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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How to Reduce the Taxes on an IRA Conversion
One factor that keeps many people from converting all or part of a traditional IRA or 401(k) to a Roth IRA is the cost. A few simple strategies, and staying alert for opportunities, can dramatically reduce the cost of converting an IRA. Income taxes are the cost of converting an IRA. The amount converted is […]
IRA Conversions: Myths, Facts and More You Need to Know
We’re marking the 25th anniversary of the creation of the Roth IRA this year, and the retirement account is rapidly gaining in popularity. But most taxpayers aren’t interested in making annual contributions to the tax-free accounts. Indeed, IRS data indicate only a small percentage of Roth IRA balances are the result of contributions. The big […]
The IRA Rules Are Tricky (What You Need To Know)
In last week’s Retirement Watch Weekly, I shared some oversights and missed opportunities that can easily trigger unnecessary taxes. I get a lot of reader questions about IRAs and taxes, so to help all of us get on the same page, let’s today cover more costly mistakes to recognize and avoid… Non-traditional investments Some assets […]
4 IRA & Retirement Account Mistakes You Might Make in 2022
Every day, retirement account owners and beneficiaries trigger unnecessary taxes and penalties through mistakes, oversights and missed opportunities. And while IRAs, 401(k)s and other retirement accounts are among the most valuable assets most people own… They’re also are among the most complicated and misunderstood. The mistakes and oversights can occur at every stage of IRA […]
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What You Need to Know About IRA Conversions in 2022
In 2022, we mark the 25th anniversary of the Roth IRA amid a surge in its popularity. The Roth IRA was created in the Taxpayer Relief Act of 1997, and the first Roth IRAs were opened in 1998. The IRA is named after its sponsor, Sen. William Roth, of Delaware. Sen. Roth also co-sponsored the […]
The Key IRA Mistakes, Lost Opportunities to Avoid in 2021
Every day, retirement account owners and beneficiaries trigger unnecessary taxes and penalties through mistakes, oversights and missed opportunities. IRAs, 401(k)s and other retirement accounts are among the most valuable assets most people own and also are among the most complicated and misunderstood. The mistakes and oversights can occur at every stage of IRA ownership, and […]
6 Year-End Strategies for IRAs and 401(k)s
Retirement plans are in the news a lot these days, and it’s more important than usual this year for many owners of IRAs and other retirement plan accounts to focus on year-end strategies. Congress is considering raising income tax rates and eliminating many long-time retirement planning strategies. You need to consider the potential changes in […]
Could Your IRA & 401(k) Wind Up Paying Off Your Heirs’ Creditors?
As part of your estate plan, you need to consider whether it’s possible your IRA or 401(k) could end up in the hands of creditors of one of your heirs. A general rule is that qualified retirement plans are exempt from bankruptcy claims. But that general rule applies only to the original owner of the […]
