Retirement Accounts and Savings | The TurboTax Blog

Tax-Free Qualified Charitable Distributions Extended Through December 2011

December 30, 2011 / Philip Taylor

Tax–free treatment of Qualified Charitable Distributions from traditional and Roth IRAs has been extended through December 31, 2011. As long as an individual meets certain criteria laid out by the IRS, this strategy will offer hefty tax savings for individuals. Find out more here.

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401K, IRA, Stocks

Should I Take Money Out of My Retirement Account to Pay Off Credit Card Debt?

December 27, 2011 July 24, 2019 / Jim Wang

You may be tempted to pay credit card debt with money taken out of your retirement plan, but before you make that move read about the tax implications here.

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401K, IRA, Stocks

How Much Should You Save for Retirement?

February 14, 2011 August 19, 2016

How much should you save for retirement? That’s the million, two-million, or five-hundred thousand dollar question. The thing is, there is no magic number. What you need to save will be different than what I have to save, and what...

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401K, IRA, Stocks

Should you use your 401(k) money to pay off your debt?

January 20, 2011 August 19, 2016

Asked by Chris at the TurboTax Facebook site: I’d like to see an article about the tax and long-term financial implications of using 401k loans or early withdrawals to pay off debts (credit cards, student loans, mortgage, etc.). Does it...

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Taxes 101

The Basics of Individual Retirement Accounts and Your Taxes

January 10, 2011 July 12, 2019

Although the calendar says 2011 already, you can still make a 2010 IRA contribution. In fact, you can make a contribution until April 15, 2011. Furthermore, some taxpayers are eligible to deduct their IRA contributions, thereby lowering their taxes for a year long since over. Crazy? Not in the wonderful world of arcane tax rules. Here’s an overview of how IRAs affect your taxes and vice-versa.

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Taxes 101

How is Your Retirement Savings Taxed?

December 14, 2010 August 19, 2016

When you save money in a workplace retirement plan such as a 401(k) or 403(b), you receive a tax deduction for your contribution. Consequently, by putting money away for your future in a 401(k), you also save tax dollars today. Learn more about how your retirement savings is taxed.

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Tax Tips

Make Sure You Utilize Your 401(k) in 2011

October 26, 2010 August 19, 2016

If you’re like many employed Americans, you probably have a 401(k) plan. Everybody knows they should be putting money into their 401(k) plan to prepare for retirement, but actually doing so can be a bit of a challenge. Money is...

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Tax Tips

Roth IRA Re-characterization

October 15, 2010 July 12, 2019 / TurboTaxBlogTeam

That’s one heck of a tongue twister, isn’t it? As difficult as it may be to say three times fast, it’s actually much easier to think of a Roth IRA re-characterization as a “do over.” A re-characterization lets you undo a conversion you made earlier in the year.

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Tax Tips

Time to Re-evaluate Your Taxes Before the New Year

September 7, 2010 August 19, 2016

April 15th may be eight months away, but that doesn’t mean your taxes should be sitting on the back burner. Instead, you should use this time to take advantage of your financial situation and make any changes today so that you can minimize your tax burden come spring.

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Taxes 101

2010 Roth IRA Conversions: Have You Considered All the Factors?

August 23, 2010 July 12, 2019 / Philip Taylor

In 2010, Traditional IRA owners can convert to a Roth IRA in 2010. Learn more about the requirements and limitations of converting from a Traditional to Roth IRA in 2010.

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