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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The New Post-Pandemic IRA Strategies
A lot has changed about IRAs in the last couple of years, and more changes are coming if the president and majority in Congress have their way. It is important to reassess your strategies. Required minimum distributions (RMDs) don’t have to begin until age 72 for anyone who turns 72 after December 31, 2019. Contributions […]
Do 401(k)s Have Required Minimum Distributions (RMDs)?
The required minimum distribution (RMD) rules limit the extent to which an individual can use the tax deferral of a qualified retirement plan. RMD rules dictate when distributions must be made from the retirement plans of certain taxpayers. The rules apply to all qualified retirement plans, including traditional IRAs and 401(k)s. But the rules that […]
What You Can and Can’t Do with RMDs
The tax code and regulations have detailed and specific rules concerning who must take required minimum distributions (RMDs), when they must be taken, and how they are calculated. But there is no guidance about what a retirement plan owner or beneficiary can do with the RMD. So let’s clear up some of the confusion. First […]
Do 401(k)s Have Required Minimum Distributions?
The required minimum distribution (RMD) rules limit the extent to which an individual can use the tax deferral of a qualified retirement plan. The RMD rules dictate when distributions must be made from the retirement plans of certain taxpayers. The RMD rules apply to all qualified retirement plans, including traditional IRAs and 401(k)s. But the […]
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Eight Strategies for Optimizing RMDs from IRAs
Required minimum distributions (RMDs) from traditional IRAs and other qualified retirement plans aren’t suspended in 2021. You need to take the RMDs, and you might as well consider some options and strategies that will maximize after-tax income and make the process easier for you.RMDs are a simple concept that became complicated after Congress and the […]
How to Calculate the Required Minimum Distribution
The required minimum distribution (RMD) rules limit the extent to which an individual can use the tax deferral of an IRA or other qualified retirement plan. The RMD rules dictate when distributions must be made from the retirement plans of certain taxpayers. The rationale behind the RMD rules is that Congress provided the tax benefits […]
When to Use an IRA To Fund Your Health Savings Account
Health Savings Accounts (HSAs) are the best retirement planning tool available, and there’s a little-known legal trick that can help fully fund an HSA. An HSA has three powerful tax benefits. Contributions to the account are tax deductible or excluded from gross income when an employer makes them. The account can be invested, and income […]
Tax Court Shows Risks in Self-Directed IRAs, Unconventional Investments
A self-direct-ed IRA is a good way to invest your retirement account in non-traditional investments. But a recent Tax Court decision shows the dangers of taking shortcuts and not setting up and operating the IRA the right way.In the case, the taxpayer had a SEP-IRA. The custodian was a national bank. The taxpayer set up […]
