TaxAudit Blog: Retirement
If you have changed jobs multiple times and are now looking at retiring, you may be overlooking retirement accounts you had with previous employers.
How many of you double-check the beneficiaries of your retirement accounts? Failing to do so can have significant unintended consequences for your heirs.
Because the distributions from a Roth IRA are usually not taxable, contributions you make to them are also not deductible.
When shares of a limited partnership held in a SEP-IRA are completely sold are the gains subject to recapture as ordinary income as shown on the K-1 taxable?
As the law currently stands for individual taxpayers, starting in the 2026 tax year, you will be able to deduct estate planning fees related to tax planning.
My mom passed away about a year ago, and I inherited two IRAs. Can I roll over one of the IRAs into the other inherited IRA if it is done by direct transfer?
The deductibility of an IRA contribution is affected by your filing status and your Modified Adjusted Gross Income and is subject to certain limits.
The good news is that you can roll your 401(k) twice in one year and into an IRA without penalty, provided you take a few simple precautions.
When considering using retirement funds to help pay for a new home, there are generally two common options taxpayers can consider: A 401(k) plan or an IRA.
Is investing in real property, particularly rental property, a good idea for your retirement investments, especially your traditional IRA or Roth IRA?
When someone other than a spouse inherits an IRA, the IRA is considered an inherited IRA and the rules are stricter than when a surviving spouse acquires it.
It seems like a simple idea: convert that account to a Roth and you can withdraw the money tax-free in future years. But is it a good idea for you?
Can you inherit an IRA and not pay tax? Individual retirement accounts can transfer to a beneficiary without immediate tax consequences if no money is withdrawn
An RMD is a required minimum distribution from a retirement account such as a Traditional IRA or defined contribution plan (like a 401k).
For IRA contribution purposes, certain third-party sick pay does qualify as compensation. But, there are instances where it is not considered compensation.
Under the CARES Act, you can receive a “qualified coronavirus-related distribution” from your retirement plan and avoid the 10% penalty on early distributions.
Retirees should be aware that, for calendar year 2020, the required minimum distribution (RMD) requirements have been temporarily suspended.
Consider the potential risks and benefits before adding an adult child or caregiver as an owner of your home, bank account, credit card, or any other asset.
While there are several ways to save on your tax bill, one of the easiest ways is to put money away for retirement.
Generally, when you inherit money it is tax-free to you as a beneficiary. However, like so much in tax law, the answer to this question is “it depends.”
For some of us, retirement seems like an eternity away; for others, it is just around the corner. It is never too early to start saving for the future.
401k loans aren't reported on your federal tax return unless you default on them. Then it becomes a distribution and subject to the rules of early withdrawal.
Hello fellow taxpayers. The Wily Tax Blogger is back to kick off 2016 with a new blog about an investment management tool I’ve discovered.
My wife and I are considering installing a solar electrical system on our house - can we use the cash in our IRA to pay for it?
You want to save money towards your retirement, but your employer does not offer a retirement plan, such as a 401(k). You are not alone...
You have your traditional IRA account invested at your bank but you are not happy with the rate of return. You’ve heard that it’s possible to move your IRA...
My wife made a $5,000 contribution to her IRA in last year. Through using TurboTax, we learned that we don't have the earned income to support a deduction...
You just found out your Uncle Jerry passed away and that he had listed you as the sole beneficiary to his traditional IRA account. You go down to the bank...
You have been talking to your financial advisor or hear in the news how great Roth IRAs are and that you should be contributing to a Roth IRA.
I have a confession to make: I’m thirty, single and have about a hundred dollars in my savings account. In addition, I have no retirement plan!
My wife has an IRA under professional management with a financial advisor here in Portland. Can we deduct the fees charged for his services?
Is this additional income from Social Security tax-free, or will it be added to my Gross Income for the year and be taxed as such?
You inherited a retirement account, and you opted to transfer the assets into a beneficiary or inherited IRA. What now? The “what now” depends on whether RMDs..
Want to pay less taxes on inherited retirement accounts? Beneficiaries have options available that may result in increased benefits and less taxes due.
Did you retire this year or turn 70 prior to July 1st? You may have think about Required Minimum Distributions (RMDs).
When you reach a certain age the government requires that you withdraw money every year from many of your pre-tax retirement accounts, such as IRAs and 401ks.
As the end of the year approaches, the holidays are probably more on your on your mind than saving on your taxes.
Inheriting money is kind of nice for people. You have usually done nothing to earn it but be born. You most likely have not worked for it.
The IRS is changing its interpretation of the way the one year limitation rule applies to rollovers to match the IRC and Tax Court’s interpretations.
This decision is likely to impact many taxpayers, particularly anyone expecting to inherit an IRA from a parent or someone else.
I would like to know if I need to declare my Roth IRA and traditional IRA accounts on my tax return even if I haven't contributed to them in the last 4 years.
Is there a tax benefit to making a charitable contribution to my church directly from my IRA rather than writing a check and deducting it from my tax return?
I recently filled out an online tool on a financial advisor website. It had some catchy feel good name like Dream Catcher or something of the like.
If you are a 20 or 30 something - people in this age group should have saving for retirement at the top of their list of things to do.
Under 59½? Need some extra cash? Don’t use your retirement! It isn’t a savings account or a piggy bank to be used to buy an extra pizza on Saturday night
If your employer allows you to borrow money against your 401(k), you are essentially using the 401(k) balance as collateral for the loan and you usually make...