Individual Retirement Accounts - IRAs
Strategies for maximizing your Individual Retirement Account (IRA’s) Investments, Tax Savings and Timing of Required Minimum Distributions
Found 370 Articles.
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Be Sure Your Rollover is Done Right
Though the rollover is the most frequent IRA transaction, most people do only a few rollovers during their lifetimes. A consequence of this inexperience is that too many mistakes are made and people pay unnecessary taxes and penalties on their retirement nest eggs. There are more than 30 types of rollovers, though taxpayers often know […]
Should You Roll Over Retirement Funds or Stay Put?
More money than ever is moving from 401(k)s to IRAs, and regulators don’t like some of the choices people make with their money. More than $600 billion was rolled over from 401(k)s to IRAs in 2020, according to the Secure Retirement Institute (SRI), which estimates that within five years the annual rollover amount will exceed […]
The Little-Known Way to Quickly Build a Large Roth IRA
A little-known strategy can help many people quickly generate large Roth IRAs. Some call it the Back Door Roth IRA and others call it the Mega Roth IRA, though both those nicknames also are used for other strategies. Some even call it the Mega Back Door Roth IRA. Whatever name you want to give it, […]
How a Trust or Estate Can Transfer an IRA to a Beneficiary Tax-Free
It is time to answer this question in the newsletter, because I have been receiving emails regularly asking about it. I advise my readers not to name a trust or their estate as beneficiary of an IRA, except for certain types of specially designed trusts. They also shouldn’t fail to name a beneficiary, because that […]
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What You Need to Know About the Roth IRA Five-Year Rule
There’s a lot of interest this year in converting traditional IRAs and 401(k)s to Roth IRAs, and that’s caused a lot of people to ask about the confusing “five-year rule” for Roth IRAs. We recently had a teleforum with my readers, and the five-year rule was among the most-asked questions sent by email before the […]
How Much Is the Required Minimum Distribution?
The required minimum distribution from a qualified retirement plan varies from year to year. The amount depends on the age of the account owner or beneficiary and the account balance. What Is the Required Minimum Distribution? The required minimum distribution (RMD) rules limit the extent to which an individual can use the tax deferral of […]
SECURE Act 2.0 and Other Changes Are in the Works. Here’s What You Need to Know
Officials in Washington, D.C., are planning to enact a series of laws that will affect your income and estate taxes and will especially affect your IRAs and other retirement plans. This year could be your best chance to take actions that will maximize the after-tax wealth you and your family receive from retirement accounts.On May […]
Ignore This IRS Mistake on Inherited IRAs
The IRS recently issued an interpretation of the SECURE Act that surprised most, if not all, professionals who have reviewed the law. The Setting Every Community Up for Retirement Enhancement (SECURE) Act, enacted in December 2019, contained a number of provisions related to retirement and estate planning. One of those provisions eliminated the Stretch IRA […]
