An official website of the U.S. Gov An official website of the U.S. GovTaxpayers generally have to start taking withdrawals from their Individual Retirement Account (IRA), Simplified Employee Pension (SEP) IRA, Savings Incentive Match Plan for Employees (SIMPLE) IRA, or retirement plan account when reaching age 72 (73 if you reach age 72 after Dec. 31, 2022). These withdrawals, called required minimum distributions (RMDs), are the minimum amounts you must withdraw from your account each year.
The IRS may send a notice or a letter for any number of reasons; it may be about a specific issue on your federal tax return or account, or may tell you about changes to your account, ask you for more information, or request a payment. TAS has created several New Taxpayer Roadmap Stops for 2024
Part I of this series addressed ten things that individuals should know about the Advance Child Tax Credit (AdvCTC), including qualification, reasons someone might want to unenroll from receiving monthly payments, and first-time parents. Part II focused on issues experienced by taxpayers with Individual Taxpayer Identification Numbers and the issuance of paper checks versus direct deposits for the August payment. Part III explains how AdvCTC tools work, including ID.me, and discusses the struggles some taxpayers are facing in receiving their AdvCTC.
After a prolonged government shutdown, all Taxpayer Advocate Service (TAS) offices have reopened.
Getting ready for filing season? Check out the TAS redesigned taxpayer notice pages (or stops) to help you navigate your taxes. The new design makes it easier for you to find information about letters and notices, while helping to answer questions about where you are in the tax administration process.
It’s important to make sure you classify your income properly because it has implications on how that income is reported and how much tax you may owe.
Do you have a Tax Pro Account? If not, you should. With the recent improvements and additional functionality coming in the next year, the Tax Pro Account will finally start to provide tax professionals with online tools to assist their clients more efficiently. The recent improvements include the ability to link a Centralized Authorization File (CAF) number to their Tax Pro Account, view a list of their active authorizations with authorization details, and manage authorizations. This is only the beginning and I eagerly await more functionality going forward.
If you have children or other dependents, and qualify to claim them on your tax return, there are a few things you need to know before you file your federal tax return.
