

Tax savings strategies you may be missing

Are you paying more tax than you need to? When it comes to filing taxes, getting the best returns is not about skill—it’s about what you know. Here are some tax strategies you may have …

Beware of tax-time errors on returns

Mistakes on tax returns mean they take longer to process, which in turn could cause your refund to arrive later. The IRS cautions against these common errors to ensure your …

Roth accounts and retirement

Are you investing in after-tax Roth accounts offered by the Deferred Compensation 457(b)/401(k) Plans of the City of New York? You should know these Roth account balances are …

How Social Security benefits are taxed

The Social Security benefits you received in 2021 may be taxable. Each January, you should receive a Form SSA-1099 (Social Security Benefit Statement) which will show the total amount of your …

IRAs for rookies and retirees

Q.: I am 22 and in my first year of teaching for the NYC Department of Education. As a rookie teacher I can only afford to save $3,000 for each of the first two years. Which plan do you suggest I …

Managing corrected or missing W-2s

Before you file your 2021 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 your …

  Generally, you must decide whether to itemize or to use the standard deduction on your income tax return. You should itemize if your allowable itemized deductions are greater than your standard …

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 …

How Spousal Roth IRAs Operate

Q.: I'm married and have a NYC Employee Roth IRA. I want to open up a NYC Employee Roth IRA for my wife, who doesn't work. Is this allowed? D.H. A.: Yes. Your wife, using your income, may open up …

Death, Taxes and Required Minimum Distributions (RMDs): Bob, age 68, has $800,000 in his traditional NYCE IRA. He knows, at age 72, he will be subject to taxable RMDs. Barbie, age 69, is Bob's …

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