The new rules apply to IRA beneficiaries who received an inheritance in 2020 or later. Tax planning can help minimize the taxes you owe on your inheritance.
3 Mistakes Beneficiaries Must Avoid When Inheriting An IRA
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IRA Accounts
Guide to the ROTH IRA: Summary of features and specs.
Ready to dive into the world of ROTH IRAs? Great choice! These retirement accounts can be beneficial when pursuing a solid financial future, especially if you are not a big fan of taxes. Let’s break it down in plain, understandable terms, shall we? What is the...
What is an IRA?
According to the Internal Revenue Service, IRA stands for Individual Retirement Arrangements (IRAs).1 Let’s break it down from there. First (and foremost) they are owned by individuals. They are not owned by couples, and they are not usually provided by employers....
Inherited IRA rules tripped up Mandy’s CPA
Don built a business, and a remarkably successful investment portfolio. He and Charlene enjoyed many years together in retirement.
Charlie’s Bad Timing
Charlie has the worst timing. She logs in 15 minutes early to the online meeting and makes sure the wireless headset works.
Seek Coaching When Exceptional Outcomes Matter
Training for a marathon, like funding a Retirement Plan, is about both quantity and quality.
Controlling Your IRA Beneficiaries
It has been fifteen years since Rob and Gina were first subject to the Required Minimum Distribution (RMD). They both turned 85 this year, and as with so many events in their lives.
How to avoid a 50% penalty tax on your Required Minimum Distribution – Part 1
Rob married his high school sweetheart Gina just after he safely returned from the Vietnam War. Together they raised a family and built a successful furniture business.
Congress gets it act(s) together
For the first time in years, Congress passed a budget bill that won’t require an annual battle over the details. The spending cap is set for the next two fiscal years.
Prefer Your Grandkids to Your Kids?
The beneficiary of an IRA has significant tax benefits which should not be overlooked when naming the beneficiaries and contingent beneficiaries on retirement accounts such as IRA and 401(k) plans.