Message Font: Serif | Sans-Serif
 
No. of Recommendations: 1
Greetings, Happime1, and welcome. You asked:

<<I'm receiving an SEPP payment from my IRA, needed it for house payment after I was early retired at work. I'm not working (SEPP my only income). Do I need an tax advisor before I do my 2000 income tax? I'm not wanting to put out any unnecessary money. >>

Unless you have a complicated income tax situation, the SEPP in and of themselves don't create a need for you to need a tax advisor. Your SEPP will be reported as a distribution on a 1099, you will report the SEPP as income for the tax year, and you'll pay your income taxes. If you did your income taxes yourself before you retired, then there's no reason you can't continue doing so now. All that's changed is the SEPP now take the place of your wages while working.

Regards..Pixy
Print the post  

Announcements

What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement