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Newsroom View

When Donating to Charity From an IRA, Beware of These Tax Traps

Thursday, June 30, 2022
Using your individual retirement account to give to charity is a good thing. But tax snafus can ruin the good intentions. Traditional IRAs have long been used to make qualified charitable distributions. Eligible individuals can donate as much as $100,000 a year. Such gifts can make up part or all of the donor’s required minimum distribution, or RMD. And amounts donated to qualified charities are excluded from the donor’s taxable income for that year.

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Have you checked your investments lately? Here's what to change after a rough 6 months

Saturday, June 25, 2022
Midyear can be a good time to take a halftime break and evaluate your investments — especially this year, after nearly six straight months of stock market decline. Perhaps stock and even bond losses have exposed flaws in your portfolio. Maybe they offer the potential to adjust holdings to take advantage of new opportunities. Now also might be the time to pursue a potentially important tax strategy.

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Crossmark's Fernandez: Buy on dips to position for recession in late '23

Sunday, June 12, 2022

Victoria Fernandez, chief market strategist at Crossmark Global Investments, says that a recession is coming, but it's not imminent due to the economy's underlying strengths, including active consumers, corporate balance sheets and the labor market. While waiting for a recession to arrive late next year, Fernandez says investors should be taking advantage of down days in the market to buy up names that are on sale and better balance a portfolio to get through trouble.

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Kiplinger's Personal Finance: Family finances: IRS proposes tougher rules for inherited IRAs

Friday, June 10, 2022
Managing an inherited IRA has never been easy, and it soon could become even more complex. The Setting Every Community Up for Retirement Enhancement Act, which took effect in 2020, requires adult children and other non-spouse heirs to deplete inherited IRAs and other tax-advantaged accounts within 10 years of the original owner’s death. Before, these heirs could take withdrawals over their life expectancy, which cut the size of annual withdrawals and allowed untapped assets to keep growing.

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You’re Never Too Young for a Roth I.R.A.

Thursday, June 9, 2022
Has your teenager landed a summer job? Good! Now, consider putting your child’s earnings to work long term by opening a Roth individual retirement account. It may seem odd to think about retirement savings when your child could still be wearing braces. But putting money now into a Roth I.R.A. means your child will have decades for the money to grow, tax free.

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Proposed IRS Rule Could Penalize Some Heirs of Retirement Accounts

Saturday, May 7, 2022

Proposed new regulations from the Internal Revenue Service for inherited retirement accounts would require many heirs to make minimum annual withdrawals from the accounts—leaving less room for the savings to grow tax-deferred over the years.

The new rules would provide guidance to the Secure Act of 2019, which made several changes to laws governing retirement accounts.

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RetirementRevised: Taxes in retirement: A conversation with Ed Slott on Apple Podcasts

Wednesday, April 6, 2022
Ed likes to say that taxes don’t stop in retirement - they’re really just getting started. I’d say he’s right about that insofar as higher income retirees go - you’ll be paying taxes on part of your Social Security, and probably surcharges on Medicare premiums. Those aren’t technically taxes, but they sure feel like it when you’re paying them. Drawdowns from tax-deferred IRAs and 401ks are taxed as ordinary income…and possibly at high rates.

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