Potpourri of Tax Topics

/Potpourri of Tax Topics

Does Coast Guard Retirement Pay Count Toward the Iowa Military Pension Exclusion?

By | February 23rd, 2017|Categories: Potpourri of Tax Topics|

Iowans who receive pension income from the military can exclude that income from taxation on their Iowa tax return. Does Coast Guard pay count toward this? Yes.

Proper Documentation of Charitable Contributions

By | February 15th, 2017|Categories: Potpourri of Tax Topics|Tags: , , , |

Questions often arise about how to properly document charitable contributions. Here’s a brief overview.

Are Unemployment Benefits Taxable?

By | February 3rd, 2017|Categories: Potpourri of Tax Topics|Tags: |

The short answer to this question is: yes. Unemployment benefits are reported to the recipient on a Form 1099-G, and the benefits are taxable. There was a year or two, several years ago, where the federal government allowed people to exclude a certain amount of unemployment benefits from taxation, but that provision expired. In Iowa, unemployment [...]

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DIY Disasters: College Kids, Their Parents and the American Opportunity Credit

By | February 1st, 2017|Categories: Potpourri of Tax Topics|Tags: , , |

What to do when your college-aged child files a tax return and claims tuition credits you were entitled to on your own return.

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401(k) Withdrawals to Avoid Foreclosure Still Subject to 10% Penalty

By | January 16th, 2017|Categories: Potpourri of Tax Topics|Tags: , , |

Withdrawals from a 401(k) account are difficult if you're still employed by the company offering the 401(k). Withdrawals are allowed in certain circumstances -- such as to avoid foreclosure -- but are still subject to income tax and sometimes to the 10% early withdrawal penalty.

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