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Adults can pass on these tips to teach teens online safety

Online Safety

Adults teach their kids how to drive, balance a checkbook and cook. It’s also a good idea to teach younger users how to explore the internet with caution.

All internet users should be mindful of risks people can take when they share devices, shop online and interact on social media. Teens and younger users – like others who are less experienced with technology – often put themselves at risk by leaving a trail of personal information for fraudsters and con artists to follow.

Taxpayers might find the phrase “online security” overwhelming but, it doesn’t have to be. Even those who aren’t super tech savvy – no matter their age – can stay safe online. Here are some tips adults can pass on to the kids in their lives:

  • Remember security is important.
    No one should reveal too much information about themselves. People can keep data secure by only providing what is necessary. This reduces online exposure to scammers and criminals. For example, birthdays, addresses, age and especially Social Security numbers are some things that should not be shared freely. In fact, people should not routinely carry a Social Security card in their wallet or purse.
  • Use software with firewall and anti-virus protections.
    People should make sure security software is always turned on and can automatically update. They should encrypt sensitive files stored on computers. Sensitive files include things like tax records, school transcripts, and college applications. They should use strong, unique passwords for each account. They should also be sure all family members have comprehensive protection for their devices…particularly on shared devices.
  • Learn to recognize and avoid scams.
    Everyone should be on the lookout for scams. Thieves use phishing emails, threatening phone calls and texts to pose as IRS employees or other legitimate government or law enforcement agencies. People should remember to never click on links or download attachments from unknown or suspicious emails. If someone calls asking for personal information, folks should remember not to give out such details.
  • Protect personal data. 
    Adults should advise children and teens and other youngers users to shop at reputable online retailers. Treat personal information like cash; don’t leave it lying around.
  • Know the risk of public Wi-Fi.
    Connection to Wi-Fi in a mall or coffee shop is convenient and often free, but it may not be safe. Hackers and cybercriminals can easily steal personal information from these networks. Always use a virtual private network when connecting to public Wi-Fi.

Seniors who turned 70½ last year must start receiving retirement plan payments by April 1

Tax Time Guide: Seniors who turned 70½ last year must start receiving retirement plan payments by April 1

The Internal Revenue Service today reminded taxpayers that, in most cases, Monday, April 1, 2019, is the date by which persons who turned age 70½ during 2018 must begin receiving payments from Individual Retirement Accounts (IRAs) and workplace retirement plans.

This news release is part of a series called the Tax Time Guide, a resource to help taxpayers file an accurate tax return. Additional help is available in Publication 17, Your Federal Income Tax, and the tax reform information page.

Two payments in the same year

The payments, called required minimum distributions (RMDs), are normally made by the end of the year. Those persons who reached age 70½ during 2018 are covered by a special rule, however, that allows first-year recipients of these payments to wait until as late as April 1, 2019, to get the first of their RMDs. The April 1 RMD deadline only applies to the required distribution for the first year. For all following years, including the year in which recipients were paid the first RMD by April 1, the RMD must be made by Dec. 31.

A taxpayer who turned 70½ in 2018 (born July 1, 1947, to June 30, 1948) and receives the first required distribution (for 2018) on April 1, 2019, for example, must still receive the second RMD by Dec. 31, 2019.  To avoid having both amounts included in their income for the same year, the taxpayer can make their first withdrawal by Dec. 31 of the year they turn 70½ instead of waiting until April 1 of the following year.

Types of retirement plans requiring RMDs

The required distribution rules apply to owners of traditional, Simplified Employee Pension (SEP) and Savings Incentive Match Plans for Employees (SIMPLE) IRAs but not Roth IRAs while the original owner is alive. They also apply to participants in various workplace retirement plans, including 401(k), 403(b) and 457(b) plans.

An IRA trustee must either report the amount of the RMD to the IRA owner or offer to calculate it for the owner. Often, the trustee shows the RMD amount on Form 5498 in Box 12b. For a 2018 RMD, this amount is on the 2017 Form 5498 normally issued to the owner during January 2018.

Some can delay RMDs

Though the April 1 deadline is mandatory for all owners of traditional IRAs and most participants in workplace retirement plans, some people with workplace plans can wait longer to receive their RMD. Employees who are still working usually can, if their plan allows, wait until April 1 of the year after they retire to start receiving these distributions. See Tax on Excess Accumulation in Publication 575. Employees of public schools and certain tax-exempt organizations with 403(b) plan accruals before 1987 should check with their employer, plan administrator or provider to see how to treat these accruals.

IRS online tools and publications can help

Many answers to questions about RMDs can be found in a special frequently asked questions section at IRS.gov. Most taxpayers use Table III (Uniform Lifetime) to figure their RMD. For a taxpayer who reached age 70½ in 2018 and turned 71 before the end of the year, for example, the first required distribution would be based on a distribution period of 26.5 years. A separate table, Table II, applies to a taxpayer married to a spouse who is more than 10 years younger and is the taxpayer’s only beneficiary. Both tables can be found in the appendices to Publication 590-B.

Taxpayers can find answers to questions, forms and instructions and easy-to-use tools online at IRS.gov. They can use these resources to get help when it’s needed, at home, at work or on the go.

IRS Tax Tip: Taxpayers can now get tax tips and helpful news from the IRS on Instagram.

IRS Tax Tip: Taxpayers can now get tax tips and helpful news from the IRS on Instagram.

The agency just debuted it’s official Instagram account, IRSNews, which users can access at www.instagram.com/irsnews or on their smartphone using the Instagram app.

The IRS will use its new Instagram account it to:

  • Provide the latest tax scam information to help taxpayers keep their personal data secure.
  • Better serve young adults, the majority of whom use Instagram.
  • Share information in Spanish and other languages.
  • Reinforce messages the IRS promotes on its other social accounts.

The IRS will use Instagram along with several other social media tools to communicate with taxpayers:

  • YouTube: The IRS offers video tax tips in English, Spanish and American Sign Language.
  • Twitter: Taxpayers can follow @IRSnews for tax-related announcements and tips. @IRStaxpros tweets news and guidance for tax professionals. Tweets from @IRSenEspanol have and the latest tax information in Spanish. @IRSTaxSecurity tweets tax scam alerts.
  • Facebook. News and information for taxpayers and tax return preparers.
  • LinkedIn.  The IRS shares agency updates and job opportunities.

The IRS also has their own app, IRS2Go. Taxpayers can use this free mobile app to check their refund status, pay taxes, find free tax help, watch IRS YouTube videos and get IRS Tax Tips by email. Like Instagram, the IRS2Go app is available from the Google Play Store for Android devices, or from the Apple App Store for Apple devices. IRS2Go is available in both English and Spanish.

Business owners can visit IRS.gov for resources to help understand tax reform

Business owners can visit IRS.gov for resources to help understand tax reform

The IRS reminds business owners with questions about the Tax Cuts and Jobs Act that there are several resources to help answer their questions. The legislation passed in December 2017 changes many areas of the tax law, including some that affect businesses. Here are some of the resources on IRS.gov that can help:

  • IRS.gov/taxreform. The IRS created the Tax Reform page to highlight what taxpayers need to know about the tax law changes and how they affect taxpayers. This page also links taxpayers, businesses and tax professionals to news releases, recently updated publications, notices, legal guidance, Tax Reform Tax Tips and other resources related to the legislation.
  • Fact sheets. IRS posts facts sheets on a wide range of topics, including tax reform. The depreciation fact sheet has information about new rules and limitations for depreciation and expensing under the new law.
  • Publications. To help business owners understand the new law, the IRS has updated several publications, including Publication 15, Circular E, Employer’s Tax Guide.
  • Frequently asked questions. To help employers and taxpayers, the IRS posted FAQs on these topics:
    • How to use the Withholding Calculator.
    • Changes to the Withholding Tables.
    • The employer credit for paid family and medical leave. This is a general business credit that employers may claim based on wages paid to qualifying employees while they’re on family and medical leave.
  • Tax tips. Business owners can subscribe to get tax reform tips and other easy-to-read tax tips by e-mail from the IRS throughout the year.
  • E-News. The IRS issues regular updates on small business topics, including tax reform. It’s easy to subscribe to this email service.

The IRS will give more information about business-related tax law changes throughout the year. The agency will update IRS.gov/taxreform to reflect changes as they develop.

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