For many, understanding what the social security tax is exactly can be a little confusing. Here we breakdown the different components that make up the social security tax and go behind the scenes of who pays it and the long history behind it.
What are income taxes? An income tax is simply a tax levied on the income of businesses and individuals. Here in the U.S., our federal government uses the income tax to help run defense, entitlement programs, and other services.
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.
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.
On our TurboTax Facebook Page this morning, tax expert Bob Meighan solicited tax questions from Twitter and Facebook and answered live via streaming video.
You can convert money from your Traditional to a Roth IRA. You’ll be required to pay the tax on the converted amount, but that money would not be taxed again.
Intuit just kicked off its second decade of working with local, community-based organizations across the country to bring free online tax preparation and e-filing directly to lower-income taxpayers and those on active military duty.
