by Marilou Davido | Sep 26, 2023 | Resources
Even if you are under age 59 ½, if you paid expenses for higher education during the year, you may be exempt from the federal 10% early withdrawal penalty for the portion of a taxable distribution from an IRA or Roth IRA that is less than the qualified higher...
by Marilou Davido | Sep 18, 2023 | Resources
If employed, your employer withholds income tax from your paycheck and pays it to the IRS and state taxing authority in your name. Tax liabilities and withholding amounts are reconciled during tax season, resulting in either a tax refund or a tax payment due. A...
by Marilou Davido | Sep 18, 2023 | Resources
Capital Gains Unrealized The term ‘unrealized’ describes the appreciation or decline in market value of a security during the holding period. At the time of sale, the unrealized gain or loss becomes realized (see below). Realized The term ‘realized’ describes the...
by Marilou Davido | Sep 17, 2023 | Resources
Who Must Pay Estimated Tax? Individuals who are unable to withhold income tax from their income stream generally have to make estimated tax payments if they expect to owe federal tax of $1,000 or more when their return is filed. This may include: Self-employed...
by Marilou Davido | Sep 12, 2023 | Resources
Transferring money from an Individual Retirement Account (IRA) to a Health Savings Account (HSA) involves moving funds from a retirement account to a tax-advantaged medical savings account. This process is known as an IRA-to-HSA rollover. However, it’s important...
