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 ‘Look-Through’ Strategy: Making a Living Trust the Beneficiary of Your IRA
There are only a few instances your heirs aren’t penalized when you name a trust as the beneficiary of your IRA. A recent IRS ruling gives an example, but the ruling also reveals the pitfalls of the strategy. The general rule goes like this… When an IRA beneficiary is not an individual, the IRA must […]
Should a Living Trust Be Beneficiary of Your IRA?
There are only a few instances your heirs aren’t penalized when you name a trust as the beneficiary of your IRA. A recent IRS ruling gives an example, but the ruling also reveals the pitfalls of the strategy. The general rule is when an IRA beneficiary is not an individual, the IRA must be distributed […]
How to Decide Whether to Convert an IRA and How Much to Convert
The Roth IRA is one of the most powerful tax and retirement planning tools available, yet it is misunderstood and often misused.The investment income in a Roth IRA compounds tax free, and most Roth IRA distributions are tax free. In addition, there are no required mini-mum distributions (RMDs) during the original owner’s life. Distributions also […]
IRS Sets New Rules on IRAs, QCDs and More
Significant changes were made in individual retirement account (IRA) rules during the last few years. The IRS recently issued new guidance on some of those changes and how they interact with other rules.The Setting Every Community Up For Retirement Enhancement (SE-CURE) Act repealed the age limit on contributions to traditional IRAs. Previously, contributions couldn’t be […]
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7 IRA Distribution Mistakes to Avoid
Most people know the rules about contributing money to IRAs and 401(k)s, but relatively few know important rules about taking distributions.The result is expensive mistakes, resulting in unnecessary taxes and penalties. This month, I review seven retirement account distribution mistakes that frequently are made and reduce the after-tax value of the accounts. Early distribution blunders. […]
2 New Cases Show Why Your Retirement Account Paperwork Needs to Be Done Right
Many people don’t take their IRA and 401(k) paper-work seriously enough, and that leads to terrible consequences. Here are two recent cases that will surprise and shock a lot of people. The first case involves an IRA owner who failed to notify the custodian that he moved. At least, the IRA owner’s new address didn’t […]
When You Can and Can’t Own Gold in an IRA
The price of gold recently reached new highs.Investors are looking for ways to profit from the gold rally. They’re seeing a lot of ads recommending they buy gold and silver through their individual retirement accounts (IRAs). You can own gold through your IRA, if you comply with the tax code’s limits. Not all gold investments […]
5 Reasons 2020 Could Be the Best Year to Convert an IRA
This year might be the best year for many of you to convert all or part of a traditional IRA to a Roth IRA. Roth IRAs are one of the most powerful retirement and tax planning vehicles. Earnings compound free of taxes. Distributions of the principal always are tax free, and distributions of income and […]
