Minimum Required Distribution rule change for 2009:
Almost anyone who is required to take a minimum required distribution in 2009, as a participant or as a beneficiary, does not need to take the distribution from their retirement plan or IRA in 2009. If you think this impacts you, consult with us or your tax advisor, as there may be planning opportunities. It may make tax sense to take some distribution for 2009, but less than you would otherwise be required to distribute.
Ford Hybrid Tax Credits:
If you order or purchase a new 2010 Ford hybrid vehicle by March 31, you may be eligible for a tax credit of up to $3,400 on your 2009 Federal tax return. The Ford Fusion and Mercury Milan are eligible for $3,400 credits, while the Ford Escape (which I own and love!) and Mercury Mariner are eligible for $3,000 credits. The credit amounts decrease after March 31.
Note that credits may be available from other automakers. This was recently announced, so I am posting this for informational purposes only.
Also, depending on your tax circumstances, particularly if you are affected by the AMT, you may not actually get the benefit of the credit upon the filing of your income tax return (that’s why I’ve used the term “eligible” for a tax credit and have not stated that you “will” get a credit). So, keep in mind that even if you purchase a car eligible for one of these credits, you may not actually get the benefit of the tax credit. That’s the tax code!