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Professionals Column

Get a NYCE Roth IRA For Future Roll-Ins

Roth 457(b), 401(k) and 403(b) accounts are subject to tax-free Required Minimum Distributions (RMDs) starting at age 72. While these RMDs are tax-free, the dividends, interest and capital gains …

Do You Qualify for The Child Tax Credit?

As taxpayers plan their 2021 taxes, there is good news in the form of an enhanced child-tax credit. The legislation known as the Tax Cuts and Jobs Act (TCJA) doubled the credit amount, increased …

Protecting Elders From S.S. Scams

Social Security impostor scams are widespread across the United States. Scammers use sophisticated tactics to deceive you into providing sensitive information or money. They target …

IRS Can Help With Your Tuition Bills

There are two Federal tax credits available to help you offset the costs of higher education for yourself or your dependents. These are the American Opportunity Tax Credit (AOTC) and the Lifetime …

Wife Can Fund an IRA For Retired Husband

Q.: I am a fully retired school Principal. My wife is still working. She earns $132,000 a year. Based on my wife's earnings, can she fund a Roth IRA for me? A.: Yes, she can. A Spousal IRA …

Advantages of a '529' College Savings Plan

What can be better than lowering your taxes? With a 529 plan, you have no Federal tax obligation once your money's invested in your account. But the best part is that your earnings grow Federal …

When IRA Withdrawals Are Penalty-Free

Many IRA owners are aware they can be hit hard with penalty fees if they withdraw IRA money early. You should make every effort to avoid taking money out of your retirement accounts early, especially …

Q.: I'm retired and about to take my first Required Minimum Distribution (RMD). I have a few retirement accounts. I plan to calculate the RMD for each one and then withdraw the total amount from one …

New York's public-sector workers are accruing two guaranteed retirement income streams. One comes from the retirement system to which the worker belongs while the other one comes from the Social …

Beware of Variety Of Income-Tax Scams

The IRS wants taxpayers to be aware of tax scams. These scams are illegal and can lead to problems for taxpayers including significant penalties, interest and possible criminal prosecution. Beware of …

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