Category Archives: Income Tax Planning

Are Nondeductible IRA Contributions Worth It?

Are Nondeductible IRA Contributions Worth It?

Given the relatively small limit of nondeductible IRA contributions and complexity of calculating allowable contributions, tracking basis, and calculating the taxable portion of IRA distributions, are they worth the effort?

AMT Exposure Minimized Under New Tax Law

AMT Exposure Minimized Under New Tax Law

The alternative minimum tax, or AMT, dreaded by many taxpayers for years, has been given a long-overdue facelift by the Tax Cuts and Jobs Act, with an associated reduction in affected individuals from 5 million to 200,000.

Tax Reform:  Now You See It, Now You Don’t

Tax Reform: Now You See It, Now You Don’t

The new Tax Cuts and Jobs Act contains several provisions that partially, or completely, negate what appear at first blush to be potential tax savings.

Charitable Giving Cut for Middle-Income Taxpayers in Tax Cuts and Jobs Act

Charitable Giving Cut for Middle-Income Taxpayers in Tax Cuts and Jobs Act

If the Tax Cuts and Jobs Act as currently proposed is enacted, middle-income taxpayers who make charitable contributions based solely on tax savings may be less inclined to do so if the amount of their standard deduction is greater than their allowable itemized deductions.

Avoid Income Tax on Stock Sales with Donor Advised Funds

Avoid Income Tax on Stock Sales with Donor Advised Funds

Now that the 2016 income tax filing season is behind us, we can focus on 2017 tax planning. Although the stock market is down about 3% from record highs, there are a lot of investors with significant unrealized capital gains in nonretirement investment accounts. The dilemma for these individuals is how to sell their appreciated…

Strategic Roth IRA Conversions Still Make Sense

Strategic Roth IRA Conversions Still Make Sense

As my clients and those of you who have read my MarketWatch RetireMentors articles and Retirement Visions blog posts know, I’m a huge fan of Roth IRA conversions. One caveat:  they must be timely. There are two types of timely Roth IRA conversions: Strategic Market-sensitive Strategic Roth IRA Conversion The goal of a strategic Roth…

It’s Time for IRA – 401(k) Contribution Parity

It’s Time for IRA – 401(k) Contribution Parity

Elimination of income testing for traditional and Roth IRAs and creation of a universal 401(k)/IRA contribution limit is needed to enable all individuals who aren’t participants in 401(k) plans to (a) contribute to an IRA of their choice and (b) accumulate a nest egg in a retirement plan comparable to what’s possible with a 401(k).

Leverage Your Rental Property Suspended Passive Losses

Leverage Your Rental Property Suspended Passive Losses

I presented an overview of five types of unallowed income tax losses that must be carried forward to the following year in my MarketWatch RetireMentors article, 5 Carryovers to Remember When Doing 2016 Tax Planning that was published on May 4. This post will discuss one of them, passive losses, in more detail since the rules…

Is a QLAC Right for You?

Is a QLAC Right for You?

Given the fact that opportunities to reduce RMDs and associated income tax liability are limited, QLACs are an attractive alternative.

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