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3 Things You Should Do Right Away If You Missed Extended Tax Filing Deadline

Wednesday, October 16, 2013  No comments

Did you miss the October 15th extended tax filing deadline? Ed Slott and Company IRA Technical Consultant Jeffrey Levine details 3 things you should do right away if you missed this important tax date.

If you can't view the video below, click here to get the 3 things to do if you missed the deadline. And make sure you subscribe to our YouTube Channel, IRAtv, to get the latest IRA, tax and retirement planning videos sent straight to your email inbox.



By Jeffrey Levine and Jared Trexler

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Mailbag

Thursday's Slott Report Mailbag

Consumers: Send in Your Questions to [email protected]

Q:
You recently said that a 401(k) distribution would add to your MAGI (modified adjusted gross income) for the purpose of determining if you are subject to the 3.8% healthcare surtax. What about Roth IRA distributions? Would they also count towards your total MAGI income for surtax purposes?

Thanks

A:
IRA distributions are exempt from the 3.8% surtax, but taxable distributions from IRAs can push income over the threshold amount, causing other investment income to be subject to the surtax. Because Roth IRA distributions are generally tax-free, they don’t count towards your total MAGI.

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