Wednesday, March 18, 2015

IRA Contributions for 2014

The IRS reminded taxpayers with qualifying income they have until 4/15/15 to make 2014 traditional and Roth IRA contributions totaling up to $5,500 ($6,500 for taxpayers who turn age 50 by 12/31/14). Deductions for contributions to traditional IRAs are phased-out for taxpayers with income greater than certain threshold amounts. For those who reach age 70 1/2 by the end of 2014, contributions are no longer allowed to a traditional IRA and mandatory distributions must begin. Contributions to Roth IRAs are not deductible and the allowable contribution is phased out for taxpayers whose incomes are above certain levels. Taxpayers who reach age 70 1/2 by the end of 2014 are not required to take distributions from a Roth IRA, nor are they barred from making Roth IRA contributions. IRS Newswire IR-2015-50 

Friday, March 13, 2015

Where's My Refund?

 The IRS has reminded taxpayers that they can quickly check the status of their tax return and refund through "Where's My Refund?" on or on the smartphone application IRS2Go. Initial information will normally be available within 24 hours after the IRS receives the taxpayer's efiled return or four weeks after the taxpayer mails a paper return to the IRS. The system updates only once every 24 hours, usually overnight, so there's no need to check more often. Taxpayers should have their Social Security number, filing status, and exact refund amount when accessing "Where's My Refund?". News Release IR-2015-45 .

Monday, March 2, 2015

CMS Announces Special Enrollment Period for Tax Season Eligibleconsumers have from March 15 through April 30 to enroll in coverage

The Centers for Medicare & Medicaid Services (CMS) announced today a special enrollment period (SEP) for individuals and families who did not have health coverage in 2014 and are subject to the fee or “shared responsibility payment” when they file their 2014 taxes in states which use the Federally-facilitated Marketplaces (FFM). This special enrollment period will allow those individuals and families who were unaware or didn’t understand the implications of this new requirement to enroll in 2015 health insurance coverage through the FFM.

For those who were unaware or didn’t understand the implications of the fee for not enrolling in coverage, CMS will provide consumers with an opportunity to purchase health insurance coverage from March 15 to April 30. If consumers do not purchase coverage for 2015 during this special enrollment period, they may have to pay a fee when they file their 2015 income taxes.

Click here for the full press release.

Replacement Forms SSA-1099 and SSA-1042S Available Online

A recent enhancement to the Social Security Administration's (SSA's) website allows individuals to obtain replacement Form SSA-1099 or Form SSA-1042S this tax season through an account created at . In addition, an online  mySocial Security  account may be used to track earnings, estimate future benefits, change an address, start or change direct deposit, or for those currently receiving benefits, request a letter with proof of benefits. Medicare enrollees may obtain a benefit verification letter, check benefit and payment information, verify earnings records, change an address and phone number, start or update benefit payment direct deposit. A mySocial Security  account may be only created and used for an individual's personal information. An account cannot be created or used on behalf of another person, even with written permission.