Category Archives: IRA

Contribute Your 2020 RMD to a Roth IRA

Contribute Your 2020 RMD to a Roth IRA

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.

The Roth IRA Conversion Trifecta

The Roth IRA Conversion Trifecta

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?

Will Congress Suspend 2020 Required Minimum Distributions?

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.

Avoid Unintended Consequences for You and Your Family

Avoid Unintended Consequences for You and Your Family

Erroneous or outdated beneficiary designations can result in distribution of retirement plan assets, life insurance policies, and annuity contracts to unintended beneficiaries, unfavorable income tax consequences, and expensive and protracted litigation in some cases.

7 Reasons to Start a Staged Roth IRA Conversion Plan Today

7 Reasons to Start a Staged Roth IRA Conversion Plan Today

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.

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?

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).

The 401(k) Unlevel Playing Field

The 401(k) Unlevel Playing Field

With the Summer Olympics in Rio de Janeiro underway, sports are on my mind. There’s an unlevel playing field in the retirement planning world. Forgetting about defined benefit plans which are in a league of their own, 401(k) plans are the clear favorite for employees who want to save for retirement. 401(k) participants enjoy a…

To IRA or Not to IRA?

To IRA or Not to IRA?

To the extent that investments in your nonretirement account don’t produce current taxable income, they will enjoy tax-deferred growth similar to an IRA.

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