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Surviving Spouse who Inherited an IRA

  • August 20th, 2019

2019 – 08/15 Are you a surviving spouse who inherited an IRA? The beneficiary of a deceased spouse’s IRA must decide whether to roll it over into his or her own IRA, or leave the IRA in the deceased spouse’s name. Advantages to making the spousal rollover or election are that spouses, over age 59…

First-time Home Purchase? IRA vs 401(k)

  • August 20th, 2019

2019 – 08/16 Generally, amounts withdrawn from an individual retirement account (IRA) before age 59-1/2 are subject to an additional 10% tax. Exceptions exist, including when the funds are used for a first-time home purchase. One taxpayer took a distribution to purchase her first home, but the IRS applied the 10% tax. The distribution was…

Home Office Deductions

  • August 20th, 2019

2019 – 08/13 Taxpayers who use their homes for business may qualify to claim home office deductions on their tax returns. To determine if you’re eligible, here are several points to keep in mind. The home office deduction is available to both homeowners and renters. The home must be your principal place of business. Deductible…

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