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The Internal Revenue Service today reminded those who were born in 1950 or earlier that funds in their IRAs and retirement plans face important upcoming deadlines for required minimum distributions to avoid penalties.
Over 72? Start Withdrawing From IRAs And Retirement Plans To Avoid PenaltiesRead More
Considering how to fund an IRA for your nonworking spouse? There may be options if you qualify. One of the fallouts of the pandemic is that millions of people have left of the workforce. Women with families are taking the greatest hit of unemployment. And the worse of it is that while unemployed, these workers …
Are backdoor Roth IRA Conversions a thing of the past? Possibly. New legislation has been proposed that could limit the ability of high-income earners to take advantage of Roth IRA conversions. Watch this video for a detailed explanation of the proposed legislation and how it might affect you. Have a question about this topic? Please …
Video Tip: The End to Backdoor Roth IRA Conversions?Read More
Considering gifting your IRA to charity and finding it difficult to learn more about it? That’s because their are some complications to the IRA to Charity distribution provision that are just now coming to light. Let us explain more… Required Minimum Distribution (RMD) Provisions Changed Due to COVID Individuals are required to begin taking distributions …
Complications to the IRA To Charity Distribution ProvisionRead More
Considering the advantages of back-door Roth IRAs, but want to learn more? Many individuals who are saving for retirement favor the benefits of Roth IRAs over traditional IRAs. This is because the former allows for both accumulation of account earnings and post-retirement distributions to be tax-free. In comparison, contributions to traditional IRAs may be deductible. …
In 2021, required minimum distributions (RMDs) will resume as they were before the pandemic. As part of the CARES Act, the requirement for older taxpayers to take RMDs from their retirement plans was waived for 2020. This was due to the anticipated drop in value for most investments as a result of the economic effects …
One frequently overlooked tax benefit is the spousal IRA. Generally, only taxpayers who have compensation can contribute to an IRA. The term “compensation” includes wages, tips, bonuses, professional fees, commissions, taxable alimony received, and net income from self-employment. Spousal IRAs are the exception to that rule as long as the spouse has adequate compensation. A …
Keeping your designated IRA beneficiary current is very important. You may not want your account going to your ex-spouse. And you definitely don’t want your chosen beneficiary to be someone who is deceased. Plus, the decision about whom you wish to designate as the beneficiary of your traditional IRA affects other items including: The minimum …
Keeping Your Designated IRA Beneficiary Current Is ImportantRead More
As bad as it has been financially for many individuals, 2020 does provide some unique tax opportunities. Specifically for those who have traditional IRA accounts. These range from IRA conversions, to retirees making larger-than-normal IRA withdrawals. Also the decision whether to take advantage of the required minimum distribution (RMD) suspension for 2020. Let’s look at …
