Assets in individual retirement accounts are the best assets to give to charity, since they’re loaded with taxes. For those who give regardless, using IRAs to make the gifts can provide tax benefits — but only if it’s done correctly. If not, the tax benefits can be lost. Qualifi Learn more...
As the last quarter of 2023 begins, clients will likely be asking advisors whether they’re subject to required minimum distributions. That used to be an easy question to answer both for individual retirement account owners and beneficiaries. However, as a result of the confluence of changes made by the...
IRS released Notice 2023-62 on Friday giving employer retirement plans two additional years to comply with the controversial rule requiring that catch-up contributions for employees age 50 or over whose wages for the prior year exceeded $145,000 be made on a Roth basis. IRS has proactively responded to requests...
The Roth IRA is the ultimate financial gift for retirees and their beneficiaries. Roth individual retirement accounts have no lifetime required minimum distributions, so you’ll never have to worry about paying higher future tax rates on those funds. In retirement, you can withdraw whatever you wish tax-free. That will keep...
Stop contributing to your IRAs and 401(k)s? That has to be a typographical error. After all, traditional retirement planning has always preached maximizing contributions to tax-deferred individual retirement accounts and 401(k)s to build retirement savings. Why should you stop building those accounts and deferring the tax bill? It’s because adding to...