|Year of Birth*||Full Retirement Age|
|1937 or earlier||65|
|1938||65 and 2 months|
|1939||65 and 4 months|
|1940||65 and 6 months|
|1941||65 and 8 months|
|1942||65 and 10 months|
|1955||66 and 2 months|
|1956||66 and 4 months|
|1957||66 and 6 months|
|1958||66 and 8 months|
|1959||66 and 10 months|
|1960 and later||67|
|*If you were born on January 1st of any year you should refer to the previous year. (If you were born on the 1st of the month, we figure your benefit (and your full retirement age) as if your birthday was in the previous month.)|
2013 Sub Chapter S corporations owned by an estate, trust or disregarded entity (i.e. sole member LLC) must attach Schedule B-1.
The new Form B-1 lists the name and tax ID of the shareholder. This helps IRS monitor tax cheats and check for Sub S potential terminations due to ineligible ownership.
HEIR HAZARDS when INHERITING an IRA
RMD (Required Minimum Distribtutions) are required when the owner turns 70 1/2 years old.
NON-SPOUSE beneficiaries can 'stretch' the regular inherited IRA over their own life expentancy but must start the RMD the year following the death of the owner.
While ROTH IRA owners never are required to distribute RMD, NON-SPOUSE beneficiaries must. Those withdrawls are still tax free.
2014 Estate & Gift Tax Exemption is based on $5,340,000.
2013 amount was $5,250,000.
IRS is testing the applicaiton for a special PIN (Personal Identification Number) for eligible taxpayers in Florida, Georgia, and D.C. These three locations have the highest per capital percentage of tax-related identity theft issues.