A Dozen Tips for Older Taxpayers

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Perfect work!

name of 5:03PM June 12, 2010

Hello,
I'm 68 years old and my husband died two years ago. He always
took care of everything and I just signed. I did not receive a
form from the IRS. I live on only my social security, we had
no pension plan as we had our own small business for many years. I had to withdraw approximately 20,000 from our
Iras last year in order to make ends meet and did not pay taxes when withdrawing.
I realize now that I will have to pay but can I deduct medical,
house interest, taxes, etc? Is there a site where I can download a tax form? I feel so stupid. I know I waited too long
but just found out I needed to pay taxes on those withdrawals.
Please help. Thanks so much.

Marlene Wagner of IL 12:56AM April 12, 2009

my only income is from bonds,investments...etc...can i contribute to a roth ira and regular ira..i am 69 years old.?

jo ann ramer of NJ 7:39AM March 03, 2009

In your aritcile "A dozen tips for older taxpayers", i have a question regarding outside income if you are 62 and drawing social security. Do pensions and IRA distribution count against social security benefits, and if so how?

Fred Ignash of MI 11:34AM February 24, 2009

A reader asked a question if they could take a hardship distribution from their 401K to pay their daighter's college tuition...and you stated no. While this is the case, there is another way for a person to take money from their 401k without penalty....and that is teh 72t program. The IRS allows early no penalty withdrawal from a 401K, but it must be done on aschedule and not one time. You must continue early distributions fro a minimum of 5 years or until you turn 59 1/2...for example...if you are 52 and want early 401k funds, you must take the distributions for 7 1/2 years, or until you turn 59 1/2...or if you are 56 and need money....you must take the distribution until you turn 61...or at least 5 years. After these time frames are over...you can then stop the distributions and do what you want with your funds. Even IRS personnel are not very familiar with this program, ,so be sure you get some expert advice if you decide to pursue this option. The IRS website has good info on teh 72t program or just type in 72t into any broweser fro a wealth of information.

Larry Opperman of AK 11:17AM February 24, 2009

Your article states "You cannot contribute to an IRA once you reach age 701/2'. Is this correct, even if you have sufficient earned income?

Jack of GA 6:30AM February 24, 2009

Do not make enough money to have to pay Taxes. How will stimuus package help a 72 year old retired person?

josephus parker of NC 4:23PM February 18, 2009

Did NOT receive answer to question!!! How much money would a 72 year old retired and disable person from NC receive from the US Goverment stimulus package that the President signed Tuesday?

Joe Parker of NC 4:17PM February 18, 2009

Some states let you 'freeze' your property taxes at age 65. I know Texas and New Jersey does. The state doesn't notify you. You have to apply for it.

Hedy Vahabzadeh of TX 5:45PM February 17, 2009

If you are working and receiving taxable income, you can contribute after tax money to a Roth IRA. Though you will not receive a tax benefit at the time of contribution, you will receive the benefit of continuing to contribute to a retirement account. Only the earnings will be taxed upon withdrawal. There are limits on how much you can contribute, so ask your IRA custodian for more information.

Peg of PA 7:10PM February 16, 2009