RMDs usually must be taken by December 31. If you don’t comply, you can owe a penalty equal to 25% of the amount you should have withdrawn.
IRA
Your Weekly Read
The power of catch-up retirement account contributions after 50
Over age 50? Catch-up retirement contributions could make a huge difference in your future wealth. Here’s how.
Turn a summer job into tax savings: Hire your child and reap the rewards
Are you considering bringing your high-school- or college-age child into your business this summer? Their summer job may be a smart tax move.
Taming the tax tangle if you’re considering retirement
Retirement is a chance to travel, visit with family or just enjoy relaxing. Yet retirement may bring a tangle of tax implications.
You may be still able to make a traditional IRA contribution for last year
The best way to grow your nest egg is to save for retirement today. There’s still time to make an IRA contribution if you are eligible.
Make Qualified Charitable Distributions from your IRA
A Qualified charitable distribution can benefit you and your favorite charities. Here’s how to unlock the power of giving.
Use a Qualified Charitable Distribution to avoid taxable IRA withdrawals
Here’s a strategy for older taxpayers who are charitably minded and also must take required minimum distributions from their traditional IRAs.
Hiring your child to work at your business this summer
Hiring your child at your business this summer? It can be a tax-smart idea. Here are the benefits.
Update on retirement account required minimum distributions
The SECURE 2.0 law includes good news about required minimum distributions from tax-favored retirement accounts. But an earlier law contained some bad news for certain beneficiaries of inherited retirement accounts. Here are the rules.
New option for unused funds in a 529 college savings plan
It’s not unusual for parents to end up with unused funds in their children’s 529 college savings plans. There’s a new option that allows them to transfer unused funds in a 529 plan to a Roth IRA. Here are the details.
If you didn’t contribute to an IRA last year, there’s still time
Saving now for retirement is one of the smartest moves you can make to help ensure financial security. If you’re eligible, you still have time to contribute to an IRA or SEP and save on your 2023 tax return.
IRAs: Build a tax-favored retirement nest egg
How much can you save in an individual retirement account this year and when do you have to start making withdrawals? Here are the answers to these and other IRA questions.
Read something interesting? Want more information? Give us a call, and we will be happy to assist you in any way we can.
144 W 2nd St
Washington, NC 27889
Washington, NC 27889
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