IRS has released the following information on 01/10/2008 for free tax filing for the tax year 2008.
The Internal Revenue Service and its private-sector partners today announced the Jan. 11 opening of this year’s Free File program. The free tax preparation and electronic filing initiative begins its sixth year with high customer satisfaction ratings.
Most Taxpayers Eligible
Seven [...]
Traditional IRA is a personal savings plan that gives you tax advantages for setting aside money for retirement.
Contributions you make to a traditional IRA may be fully or partially deductible, depending on your circumstances and
Generally, amounts in your traditional IRA (including earnings and gains) are not taxed until distributed.
A traditional IRA can be converted to a Roth IRA by:
Rollover - A distribution from a traditional IRA can be contributed to a Roth IRA within 60 days after distribution.
Trustee-to-trustee transfer - The financial institution holding the traditional IRA assets will provide directions on how to transfer those assets to a Roth IRA with another [...]
Yes, individuals can contribute to a traditional IRA whether or not they are covered by another retirement plan. However, they may not be able to deduct all of their contributions if they or their spouses are covered by an employer-sponsored retirement plan. [Note that contributions to a Roth IRA are not deductible and income limits [...]
An individual retirement arrangement, or IRA, is a personal savings plan which allows you to set aside money for retirement, while offering you tax advantages. You may be able to deduct some or all of your contributions to your IRA. Amounts in your IRA, including earnings, generally are not taxed until distributed to you. IRA’s [...]