by Leif Jensen | Jul 27, 2021 | Retirement |
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...
by Leif Jensen | Jul 26, 2021 | Retirement |
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...
by Leif Jensen | Feb 8, 2021 | Retirement |
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...
by Leif Jensen | Sep 15, 2020 | Investing, Retirement, Running a Business |
Yes, there are options for retirement plans for small owners and their employees. I have a SIMPLE set up in my office. But there are a number of options for small businesses to assist workers save for retirement: SEPs, SIMPLE IRAs, payroll deduction IRAs, profit...
by Leif Jensen | Aug 30, 2020 | Rant, Retirement, Taxes |
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...
by Leif Jensen | Jul 7, 2020 | Retirement |
If you a kid who actually has a job, as opposed to the typically summer jobs that don’t exist this year. You can contribute to a Roth IRA for him or her up to their earning limits or $6,000 whichever is less. If you decide to give this generous gift you have until...
