Tax Assistance
LATE FILING / LETTER FROM IRS
928-453-0715
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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