Are you thinking of an IRA rollover? Getting these three rules right is critical if you want to avoid a big tax bill. THE 60-DAY RULE Your rollover must be completed within 60 days of withdrawal, or it’ll be taxable. You’ll also get hit with a...
Naming grandchildren as beneficiaries of traditional IRAs used to be a popular estate-planning strategy. Grandchildren had their lifetimes to empty an inherited IRA, which also let them stretch out income-tax payments on the assets. NO LONGER Under 2020 required minimum distribution (RMD) changes, grandchildren must now...
It is never too early to begin planning for retirement. Individual retirement accounts provide tax incentives for people to make investments that can provide financial security when they retire. These accounts can be with a bank or other financial institution, a life insurance company, mutual...
The IRS has announced that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. This also applies to 403(b), most 457 plans, and the federal government's Thrift Savings Plan. Also increasing is the catch-up contribution limit...