Filing Status Archives - Page 2 of 2 - 2012 Taxes And 2024 Taxes

IRS Rules On Early Distribution

February 22, 2021March 5, 2012 by Steve Patterson

The Possible Tax Impacts Of Early Distribution From Retirement Plans

Quite a number of people do not realize the effects of an early withdrawal of money from their retirement funds. They do not actually feel the impact immediately, but it always shows when a tax return if filed.

If you want to know what the IRS perceives about this kind of situation, here are 10 truths.

If you receive any modes of payment from your retirement plans before you are 59 ½ years it will be reflected as early distribution.
A further 10 percent tax will be subjected against this

… Read the rest

Simple Tips To Help You When Determining Your Filing Status

February 22, 2021January 18, 2012 by Steve Patterson

Eight Tips to Help You Determine Your Filing Status

Before you file your federal income tax returns, you must first determine you filing status. There are 5 filing statuses: Married Filing Jointly, Single, Married Filing Separately, Qualifying Widow or Widower with Dependent Child and Head of Household. Your filing status is normally used to determine your standard deductions, filing requirements, eligibility for certain deductions and credits. It also helps in computing correct taxes.

It is important to note that some people may have more than one status. The following are 8 tips to help you when filing your … Read the rest