Frequently Asked Questions for Seniors

The list below addresses questions some seniors may have. This list will be updated in the future.

 

If Your Question is... Please see...
I entered into a reverse mortgage arrangement with my bank.
Are the proceeds of this loan taxable to me?
IRS Publication 936, Home Mortgage Interest Deduction
I exercised my right to receive life insurance distributions before death.
Are these proceeds taxable?
IRS Publication 554, Tax Guide for Seniors
I am over age 70 1/2.
How do I determine the amount I must withdraw each year from my IRA and 401(k) accounts to avoid a penalty?
Retirement Plan FAQs
Where can I find about about taking money out of my retirement plan early? Top 10 Facts about Taking Early Distributions from Retirement Plans