Ask a CPA

Retirement Questions

Is it better for a 74-year-old to take a lump sum of $5 million or to take $10,000 a week for life in the Publishers Clearing House sweepstakes?
In what year would December’s Social Security benefits be taxable?
Would liquidating a nonqualified annuity with over $1 million in gains lower my monthly Social Security check?
What does it mean to save a percentage of gross income toward retirement?
As a 56-year-old who will be quitting my current job soon, can I take withdrawals from my 401(k) as needed? Or do I have to take even distributions over a period of time?
Would donations made payable to a 501(c)(3) educational institution be taxable to the payer?
What are the tax implications of taking a full distribution of a pension at the age of 30?
How can I get credited for the extra taxes I paid since Social Security overpaid me?
Federal taxes were taken out of what I received from my ex-husband’s 401(k) plan as a beneficiary. Will I have to pay taxes on it again when it comes time to file?
Are the tax implications of taking a required minimum distribution from an inherited IRA the same if I take it as cash or put it into a brokerage account?
Can my wife claim an exemption from the retirement plan early distribution penalty if she has health issues and many medical bills?
How much taxes should I request to be taken out of an $80,000 pension my deceased mother left for me?
How do I go about having the 10% early distribution penalty waived when taking out funds from my IRA for the purchase of my first home?
As someone who is not working, should I start removing from my IRA now to keep my tax bracket lower later?
Is there a way to avoid paying taxes on a distribution from an IRA that we thought was a Roth IRA but have found was incorrectly classified as a traditional IRA?

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Ask a CPA

Retirement Questions

Is it better for a 74-year-old to take a lump sum of $5 million or to take $10,000 a week for life in the Publishers Clearing House sweepstakes?

In what year would December’s Social Security benefits be taxable?

Would liquidating a nonqualified annuity with over $1 million in gains lower my monthly Social Security check?

What does it mean to save a percentage of gross income toward retirement?

As a 56-year-old who will be quitting my current job soon, can I take withdrawals from my 401(k) as needed? Or do I have to take even distributions over a period of time?

Would donations made payable to a 501(c)(3) educational institution be taxable to the payer?

What are the tax implications of taking a full distribution of a pension at the age of 30?

How can I get credited for the extra taxes I paid since Social Security overpaid me?

Federal taxes were taken out of what I received from my ex-husband’s 401(k) plan as a beneficiary. Will I have to pay taxes on it again when it comes time to file?

Are the tax implications of taking a required minimum distribution from an inherited IRA the same if I take it as cash or put it into a brokerage account?

Can my wife claim an exemption from the retirement plan early distribution penalty if she has health issues and many medical bills?

How much taxes should I request to be taken out of an $80,000 pension my deceased mother left for me?

How do I go about having the 10% early distribution penalty waived when taking out funds from my IRA for the purchase of my first home?

As someone who is not working, should I start removing from my IRA now to keep my tax bracket lower later?

Is there a way to avoid paying taxes on a distribution from an IRA that we thought was a Roth IRA but have found was incorrectly classified as a traditional IRA?