Question:Starting in 2024, if you have a 529 plan you can potentially roll it into a Roth IRA if certain requirements are met. Could the 529 plan also go into a Roth employer plan?Thank you.
Question:Starting in 2024, if you have a 529 plan you can potentially roll it into a Roth IRA if certain requirements are met. Could the 529 plan also go into a Roth employer plan?Thank you.
In 2024, more Americans than ever before will reach age 65. By this summer, 12,000 baby boomers will celebrate their 65th birthday each day. This demographic milestone has been called “Peak 65.” If you are in this group, what does Peak 65 mean for your IRA?
Question:I have a traditional IRA with a portion being nondeductible contributions. The last nondeductible contribution I made was in 2009. and I have my Form 8606 showing the basis. I want to convert a portion of my traditional IRA to a Roth IRA. Can I convert all of the nondeductible amount plus some of the before-tax contributions to a Roth IRA? I have never taken any distributions from my traditional IRA. I'm 52 years old.Thanks,Jeff
If you are charitably inclined and have an IRA, you might want to consider doing a Qualified Charitable Distribution (QCD) for 2023. The deadline for a 2023 QCD is fast approaching. It is December 31, 2023, but many custodians have even earlier cutoffs. Don’t miss out on this valuable tax break. Here is what you need to know.
It is December. The halls are decked, and Starbucks holiday cups are everywhere. The end of the year is not far away. That means the deadline is near for taking a required minimum distribution (RMD). Here is what you need to know if you have your own IRA or if you are an IRA beneficiary.
Question:Can you please tell me if a client can transfer her required minimum distribution (RMD) to a 529 plan for a grandchild’s college and avoid paying income tax on it similar to a transfer to a qualified charity?Thanks,
Thanksgiving is almost here! This is a time for us to gather together and express our gratitude for all the good things in our lives. When it comes to our retirement accounts, we frequently complain about the negatives, such as the many IRA rules that are way too complicated and confusing.
You may have noticed grocery stores stocking up for Thanksgiving, and festive lights and displays going up everywhere. Yes, it is the holiday season, but it is also the season to take required minimum distributions (RMDs). One question we have been getting a lot this year involves RMDs when IRA investments are not liquid.
Question:In 2020 and 2021, when I was over 65 years old, I converted some of my IRA into a Roth IRA. Does the five-year rule still apply to me, or can I now draw out all of the Roth IRA without any tax consequences?
