Worried about a tax audit? Maybe you should be. More Americans than ever may be subject to unwanted attention from the Internal Revenue Service this season as the government pumps billions of dollars into tax collection.
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LIST: Activities with highest odds of getting audited
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Tax law requires individual retirement account holders to begin taking out at least minimum amounts, known as RMDs, from their accounts once they reach age 70½. Technically, that means the IRA money must start coming out in specific increments no later than April 1 following the year you reach that age.
The exact distribution amount changes from year to year. It is calculated by dividing an account’s year-end value by the distribution period determined by the Internal Revenue Service. click here for table
If you’re hoping that tax hikes on the rich will solve America’s debt crisis, you’re overestimating the power of the wealthy.
President Obama’s budget proposal would raise taxes on upper-income earners by $969 billion over the next 10 years, yet the federal debt would continue to explode. To boost government revenues further, he’d raise an additional $122 billion from multinational firms, $90 billion from banks, $37 billion from oil companies, and $24 billion from hedge funds and private-equity firms. All told, that’s nearly $1.2 trillion. And it would barely make a dent. We’d still have huge deficits, and the national debt would keep growing.
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