Currently viewing the tag: "IRA"

An IRA can be a wonderful account to inherit. However, the rules are complex and errors can be costly. There are some great tax advantages if you handle the inheritance correctly. Unfortunately, there can potentially be a big tax bill if you don’t. Follow these steps to avoid a few common mistakes and maximize the […]

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Last fall The Washington Post reported[1] that 71% of American’s aren’t saving enough for retirement. The article was based on a national survey commissioned by Experian in collaboration with Get Rich Slowly.org. Rather than rehash the reasons American’s aren’t saving enough, I’d like to focus on ways to address the problem.  Let’s make 2017 the year […]

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Rolling over your employer-sponsored retirement plan (401(k), 403(b), 457, etc.) is not as easy as it used to be.

After-tax contributions, company stock, Roth contributions, employee vs. employer contributions, and more can make the process a little more involved.

Mistakes could involve unwanted tax withholding or commingling pre-tax and after-tax contributions that will have to […]

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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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On Friday, December 18, 2015 President Obama signed the 2016 Consolidated Appropriations Act into law. Among its many provisions it is the permanent extension of the ability for a taxpayer to make qualified charitable distributions (QCDs) from individual retirement accounts (IRAs).

In the legislation signed by the President on December 18, 2015 the IRA charitable […]

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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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