Here’s a summary of the top news, features and other items of interest relating to taxes and investing published recently at Fairmark.com.
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Featured article
Managing Income from a Roth Conversion. Okay, so you did a Roth conversion in 2010. You already know about the rule that allows you to report half the income in 2011 and half in 2012. Did you know there are four strategies for altering that result?
Top news
Mom Pays, Daughter Deducts. You might be surprised by the result in this Tax Court case involving a daughter who claimed itemized deductions for expenses paid by her mother.
Life Insurance Loan Turns to Tax Debt. And here’s another result that might catch some people off guard: someone borrows from a life insurance policy and ends up owing tax when the policy is canceled, even though the amount borrowed was less than his basis in the policy.
Also useful or interesting
Incorrect Outlook. If you rely on Microsoft Outlook’s calendar to tell you when tax returns are due this year, you’ll be three days off.
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