28Jul
Planning for a Child’s College Expenses Should Start Early
Learn how a non-working spouse can qualify to fund an IRA.
28Jul
How Can a Nonworking Spouse Qualify to Fund an IRA?
Article Highlights:
Spousal IRA Compensation Requirements Maximum Contribution Traditional or Roth IRA?One of the fallouts of the COVID-19 pandemic is that millions of people have dropped out of the workforce, particularly workers with families. While they remain unemployed, these individuals will have lost the opportunity to build up...
28Jul
Back-Door Roth IRAs
Article Highlights:
Roth IRA Contribution Limitations Converting a Traditional IRA to a Roth IRA Circumventing the Limitations Back-Door Roth IRAs Pitfalls of a Back-Door Roth IRA The “All IRAs Are One” RuleMany individuals who are saving for retirement favor Roth IRAs over traditional IRAs because the former allows...
28Jul
Complications to the IRA-to-Charity Distribution Provision
Article Highlights
IRA Contribution Age Restrictions Removed Required Minimum Distributions Qualified Charitable Distribution Tax TrapIndividuals are required to begin taking distributions from their IRA when they reach a certain age. That age was 70½ until Congress passed the SECURE Act in late 2019, which made significant changes to the retirement plan provisions...
28Jul
Required Minimum Distributions Have Resumed for 2021
Article Highlights:
Required Minimum Distribution Recent Law Changes RMDs Resume in 2021 Still Working Exception First Year RMD Exception Determining the RMD Amount Excess Accumulation Penalty Qualified Charitable Distribution Designated BeneficiariesWhen Congress established tax-favored retirement plans, they allowed taxpayers to take a tax deduction for the amount of their allowable contribution to the plans. But they also...
28Jul
