A. Relief from the 701/2 requirement and taxing measures for IRA’s
B. Ability to switch to a Roth IRA with ease?
C. Extension of the Charity exception to Annuities?
D. For estate purpose eliminate the Income In Respect To Decedent on IRA’s?
Posts Tagged ‘senior’
What tax relief does senior 701/2 want from in the economy?
16
May
I have read on yahoo answers , many people who are making villans of senior citizens?
14
May
who are on Social Security. How did we get to be so called criminals in the first place?
To all the young people out there footing the bill for Social Security. Lets put the blame where it is due.
Q.Who introduced Social Security in the first place. A, Franklin Roosevelt (FICA). A democrat . He promised participation would be completely voluntary. ( of course you couldn’t get retirement benefits, if you did not participate) . No Longer Voluntary.
participants only would pay 1% of the first $1,400 of their annual incomes. Now we pay 7.65% and employee pays same amount.
that the money participants elected to put into program would be deductible from their income each year. No longer tax deductible.
the money that participants put in would go into Independent trust fund and not into the general trust fund and would only be used for Social Security retirement program and no other government program. until Johnson ( Democrat ) . Money was moved into General Fund and spent.
That the annuity funds would never be taxed as income. Under Clinton and Gore (Democrats). Up to 85
% can be taxed.
Can you answer the following:
Which party started taxing Social Security annuities A. The Democratic party with Al Gore casting the tie breaking vote as President of the Senate, while he was vice president.
Q.Which party started to give annuity payments to immigrants A .Jimmy Carter and the Democratic party.they can collect , even if they never paid in a dime to it.
Then after violating all the contracts dealing with social security , the Democrats tell you that republicans want to take away your Social Security. and the uninformed BELIEVE IT!
Maybe if enough people know the truth , things will change. or maybe not , some Democrats are awfully sure of what isn’t so.
When Social Security was started, all money was to be invested to draw interest, and that money was suppose to be reinvested etc. and all kept in Social Security fund that way all the money I put in would be there when I retired, and make up for inflation. That way all money put in today would be going to the people who are putting their money in now. Social Security would never go broke and it would pay forever. If the plan was voluntary the only people able to collect would be the people that put their money in , in the first place.
I feel sorry for the young people of today , they have every reason to be angry. They will pay in , but will they be able to collect? Please don be angry at the Seniors as they were used just as you are now.
I am a senior with good credit. I need to purchase a home in the city where my daughter lives. My “income” i?
05
May
(I am asking this question for my father – in his words.) “I am a senior with good credit. I need to purchase a home in the city where my daughter lives. My “income” is based on social security and a few annuities. I have a few IRAs and trusts set aside with other investments such as stocks and cds, plus I will ultimately sell my current home that is paid off. Will I be able to get funding for a new home purchase?”
What are the tax implications for senior citzen?
14
Apr
My mom is 66 and has just received money from an annuity. We had the company of the annuity take out taxes, but now I am thinking maybe we should not have done that and we can request a check for the money that was withheld. Since she is over 65 years old, I think you are allowed to make as much as you want. Please correct me if I am wrong. Thanks
Senior citizen withdrawl from annuity gets 1099-R?
11
Mar
My mother put after-tax dollars in an annuity in 1999. She’s a widow and on SS. She transfered some of the annuity to her savings account. She received a 1099-R indicating that about 90% of the transfer amount is taxable?
Seems that she should only owe taxes on any capital gains portion?
What’s the bes way for a senior citizen to invest?
24
Feb
My mom has $100 to $200 a month that she wants to invest. Her first desire was to buy life insurance, but she is uninsurable due to bad health (really bad). She only gets social security. I know she can’t contribute to IRA because she has to be working, right? So she is looking into money markets or annuities. I want to help her, but I don’t know a lot about this type of thing. She has ruled out CD’s becaus she doesn’t have a lump sum. She wants to put a small sum in each month and get the highest amount of interest. We know that most savings accounts are pathetic as far as interest earned.
What are the tax consequences for senior citizens who have to sell their homes to pay for medical bills?
19
Feb
My parents are in their 70’s and my father has Alzheimer’s. They have decided to sell their home and should clear about 85K from the sale. I would like them to move closer to me (I’m their daugther) and rent a small apartment until we see how my father’s health progresses.
Will they have to pay income tax on the 85K from the sale of their home? They don’t have a lot of income – they live on their Social Security and about $500 from a small pension and an annuity.
We were hoping to bank the 85K for future use in case my father needs to go into assisted living when his Alzheimer’s gets worse.
Thanks.