The Money Farm Team

Whether you envision yourself on a tour bus, on a humanitarian mission, or in your backyard garden in the future, you’ll need a solid plan to get there. Using the power of automation is one approach to ensure that you’re contributing on a regular basis. Set up automatic payments from your checking or savings account […]

It’s easy to make a claim. Send a written statement to the IRA administrator declaring that you irrevocably and totally relinquish your right to the IRA or a portion of it. Unless you’re under the age of 18, you must do this within nine months of the death. In that instance, you can keep the

Yes, both accounts are possible, and many people do. Traditional individual retirement accounts (IRAs) and 401(k)s offer the advantage of tax-deferred retirement savings. You may be able to deduct the amount you contribute to a 401(k) and an IRA each tax year, depending on your tax circumstances. Distributions taken after the age of 591/2 are

When the IRA code was written in 1974, the first IRA accounts became available. Much later, Roth accounts became available. At retirement, Roth IRAs allow you to withdraw your contributions and investment gains tax-free. If your spouse dies and you inherit an IRA from her, the only way to convert it to a Roth is

You can contribute to both a regular and a Roth IRA as long as your total contribution does not exceed the IRS restrictions for any given year and you meet certain additional qualifying criteria. For both 2021 and 2022, the IRS limit is $6,000 for both regular and Roth IRAs combined. A catch-up clause permits

Yes, both accounts are possible, and many people do. Traditional individual retirement accounts (IRAs) and 401(k)s offer the advantage of tax-deferred retirement savings. You may be able to deduct the amount you contribute to a 401(k) and an IRA each tax year, depending on your tax circumstances. Distributions taken after the age of 591/2 are

A qualified charity distribution (QCD) is a direct transfer of monies from your IRA custodian to a qualifying charity. As long as certain conditions are followed, QCDs can be used to meet your required minimum distributions (RMDs) for the year. A QCD, unlike ordinary IRA distributions, removes the amount donated from taxable income, in addition

Your Individual Retirement Account (IRA) is meant to be used for your own retirement. As a result, the Internal Revenue Service will not allow you to give your IRA funds directly to others. The only exception is if you’re donating to a good cause. If you do wish to transfer IRA funds to persons in

You can gift up to $100,000 directly from your IRA to a qualifying charity like HPPR and avoid paying income taxes on the money. The IRA charitable rollover is the most common name for this popular giving choice, but it’s also known as a qualified charitable contribution. Can you give a gift from an IRA?

You can have an unlimited number of individual retirement accounts (IRAs). However, regardless of how many accounts you have, your total contributions for 2021 cannot exceed $6,000, or $7,000 for persons 50 and over. Is it good to have 2 IRA accounts? Having IRAs at many financial institutions might expose you to various sorts of