Anyone who wants to avoid tax and receive tax-favored lifetime income on the sale of an unencumbered rental property is a potential candidate for a charitable remainder trust, or CRT.
The Tax Cuts and Jobs Act, while controversial, especially in high state income tax states, will result in tax savings for most people.
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?
Making deductible retirement plan contributions and “recapture my deductions” beginning when you turn 70-1/2 may not be the best strategy for optimizing after-tax retirement plan distributions.
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.
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.
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.
A Tax Credit Longevity Annuity Plan, or TCLAP, would create tax-favored private pension plans while also providing for long-term care benefits.
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…
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…
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).
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…
Even if you’re not covered by a retirement plan, deductibility of your IRA contribution is at risk if your spouse has a retirement plan and your income is too high.
Given the fact that opportunities to reduce RMDs and associated income tax liability are limited, QLACs are an attractive alternative.
While exposure to income tax liability from tax law changes may be significant, you shouldn’t overhaul an otherwise appropriate retirement strategy.
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