Strategies for maximizing your Individual Retirement Account (IRA’s) Investments, Tax Savings and Timing of Required Minimum Distributions
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A few years ago, the IRS discovered required minimum distributions (RMDs) were a potential gold mine for it. A study of tax returns found taxpayers ages 70½ and older made many mistakes with RMDs from IRAs and employer Retirement plans. Recent surveys of taxpayers also reveal that many people aren’t well-informed about RMDs. When the […]
Higher-income taxpayers often are shut out of the benefits of a Roth IRA. Contributions can be made to a Roth IRA only when your adjusted gross income (AGI) is be-low a certain level: $193,000 for a married couple filing jointly in 2019 and $122,000 for a single taxpayer. When AGI is above that level, the […]
As you know, IRAs and other retirement plans are included in the estate of the owner… And subject to federal estate taxes — when the estate is valuable enough. Here’s what many people don’t know: Unlike other assets, the tax basis of IRAs is not increased to current fair market value by those who inherit […]
The rollover is the most frequent IRA transaction. Yet, it is fraught with traps and is the source of many expensive mistakes. You want to avoid the two nasty consequences of rollovers that don’t comply with the fine points of the tax law. An improper rollover usually is included in gross income and taxed as […]
What you don’t know about retirement can hurt you. In fact, just a few wrong decisions in your investments, taxes, or estate planning could completely derail your retirement plans. Worse yet, the rules of the game keep changing, making it harder to keep up. For these reasons, I’ve assembled all the key points – everything you need to know — into one comprehensive report. Click here today for free access.
This is not the year to procrastinate about year-end retirement account and tax planning. In the last weeks of every year, I receive a stream of emails from readers asking about transactions they are considering by the end of the year. In most cases, even if they can analyze the situations and decide on the […]
Almost everyone has an IRA and a 401(k) account. Many people have more than one of each. Yet, important facts about these accounts aren’t well-known. You need to know this information to maximize the after-tax value of the accounts. I find that even many accountants, attorneys and financial planners don’t know these details. Knowing them […]
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We’re nearing a critical time for many Individual Retirement Account (IRA) owners. Advance IRA planning will be imperative if you want to maximize the after-tax value of your IRA for heirs and avoid the new tax burden Congress has in mind. As I explained last month, despite the deadlock and division in Washington, the Setting […]