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 …
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 …
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 …
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 …
As most individuals and tax professionals know by now, the standard deduction almost doubled under the Tax Cuts and Jobs Act (TCJA) for the single, married filing jointly (MFJ), married filing …
Q.: I'm married and have a NYC Employee Roth IRA. I want to open up a NYC Employee Roth IRA for my wife, who doesn't work. Is this allowed? D.H. A.: Yes. Your wife, using your income, may open up …
Death, Taxes and Required Minimum Distributions (RMDs): Bob, age 68, has $800,000 in his traditional NYCE IRA. He knows, at age 72, he will be subject to taxable RMDs. Barbie, age 69, is Bob's …
The first step to filing your Federal income-tax return is to determine which filing status to use. In other words, two people making exactly the same amount of income could have different income-tax …
Q.: I have about $2 million in my TRS TDA account. My account is subject to annual Required Minimum Distributions. I've found this annual calculation to be overbearing. My financial planner suggests …
The Internal Revenue Service has stated that electronic filing is the safest, fastest and easiest way for taxpayers to file their tax returns. Furthermore, e-filing is good for the tax system, good …