Now easier to qualify for a penalty-free retirement distribution
The CARES Act provided taxpayers with the option to take penalty-free coronavirus-related withdrawals of retirement funds of up to $100,000 in the aggregate between January 1, 2020, and before December 31, 2020 (meaning the distribution must be taken by 12/30/2020... Read More →
The market tanked.. do I really have to take my RMD this year?
If you are over 70-1/2, you have been dutifully taking your Required Minimum Distribution (RMD) from your retirement plans each year. The 2020 RMD is calculated by looking at the 12/31/19 balance in your retirement plans, dividing by a factor... Read More →
August is a great month to review your retirement savings
Every year at tax time, I ask clients if they want to do an IRA contribution. Many of them tell me: “Yes! But I don’t have the money right now. Next year for sure!” Then another year rolls around and I... Read More →
Don’t Make these Inherited IRA mistakes!
Inherited individual retirement account mistakes are expensive and often fatal, meaning they cannot be fixed like some other IRA mistakes can. We should have our antennas up when an IRA owner dies and leaves the IRA to a non-spouse beneficiary,... Read More →
Think Twice.. or Maybe Three Times Before Taking Money Out Of Your IRA
Are you thinking about taking money out of your IRA to pay off those bills that keep mounting up? If so, please call your Enrolled Agent first and be sure you understand how it is going to impact your taxes.... Read More →