Strategies for maximizing your Individual Retirement Account (IRA’s) Investments, Tax Savings and Timing of Required Minimum Distributions
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It is the last quarter of the year, so there are some critical questions about IRAs and 401(k)s that should be asked and answered. And that could potentially mean key actions to take the rest of this year, and early in 2023. Retirement plans are among the most valuable assets of most people, so it’s […]
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Many employers now offer Roth versions of their 401(k) plans. Though many people believe Roth IRAs and Roth 401(k)s (known formally as designated Roth 401(k) plans) are identical, there are important differences between the two types of retirement plans. You likely already know the basic differences between Roth-type accounts and traditional IRAs and 401(k)s. In […]
Many people could achieve a couple of retirement finance goals by adding a qualified longevity annuity contract (QLAC) to their IRAs. Even if you never buy one, you should look at QLACs and know their advantages and disadvantages. (Qualified longevity annuity contracts were created in regulations issued by the IRS in 2014.) They’re an IRS-approved […]
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.
Surviving spouses need to know the special options and opportunities they have when inheriting IRAs, 401(k)s and similar retirement accounts so they’ll maxi- mize the after-tax value of the accounts. Retirement accounts often are among the most valuable assets in- herited. Making the wrong decision with an inherited retirement account can trigger thousands of dollars […]
The rules for inherited IRAs were upended when the Setting Every Commu- nity Up for Retirement Enhancement (SECURE) Act was enacted in 2019. They were upended yet again in late February 2022 when the IRS released proposed regula- tions under the SECURE Act. The SECURE Act ended Stretch IRAs for most taxpayers who inherit IRAs […]
The rules for individual retirement accounts (IRAs) were upended with the enactment of the SECURE Act of 2019 and again with the release of the IRS’s proposed regulations in February 2022. In the latest episode of the Retirement Watch Spotlight Series, I discuss in detail how the picture for inherited IRAs has been altered. I […]
To receive the benefits of a qualified charitable distribution (QCD) from a traditional IRA, you must report it correctly on your income tax return. The IRA custodian will issue a Form 1099-R reporting the distribution. The form will show the total amount of distributions from the IRA during the year, both QCDs and any other […]