Denise Appleby explains how to avoid double taxation of otherwise untracked basis in IRAs, using the Cohan Rule. IRA owners can find themselves paying income
Individual retirement accounts include traditional IRAs, Roth IRAs, SIMPLE IRAs and SEP IRAs. Traditional and Roth IRAs are funded by the individual owner. SEP IRAs are funded by employers. SIMPLE IRAs are generally funded by employers and employees. Special tax rules apply to these accounts.
“The IRS, the Code, and regulations thereunder, have always been clear, at least until recently: an individual has up until his or her return deadline,
Denise Appleby reviews the IRS’s postponement of 2020 IRA contributions and other transactions The IRS recently issued Notice 2021-21, in which they provide a list
Question: I am 64 years old and I am on social security. I have no other income for last year or this year. In January