The IRS has announced some taxpayers will receive their refunds about a week later than originally projected. “The one-week delay for some refunds relates to fine-tuning IRS systems to adjust for new safeguards put in place this tax season to provide stronger protection against refund fraud,” the agency explained.
Free Online Guides
Other
Resources
About
Fairmark.com
Archive for January, 2012
Some Refunds Delayed by a Week
January 27, 2012
January 27, 2012
What’s New in IRAs? Not Much
January 3, 2012
By Kaye A. Thomas
The IRS came out with its annual edition of Publication 590, Individual Retirement Arrangements (IRAs), earlier than usual this year (click here for PDF). Most likely that’s because so few revisions were needed from the previous year. Sections describing what’s new for 2011, and for 2012, offer little more than a mention of the new figures for items that are adjusted annually for inflation. (These figures are available in our Reference Room.)
Taxpayers and return preparers should take note of one item affecting returs for 2011 and 2012, however. A special rule for Roth conversions in 2010 allowed the income from the conversion to be reported half in 2011 and half in 2012. You could also choose to report the conversion income on your 2010 return, but if you didn’t make that choice, you begin to pay the piper on your 2011 income tax return.
This rule applied only for Roth conversions that took place in 2010. If you did a Roth conversion in 2011, you have to report the income on your 2011 tax return.
January 3, 2012
By Kaye A. Thomas
The IRS came out with its annual edition of Publication 590, Individual Retirement Arrangements (IRAs), earlier than usual this year (click here for PDF). Most likely that’s because so few revisions were needed from the previous year. Sections describing what’s new for 2011, and for 2012, offer little more than a mention of the new figures for items that are adjusted annually for inflation. (These figures are available in our Reference Room.)
Taxpayers and return preparers should take note of one item affecting returs for 2011 and 2012, however. A special rule for Roth conversions in 2010 allowed the income from the conversion to be reported half in 2011 and half in 2012. You could also choose to report the conversion income on your 2010 return, but if you didn’t make that choice, you begin to pay the piper on your 2011 income tax return.
This rule applied only for Roth conversions that took place in 2010. If you did a Roth conversion in 2011, you have to report the income on your 2011 tax return.
Fairmark.com is your source for news, features, free online guides and other resources dealing with taxes and investing. To stay current, sign up for our free newsletter.
Our books
| That Thing Rich People Do |
|
The fastest, easiest way to learn the principles of investing. |
| Go Roth! | |
|
Our complete guide to Roth IRAs and Roth accounts in 401k and 403b plans: choosing, creating, building and using these accounts. |
| Consider Your Options | |
|
A plain-language guide for people who receive stock options or other forms of equity compensation. |
| Equity Compensation Strategies | |
 |
A text for financial advisors and other professionals who offer advice on how to handle equity compensation including stock options. |
| Capital Gains, Minimal Taxes | |
 |
Tax rules and strategies for people who buy, own and sell stocks, mutual funds and stock options. |
A publication of Fairmark Press Inc.
Copyright Kaye A. Thomas 1997 - 2012