IRAs

IRC Section 408(p)(1)(B) was revised by Section 306 of the Protecting Americans from Tax Hikes Act (which is Division Q of the Consolidated Appropriations Act, 2016; PL 114-113) to broaden the types of plans from which SIMPLE IRAs can accept rollovers. Section 306 of the law took effect on December 18, 2015, and it applies […]

Anyone with earned income can contribute to an IRA in a non-deductible (after-tax) manner and benefit from tax-deferred growth. However, because of the often missed continuing recording needs, it may not be worth it. The largest risk and most prevalent pitfall for many people is having to pay taxes again when they take money in

With a variable annuity, you put money into subaccounts that look like mutual funds and wait for the investment to grow before taking income. Some plans calculate lifetime distributions based on the maximum level a portfolio reaches, even if market losses reduce the portfolio’s value before payments start. All distributions in retirement can be tax-free

If you have earned income and fulfill the income limits, you can contribute to a Roth IRA. Even if you don’t have a traditional employment, you may be able to claim “earned” income. Spouses who do not have a source of income can contribute to Roth IRAs using the other spouse’s earnings. Can you contribute

If you have earned income and fulfill the income limits, you can contribute to a Roth IRA. Even if you don’t have a traditional employment, you may be able to claim “earned” income. Spouses who do not have a source of income can contribute to Roth IRAs using the other spouse’s earnings. Can I open

Your child (or grandchild) can use an IRA to save for retirement, a first home, or educational expenses. Traditional and Roth IRAs are both available, but Roth IRAs are generally preferred because they benefit those who will be in a higher tax bracket later in life. Any child, regardless of age, who has earned income

Because to the SECURE Act, you can now contribute to regular IRAs after reaching the prior age limit of 701/2 years. You can start a new conventional IRA at any age as long as you fund it with a rollover or transfer from another eligible retirement account. Can a 70 year old contribute to an

Your child (or grandchild) can use an IRA to save for retirement, a first home, or educational expenses. Traditional and Roth IRAs are both available, but Roth IRAs are generally preferred because they benefit those who will be in a higher tax bracket later in life. Any child, regardless of age, who has earned income

If you have earned income and fulfill the income limits, you can contribute to a Roth IRA. Even if you don’t have a traditional employment, you may be able to claim “earned” income. Spouses who do not have a source of income can contribute to Roth IRAs using the other spouse’s earnings. Can you open

You can move an IRA from one financial institution to another (a “trustee-to-trustee” transfer) as many times as you require without incurring any tax repercussions. These are simple computerized transactions that usually do not require the use of checks. If you have a unique scenario that makes a straight transfer difficult, we recommend consulting with