Tag: Retirement Tax Savings

Taxable Events in Retirement Accounts

Aug 31, 2020

Urgent Tax Liability Notice
What triggers a tax liability for an individual or a trust?

When you distribute, sell, or receive assets from a retirement account, taxes usually follow. It is true for individuals; it is true for trusts. These decisions represent taxable events. (more…)

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A Roth IRA’s Many Benefits

Feb 28, 2020

blue piggy bank hand coin smiling Roth IRA
Why do so many people choose them over traditional IRAs?

The IRA that changed the whole retirement savings perspective. Since the Roth IRA was introduced in 1998, its popularity has soared. It has become a fixture in many retirement planning strategies because it offers savers so many potential advantages.  (more…)

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When a Windfall Comes Your Way

Feb 21, 2020

Bingo sweepstakes windfall ball lottery
What do you do with big money

Getting rich quick can be liberating, but it can also be frustrating. A sudden wealth windfall can help you address retirement saving or college funding anxieties, and it may also allow you to live and work on your terms. On the other hand, you’ll pay more taxes, attract more attention, and maybe even contend with jealousy or envy. You may also deal with grief or stress, as a lump sum may be linked to a death, a divorce, or a pension payout decision. (more…)

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Where Will Your Money Come From After You Retire

Feb 10, 2020

white Question Mark Written on black chalkboard to retire
Retirement income may come from a variety of sources

For many people who retire, income may come from a variety of sources. Here’s a quick review of the six main sources: (more…)

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The Secure Act

Jan 17, 2020

The Secure Act What You Need to Know
Long-established retirement account rules change.

The Setting Every Community Up for Retirement Enhancement (SECURE) Act is now law. With it, comes some of the biggest changes to retirement savings law in recent years. While the new rules don’t appear to amount to a massive upheaval, the SECURE Act will require a change in strategy for many Americans. For others, it may reveal new opportunities. (more…)

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72(t) Distributions

Sep 23, 2019

Schedule and Calculator
Sometimes you can take penalty-free early withdrawals from retirement accounts.

Do you need to access your retirement money early? Maybe you just want to retire before you turn 60 and plan a lifelong income stream from the money you have saved and invested. You may be surprised to know that the Internal Revenue Service allows you a way to do this, provided you do it carefully.

Usually, anyone who takes money out of an IRA or a retirement plan prior to age 59½ faces a 10% early withdrawal penalty on the distribution. That isn’t always the case, however. You may be able to avoid the requisite penalty by taking distributions compliant with Internal Revenue Code Section 72(t), section 2. (more…)

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Making a Charitable Gift from Your IRA

Jun 21, 2019

Retired Couple
Follow the rules and you could get a nice tax break on your reportable income.

Is your annual IRA withdrawal a bother? If you are an affluent retiree, that might be the case. The income is always nice, but the taxes that come with it? Not so much.

If only you could satisfy your yearly IRA withdrawal requirement minus the attached taxes. Guess what: there might be a way.

If you gift traditional IRA assets to charity, you could see some big tax savings. The Internal Revenue Service calls this a Qualified Charitable Distribution (QCD), and you may want to explore its potential. Some criteria must be met: (more…)

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More Insights

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Sep 23, 2020

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Sep 21, 2020

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Sep 18, 2020

Roth IRA Conversion decisions have attracted retirement savers since their introduction in 1998. They offer the potential for tax-free retirement income, provided Internal Revenue Service rules are followed.

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