Tag: taxes

Retirement Taxes: What You Need to Know
January 18, 2024 Off

Retirement Taxes: What You Need to Know

By The Admiral Staff

Retirement brings new financial considerations, particularly concerning taxes. Income from sources like Social Security, 401(k) distributions, pensions, and savings accounts can all be taxable. Social Security benefits may be taxed depending on your “combined income,” with 50% or 85% potentially subject to taxation. Traditional retirement accounts are taxed upon withdrawal at your ordinary income rate, while Roth accounts offer potential tax-free income if certain rules are followed. Other income sources like annuities, pensions

Stimulus Check Snafus: What Happens When Your Payment Goes Astray
October 11, 2023 Off

Stimulus Check Snafus: What Happens When Your Payment Goes Astray

By The Admiral Staff

If your stimulus check was sent to the wrong bank account—whether closed, overdrawn, or unrecognized—you will eventually receive your payment, but it will likely take longer. If the account is closed, the bank will return the check to the IRS, who will then mail a paper check. If an account is overdrawn, banks may apply the payment to the negative balance, though many have paused this practice. For those who received their refund via a tax prep service’s temporary account, the