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Mom – You don’t itemize!

Note - this 'letter' is to my mother-in-law, whom I sometimes just call 'mom,' even though she's fine with my using her first name. She's a widow, and in her 80's. Dear Mom, It's no burden for me to do your taxes, in fact, I enjoy the process. After you and dad (who passed away [...]

Qualified Charitable Distributions

Two years ago, I wrote about donating your IRA RMD (The required minimum distribution you must take from your traditional IRA if you are over 70-1/2). This effectively gave people who were charitable, had to take RMDs, and for the most part, weren't itemizing their deductions. Congress dragged its feet on this rule for 2012 [...]

A Poor Joe Biden Roundup

Let's start this week's roundup with Oblivious Investor's Social Security Do-Over Options. The rules regarding when you can start collecting your benefit and how and when you are permitted to put it on hold have changed since last year, and this is a great primer to help you understand these rules. At The Simple Dollar, [...]

RMDs Suspended for 2009

Recently, legislation to suspend the rule for RMDs (Required Minimum Distributions) from retirement accounts for those over 70-1/2 was passed. The wording actually eliminated the penalty for those not making the withdrawal, effectively eliminating the requirement. One potential benefit of this change for 2009 is that one might consider converting this amount to their Roth [...]

Two more years of IRA donations

In 2006 and 2007, there was a tax law allowing someone over 70-1/2 to make a donation from their IRA, even if this was part of their RMD. This had a very narrow audience of interest, one would have to find herself a combination of 70-1/2 or older, therefore taking IRA RMDs, making donations worth [...]

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