Required Minimum Distributions (RMD)

Certain charitable donations allow you to avoid taxable IRA withdrawals

AGI (Adjustable Gross Income), Charitable Donations, IRA, Qualified Charitable Distribution (QCD), Required Minimum Distributions (RMD) / Douglas Freeman

If you’re a philanthropic individual who is also obligated to take required minimum distributions (RMDs) from a traditional IRA, you may want to consider a tax-saving strategy. It involves making a qualified charitable distribution (QCD). How it works To reap the possible tax advantages of a QCD, you make a cash donation to an IRS-approved […]

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Update on retirement account required minimum distributions

Required Minimum Distributions (RMD), Roth IRA, Tax-Deferred Retirement Accounts, The Secure Act 2.0 / Douglas Freeman

If you have a tax-favored retirement account, including a traditional IRA, you’ll become exposed to the federal income tax-required minimum distribution (RMD) rules after reaching a certain age. If you inherit a tax-favored retirement account, including a traditional or Roth IRA, you’ll also have to deal with these rules. Specifically, you’ll have to: 1) take

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4 tax challenges you may encounter if you’re retiring soon

Federal Taxes, Required Minimum Distributions (RMD), Retirement, Social Security, Tax Considerations of Selling Your Home, Tax Planning, Tax Rules for Selling Your Home / Douglas Freeman

Are you getting ready to retire? If so, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and financial issues you may contend with when you retire: Tax planning is still important As you can see, you may have to make

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Two important tax deadlines are coming up — and they don’t involve filing your 2022 tax return

401K, Estimated Tax Payments, IRA, Quarterly Estimated Tax Payments, Required Minimum Distributions (RMD), Retirement, Setting Every Community Up for Retirement Enhancement (SECURE) Act, Tax Deadlines, The SECURE Act / Douglas Freeman

April 18 is the deadline for filing your 2022 tax return. But a couple of other tax deadlines are coming up in April and they’re important for certain taxpayers: Saturday, April 1 is the last day to begin receiving required minimum distributions (RMDs) from IRAs, 401(k)s, and similar workplace plans for taxpayers who turned 72

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SECURE 2.0 law may make you more secure in retirement

(ABLE) Achieving a Better Life Experience Account, Required Minimum Distributions (RMD), Retirement, Roth IRA, The SECURE Act, Traditional IRA / Douglas Freeman

A new law was recently signed that will help Americans save more for retirement, although many of the provisions don’t kick in for a few years. The Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0) was signed into law on December 29, 2022. SECURE 2.0 is meant to build on the original

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How to avoid the early withdrawal tax penalty on IRA distributions

Income Tax, IRA, Required Minimum Distributions (RMD), Traditional IRA / Douglas Freeman

When you take withdrawals from your traditional IRA, you probably know that they’re taxable. But there may be a penalty tax on early withdrawals depending on how old you are when you take them and what you do with the money. Important: Once you reach a certain age, you must start taking required minimum distributions

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Is it a good time for a Roth conversion?

401K, IRA, Modified Adjusted Gross Income (MAGI), Required Minimum Distributions (RMD), Roth IRA, Tax Planning, Traditional IRA / Douglas Freeman

The downturn in the stock market may have caused the value of your retirement account to decrease. But if you have a traditional IRA, this decline may provide a valuable opportunity: It may allow you to convert your traditional IRA to a Roth IRA at a lower tax cost. Traditional vs. Roth. Here’s what makes

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Retiring soon? 4 tax issues you may face

C Corporation, Partnerships, Required Minimum Distributions (RMD), Retirement, S Corporation, Social Security, Tax Considerations of Selling Your Home, Tax Planning / Douglas Freeman

If you’re getting ready to retire, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and financial issues you may deal with when you retire: Taking required minimum distributions. This is the minimum amount you must withdraw from your retirement accounts.

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Don’t forget to take required minimum distributions this year

(CAA) Consolidated Appropriations Act of 2021, (CARES ACT), Investment, IRA, Required Minimum Distributions (RMD), Roth IRA, Tax Planning / Douglas Freeman

If you have a traditional IRA or tax-deferred retirement plan account, you probably know that you must take required minimum distributions (RMDs) when you reach a certain age — or you’ll be penalized. The CARES Act, which passed last March, allowed people to skip taking these withdrawals in 2020 but now that we’re in 2021,

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4 new law changes that may affect your retirement plan

IRA, Required Minimum Distributions (RMD), Setting Every Community Up for Retirement Enhancement (SECURE) Act / Douglas Freeman

If you save for retirement with an IRA or other plan, you’ll be interested to know that Congress recently passed a law that makes significant modifications to these accounts. The SECURE Act, which was signed into law on December 20, 2019, made these four changes. Change #1: The maximum age for making traditional IRA contributions is

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