The purchase of a collectible by a retirement account, including a 401(k), Roth or IRA account, is treated as a distribution, which could be taxable income for the account owner.
Tax tips and developments relating to individuals
Reached age 72 in 2023? No RMD required.
Retirement account owners who reach age 72 during 2023 aren't required to take a minimum distribution from their retirement accounts for this year.
Penalties still apply for some missed 2021 and 2022 distributions from inherited retirement accounts
The penalty is waived for inherited accounts subject to a new rule in proposed regulations implementing the SECURE Act of 2019.
Federal tax return due date further extended for certain disaster area taxpayers
The IRS announced on February 24, 2023 the filing due date for 2022 federal income tax returns and certain payments of taxpayers in certain disaster areas has been further extended from May 15, 2023 to October 16, 2023. (IR-2023-33.)
California Middle Class Tax Refund isn’t taxable
The IRS has announced that certain state tax payments, including the California Middle Class Tax Refund, aren't taxable.
California conforms to federal income tax return filing extension
The California Franchise Tax Board, which administers California's individual income tax and corporate franchise tax, has announced it will conform to the federal extension of time to May 15, 2023 for making payments and filing income tax returns that are due during the period January 8 to May 14, 2023.
IRS filing deadlines extended for many Californians
The filing deadline for federal individual and business income tax returns (including Form 5500) of certain California taxpayers with a due date on or after January 8, 2023 is extended to May 15, 2023.
Budget Act includes major retirement account provisions
Here are some highlights of the retirement account provisions of SECURE 2.0 Act of 2022.
IRS waives missed distribution penalty for 2021 and 2022 for certain inherited retirement accounts, including IRAs
The 50% penalty for failure to make a required minimum distributions is waived for failure to make a required minimum distribution from an inherited retirement account for 2021 and 2022 when the account was inherited after 2019 and the participant died on or after the required beginning date.
Most taxpayers untouched by Senate Inflation Reduction Bill
Although the provisions are significant, I think you can see these provisions won't have a significant impact on most taxpayers' income tax returns, possibly with the exception of the expanded premium tax credit.