IRAs

If you do have a deductible IRA stock loss, there’s additional factor to consider before claiming it. You can’t deduct losses on IRA investments as a capital loss. IRA investment losses are instead claimed as a miscellaneous deduction, subject to the 2% income exclusion. All of your other miscellaneous deductions must be added to your […]

The amount of creditor protection provided to IRA accounts is determined by state law. In New Jersey, IRA accounts are protected against creditor claims. In Pennsylvania, IRAs are only protected if they were contributed more than a year before the debtor filed for bankruptcy. While the monies are in the account, they are safe, and

Fees paid from an IRA account are never deductible on your federal tax return. Furthermore, according to the Tax Cuts and Jobs Act (TCJA), which Congress enacted into law on December 22, 2017, separately-paid IRA management fees are no longer deductible in tax years 2018 through 2025. Separately paid IRA management fees were deductible as

If you are sued and must pay a settlement, creditors may be entitled to access your retirement resources. The 50 states have varying levels of protection for IRA funds in the event of a lawsuit. IRA money are nearly never safeguarded in the case of domestic relations cases. Are IRAs legally protected? Up to $1,283,025,

Fees paid from an IRA account are never deductible on your federal tax return. Furthermore, according to the Tax Cuts and Jobs Act (TCJA), which Congress enacted into law on December 22, 2017, separately-paid IRA management fees are no longer deductible in tax years 2018 through 2025. Separately paid IRA management fees were deductible as

IRAs are as safe as you make them when it comes to safety and security, and while some regulatory safeguards protect your retirement funds, it’s up to you to invest your IRA assets wisely. You may ensure that your IRA is as safe as possible while still reaching its fundamental objective by utilizing a sensible

When you do a direct rollover, the assets travel directly from your employer-sponsored plan to a Rollover or Traditional IRA via a trustee-to-trustee transfer, there are usually no tax consequences. If you opt to convert some or all of your employer-sponsored retirement savings to a Roth IRA, however, the conversion will be subject to regular

If you’re simply relocating your IRA from one financial institution to another and won’t be using the funds, a transfer rather than a rollover is a better option. Do I have to report an IRA transfer on my taxes? A non-taxable transaction is an eligible rollover of monies from one IRA to another. Rollover distributions

Depending on the type of account you open, an individual retirement account might provide you with a variety of tax advantages. Traditional IRAs allow you to postpone paying taxes on your contributions and investment gains until you reach retirement age. A Roth IRA allows you to save tax-free money for retirement. At retirement, withdrawals from

Your state may require you to have income tax withheld from your payout when you remove money from an IRA or an employer-sponsored retirement plan. Your withholding is a credit against your current-year state income tax burden because it is a prepayment of your state income tax. Each state has its own set of rules.