accountant says woman 71 has to take money from her ira now and pay taxes. if partner 60, marries, tax status?
473504
Even if they marry, the IRA is in the name of the 71 year old and they have to start withdrawing.  The person does not have to withdraw it all at once.  The IRA can't be transferred to the spouse except upon death.
41176
Hey Scott - Agree with Melvin...unless she does have some income which you do not know about or she may be collecting unemployment compensation which has been taxable since end of the 80's (boy, did the government sneak that one in - was NOT taxable like any other insurance such as workman's comp).  If she does owe taxes on some type on income, she may be applying for the "Earned Income Credit" - something you may want to look into yourself if you have not already (I'm assuming you have custody and sole financial responsibility that you can declare your two children as "dependents.) If this is the case, take all the deductions yourself - say NO!  Something does not "smell right" and this is a woman talking here!\nSasha
937055
I had IRA's and 401(k)'s so I don't know how this applies to your situation.\n\nI only gave up 1/2 of the marital porition of my retirement.  So all the funds before came off the table, and nothing after the final day of the marriage goes to her.  So we looked at the total value, subtracted what I had saved for retirement before I met her, subtracted any gains since the last day of the divorce, and she got half of what was left, with no claim to future earnings.\n\nFor pensions,  I suppose you can deal that a percentage, equal to the percentage of years in the marriage where you worked there would be split with her.\n\nSo for example, let's say you worked there 28 years, but were married to her for 7 of those 28 years.\n\nShe would get 1/2 (her share) of 1/4 of the pension (the portion you were married)\n\nShe certainly would not be entitled to 1/2,  but in my example, I'd start with 1/8th being offered.\n\nEverything is negotiable, there are no hard fast rules in the game of divorce.\n\nYou may check with your pension plan to see if there is a cash balance, as your ex may be able to get a percentage of this now, and then you never have to deal with this issue again.
348482
I am attorney.  This is a difficult fact pattern.  you are 40?  what do you mean that you make 52K but you wont be able if at all.\n\nJust straight on limited facts.  Yes they will make you pay alimony.  Might be lifetime, but that is being curtailed.  You big problems are 16 year marriage, her age and income vs. yours.  If your income falls (a lot) then you might be okay.\n\nIf you get money from being disabled vet, does she get an additional stipend?
732544
I am in a common law relationship, and I do know we pay more for taxes.  We would pay less if we were legally married.  You are considered common law if you live together for 2 years with your partner.  You may want to check with your accountant, but I sort of think single is the way to go.  If you really want to save on your taxes you need to pop the question and get married.
1130232
if you are the spouse and named as the primary beneficiary (not the estate), you can do a 'spousal rollover' into your own IRA and take the $ out over time or at your convenience. \n\nIf you are over 59 1/2 yrs old, distributions will not be subject to penalty. IF you are under 59 1/2, you can can substantially equal distributions over your lifetime and not pay a penalty. \n\nGetting money out of the IRA will always have income tax associated with it (unless the contributions were non-deductible).\n\n--\nAny tax advice included in this written communication was not intended or written to be used, and it cannot be used by the taxpayer, for the purpose of avoiding any penalties that may be imposed by any governmental taxing authority or agency.
820338
Any amount put into a 'qualified retirement plan' as a result of a 'qualified domestic relations order' is not a taxable event.  Any amount not transferred to a 'qualified retirement plan', would be treated as a withdraw from such a plan.  If you are under 59 1/2, there is a 10% early withdraw penalty.  This is above and beyond income tax at regular rates on the amount withdrawn.
728549
SECOND ANSWER (per your additional info added later):\nThe set amount IS 20% or WAS 20%? Meaning, does it adjust with any increase in pay he gets or if the 20% was (example) $100 at the time, does it stay at $100? Was the 20% pre tax (gross) or after tax (net)?\n\nIf it is a before tax %, no money is owed.\n\nIf it is a % after tax and remains a % after tax, she is entitled to a % of the return because that is money that should not have gone to the IRS and should have been used in calculating the amount owed her.\n\n\nFIRST ANSWER\nYES. Since it appears to be a percentage rather than a set amount, he could "hide" money by overpaying his taxes and then get it back at the end of the year, a nice return on his investment. the IRS may not have a written mandate on file to withhold any amounts, but she is clearly within her rights to pursue the amount that should have gone to her but was sent to the IRS as tax payment.\n\nUsing any of the answers telling you "no". Let's say he makes 100 a week and sends it all to the IRS and lives off of your income. At the end of the year there is a huge refund but he never paid a penny to her, she is owed money and she can go after it.
12676
With the exception of the contribution of money to an IRA, no.  The year is already over and you cannot go back in time and change history.  You may not be able to deduct money contributed to an IRA depending on what your and any potential spouse's wages were.  Contributing to an IRA would only reduce your taxes proportionate to your tax rate.  So if you were in the 15% braket at $2000 contribution would at most reduce your taxes by $300.
1109815
she can't personally but the courts can and will not only garnish your wages but u can also do jail time.  alimony is court ordered.  when the set the payment it is done based on your current financial situation.  your best bet is to get with an attorney and explain your situation and you have to prove that it is affecting you financially.  you will still face ridicule as to why you can't make payment.  either get a lower paying job or incorporate yourself.  if you get paid under your incorporated name then you can pay urself any dollar amount u want and your ex can only take so much of what you pay yourself.
183591
If she is in her upper 40's and says she is too old to work, then tell me how it is I am working at the age of 51?  There are jobs for anyone.. even lazy good for nothings who only want to take advantage of their soon-to-be ex-spouse.. that just stinks to high heaven.  Personally, I would say to keep the med retirement and get by on the 20K for now.  And talk to your lawyer about why she can get by without working when she is perfectly capable..if she is, of course.  sorry, but that just ticks me off.. she puts a bad name on the rest of us women who DON'T try and take advantage of our exes..  I wish you good luck.
945726
Yeah unless the money Is delt under the table. Youll have to pay a tax on it, the ammount really depends on how much youll be reiciving
341439
You can beginning making withdrawals from an IRA without penalty at age 59 1/2 (you still have to pay regular income taxes, unless it's a Roth IRA).  See the following government publication:\n\nwww.irs.gov/pub/irs-pdf/p590.pdf
1052090
Married couple`s allowance is no longer available unless either you or your partner were born before 1935.  It was phased out a couple of yeas ago, you`re out of luck!
293134
Be sure to follow the proper procedure, which is described at http://www.irs.gov/businesses/small/international/article/0,,id=96734,00.html.  You also should understand the consequences of your choice, which include having to report her income for the full year on your joint return.  If she had income on which she paid tax in a foreign country, then you may be entitled to a credit for that tax; there may be other provisions which mitigate the tax burden as well.  Consult a knowledgable tax preparer who has handled similar situations in the past.
785959
The other answers forget..\n\nRule 72 (IRS) allows u to pull the $$$ from IRA (assume it applys to 401k too)...\n\nIt allows u to get it before 59.5 with only taxes to pay if u do it over a specified period of time.\n\nFor example u pull 40k out but do 4k per year for 10 years.\nThis is a way get $ out before 59.5 without penalty.\n\nIRS recongizes that there are life events that force many to grab funds from existing sources for emergencies.\n\nU could use this rule to pull out 100% of the 401k, and use portion for wife and portion for self.
53397
No she can't, if the property is her residence. The 1031 is limited to business and investment property.  But if she lived in the house 2 of the last 5 years, there is another Internal Revenue Code provision that shelters much or all of her capital gain, I believe it is 250K for a single person, 500K for a couple.