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As we covered in a related post,When Should You Take Your Social Security, most of us have been paying into the program our entire working life. We’re counting on receiving some of that money back in retirement. But then there are those headlines, warning us that the Social Security trus...
A bill has been introduced to eliminate taxes on Social Security benefits. Maryalene LaPonsieDec. 13, 2024 Bill Would Repeal Social Security Taxes New withdrawal requirements for inherited IRAs create tax planning challenges for beneficiaries. Kate StalterDec. 12, 2024 2025 Changes to ...
Beyond that, beneficiaries need to be careful about how and when they accessinherited IRA funds. As a general rule, beneficiaries should defer withdrawals for as long as the law allows to avoid taxes or giving up potential tax-deferred growth. Eligible beneficiaries may also be able to "stretch...
Angel, a freelance photographer from Portland, recently inherited a small sum of money. She's considering using this unexpected windfall to make extra payments on her $300,000 mortgage. Angel dreams of financial freedom and is exploring how best to use her inheritance to decrease her long-term...
Shorter loan terms, like 15 years, result in higher monthly payments but considerably lower total interest paid over the life of the loan than longer terms, such as 30 years. Why might actual mortgage payments be different from the calculated amount?
Compensation and insurance money Sarah received an insurance policy payment for damage caused by a fire in a property that she owns. This is treated as capital payment derived from an asset (the property) which means she must pay CGT on it. On the other hand, if Sarah decides to use the...
“interest” the dividends on my life insurance , and Roths, which she reported as “income” , which I did not spend and did not generate a tax document, and the company says i do not owe any taxes on this money until I withdraw it. It was useful to work with the CPA who has ...
You can reduce your estate taxesif you own a life insurance policyas well. On their own, life insurance proceeds are free of income tax at the federal level when they are paid to your beneficiary.15But when the proceeds are included as part of your taxable estate for estate tax purposes,...
Taxes are the primary source of revenue for most governments. Among other things, this money is spent to improve and maintain public infrastructure, including the roads we travel on, and fund public services, such as schools, emergency services, and welfare programs. ...