I took advantage of the IRA Saver's Credit in 2013 and 2014 when my income was low enough to allow for the maximum 50% of IRA contributions. Last year, at age 60, I began drawing early distributions. It seems I no longer qualify for the credit because the amounts I drew out exceeded my 2015 contributions. Is this correct, and does the credit primarily benefit low-income contributors who haven't started withdrawing?

June 28th, 2024

As a US resident and taxpayer, I have a Swiss life insurance policy with an initial lump sum payment, a predefined duration, and yearly interest credited based on a contractually defined rate, plus an additional sum depending on the insurance company's results. At the end of the predefined period, the initial payment plus interest and the extra sum will be paid back. Do I need to report the 'virtually credited' sums on my tax return every year, or can I wait until the final payment and report the difference between the original payment and the final one in the payment year?

February 6th, 2023

When computing the total taxes withdrawn from my wages, can I include Social Security and Medicare taxes, or must I just figure on the Federal Income Tax withheld?

July 4th, 2024

How do I fill out Form 8889 for 2015 taxes when both husband and wife had HDHP; he had 'self-only' and she had 'family' to include 2 kids, and both have individual HSAs? The husband went on Medicare on July 1, 2015, making him ineligible for the second half of the year. How should Line 6 be filled out given these circumstances?

February 3rd, 2024

I moved to Barbados in 2013 and haven't filed taxes since then. I am a senior citizen, 71 years old, and was diagnosed with cancer in 2014, treated at Memorial Sloan Kettering hospital in NYC. Medicare covered my hospital expenses, but can I get a refund for traveling and hotel expenses?

October 19th, 2024