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This newspaper page contains 4 articles. Subscribers can read the full text of each article.
Newspaper
Ottawa Herald
Location
Ottawa, Kansas, United States of America
Date
Feb 07, 1994
Page
13
Taxpayers are feeling the impact of the 1993 Tax Act with retroactive top rates rising to 36 and 39.6 percent for high income earners, and Social Security benefits taxation expanding to 85 percent for some filers. AMT targets mainly high income individuals as of January 1994, with many taxpayers seeing higher bills on their returns.
Millions will pay taxes on up to 85 percent of Social Security benefits under new rules. Provisional income beyond $34,000 for individuals or $44,000 for couples triggers the change. The Rapps illustrate the impact: taxable income rises and tax bills increase, prompting tax professional guidance and options like tax-free investments to reduce liability.
The notice warns CD owners about lower interest rates reducing income on renewals and promotes Edward D Jones & Co investment representatives for safer options. It explains tax deferred investments like annuities and IRAs allowing taxes to be paid later, and notes compounding benefits and the impact of rising Social Security taxes on choosing tax free or tax deferred plans to meet long term goals.
Edward D Jones & Co invites readers to a free IRA CALC check up to project retirement value from current IRA data. The offer highlights potential gains from modest return increases and suggests transfers with no tax or extra paperwork, urging calls to schedule.
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