Have you started thinking about doing your taxes yet? I haven’t. Rather, as I do every year, I’ve just been tossing all of our tax forms in a pile as they arrive, and I haven’t paid much attention to what’s here vs. what’s missing.
But now that we’ve moved into February, you should have everything you [...]
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Archive for the ‘Taxes’ Category
Missing Tax Paperwork?
Written by Nickel - 5 Comments
Will the IRS Disallow Backdoor Roth Contributions?
Written by Nickel - 9 Comments
I’ve talked quite a bit about making “backdoor” Roth contributions if you’re over the income limits for contributing to a Roth IRA. In short, you can make a non-deductible contribution to a traditional and then immediately convert it into their Roth.
This strategy has become so popular that mainstream publications such as Forbes have started talking [...]
Published on February 1st, 2012 - 9 Comments
Filed under: Retirement, Saving & Investing, Taxes
add to tip'd - stumble it - digg it
Filed under: Retirement, Saving & Investing, Taxes
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Does the IRS Accept Scanned Documents?
Written by Nickel - 9 Comments
I’ve spent a good bit of time digitizing paperwork over the past couple of years. My primary weapon in this battle has been a sheet-fed scanner, though I sometimes snap pics with my iPhone and turn them into “scanned” pdfs using JotNot.
While it feels to good to be working toward a paperless financial world, however, [...]
Published on January 27th, 2012 - 9 Comments
Filed under: Productivity, Taxes
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Filed under: Productivity, Taxes
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E-Filing Saves the IRS $3.10/Return
Written by Nickel - 9 Comments
As January winds down, you should have received most of the paperwork that you’ll need to file your taxes. If you’re like most FCN readers — and most Americans in general — you’ll be e-filing this year.
Sure, e-filing is convenient. But guess what? It’s also much cheaper for the IRS to process your return if [...]
401(k), 403(b), and 457(b) Contribution Limits for 2012
Written by Nickel - Leave a Comment
Do you have a workplace retirement plan such as a 401(k), 403(b), or 457(b)? If so, then you might be interested in knowing that the contribution limits for these account types has increased for 2012.
This means that individuals under age 50 can contribute up to $17,000 to their 401(k) account this year, up from last [...]
Published on January 18th, 2012 - Leave a Comment
Filed under: Retirement, Saving & Investing, Taxes
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Filed under: Retirement, Saving & Investing, Taxes
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Contribute to Your Roth IRA, Even if it Stretches Your Budget
Written by Nickel - 9 Comments
Your 2011 taxes are due in just under three months. That also means that you have just under three months left to make any 2011 IRA contributions that you might have been putting off.
But what if you’re neglected to contribute to an IRA because you’re not sure you can afford it? Maybe the only cash [...]
Published on January 18th, 2012 - 9 Comments
Filed under: Retirement, Saving & Investing, Taxes
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Filed under: Retirement, Saving & Investing, Taxes
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Roth IRA Withdrawal Rules: How to Get Your Money Out Early
Written by Nickel - One Comment
As a followup to Friday’s post on contributing to a traditional IRA and converting to a Roth IRA (i.e., funding a “back door” Roth) I wanted to spend a little time talking about Roth IRA withdrawal rules.
This post was actually inspired by a comment from a reader named John who is interested in using IRA [...]
Published on January 16th, 2012 - One Comment
Filed under: Retirement, Saving & Investing, Taxes
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Filed under: Retirement, Saving & Investing, Taxes
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Contribute and Convert: Funding Our Roth IRAs Through the Backdoor
Written by Nickel - 7 Comments
As a followup to my post earlier this week on Roth IRA income limits, I wanted to highlight how we typically make our Roth IRA contributions. For background, we’re in a relatively high (and variable) income tax bracket. Because of this, we flirt with the Roth income limits on an annual basis, and it’s hard [...]
Published on January 13th, 2012 - 7 Comments
Filed under: Retirement, Saving & Investing, Taxes
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Filed under: Retirement, Saving & Investing, Taxes
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Roth IRA Income Limits for 2012
Written by Nickel - Leave a Comment
I recently wrote about Roth IRA contribution limits for 2012, which are unchanged from 2011. Today I want to talk about the current income limits for contributing to a Roth IRA. Here goes:
Married Filing Jointly: Contributions phase out from $173k-$183k
Single or Head of Household: Contributions phase out from $110k-$125k
Married Filing Separately, Living Apart: Contributions phase [...]
Published on January 11th, 2012 - Leave a Comment
Filed under: Retirement, Saving & Investing, Taxes
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Filed under: Retirement, Saving & Investing, Taxes
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When are 2011 Taxes Due? Hint: It’s Not April 15, 2012
Written by Nickel - 3 Comments
Believe it or not, it’s already time to start thinking about filing your 2011 income tax return. In the coming weeks, you should be receiving your W-2 form(s), a variety of 1099 forms, etc. And if you pay estimated taxes, your 4th quarter payment is due next week (on January 17th).
So… With that in mind, [...]
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