Category Archives: Income Tax Planning

You Have 10 Years to Empty Your Beneficiary IRAs If You Aren’t an EDB

You Have 10 Years to Empty Your Beneficiary IRAs If You Aren’t an EDB

If you are the beneficiary of a retirement or IRA account that you inherited after 2019, you need to familiarize yourself with the new SECURE Act rules to determine the applicable time frame for taking distributions in order to avoid potential sizable penalties.

Contribute Your 2020 RMD to a Roth IRA

Contribute Your 2020 RMD to a Roth IRA

Although you can rollover, or return, your 2020 IRA and other retirement plan February 1st to May 15th distributions as a result of the 2020 waiver of RMDs, there’s another strategy that you can use to reduce future years’ income tax liability and optimize lifetime after-tax distributions for you and your heirs.

The Roth IRA Conversion Trifecta

The Roth IRA Conversion Trifecta

As a result of a series of three events, there’s an unprecedented opportunity to do a sizable Roth IRA conversion this year.

Will Congress Suspend 2020 Required Minimum Distributions?

Will Congress Suspend 2020 Required Minimum Distributions?

The stock market decline of almost 30% over the last month in response to the spreading Coronavirus, if sustained, could trigger legislation for retirement plan relief. This could potentially include suspension of required minimum distributions and changes to the SECURE Act that went into effect January 1st.

7 Reasons to Start a Staged Roth IRA Conversion Plan Today

7 Reasons to Start a Staged Roth IRA Conversion Plan Today

One underutilized strategy for optimizing the longevity of assets when planning for retirement is a staged, or multi-year, Roth IRA conversion plan. There are seven reasons to start this type of plan today.

Roth Solo 401(k) Makes More Sense Than Ever

Roth Solo 401(k) Makes More Sense Than Ever

Lower tax rates under the new income tax law, combined with the likelihood of higher tax rates in the future, support a Roth solo 401(k) contribution strategy.

The Interest Deduction is Dying a Slow Death

The Interest Deduction is Dying a Slow Death

The Tax Cuts and Jobs Act of 2017 contains numerous changes that affect income tax planning and preparation for 2018 through 2025 after which most of the provisions expire. Two of the more significant changes are a reduction in the amount of principal on which residential mortgage interest can be deducted and the elimination of…

Leverage Your Assets for Retirement

Leverage Your Assets for Retirement

When you buy a house, typical financing is a mortgage equal to 80% of the purchase price. This enables you to purchase a much more expensive home than you would otherwise be able to do without the mortgage. The goal is to increase your equity in the property over time through a combination of paying down the mortgage and appreciation.

Are Nondeductible IRA Contributions Worth It?

Are Nondeductible IRA Contributions Worth It?

Given the relatively small limit of nondeductible IRA contributions and complexity of calculating allowable contributions, tracking basis, and calculating the taxable portion of IRA distributions, are they worth the effort?

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