One of the greatest benefits of an IRA is its ability to provide tax-favored wealth for heirs. An IRA left to a beneficiary can be "stretched" to provide pre-tax compound investment returns for the rest of the beneficiary's life -- or even longer. And these can be distributed totally tax free if it is a Roth IRA.
This week's Q&A Mailbag answers reader questions on Roth IRA contributions and distributions.
The Tax Cuts and Jobs Act revised the way inflation adjusted numbers will be calculated by IRS. The Act now mandates that these numbers be calculated using chained CPI. IRS has gone back and recalculated inflation adjusted amounts for use in 2018.
Do you think you understand all the rules that govern your Roth IRA? Not so fast! There are many misconceptions as to how these complicated accounts work. Here are 5 Roth IRA facts that might surprise you.
This week's Q&A Mailbag answers reader questions on SEP contributions, RMDs, and Inherited IRAs.
If you’re like me, when you first read the qualified disclaimer rules, the phrase comes “must be nice” comes to mind. And while it’s true these rules are used more often by wealthier Americans, anyone can incorporate them into their estate planning as a tool to make last minute changes. In fact, disclaimers can be a valuable postmortem planning tool giving beneficiaries one last opportunity to divert a bequest to accomplish family goals, such as tax savings.
On Friday February 9, 2018, President Trump signed into law the Bipartisan Budget Act of 2018 (the “Act”). While the Act is best known for ending the nine-hour government shut down that took place on February 9, 2018, it also contained some tax-related provisions.
This week's Q&A mailbag answers two reader questions about RMDs.
The Tax Cuts and Jobs Act made sweeping changes to the tax laws. Brackets have been changed, deductions have been eliminated, and retirement plans have been affected. You may be wondering what the new law means for your IRA. Here are 5 things you need to know.
The IRS says it will start accepting and processing 2017 tax returns on January 29 and expects to issue nine of 10 refunds within 21 days. To get the fastest refund possible, file electronically and request direct deposit of the refund amount. The IRS says it won't start processing paper returns until mid-February, and requesting a mailed paper check adds more time to processing and delivery. The due date for 2017 returns is April 17, 2018, since April 15th is a Sunday and the 16th is Emancipation Day, a legal holiday in the District of Columbia.
