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. Thanks for your help in advance. Please email me your answers.Happime
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
I'm in the same situation. I don't have a tax or financial advisor. Whether that is right or wrong is a matter of opinion I expect.One thing I might bring up here though, I am having my IRA send estimated tax withholding to the IRS. If not, you will get a bill from them for not estimating your taxes and paying them on a quarterly basis.Good luck to you. I actually volunteered to be let go. My company wanted me to pick out one person in my group. To be honest with you they were doing all the work so I said take me instead. They did and we are both very happy about the decision. I got a small severence, but it was enough to put over the top on my retirement estimates.