IRA Contribution Reminders
Since the due date for filing 2022 federal (and New York) personal income tax returns is Tuesday, April 18, 2023, the due date for making IRA contributions for the 2022 tax year is also April 18, 2023.
The dollar limit for 2022 IRA contributions remains $6,000 ($7,000 for those age 50 and older), and taxpayers must have earned income in order to make such contributions.
For IRA contributions for...
As discussed in our post on January 3, 2023, the SECURE 2.0 Act raised the age for determining the beginning date for required minimum distributions (RMDs) from age 72 to age 73.
This change applies only to individuals who reach age 72 after December 31, 2022.
As a result, clients who reach the age of 72 during the 2023 tax year do not have to begin RMDs until 2024.
PTET Refunds Come Earlier
Some entities that filed their annual New York pass-through entity tax (PTET) returns in early February have begun to receive their PTET refunds by check.
New York State still does not allow the 2022 PTET refund to be applied toward 2023 estimated taxes for PTET, and it still sends refunds by paper check instead of offering direct deposit. However, entities receiving refunds in about four weeks ...
Checklist for PTET
The March 15, 2023 due date for the New York pass-through entity tax (PTET) is almost here.
Click here to see our PTET tax news video on Instagram.
Make sure that your clients file the annual PTET return for the 2022 tax year, or request an extension by that date.
Also, make sure that your clients who can benefit from the election for 2023 make their applicable elections and schedule the first q...