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Professionals Column

Tax deadline help: Last-minute tips

According to the Internal Revenue Service, 20 to 25 percent of all Americans wait until the last two weeks before Tax Day (now extended to April 18) to prepare their taxes. With these tax-filing tips …

Pension topics: Consider rolling over a loan

Q: I’m a Tier 1 member of the Teachers' Retirement System of the City of New York. I plan to retire in about 2-3 years. At that time, I will have more than $400,000 in my annuity savings account …

When will your tax refund arrive?

Are you expecting a refund this year? Here are important items the IRS wants you to know about your refund.• Refund options. You have three options for receiving your Federal income-tax refund: …

Tax savings strategies you may be missing

Are you paying more tax than you need to? When it comes to filing taxes, getting the best returns is not about skill—it’s about what you know. Here are some tax strategies you may have …

Beware of tax-time errors on returns

Mistakes on tax returns mean they take longer to process, which in turn could cause your refund to arrive later. The IRS cautions against these common errors to ensure your …

Roth accounts and retirement

Are you investing in after-tax Roth accounts offered by the Deferred Compensation 457(b)/401(k) Plans of the City of New York? You should know these Roth account balances are …

How Social Security benefits are taxed

The Social Security benefits you received in 2021 may be taxable. Each January, you should receive a Form SSA-1099 (Social Security Benefit Statement) which will show the total amount of your …

IRAs for rookies and retirees

Q.: I am 22 and in my first year of teaching for the NYC Department of Education. As a rookie teacher I can only afford to save $3,000 for each of the first two years. Which plan do you suggest I …

Managing corrected or missing W-2s

Before you file your 2021 tax return, you should make sure you have all the needed documents including all your Form W-2s. You should receive a Form W-2, Wage and Tax Statement, from each of your …

Boost your tax refund by itemizing deductions

  Generally, you must decide whether to itemize or to use the standard deduction on your income tax return. You should itemize if your allowable itemized deductions are greater than your standard …

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