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Client who is still working for the same school district but her old 403b plan was cancelled and they started...

Fewer and fewer workers are participating in defined benefit pension (DB) plans these days. The high cost of maintaining those plans has led many employers to terminate existing plans and dissuaded many others from setting up new plans in the first place. But there are still many DB plans out there, and it’s important to know that they operate very differently from defined contribution (DC) plans, like 401(k), 403(b) and 457(b) plans. Here are eight important differences:

67 yr old plans to take TIRA, convert it to RIRA and immediately annuitize for life time income. since the...

Hoping someone could help answer with the following scenario. Had a client receive one lump sum distribution from his employer...

Transferring Roth IRAs After a Gray Divorce

• Two Methods for Tax-Free Transfer
• Transfer of Roth 5-Year Forever Clock
• Transfer of 5-Year Clock for Roth Conversions
• Pro-Rata Transfer of Assets
• Tracking 5-Year Clocks in the Receiving Roth IRA

Executive Summary

Maximize IRA Contributions by Avoiding These 6 Common Misconceptions

1. I Am Too Late
2. I Am Too Old
3. I Don’t Have Any Earned Income
4. I Can’t Afford to Contribute
5. My Income Is Too High
6. I Have a Retirement Plan at Work

Insert: Tax Planning Charts

GUEST IRA EXPERT: Bill Upson,

I am a retiree over 59.5 years old. In 2020, I performed backdoor rollover (from an After Tax Account) from...

I am assisting a client with 2020 tax returns. They are trying to maximize their retirement plan contributions to get...

After reading Ed’ new book “The New Retirement Savings Time Bomb” – Ed talks about converting traditional IRA to Roth...

Client retired and allowed to take one redemption per year out of 401k (age 55 rule of plan) and processed...

When it comes to contributing directly to a Roth IRA, an individual must have modified adjusted gross income below a certain level. This income level cutoff is not a “cliff,” meaning if you go one dollar over the level, you do not immediately become ineligible for a Roth IRA. There is a phaseout range where the amount of the direct Roth IRA contribution is gradually decreased. For 2021, the Roth phaseout limits for contributions are $198,000 - $208,000 for those married/filing joint, and $125,000 - $140,000 for single filers.