Currently viewing the tag: "401(k)"

Make sure you max out your 401(k). Fund your Roth IRA before the April 15th deadline. Remember that contributions to Health Savings Accounts (HSAs) are deductible. Withdrawals from 529 plans are tax-free when used for qualified expenses. With all the emphasis on tax advantaged accounts, you may have overlooked the importance of Leg Two of […]

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A lot of people get confused when it comes time to taking minimum distributions from an IRA or other qualified account. The rule states required minimum distributions (RMDs) must begin by April 1st of the year following the year in which the IRA owner reaches age 70 ½. This applies to traditional IRAs, SEPs, and […]

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What’s worse than paying income taxes? Paying taxes on the same income twice. Before putting away your 2015 tax folder, make sure your return contained Form 8606 if you have after-tax contributions in your IRA or Roth IRA account.

Tax Form 8606 keeps track of the after-tax balance in an IRA. It’s what accountants […]

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Tax planning is probably the last think you’re thinking of this summer. April 15th is way off in the future and you may not have even filed everything away from 2014. Taxpayers who filed for extension haven’t even finished their taxes. However, a mid-year tax planning session is an excellent time to review projections and […]

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Continued from Ten Stupid Things People Do To Mess Up Their IRA’S: Part 1

4. Not beginning the required distributions on time. You are required to begin taking the minimum required distribution (“MRD”) by April 1 of the year following the year in which you attain the age of 70 ½. Making this […]

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I was struck by the contrast of two couples I met with recently who were prospective clients for Rodgers & Associates. Both couples were in their late 50s and were planning to retire in five years. Both had accumulated similar amounts of assets for retirement.

The contrast was in their current spending habits. Couple one […]

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