At age 72, the government is ready to begin collecting tax on all of your deferred income and growth inside your IRAs and 401(k)s but you want to avoid paying the tax. What can you do? There are a least four legitimate strategies to delay or avoid taking RMDs.
When it comes to deciding to contribute to a Traditional or Roth 401(k) account, there are many factors to consider – most of which boil down to the amount of income taxes you are projected to pay over your lifetime.
This short 7-minute video explains what is a Roth IRA, how you get money into it, and why nearly everyone could benefit from having one.
You’ve worked hard for years and saved money along the way, but how do you take those retirement savings and turn them into retirement income that will last for 30 years or more?
Since the tax changes in 2018, most Americans are using the standard deduction rather than itemizing, as the standard deduction has nearly doubled—and SaLT tax deductibility is limited to $10,000. That means charitable contributions—which are itemized deductions—no longer have the same tax benefit for most. There are two ways you can plan to maximize the impact of your generosity: Donor-Advised Funds (DAFs) or Qualified Charitable Distributions (QCDs) from your IRA.