When you think of taxes and IRAs, early withdrawals and required minimum distributions probably come to mind. But another tax can apply: the unrelated business income tax. (more…)
Posts Tagged ‘traditional ira’
Tax Tip Tuesday! There’s Still Time To Make Charitable Donations To Your IRA
From your IRA to the charity of your choice — the option to make a qualified charitable distribution from your Roth or traditional IRA is once again available for 2010 and 2011. And even though 2010 is officially over, you can take advantage of a special rule that treats a distribution taken in January 2011 as if you made it in 2010. (more…)
Small Business Jobs Act of 2010 Includes Several Familiar Tax Breaks
If you are a small business owner who thought all the best tax breaks were behind you, think again. The recently passed Small Business Jobs Act of 2010 restores some familiar tax perks and adds a few new ones. The law was signed by President Obama on September 27, 2010. (more…)
Follow IRA Withdrawal Rules
“You put your money in, and you take your money out.” Unfortunately, the rules for taking withdrawals from your IRA are not as simple as those for performing the classic children’s dance. (more…)
The Big 2010 Question: To Roth or Not?
For the first time ever, high-income taxpayers are eligible to convert a traditional IRA to a Roth IRA. Prior to 2010, you could not convert to a Roth in a year in which your modified adjusted gross income exceeded $100,000. (more…)
Two Prior IRA Rules Are Still In Effect for 2010
Rule #1. Note that while converting a traditional IRA to a Roth IRA is now open to everyone, regardless of income, contributing to a Roth IRA is still not allowed for higher-income taxpayers. (more…)
