Traveling knowledge
By: John Derric
The Internal Revenue Service (IRS) is sending refunds to more than 1.5 million people who missed the tax filing deadline
taxpayers who file their taxes late without an extension pay up to 25% of the amount of tax they owe in penalties
About 1.6 million taxpayers who already paid a fine will receive an automatic refund, according to the IRS.
They will receive refunds or credits averaging out to $750 a person. In total, that would be $1.2 billion.
deadline to qualify for the penalty refund. Individuals who have not yet filed returns for the years 2022 or 2022 must do so by Sept. 30.
According to the IRS, most refunds will be sent out by the end of September.
According to the IRS, your required minimum distribution is the minimum amount you must withdraw from your retirement
Retirees can now rest assured that with smaller withdrawals required each year, more of their retirement assets
There are many tax benefits to retirement accounts which is why so many Americans use them.
Roth IRAs don't require withdrawals until after the death of the owner.
For example, if you are 76 and your IRA balance is $100,000, your RMD for the year would be $4,545.45.
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