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Meals on Wheels, Inc
Making a difference in the Lives of our Seniors

Income Tax Help

    

Tax Assistance

LATE FILING / LETTER FROM IRS

928-453-0715

                                                                            Bridge 010319

 

                                  REMINDERS

Remember your Required Minimum Distribution (RMD).  All taxpayers 70-1/2 years old or older must take their minimum distribution from all retirement accounts – 401(k), IRA, etc. by the end of each calendar year.  More information on RMDs:
https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-required-minimum-distributions-rmds    
  
If your spouse passed away in 2019, you can still file a joint tax return.  But if your spouse passed away in 2018 and you have no dependent children, you must file as a Single person with a significantly higher income tax.  Please consider increased withholding or Estimated Tax payments to cover a greatly increased tax bill.    Life insurance proceeds are generally not taxable, but if you receive a 1099 death benefit (Code 4), that amount is fully taxable.  Please consider increased withholding or Estimated Tax payments to cover this tax obligation.   

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