Calculating minimum IRA withdrawalKenneth Hooker, Globe Staff
Thishardship withdrawalwas allowed for those economically affected by the COVID-19 pandemic. The account holder has three years to pay taxes owed on withdrawals vs. having to pay them in the current year. In addition, the withdrawals can be repaid and no taxes owed. The repayment amount doesn...
Below is a brief list of programs, taxes, or benefits that may serve for a MAGI calculation. However, the MAGI calculation will vary across each item. As you are asked to calculate MAGI for any tax credit or government program, be mindful that you are aware of which MAGI calculation is ...
Stocks and bonds will bring in the current market price minus your brokerage fee. Your retirement IRA may have a healthy balance, but if you withdraw it before you turn age 59-1/2, you have to factor in taxes and early withdrawal penalties. To calculate an immediate sale price of your a...