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Professionals Column

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 …

Boost your tax refund by itemizing deductions

  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 …

The New Standard Deduction for the 2021 Tax Year

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 …

Reasons for Investing In Roth After-Tax Account

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 …

Filing Status May Affect Your Tax Obligation

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 income-tax …

Bad Idea to Convert TDA to 2nd Pension

Q.: I have about $2 million in my TRS TDA account. My account is subject to annual Required Minimum Distributions. I've found this annual calculation to be overbearing. My financial planner suggests …

Advantages of e-Filing Your Tax Return

The Internal Revenue Service has stated that electronic filing is the safest, fastest and easiest way for taxpayers to file their tax returns. Furthermore, e-filing is good for the tax system, good …

Choosing a Qualified Tax-Preparer

If you pay someone to prepare your tax return, the IRS urges you to choose that preparer wisely. Taxpayers are legally responsible for what's on their tax return even if it is prepared by someone …

To Limit RMD Bite, Shift to Roth IRA

We all know what "sticker shock" is when it comes to buying a new car. Required Minimum Distributions from pre-tax retirement accounts begin at age 72. A client of mine just informed me that his …

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