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Irish Independent
6 days ago
- Business
- Irish Independent
Wexford County Council expected to purchase just 20 homes under tenant-in-situ scheme in 2025
The changes in criteria mean that local authorities and approved housing bodies now prioritise families with children, older people, or people with disabilities, and only in cases where a landlord has issued a no-fault eviction notice with the intent to sell the property. Previously, councils were permitted to buy any property where a tenant was facing eviction due to a landlord selling the property, provided they were in receipt of housing supports like HAP or RAS. As a result the number of properties purchased under the scheme is expected to drop, something which Cllr O'Brien raised at the RMD meeting. 'I've been told we're only going to afford 20 units for 2025 under the scheme, that's totally unrealistic,' she said. 'In previous years we had 35-40 properties purchased under the scheme, so we're cutting it by half this year. We've received minimal funding under this scheme. This great, fantastic national scheme is only going to prevent 20 families from homelessness. It's not enough, especially with the winter months ahead.' In response, housing officer Sharon Ryan said she couldn't confirm whether the figures quoted by Cllr O'Brien were 'exact' but she would investigate and return with further information.
Time of India
13-07-2025
- Business
- Time of India
Hyderabad court orders repayment of Rs 11 lakh hand loan after family dispute turns legal
Hyderabad: With a hand loan dispute within a family turning into a legal battle, a local court has ordered 36-year-old Syed Rafiq, a resident of Borabanda, to repay Rs 11.88 lakh to his maternal uncle, Md Shabbeer, ending a nearly decade-long tussle over the hand loan. Shabbeer, now 58, told the court he had lent Rs 9.3 lakh to Rafiq in 2012 to help him set up a business. What began as a gesture of support within the family soon spiralled into a courtroom fight when Rafiq failed to return the money. Despite signing an acknowledgment in front of police in 2013, Rafiq never repaid the amount. Instead, he denied taking any money and claimed that the documents were forged and the acknowledgement letter was signed under police pressure, allegations the II senior civil judge, City Civil Court, Hyderabad, found to be baseless. The judge pointed out that Rafiq never filed any formal complaint of coercion and failed to produce any evidence to support his claims. Witnesses included family members, Rafiq's own brother, and Shabbeer's younger brother, who confirmed the loan transactions. You Can Also Check: Hyderabad AQI | Weather in Hyderabad | Bank Holidays in Hyderabad | Public Holidays in Hyderabad The court also took note of a letter signed by Rafiq, promising to repay the debt by Oct 2014. His refusal to accept a legal notice served in 2015 further weakened his defence. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Little-Known RMD Strategy Approved by the IRS Undo Rafiq argued that the suit was time-barred and questioned the lack of income tax documentation. But the court ruled that the 2013 letter acknowledging the debt effectively reset the limitation period. As for the source of funds, Shabbeer explained that the money was arranged through personal means, including a chit fund and loans from family and friends. Calling Rafiq's defence 'an attempt to escape liability,' the court concluded that Shabbeer provided sufficient proof. The judge ordered Rafiq to pay Rs 11,88,924 along with interest, 12% annually from the date of filing the suit until the date of decree, and 6% thereafter, plus legal costs. What began as a family favour has ended in a legal reminder that even hand loans between close relatives can come back with interest.
Time of India
10-07-2025
- Automotive
- Time of India
Smart City Project nears deadline but parking complex stalled since 2018
Hubballi: As the Smart City project in Hubballi-Dharwad nears completion, the proposed multi-level parking complex near the old court in Hubballi remains incomplete. Initiated in 2018 under a Rs 50 crore public-private partnership (PPP), the eight-floor structure was designed to ease parking congestion. While three floors were reserved for parking, the rest were intended for commercial shops. Progress has been negligible despite the project's pressing relevance. Parking facilities are seen only in cities like Bengaluru, Mumbai, and other major cities. The parking problem for four-wheelers and two-wheelers continues in the commercial city, of Hubballi. Many people come to the city from the North Karnataka region for shopping and business. They hoped to get a complex, but the slow pace of work has left the people worried. Even five years after the project began, there are no signs of its completion. According to the source, the smart city's sports complex work is the only remaining task. The work is expected to be completed by Aug. After that, the Smart City Project is likely to be closed. The officials have issued a notice to the contractor for the sluggish pace of work. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Little-Known RMD Strategy Approved by the IRS Undo It is said that due to Covid-19 and other reasons, the work lagged. The deadline for the project was 2022 but it remains incomplete. Rahul Sinde, a motorist from Hubballi, said that Hubballi is a fast-growing city in the state. As it is becoming a hub of commercial complexes, many from other districts come to the city for various purposes, including shopping. There is less space for parking. The parking places are always busy on Koppikar Road. Around Channamma Circle, no such facilities are made for parking vehicles. The authorities should provide a space or construct parking places, he urged. Mahesh Kumar, a motorist from Dharwad, said that there are fewer parking systems in the city. The car parking project was envisaged to solve the problem of car parking around Channamma Circle in Hubballi. However, even after six years since the start of the work, there are no signs of completing the project within the deadline. The delayed project has left the public fuming, he said. Hubballi-Dharwad Smart City Project's deputy general manager Channabasavaraj said that to date, 30% of the work was completed. A Rs 10 crore grant will be provided for the company for the Smart City Project. It is developing under the PPP model. Smart City Ltd has warned the company several times for delaying the project. All the completed projects by the Smart City have been handed over. Now, two projects are going on. The sports complex work will be completed by Aug. Later, Smart City Ltd will decide on this project, he informed.
Irish Independent
01-07-2025
- Irish Independent
Community text alert system needed to tackle increase in thefts and burglaries in Rosslare district
'There's been a huge increase in anti-social behaviour and suspected thefts and burglaries and suspicious activity across the district lately, it's really concerning,' she said at the June meeting of the Rosslare Municipal District (RMD). District manager Nóirín Cummins advised that, 'up until recently', the superintendent attended the RMD meetings on an annual basis and that the Local Community Safety Partnership (LCSP) will be launched later this year. 'I'd really like to see the community text alert scheme come back in,' continued Cllr O'Brien, 'it works, it's easy to manage and run. A couple of weeks ago half of the district was in terror, my phone did not stop for five days with people saying they were seeing the same vans going on, people trying to break into their houses at 8 a.m. through their sitting-room windows, animals almost being robbed out of their gardens. We need to focus on doing things that we know work.' She received support from Cllr Jim Codd who had some stories from his own part of the district to share. Requesting that a representative from a local neighbourhood watch group be invited to attend a future meeting, he spoke of 'an elderly couple in my own area who had two young lads get up on the roof and start painting it without any permission'. "When guards retire, we need them to be replaced quickly. Criminals know about these retirements, know there aren't as many eyes on them,' said Cllr Codd..
Yahoo
30-06-2025
- Business
- Yahoo
Ask an Advisor: I Have $1M in My IRA. How Much Will I Pay in Taxes When RMDs Begin?
SmartAsset and Yahoo Finance LLC may earn commission or revenue through links in the content below. I have $1 million in my IRA. Once I reach 73 years of age what are the withdrawal requirements? I retired five years ago with no income other than Social Security. What tax bracket will I be in when I begin withdrawing 4% of my IRA? – Clifford Once you reach age 73, you'll need to take required minimum distributions (RMDs) from your traditional IRA each year. These withdrawals are subject to income tax and calculated using an IRS formula based on your age and account balance. We'll walk through how RMDs work and then estimate the tax bracket you may fall into once you begin withdrawing 4% annually from your IRA. Retirement planning can be complicated, but working with an expert can help you retire with confidence. Match with a today. Once you turn 73 (75 for people born in 1960 or later), you're required to begin taking minimum withdrawals from tax-deferred retirement accounts like traditional IRAs and 401(k)s. These RMDs are taxed as ordinary income. The rule exists because Congress designed tax-deferred accounts to postpone taxes-not eliminate them entirely-so RMDs prevent indefinite tax deferral. RMDs are designed to distribute your retirement account balance gradually over your expected lifetime. Each year, you calculate your RMD by dividing your account balance-measured as of December 31 of the previous year-by a distribution period or life expectancy factor from an IRS table. Most individuals use the Uniform Lifetime Table, but if your sole beneficiary is a spouse who is more than 10 years younger, you'll use the Joint Life and Last Survivor Table, which typically results in smaller required distributions. According to the IRS Uniform Lifetime Table, the distribution period for a 73-year-old is 26.5 years. So, if you were to turn 73 this year and your IRA had $1 million on Dec. 31, 2024, your RMD in 2025 would be $37,736 ($1,000,000/26.5). For next year, you would divide the balance of your IRA as of December 31, 2025, by the distribution period that corresponds with a 74-year-old, since that's how old you'd be. You mentioned that you plan to follow the 4% rule, so at least initially your planned distribution would exceed the RMD and you'd satisfy the requirement. (And if you need help planning for RMDs or managing your taxes in retirement, work with a financial advisor.) While we can't pinpoint your exact tax bracket without more details, we can get a reasonably close estimate. Walking through the numbers will give you a good sense of where you may land. Let's start with what we know. With a 4% withdrawal from a $1 million IRA, you'd have $40,000 in taxable income. The next step is to determine how much of your Social Security benefits are taxable. To illustrate that, we'll use a hypothetical example and assume you're receiving $3,000 per month in Social Security, or $36,000 annually. To determine how much of your Social Security benefit is taxable we need to do a separate calculation. Fair warning, the calculation can be somewhat complex, but it's manageable when broken down step by step The first step in that process is to add up what the Social Security Administration calls your 'provisional' or 'combined' income. Combined income = Adjusted Gross income (AGI) + Nontaxable interest + half of your Social Security benefit. Assuming you have no above-the-line deductions, your combined income would be the sum of your $40,000 IRA withdrawal and half of your $36,000 Social Security benefit. That comes to $58,000. Next, see which bracket your combined income falls in to determine how much of benefit could be taxable: Filing Status Combined Income % of Social Security Benefits That Is Taxable Single $25,000 and under$25,000 – $34,000Over $34,000 0%Up to 50%Up to 85% Married Filing Jointly $32,000 and under$32,000 – $44,000Over $44,000 0%Up to 50%Up to 85% Married Filing Separately Any amount (if living with spouse) Up to 85% To calculate how much of your Social Security benefits are taxable once your combined income exceeds $34,000, the IRS uses a two-part formula. First, you take the portion of your combined income between $25,000 and $34,000 and tax up to 50% of it. In your case, that's $9,000, and 50% of that equals $4,500. Then, for the amount above $34,000, up to 85% of the excess is taxable. With a combined income of $58,000, the amount over $34,000 is $24,000, and 85% of that is $20,400. When you add the two amounts-$4,500 and $20,400-you get $24,900. This figure also happens to be 85% of your total Social Security benefit, which is the maximum percentage that can be taxed under IRS rules. (And if you're looking for ways to potentially reduce your tax liability in retirement, consider finding a financial advisor who specializes in retirement planning.) Now that we've calculated how much taxable income you expect to have, we can figure out your federal income tax bracket in this scenario. Adding together the IRA withdrawals ($40,000) and the taxable portion of your Social Security ($24,900) gives you an estimated taxable income of $64,900. Assuming you take the standard deduction-$17,000 for a single filer over age 65 in 2025-that brings your taxable income to roughly $47,900. That places you near the very top of the 12% tax bracket for 2025. Keep in mind, this estimate assumes a Social Security benefit of $36,000 per year. If your actual benefit differs, the taxable portion-and therefore your total tax liability-may be higher or lower. (And if you need additional help calculating your tax liability in retirement, speak with a financial advisor.) With a $1 million IRA and no other income beyond Social Security, required distributions and tax exposure in retirement become a function of age, withdrawal strategy and IRS formulas. Starting at age 73, distributions from tax-deferred accounts follow a schedule based on life expectancy, and those withdrawals-combined with a portion of your Social Security benefits-make up your taxable income. A financial advisor can help you plan for RMDs and build other streams of retirement income. Finding a financial advisor doesn't have to be hard. SmartAsset's free tool matches you with vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you're ready to find an advisor who can help you achieve your financial goals, get started now. Once you turn 50, you're eligible to make catch-up contributions to retirement accounts. In 2025, you can contribute an additional $7,500 to a 401(k) and $1,000 to an IRA. If you're between ages 60 and 63, the 401(k) catch-up limit increases even further-to $11,250-under SECURE 2.0. Taking advantage of these increased limits can significantly boost your retirement savings in your final working years. Photo credit: Courtesy of Brandon Renfro, © © The post Ask an Advisor: I Have $1M in My IRA. How Much Will I Pay in Taxes When RMDs Begin? appeared first on SmartReads by SmartAsset. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
