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Retirement Archives |

3 IRA Rules for Rollovers

Let’s take a look at three important rules if contemplating an IRA rollover: First, the money must be returned within 60 days, or the distribution is taxed, assuming no direct rollover. It’s also hit with an early payout penalty for people under age 59½. The IRS...

Qualified Charitable Deduction

If you made a qualified charitable distribution from my traditional IRA. Will the 2021 Form 1099-R that I get early next year reflect the QCD? No. People age 70½ and older can transfer up to $100,000 yearly from traditional IRAs directly to charity. These QCDs can...

Inherited IRA’s

If you inherited an IRA last year. When must you take distributions from it? You have 10 years from the death to clean out the account. This doesn’t mean payouts must be distributed evenly over a 10-year period. You can wait until the 10th year to take out all the...

IRA’s

The 2021 pay-in cap for traditional IRAs and Roth IRAs stays steady at $6,000. But the income ceilings on Roth IRA pay-ins go up. Contributions phase out at AGIs of $198,000 to $208,000 for couples and $125,000 to $140,000 for singles. Also, deduction phaseouts for...

Retirement

You have worked long and hard. You also planned and saved and sacrificed to make this happen and now want to enjoy your later years in peace and quiet, with comfort. Did you expect that in retirement taxes can be your largest expense?  Probably not.  All of those...

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