Welcome! If this is your first time visiting, check out the story behind this blog. So you won't miss out on future updates, you may want to subscribe to my RSS feed. If you prefer a weekly email, try this option. Thanks for visiting and please come again!
Each new year brings new tax law change. Some years for the better and some for the worse. All of this is usually a matter of opinion on how it affects you directly, of course. The biggest one affecting me, or more so my clients; is the suspension of the Required Minimum Distributions for 2009. Personally, I would have liked this suspended for 2008, but that’s a whole other rant. 2009 has seen some key federal tax changes that will affect individual filers. Here is a brief rundown of those changes.
1. RMD’s Suspended
For taxpayers age 70½ and older, required minimum distributions from individual retirement accounts and other retirement plans can be skipped without penalty. The same rules apply to heirs of inherited IRAs.
2. Home Away From Home
There are new rules on turning a second home into a main residence and then attempting to sell that home and take advantage of a $250,000 tax exemption ($500,000 for married couples). […]
