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Financial Assets that are subject to this form are: A Financial Account maintained by a foreign institution and the following assets not held in an account with a foreign institution:
* Stock or security issued by a foreign person
* Financial instrument where the issuer is not a U.S. Person
* And any interest in a foreign … Continue reading »
The IRA (Individual Retirement Arrangement) is one of the more underutilized tools for retirement planning. The primary benefit to an IRA is tax-deferred investing. Income taxes are not paid until taxable distributions are made. With limited exceptions, distributions made prior to age 59½ are subject to a 10% penalty in addition to income taxes.
Most married couples file their income tax returns jointly. However, married couples have an option—they can file married filing jointly or married filing separately. Married couples can change their filing status from year to year. The only requirement is that they be married, which is determined on the last day of the year.