Retirement Watch Weekly
Preparing for the New Tax Forms
Be prepared for a more complicated tax return for 2009, even if you have an uncomplicated tax situation. New forms, triggered by new tax breaks and rules, mean few people will have simple, straightforward returns. One major change is a new Schedule L, which in its draft form had 21 steps. Schedule L will be […]
Windfall for Retirees on the Move
Congress created a financial windfall for retirees and those near retirement. When it extended the first-time home buyer’s credit in November it also greatly expanded the credit. The $8,000 credit for first-time buyers (and those who haven’t owned a home for at least three years before the closing) was extended, and a new $6,500 credit […]
Returning Unwanted 2009 RMDs
Late in 2008, Congress suspended required minimum distributions for IRAs for 2009. If you are over age 70½, you don’t have to take an RMD for 2009. Some people did not receive word of the suspension before they took their RMDs in early 2009. Others had periodic distributions scheduled, and the distributions could not be […]
Taking Advantage of the 0% Tax Rate
There still is time to take advantage of the 0% tax rate. This special tax benefit was put in effect for select taxpayers in 2008, 2009, and 2010 for their long-term capital gains and qualified dividends. Even if you are a higher-bracket taxpayer, you may be able to benefit from the 0% rate. The 0% […]
Taxing Gains on Gold ETFs
The IRS continues to issue positions on exchange-traded funds that hold gold and other precious metals. Previously we reported good news for investors who owned gold ETFs in IRAs and other retirement accounts. The standard rules are retirement accounts are not allowed to purchase collectibles, and precious metals are collectibles. But the IRS ruled privately […]
November 2009
November 27, 2009 11:00 a.m. The Next Shoe? The tricky thing about a financial crisis is you never know what will trigger it or make it worse. Of those who thought the financial crisis was not over, few expressed the thought that a debt default by Dubai World would trigger the next phase of the […]
How to Climb the Estate Planning Ladder – An Estate Planning Checklist
Estate Planning overwhelms many people. Planners use their own language. As estate owner you have to choose from many strategies. The complications lead to procrastination and unfinished plans. One way to break the procrastination and creates a plan is to use an estate planning ladder. The ladder starts with a basic estate plan. You move […]
Examining Part D Prescription Drug Plans
Open enrollment for Medicare’s Part D prescription drug pro-gram is almost here. Marketing has begun, and you can sign up from Nov. 15 – Dec. 31. Only entering its fourth year, enrollment grows each year, and surveys show satisfaction among enrollees. One constant about Part D so far is change. Premiums, other costs, and coverage […]
