Tag Archives: distributions
Knowing the difference between capital gains and losses, and how each factors into your tax return can make a big difference on your stress level. Continue reading to learn more about each. Capital Gain Profits made from the sale of assets, such as stocks, real estate and mutual funds is called capital gain. Short term […]
— Read moreSaving for retirement is a great way to gain financial strength. Many taxpayers opt for a 401(k) savings plan. There are two different types of 401(k) plans, and you should be aware of what makes them different from each other. Traditional 401(k) This type of plan is sponsored by your employer and allows you to […]
— Read moreOnce you’ve put your day job behind you, and settled into the sweet life of retirement, it doesn’t mean tax time has come to an end. Likely, you’ll receive a Form SSA 1099, Social Security Benefit Statement (or RRB – 1099 if you are in Railroad Retirement). If you have additional income, your benefits may […]
— Read moreWithdrawing money or assets from an eligible retirement plan and transferring it to another eligible plan can result in a rollover, provided the transfer happens within sixty days. The actual transaction is not taxable, however it is reported on your tax return to the IRS. Some distributions are not eligible to be rolled over. These […]
— Read moreWhen collecting retirement allowances through annuity or pension payments from a qualified employer retirement plan, it’s important to note that all or some allocation of the amounts you accept may be subject to taxation. The benefits that you collect are completely taxable if you accept no investment in the contract because any of the following […]
— Read moreIf you’ve received retirement payments throughout the year from your pension, annuity, or similar type of plan, you’ll receive a Form 1099-R as a report of the fund distribution. Payments from Pensions and Annuities When you set up a retirement fund with your employer, you are essentially arranging a compensation agreement. Most retirement plans don’t […]
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