With the arrival of fall, it’s an ideal time to begin implementing strategies that could reduce your tax burden for both this year and next.
Continue Reading: Make year-end tax planning moves before it’s too late!
If you’re a philanthropic individual who is also obligated to take required minimum distributions (RMDs) from a traditional IRA, you may want to consider a tax-saving strategy. It involves making a qualified charitable distribution (QCD).
Continue Reading: Certain charitable donations allow you to avoid taxable IRA withdrawals
If you have a tax-favored retirement account, including a traditional IRA, you’ll become exposed to the federal income tax required minimum distribution (RMD) rules after reaching a certain age. If you inherit a tax-favored retirement account, including a traditional or Roth IRA, you’ll also have to deal with these rules.
Continue Reading: Update on retirement account required minimum distributions
Are you getting ready to retire? If so, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications.
Continue Reading: 4 tax challenges you may encounter if you’re retiring soon
When you take withdrawals from your traditional IRA, you probably know that they’re taxable. But there may be a penalty tax on early withdrawals depending on how old you are when you take them and what you do with the money.
Continue Reading: How to avoid the early withdrawal tax penalty on IRA distributions
If you’re getting ready to retire, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications.
If you have a traditional IRA or tax-deferred retirement plan account, you probably know that you must take required minimum distributions (RMDs) when you reach a certain age — or you’ll be penalized. The CARES Act, which passed last March, allowed people to skip taking these withdrawals in 2020 but now that we’re in 2021, RMDs must be taken again.
Continue Reading: Don’t forget to take required minimum distributions this year