TaxAudit Blog

How many of you double-check the beneficiaries of your retirement accounts? Failing to do so can have significant unintended consequences for your heirs.

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Because the distributions from a Roth IRA are usually not taxable, contributions you make to them are also not deductible.

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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?

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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.

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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?

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The deductibility of an IRA contribution is affected by your filing status and your Modified Adjusted Gross Income and is subject to certain limits.

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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.

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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.

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Is investing in real property, particularly rental property, a good idea for your retirement investments, especially your traditional IRA or Roth IRA?

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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.

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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?

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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 Individual retirement accounts can transfer to a beneficiary without immediate tax consequences if no money is withdrawn

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An RMD is a required minimum distribution from a retirement account such as a Traditional IRA or defined contribution plan (like a 401k).

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For IRA contribution purposes, certain third-party sick pay does qualify as compensation. But, there are instances where it is not considered compensation.

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Under the CARES Act, you can receive a “qualified coronavirus-related distribution” from your retirement plan and avoid the 10% penalty on early distributions.

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Retirees should be aware that, for calendar year 2020, the required minimum distribution (RMD) requirements have been temporarily suspended.

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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.

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While there are several ways to save on your tax bill, one of the easiest ways is to put money away for retirement.

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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.”

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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.

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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.

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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.

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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? 

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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...

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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...

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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...

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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...

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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.

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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!

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My wife has an IRA under professional management with a financial advisor here in Portland. Can we deduct the fees charged for his services?

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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?

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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..

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Want to pay less taxes on inherited retirement accounts? Beneficiaries have options available that  may result in increased benefits and less taxes due.

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Did you retire this year or turn 70 prior to July 1st? You may have think about Required Minimum Distributions (RMDs).

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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.

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As the end of the year approaches, the holidays are probably more on your on your mind than saving on your taxes.

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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. 

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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.

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This decision is likely to impact many taxpayers, particularly anyone expecting to inherit an IRA from a parent or someone else.

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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.

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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? 

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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.

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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.

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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

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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...

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