Internal Revenue Service
NEWS
Preserve
Retirement
Savings
October 23, 2002 - If you take
early withdrawals from your IRAs or pension plans, you can now preserve your
nest eggs when there is an unexpected drop in the value of retirement
savings. If you get fixed annual amounts based on the account value when
you started receiving payments, you may now switch – without penalty -- to a
method of figuring the amount based on the account value as it changes from
year to year. There is a more detailed account of
Revenue Ruling 2002-62 on the IRS web site.
Federal Tax Assistance and Information
Visit the Internal Revenue
Service's (IRS)
Tax Information
For Individuals page. There
you'll find tax tips for individuals-- folks just like you!
Everyday Tax Solutions
Having problems getting a tax matter resolved? Don’t wait on a Problem
Solving Day. The IRS has announced steps to expand customer service for
taxpayers. Through the agency's Everyday Tax Solutions service, a taxpayer
or tax preparer now can call a local number to set up a personal appointment
at the most convenient Taxpayer Assistance Center, on the most convenient
business day.
There are many other helpful pages.
Point and click for information and assistance
such as:
Tax
Statistics: Information about the financial composition of
individuals, business taxpayers, tax exempt organizations and more!
Electronic
Services: File electronically: accurate filing and quicker
refunds!
Frequently Asked Questions: Easy to understand help on tax questions!
IRS Publication
On-Line: Browse dozens of publications online and download what
you require!
IRS
Tax Forms & Pubs: Tax forms, instructions and publications
to help you file your federal taxes!
New Life Expectancy Tables For Figuring Retirement
Distributions
July 22, 2002 - The IRS has put
its new life expectancy tables into a separate publication. They generally
provide for smaller annual distributions, so participants may keep more
funds in their tax-deferred retirement plans.
Publication 590 SUPP, “Supplement to Publication 590, Individual
Retirement Arrangements (IRAs),” is more convenient for taxpayers who want
to use the new distribution rules this year.
For 2002, taxpayers have the option of using the new
life expectancy tables or the tables in the existing
Publication 590.
IRS publications contain complete directions for
personal tax filing. Most of these documents are
in the Acrobat (.pdf) format and require the Acrobat reader. Publications that might be of interest to you
are:
Pensions
and Annuities Income, Pub. 575
Credit
for the Elderly or Disabled, Pub. 524
Residential
Rental Property (Including Rental of Vacation Homes), Pub.527
Investments
Income & Expenses, Pub. 550
Older
Americans' Tax Guide, Pub. 554
Survivors,
Executors & Administrators, Pub. 559
Mutual
Fund Distribution, Pub. 564
Individual Retirement
Accounts (IRAs), Pub. 590
Publication 590 SUPP, “Supplement to Publication 590, Individual
Retirement Arrangements (IRAs),”
Tax
Highlights for Pensions with Disabilities, Pub. 907
General
Rules for Pensions and Annuities, Pub. 939
Intro.
to Estate and Gift Taxes, Pub. 950
The
IRS Will Figure Your Tax, Pub. 967
Using IRS e-file at
VITA/TCE Sites
A Free Service for Taxpayers
(VITA/TCE)
program(s) and IRS e-file joined forces several years ago to
bring electronic tax filing to VITA/TCE sites. Since then, volunteers
prepare tax return information on computers and ultimately transmit them
electronically to the IRS. And it’s free.
For the VITA/TCE site nearest you, contact the IRS
Taxpayer Education Coordinator at your local IRS office. Or contact the
American Association of Retired Persons (AARP) to find out the nearest TCE/Tax-Aide site by calling 1-888-227-7669. In addition, you may also
access
AARP’s web page.
Social Security Administration:
