Financial advisor and columnist Michele Cagan I’d like to ask about the backdoor Roth IRA. Say you are over the income limit for Roth contributions, so you make a traditional contribution with no tax deduction and then do a backdoor Roth. Is that conversion taxable? If so, you would be paying tax on that money […]
When tax time rolls around, figuring out which types of income you need to report to Uncle Sam can be confusing. Adjusted gross income, taxable income, investment income, interest income — all of these terms have an effect on your tax liability. And understanding what each calculation involves can help you minimize what you owe […]
When it comes to tax season, there’s barrage of mind-boggling forms and detailed calculations. It can feel like a herculean task to get your personal finances in order, especially if you’re not quite sure of the rules. If you receive Social Security benefits from the government, for example, that money is subject to taxes. The […]