If you inherited an individual retirement account, the IRS waived penalties for some missed mandatory withdrawals this year. But there could be reasons to start taking them anyway, experts say.
New rules require withdrawals over 10 years, but there are options. Here are some tips to maximize your inheritance and avoid a big tax hit.
Advisors are “getting hammered” with one big year-end tax question from clients now, according to IRA and tax expert Ed Slott: Do I have to take a required minimum distribution for 2023?
While it “sounds simple,” Slott of Ed Slott & Co. relayed, RMDs “are confounding advisors this year like never before.”
The Ed Slott team answers thousands of IRA and work plan questions annually. Over time, certain inquiries repeat themselves. Here are the top 10 IRA and work plan confusions, along with the answers:
The IRS debunks some TikTok influencers’ tips to avoid paying taxes on trust income. Meanwhile, why a TikTok IPO could be a ‘unicorn of all unicorns.’
The last Tax Report examined a new law requiring greater use of Roth 401(k) plans by older, higher-earning savers, and it prompted a flood of questions from readers about traditional and Roth IRAs and 401(k)s and similar plans.
Join Michelle Gessner, CFP®, a member of Ed Slott’s Master Elite IRA Advisor Group℠, as she chats with tax attorney and educator Sarah Brenner from Ed Slott and Company, LLC. With over 20 years of experience, Sarah has become a trusted resource for financial advisors and their clients across the nation. Listen as she shares her insights on how you can navigate through the complexities of retirement and tax regulations.
When life as we knew it was put on hold in March 2020, so were federal student loans. The coronavirus had prompted broad shutdowns that reduced health risks but created financial hardships.
New rules for inherited IRAs could leave some heirs with a hefty tax bill. In the first quarter of 2023, Americans held more than $12 trillion in IRAs. If your parents saved diligently throughout their lives, there’s a good chance you’ll inherit some of that money.
Pay taxes now or later is often a consideration when people decide how to save for retirement, but Congress decided the only option for some older Americans should be now for certain retirement accounts.
