Tax Topics Simplified
Rules on Inherited IRAs
The allotted time frame to collect funds out of inherited IRAs will depend on your relationship with the deceased person. For example: If your uncle dies and you inherit his IRA, you will have 10 years from your uncle's death to clean out the account. This does not mean the payouts must be distributed evenly over a 10-year period. You can wait until year 10 to take out all the money, get annual payouts or skip multiple years, if you want, as long as the IRA is depleted within 10 years. Surviving spouses can stretch distributions over their lifetime, as well as chronically ill, disabled, minor children (until a child reached 18), more than 10 years younger than the deceased IRA owner, and individuals who inherited IRAs before 2020. For more details click on the link below.
Child Support & Alimony Taxable or Not?
Child support payments are neither taxable by recipient, nor deductible by the individual making payment. On another hand alimony payments may be taxable. Under divorce or separation instruments executed on or before December 31, 2018, alimony payments are deductible by the payer and taxable to the recipient. However, under divorce or separation instruments executed after December 31, 2018, and under certain instruments executed on or before December 31, 2018, but later modified, if the modification expressly states the repeal of the deduction for alimony applies to the modification, alimony payments are neither deductible by the payer nor taxable to the recipient.
Can same sex couples file joint tax return?
Recently, I was asked if a same-sex, married couple could file a joint tax return- the answer is YES! In 2015, The U.S. Supreme Court made same-sex marriages legal in all 50 states. Married couples can file as Married Filing Jointly (MFJ) or Married Filing Separately (MFS) on tax returns for federal or state tax purposes.
Dragana's World
The City Championship
This past weekend I participated in The City Tennis Championship tournament that was held at the Bossier Tennis Center. After approximately 8 months of not playing, I have decided to get back on the tennis courts and start playing my favorite sport again. I played mixed doubles in the 18&up open division. My partner and I did not have an amazing performance, but we had a lot of fun on the court. We won the first round and lost the second. There were over 200 participants. I am looking forward to getting back on the tennis courts and being more active. Here is one picture of me on the court (about 10 years ago) while I was attending NSU (D1).