Click on the topic you are interested in learning more about:
- Identity Protection Pin (IP PIN)
- Things to know if you are Surviving Spouse
- What is a Required Minimum Distribution (RMD)? When do I have to start taking it from my IRA?
- Forgot to take your Required Minimum Distribution (RMD)? Here’s what to do now.
- What is a Qualified Charitable Distribution (QCD)? How can I make a QCD from my RMD?
- How much of my Social Security is taxable?
- What are the 2023 and 2024 Federal Tax Rates?
- Can I still increase or decrease my tax withholding this year?
- AARP Foundation Tax-Aide Online Tax Assistance FAQs
An Identity Protection PIN (IP PIN) is a six-digit number that prevents someone else from filing a tax return using your Social Security Number or Individual Taxpayer Identification Number (ITIN). Once you receive an IP PIN you must use it on every federal return that you file.
There are 3 ways to request a IP PIN:
- Using the online Get an IP PIN tool
- Filing an application for an IP PIN
- Requesting an in-person authentication for an IP PIN
Click HERE to get more information on how to obtain an IP PIN
REMEMBER: If you request an IP PIN online, you must go on line each calendar year to get your new IP PIN before your tax return can be filed.
Things to know if you are Surviving Spouse
The death of a spouse can have significant financial and tax implications, in addition to the emotional impacts.
- The income of the surviving spouse may change and is often reduced
- For the tax year of the spouse’s death, the surviving spouse can still file as Married Filing Jointly (MFJ)
- For the years following the spouse’s death, the surviving spouse may have significantly higher taxes because the surviving spouse may have to file Single as opposed to MFJ.
- Click here for more information and recommendations for Surviving Spouses
What is a Required Minimum Distribution (RMD)? When do I have to start taking it from my IRA?
- The IRS requires that you withdraw at least a minimum amount – known as a Required Minimum Distribution (RMD) – from some types of retirement accounts annually.
- This RMD now starts the year you turn age 73.
- Determining how much you are required to withdraw is an important issue in retirement planning.
- Click here for the RMD calculator.
Forgot to take your Required Minimum Distribution (RMD)?
A failure to withdraw a Required Minimum Distribution (RMD) from an IRA, 401(k) or similar account by the deadline normally can result in an additional tax on the amount that should have been withdrawn. The IRS may waive that additional tax for good cause. Click HERE for more information as to how to file such a waiver with the IRS.
What is a Qualified Charitable Distribution (QCD) and how can I make a QCD from my RMD?
A qualified charitable distribution (QCD) is:
- A nontaxable distribution from an IRA (other than an ongoing SEP or SIMPLE IRA) that is owned by an individual who is age 70½ or over.
- The QCD is paid directly by the trustee of the IRA to an organization eligible to receive tax-deductible contributions.
- The QCD may count towards the individual’s required minimum distribution (RMD).
- The maximum annual exclusion for QCDs is $100,000.
- If you file a joint return, your spouse also can have a QCD and exclude up to $100,000.
- Click here for information detailing exactly how to make a QCD and report it on your tax form.
How much of my Social Security is taxable?
What are the 2023 and 2024 Federal Tax Rates?
Can I still increase or decrease my tax withholding this year?
- Yes you can!!!
- Click here to use the IRS Tax Withholding Estimator