One Of The Few Gifts From The IRS A Qualified Charitable Distribution (QCD), available at age 70 1/2, is one of the best tax gifts that the IRS has given you. If you are age 72 or older, IRS rules require you to take required minimum distributions (RMDs) each year from your tax-deferred retirement accounts.…
What Are the Potential Benefits? What Are the Drawbacks? If you own a traditional IRA, perhaps you have thought about converting it to a Roth IRA. Going Roth makes sense for some traditional IRA owners, but not all. Why go Roth? There is an assumption behind every Roth IRA conversion – a belief that income…
It’s a Mess! The IRS announced on Friday last week, that, among other things, it would continue to delay enforcing new RMD rules related to post-2019 inherited retirement accounts. We’ve waited for this ruling for some time now. We’re also receiving more questions lately about RMDs for this year. Here’s the latest from…
You may be tired of hearing me harp on taxes. Now some mainstream news sources are starting to chime in. This is a 4th of July article from Kiplinger. I am going to quote the very first sentence of the article. “Traditional IRAs are set up in a way that basically incentivizes you (and…
Are taxes on the rise? Many of our conversations and decisions with clients hinge on this probability. Many of you realize that you have a strong silent partner in your IRA, the IRS. In this article, Ed Slott, sometimes called America’s retirement expert, talks about why IRAs and 401(k)s will be likely targets for increased…
The waiver of required minimum distributions for 2020 is coming to a close; if you are of RMD age you must resume RMDs for 2021 and beyond. RMDs for beneficiary IRAs will need to resume in 2021 as well. Reminder: RMDs do not apply to Roth IRA owners. The Setting Every Community Up for…
That’s the question investors are asking. Let me explain in our Summer Market Update. After cruising for the past five months, the markets screeched to a halt on September 3rd. The Dow dropped over 800 points, and the Nasdaq plunged nearly 5%.1 All told, it was one of the worst trading days for stocks since…
Perhaps this question has crossed your mind more than once as you consider your financial future. There are many issues surrounding this question and one of the first steps to finding the answer is to evaluate where you are today. Take a snapshot of where you are currently and paint a picture of where you…
The Best IRS Tax Gift If you’re not at least 70½, you can skip this article. Forward the link to someone that is. They will appreciate your thoughtfulness. If you are at least 70½, this is for YOU. A Qualified Charitable Distribution may be THE best tax gift that the IRS has given you. At…
Below, I explain how you may be able to take money from your IRA and other retirement accounts, avoid early withdrawal penalties, and have generous options on repayment (or not). I also explain when you don’t have to take the required minimum distribution from your IRA. COVID-19-Related Distributions from IRAs Get Tax-Favored Treatment If you…