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9 10, 2020

Required Minimum Distributions (RMDs) are Waived in 2020—Should You Still Take Them?

By |2020-10-19T08:17:44-07:00October 9th, 2020|Categories: IRAs, Retirement Planning, Tax News|Tags: , , , , , , , , |0 Comments

If you are age 72 or older, you generally must take required minimum distributions (RMDs) from your traditional IRA or employer-sponsored retirement plan, such as a 401(k) or 403(b), each year. These amounts are included in your taxable income, and if you fail to take your RMD by the annual deadline, the amount not withdrawn

24 07, 2020

Converting to a Roth? Don’t Dip into Your Traditional IRA to Pay the Taxes

By |2020-07-24T00:42:03-07:00July 24th, 2020|Categories: IRAs, Tax Planning|Tags: , , , , , , |0 Comments

Converting a traditional Individual Retirement Account to a Roth IRA offers tax advantages in certain situations. It is most advantageous when you can pay any resulting income taxes without using funds from the traditional IRA. Contributions to Roth IRAs have already been taxed, so they grow tax-free. That means withdrawing from a Roth IRA after

17 07, 2020

The Downside of a Large Tax-Deferred Nest Egg

By |2020-07-17T23:57:51-07:00July 17th, 2020|Categories: Retirement Planning, Tax Planning|Tags: , , , , , , |0 Comments

You’ve been saving aggressively in an IRA or 401(k) plan for your whole career and you’re set up well for retirement. Or are you? If you’ve built up a large nest egg only or mostly in tax-deferred accounts, you may give up too much of your hard-earned savings to taxes when you begin withdrawing from

14 07, 2020

Roth Distribution Rules Help Minimize Taxes and Penalties

By |2020-07-15T00:19:36-07:00July 14th, 2020|Categories: IRAs, Tax Planning|Tags: , , , |0 Comments

Roth IRAs are a great way to balance out your retirement portfolio with assets that can offer a tax-free source of income. Specific rules governing distributions that enhance tax breaks—and a growing list of exceptions to early penalty rules—make Roth IRAs a handy asset to have in your investment toolbox. The biggest and best-known advantage

30 06, 2020

How IRA Contributions May Affect Qualified Charitable Distributions (QCDs) after the SECURE Act

By |2020-06-30T09:18:13-07:00June 30th, 2020|Categories: IRAs, Tax News|Tags: , , , , |0 Comments

For traditional IRA owners aged 70.5 or older, making qualified charitable distributions (QCDs) from their accounts offers a way to donate to a charity of their choice while reducing taxable income. However, among its many other changes to retirement plans, the Setting Every Community Up for Retirement Enhancement (SECURE) Act included provisions that have made

9 06, 2020

How IRA Distributions May Affect Your Social Security and Medicare Benefits

By |2020-06-13T20:21:45-07:00June 9th, 2020|Categories: IRAs, Retirement Planning|Tags: , , , , , |0 Comments

Taking distributions from your retirement account will not reduce your Social Security benefits. However, these distributions will add to your income, which will affect the taxes you pay and could cause your Medicare premiums to rise. Added to any wages and other income sources, distributions from traditional individual retirement accounts and 401(k)s are taxable and

22 05, 2020

CARES Act Retirement Plan Changes Offer Financial Relief

By |2020-06-13T21:03:07-07:00May 22nd, 2020|Categories: IRAs, Retirement Planning, Tax News|Tags: , , , , , |0 Comments

Whether you are retired or are some years away from that stage of life, the Coronavirus Aid, Relief and Economic Security Act (CARES) made changes to retirement plan rules that may help ease financial difficulties in this downturn. The CARES Act expands options for taking distributions from retirement accounts and limits the tax impact of

18 05, 2020

Changes to Stretch IRAs Under the New SECURE Act

By |2020-06-13T21:18:58-07:00May 18th, 2020|Categories: IRAs, Retirement Planning, Tax Diversification, Tax News|Tags: , , , , , |0 Comments

When the Setting Every Community Up for Retirement Enhancement (SECURE) Act was enacted on January 1, 2020, it implemented some of the most significant changes to retirement plans that have been made in over a decade. One of these changes came as a disappointment to many IRA owners: the requirement that non-spousal beneficiaries of “stretch

11 05, 2020

New Rules Add Flexibility for Retirement Distributions

By |2020-06-13T21:29:57-07:00May 11th, 2020|Categories: IRAs, Retirement Planning, Tax Diversification, Tax News|Tags: , , , , , , |2 Comments

If you are 70 or about to hit that milestone, you’ve just gained more options in managing your retirement income. As of January 1, 2020, you can now delay taking required minimum distributions (RMDs) from retirement savings until age 72. Previous rules required distributions after age 70.5 from IRAs or employer-sponsored retirement plans such

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