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Every year the IRS must adjust the dollar amounts of a variety of provisions which affect every taxpayer, to keep pace with inflation. New dollar amounts affecting 2012 returns, filed by most taxpayers in early 2013 include the following:
This could be a very difficult situation for many of us and quite a role reversal. However, as our parents age we may have to consider the option of having them live in our home. If you are taking care of an elderly individual in your residence you may be able to claim them as your dependent providing you meet certain conditions.
The RMD is back and is required for 2010 and all future years. Taxpayers over age 70½ must take a required minimum distribution from their IRA's and other qualified retirement plans. For 2009, the government removed the requirement for one year.
Warren Zevon wasn't thinking about health care when he wrote his classic 1970's hit, "Lawyers, Guns and Money". However, if he were around today, he might very well have had health care in mind. The votes have been cast and now we have health care reform. This has, or will, affect many Americans. What are some of the key points in this legislation?