Strategies for maximizing your Individual Retirement Account (IRA’s) Investments, Tax Savings and Timing of Required Minimum Distributions
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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 […]
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 […]
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 […]
Should I convert my traditional IRA or 401(k) to a Roth IRA? How much should I convert? These and related questions are being asked more frequently these days. That’s primarily because of a wide-spread belief that increases in income and estate taxes are likely to be enacted in the next year or two. Also, Stealth […]
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.
The Biden administration and Congress are planning major spending increases in 2021 and beyond. They are going to raise taxes to pay for some of that spending. A lot of the revenue to pay for the new spending is likely to come from retirement plans, according to several speakers at a recent American Bar Association […]
The qualified charitable distribution (QCD) from an IRA is the best way for most people age 70½ and older to make charitable contributions. The QCD was a temporary innovation in 2006 but was made a regular part of the tax law in 2015. You should include the QCD in your tax planning if you’re charitably […]
Some special tax and retirement plan rules were created in 2020 in response to the COVID-19 pandemic. Congress recently extended one of them with some modifications but let another expire. One provision gave taxpayers more than 60 days to roll over IRA distributions to the original IRA or to another qualified retirement plan. The provision […]
Over the last few years, there have been a lot of changes in required mini-mum distributions (RMDs) for IRAs and other retirement plans. It is important to know the current rules, so you don’t pay more income taxes than you need to or incur the highest penalty in the tax code. The penalty for not […]
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