Income Tax

Personal FinancePosted by
LehighValleyLive.com

Can I convert some of my traditional IRA to a Roth?

Q. I am 74 years old and wanted to convert a portion of my traditional IRA to a Roth but my adviser keeps telling me that I need to have earned income in order to do that. Is that correct? I am retired and my only source of income is from a pension, Social Security and investment income. I’m looking to convert about $200,000 because I think it would be better for the kids and the grandkids in the long run.
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Child tax credit calculator: See how much you'll get before payments arrive

On July 15, millions of households across the US will receive the first monthly payment for the expanded child tax credit. Eligible families can get $3,000 for each kid between the ages of 6 and 17 and $3,600 for each child 5 and younger. The IRS will make payments monthly through the rest of the year -- you'll get the rest in 2022. The amount you get depends on your yearly income and the age of your dependents.
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IRS Tax Audit Help – Types, Procedure & What to Do If You Get Audited

People often imagine IRS auditors as scary, calculator-wielding mercenaries who are just out to get more money from you. Yes, an IRS audit can uncover some mistakes on your income tax returns, and those mistakes could cost you money. Plus, dealing with an IRS audit is almost guaranteed to take up valuable time you’d rather spend doing, well, anything else. But in reality, you only have something to fear if you’ve intentionally falsified your taxes or are guilty of tax evasion fraud.
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When will the IRS send my tax refund? How to track your money now

Over a month past the May 17 tax deadline, the IRS continues to work its way through 2020 income tax returns and refunds. What are the delays about? For one, the tax agency continues to issue weekly batches of stimulus checks and is adjusting returns for the tax break on 2020 unemployment benefits. It's also focusing on rolling out the expanded child tax credit for the first payment on July 15.
Personal FinancePosted by
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Are the rich really tax scofflaws?

Are the rich paying their fair share of taxes? Judgments may differ, but one thing is certain. As a group, the rich pay the largest share of all. In 2018, for example, the top 1 percent of taxpayers paid 40.1 percent of all federal income taxes. The top 10 percent paid 71.4 percent. The bottom half of the country paid less than 3 percent of all federal income taxes.