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Professionals Column

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 …

The New Standard Deduction for the 2021 Tax Year

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 …

How Spousal Roth IRAs Operate

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 …

Reasons for Investing In Roth After-Tax Account

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 …

Filing Status May Affect Your Tax Obligation

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 …

Bad Idea to Convert TDA to 2nd Pension

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 …

Advantages of e-Filing Your Tax Return

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 …

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