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Newsroom View

How to Avoid Taxes on Your CARES Act Retirement Withdrawal

Thursday, April 22, 2021

Congress passed several relief bills to ease the financial burdens on struggling American workers during the pandemic. A provision of The Coronavirus Aid, Relief, and Economic Security Act allowed workers of any age to withdraw up to $100,000 penalty-free from their company-sponsored 401(k) plan or individual retirement account in 2020.

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What to Do Now to Avoid a Retirement Savings Tax Problem

Wednesday, April 14, 2021

If you are working with an eye towards retirement or even semi-retirement, you are probably (hopefully) saving more than you could in the past in your retirement accounts. You may have paid off the mortgage and paid for college and other heavy expenses of raising children. That all sounds like you are on your way, except for one big problem I call the "ticking tax time bomb."

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EPISODE 44 - YOU DOWN WITH IRA

Tuesday, April 13, 2021

Saving money for retirement can be hard, especially if you are behind or cannot save much. For some people retirement is the last thing on their mind. Just contributing 1% of your salary to retirement savings to start and slowly increasing that contribution can make a big difference over time.

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‘You should always invest in a Roth IRA,’ says accountant: It’s the ‘Holy Grail’ of retirement accounts

Sunday, April 11, 2021

f you’re young and saving for retirement, it’s “not even a question” which type of investment account you should choose, says IRA expert Ed Slott, a certified public accountant and founder of Ed Slott & Company. “You should always invest through a Roth IRA,” he says. “To start building your retirement account from dollar one tax-free is the Holy Grail.”

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IRS: SECURE Act’s 10-year RMD rule is not what you thought

Sunday, April 11, 2021

In late March, IRS released IRS Publication 590-B, which contains the tax rules on withdrawing funds from individual retirement accounts. Normally this is a wrap-up of rules to use as guidance in preparing tax returns. But not this time. In this new 2021 version, updated on March 25, the IRS included explained how the SECURE Act rules would work for post-death distributions to IRA beneficiaries  and the rules are not what anyone thought they would be.

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Maximizing Roth Savings Opportunities: Sarah Brenner reviews strategies for advisers to help clients maximize their Roth savings opportunities.

Tuesday, March 30, 2021

Both Roth IRAs and Roth employer plans have been available for many years, and by now most advisers and their clients, are aware of the substantial value of these accounts. Roth accounts can provide years of tax-free earnings and withdrawals.

While retirement savers may be aware of these benefits, many count themselves out too soon by mistakenly believing they are not eligible to contribute.

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Stepped Up Basis Reform: Biden’s Middle-Class Tax Hike?

Tuesday, March 30, 2021

President Joe Biden campaigned on a promise to not raise taxes on middle-class Americans. But a little-known provision in his proposed tax reforms could do just that.

One way the Biden tax plan may try to raise revenue to fund the administration’s $3 trillion infrastructure bill is by changing the way capital gains taxes are administered at death.

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