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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New Rules for Inheriting IRAs: Updated for the SECURE Act of 2019 and the February 2022 Proposed Regulations
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 […]
How to Report a QCD on Your Tax Return
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 […]
Plan Charitable Contributions from Your IRA for 2022
It is time to plan your qualified charitable distributions (QCDs) from IRAs for 2022 if you haven’t already. Anyone who’s age 70½ or older, makes charitable contributions and has assets in a traditional IRA should use QCDs to make at least some of their charitable contributions. With a QCD, you’re converting a taxable distribution into […]
How To Minimize Your Taxes in the The Roth IRA Conversion Strategy
*Note: At the end of today’s story (Part 2 on how to convert your traditional IRA to a Roth with minimal tax burden), I highly recommend you take a moment to watch a new video I filmed alongside NFL Hall of Fame quarterback Fran Tarkenton. Meantime, here’s the follow-up to last week’s Retirement Watch Weekly. […]
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How To Convert Your IRA to a Roth – Without Taking a Tax Hit
What stops people from converting all or part of a traditional IRA or 401(k) to a Roth IRA? For many, it’s the cost of doing so. And yet, a few simple strategies, while staying alert for opportunities, can dramatically reduce the cost of converting an IRA. As you know, income taxes are the cost of […]
The Best Way to Handle Employer Stock in a 401(k) Plan
Employees who own company stock or other securities in their retirement plans should review their options before taking any distributions or doing rollovers. There’s a substantial tax break available to many of these workers. The tax break is known as net unrealized appreciation, or NUA. It’s very valuable when you know the tricks and follow […]
How to Reduce the Taxes on an IRA Conversion
One factor that keeps many people from converting all or part of a traditional IRA or 401(k) to a Roth IRA is the cost. A few simple strategies, and staying alert for opportunities, can dramatically reduce the cost of converting an IRA. Income taxes are the cost of converting an IRA. The amount converted is […]
IRA Conversions: Myths, Facts and More You Need to Know
We’re marking the 25th anniversary of the creation of the Roth IRA this year, and the retirement account is rapidly gaining in popularity. But most taxpayers aren’t interested in making annual contributions to the tax-free accounts. Indeed, IRS data indicate only a small percentage of Roth IRA balances are the result of contributions. The big […]
