If you save for retirement with an IRA or other retirement plan, you’ll be interested to know that Congress recently passed a law that makes significant modifications to these accounts. The SECURE Act, which was Read more
Congress gives a holiday gift in favorable tax provisions
As part of a year-end budget bill, Congress just passed a package of tax provisions that will provide savings for some taxpayers. The White House has announced that President Trump will sign the Further Read more
Taking distributions from your traditional IRA
If you’re like many people, you’ve worked hard to accumulate a large nest egg in your traditional IRA (including a SEP-IRA). It’s even more critical to carefully plan Read more
You still have time to make 2017 IRA contributions
Tax-advantaged retirement plans like IRAs allow your money to grow tax-deferred — or, in the case of Roth accounts, tax-free. The deadline for 2017 IRA contributions is April 17, 2018. Deductible Read more
Two Five-Year Tests for Roth IRA owners
The pros and cons of Roth IRAs, which were introduced 20 years ago, are well understood. All money flowing into a Roth IRA is after-tax, so there is no upfront tax benefit. As a tradeoff, all Read more
You may need to add RMDs to your year-end to-do list
As the end of the year approaches, most of us have a lot of things on our to-do lists, from gift shopping to donating to our favorite charities to making New Year’s Eve plans. For taxpayers Read more
Yes, you can undo a Roth IRA conversion
Converting a traditional IRA to a Roth IRA can provide tax-free growth and the ability to withdraw funds tax-free in retirement. But what if you convert a traditional IRA — subject to income taxes on all Read more
Smart options for investing in tax-deferred accounts
In a previous article, we discussed whether you should pay off credit card debt or save for retirement. In that article, we discussed contributing enough to your employer’s retirement plan to earn a Read more
2016 IRA contributions — it’s not too late!
Yes, there’s still time to make 2016 contributions to your IRA. The deadline for such contributions is April 18, 2017. If the contribution is deductible, it will lower your 2016 tax bill. Read more
The ins and outs of reporting nondeductible IRA contributions
Workers under age 70½ can deduct contributions to a traditional IRA, as long as they are not covered by an employer’s retirement plan. The same is true for those workers’ spouses. Read more