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 be Sure Your Roth IRA Distributions are Tax Free
The general rule is that distributions from a Roth IRA are tax free to both the original account owner and beneficiaries who inherit. But this is the tax law, so there are exceptions that could make a Roth IRA distribution taxable. Roth IRA owners must be aware of the five-year rule. In fact, details about […]
Surviving Spouses Now Have More Rights in 401(k) Plans
Surviving spouses who are beneficiaries of 401(k) accounts have choices similar to those when they inherit IRAs, but there are important differences. The first step is to contact the plan administrator and determine the options allowed. While the tax code permits several options, a plan doesn’t have to offer all of them. Historically, 401(k) plans […]
What the SECURE Act and Recent IRS Regulations Mean for Spouses Who Inherit IRAs
Some of the most important decisions a surviving spouse will make are how to handle inherited IRAs and 401(k)s. Yet, advice for surviving spouses has been overshadowed by changes made for non-spouse beneficiaries since the enactment of the Setting Every Community Up for Retirement Enhancement (SECURE) Act in late 2019. The SECURE Act famously eliminated […]
The Tax Traps in Delaying IRA Distributions
Congress expanded a tax trap for many owners of traditional IRA and 401(k) accounts when the SECURE Act 2.0 was enacted in December 2022. The law delayed the starting age for required minimum distributions (RMDs) to age 73, effective January 1, 2023. The starting age will jump to 75 effective January 1, 2033. If you […]
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Know The Few Times When RMDs Can Be Delayed
Sometimes required minimum distributions (RMDs) from qualified retirement plans don’t have to begin right after the owner reaches the required beginning age. The exceptions don’t apply to IRAs. You must take RMDs from traditional IRAs after your required beginning age. But the exceptions do apply to some qualified employer retirement plans, such as 401(k) plans. […]
How to Plan for the Largest-Ever IRAs and RMDs
The surge in stock and bond prices in late 2023 brought benefits but created tax problems for some IRA owners. Some IRA owners must take required minimum distributions (RMDs) each year. The year’s RMD is based on the IRA’s value on Dec. 31 of the previous year. The rise in stock and bond prices means […]
Is Your IRA Safe from Creditors?
Retirement accounts are protected from creditors and lawsuits most of the time, but not all the time. You should know the circumstances when an IRA or other retirement account might be vulnerable. In general, qualified retirement accounts are protected from creditors, whether or not bankruptcy is declared, by the federal Bankruptcy Abuse and Consumer Protection […]
Plan Your 2024 QCDs and RMDs Now
The early months of the year are important for taxpayers ages 70½ and older who have traditional IRAs. The right plan developed early in the year can reduce taxes on required minimum distributions (RMDs) this year and for years to come. Not planning, or waiting until later in the year, can mean lost opportunities and […]
