Category Archives: Income Tax Planning

6 Proven Retirement Income Planning Strategies Beginning at Age 62

Published on January 17, 2022

There are six proven strategies for optimizing after-tax retirement income that can increase the longevity of one’s assets in retirement.

5 Key Financial Metrics When Evaluating a HECM Reverse Mortgage

Published on December 27, 2021

Five financial metrics can be used to analyze the pros and cons of unlocking home equity as part of a retirement income plan.

Nonqualified Fixed Income Annuities: A Timeless Tax and Retirement Income Planning Opportunity

Published on August 18, 2021

One retirement income strategy that will be virtually unscathed by President Biden’s proposed tax increase is longevity insurance, more commonly known as fixed-income annuities.

Reduce Capital Gains Tax on the Sale of Your Business

Published on July 12, 2021

Savvy business owners planning to sell their business can reduce or eliminate income tax liability from capital gains by using a long-standing IRS-blessed strategy called a charitable remainder trust, or CRT.

RMDs Required Again in 2021

Published on March 9, 2021

If you didn’t take distributions from your retirement plan and IRA accounts in 2020, you may be surprised by your 2021 RMD. Adviser Robert Klein explains how changes to the rules in 2020 will impact you in 2021 and beyond.

Six Stealth Taxes That Can Derail Your Retirement

Published on February 3, 2021

Six stealth taxes can increase your income tax liability and reduce your lifetime after-tax retirement income. Planning for each of them should begin long before and continue throughout retirement.

Carve Out Your 401(k) Company Stock for Favorable NUA Tax Treatment

Published on January 4, 2021

This article was originally published in, and has been reprinted with permission from, Retirement Daily. Distributions from a traditional 401(k) plan are generally taxable as ordinary income at your regular income tax rates. This includes pre-tax contributions plus earnings. If your traditional 401(k) plan is rolled over to a traditional IRA, the same rule applies…

Keep Your Eye on QBI Before You Rothify

Published on December 7, 2020

A Roth conversion often makes sense but there are times when reduced income tax savings can offset the potential long-term benefits of large conversion amounts..

Don’t Qualify for Cornavirus-Related Distributions? There’s Always 72(t)

Published on September 26, 2020

There are two strategies you can use to avoid the 10% premature distribution penalty: Coronavirus-Related Distributions and 72(t).

You Have 10 Years to Empty Your Beneficiary IRAs If You Aren’t an EDB

Published on June 1, 2020

If you are the beneficiary of a retirement or IRA account that you inherited after 2019, you need to familiarize yourself with the new SECURE Act rules to determine the applicable time frame for taking distributions in order to avoid potential sizable penalties.

Contribute Your 2020 RMD to a Roth IRA

Published on April 20, 2020

Although you can rollover, or return, your 2020 IRA and other retirement plan February 1st to May 15th distributions as a result of the 2020 waiver of RMDs, there’s another strategy that you can use to reduce future years’ income tax liability and optimize lifetime after-tax distributions for you and your heirs.

2020 Required Minimum Distributions Waived

Published on April 6, 2020

Use the CARES Act waiver of 2020 required minimum distributions as an opportunity to optimize your retirement income plan.

The Roth IRA Conversion Trifecta

Published on March 30, 2020

As a result of a series of three events, there’s an unprecedented opportunity to do a sizable Roth IRA conversion this year.

Will Congress Suspend 2020 Required Minimum Distributions?

Published on March 16, 2020

The stock market decline of almost 30% over the last month in response to the spreading Coronavirus, if sustained, could trigger legislation for retirement plan relief. This could potentially include suspension of required minimum distributions and changes to the SECURE Act that went into effect January 1st.

7 Reasons to Start a Staged Roth IRA Conversion Plan Today

Published on September 17, 2019

One underutilized strategy for optimizing the longevity of assets when planning for retirement is a staged, or multi-year, Roth IRA conversion plan. There are seven reasons to start this type of plan today.