Individual Retirement Accounts - IRAs
Strategies for maximizing your Individual Retirement Account (IRA’s) Investments, Tax Savings and Timing of Required Minimum Distributions
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Overcoming a Major Threat to Your IRA: Your Heirs
To increase the odds your IRA will last for a long time, be sure your beneficiaries know what they need to do. Many people have substantial balances in traditional IRAs. Often, a prime goal is for the IRA to help provide for the next generation or two. One way to do so is with a […]
The War on Stretch IRAs and Other Strategies Continues
Leading up to the Tax Cuts and Jobs Act, there were a number of proposals to eliminate strategies and benefits involving IRAs and other retirement accounts. Changes proposed included eliminating the Stretch IRA, reducing the maximum contributions to IRAs and 401(k)s, ending inflation indexing of the contribution limits and eliminating catch-up contributions for high-income individuals. […]
Good News: IRS Says 2017 IRA Conversions Can Be Reversed
The IRS recently announced that the prohibition on recharacterizations of IRA conversions doesn’t apply to conversions made in 2017. Since the first days of Roth IRAs, taxpayers have been able to convert traditional IRAs into Roth IRAs by including the converted amount in gross income and paying the taxes. Taxpayers also have been able to […]
Reaping the Multiple Benefits of the IRA, Charitable Giving Combo
Many people believe the Tax Cuts and Jobs Act will reduce charitable giving, because it reduces the tax incentives for giving […]
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The Roth 401(k) Surprise
Unlike Roth IRAs, not all distributions from Roth 401(k)s are tax free. When an employer makes contributions to a Roth 401(k), those aren’t included in the employee’s gross income. Instead, they are taxed when they eventually are withdrawn from the account. This article has the details. The next logical question is, how do you know […]
Back Door Roth IRAs Allowed
Upper income taxpayers aren’t allowed to make contributions to Roth IRAs. But they can do conversions to Roth IRAs. For years, tax advisors have said upper income taxpayers should consider the back door Roth IRA. Make a nondeductible contribution to a traditional IRA, and then convert that to a Roth IRA. Some argued that the […]
IRA-Related IRS Tax Forms: Appendix
https://www.retirementwatch.com/IRAs-quick-reference-guide-q/ Bruce Miller is a certified financial planner (CFP) who also is the author of Retirement Investing for INCOME ONLY: How to invest for reliable income in Retirement ONLY from Dividends and IRA Quick Reference Guide. […]
IRA-Related Acronyms: Appendix
https://www.retirementwatch.com/IRAs-quick-reference-guide-q/ Bruce Miller is a certified financial planner (CFP) who also is the author of Retirement Investing for INCOME ONLY: How to invest for reliable income in Retirement ONLY from Dividends and IRA Quick Reference Guide. […]
