When you withdraw money from your IRA or employer-sponsored retirement plan, your state may require you to have income tax withheld from your distribution. Your withholding is a pre-payment of your state income tax that serves as a credit toward your current-year state income tax liabilit...
This initiative highlights our shared commitment to transforming the once cumbersome process of setting up GIRO-based tax payments into a seamless and hassle-free experience. It is yet another innovative digital solution aimed at advancing digitalisation in the paym...
IRAS' payment capabilities. This upgrade has expanded the scope of eGIRO applications to include corporate taxpayers and increased the number of participating banks that process individual taxpayers’ eGIRO applications to seven banks, allowing more taxpayers to apply for GIRO online via myTax Portal....
In its guidance, the department did note that it would undertake an “extensive review of the various tax implications” associated with the revision “to ensure that IRA and other retirement account owners will not be negatively impacted from a tax perspective upon any escheatment of retirement ...
These exceptions are: if the funds are used for the purchase of the first residential property; for the payment of college studies for a direct dependent; for the purchase of a computer for an eligible person; to cover medical expenses related to a catastrophic disease of an immediate family ...