The loss of a loved one can lead to emotional burden and significant financial debt related to the settling of the estate. If you are the beneficiary of a retirement plan's assets,...
Posted by Karen Munoz, EA on 07/17/2021
Poor and unplanned withdrawal from your retirement account could translate to huge fees that cost you dearly in retirement income. It is normal to consider how to withdraw from...
Posted by CORE PERFORMANCE on 06/24/2021
For most 401(k) plans, the 401(k) tax only applies to withdrawals. Most 401(k) plans are tax-deferred, meaning no income tax on contributions or earnings, interest, or dividends that...
Individual retirement accounts are saving plans that come with various restrictions. It stands out with the ability to allow taxpayers to defer tax payment on the proceeds and earnings...
The CARES Act recently passed into law some measures to stimulate the economy. There is a provision that allows retirees to stop taking Required Minimum Distributions (RMD) from 401(k)...
Posted by Carmen Garcia on 06/22/2020
Saving for retirement is mandatory, and there are some retirement accounts in which users enjoy tax breaks for having money in their retirement account. Examples are 401(k)s, IRAs,...
Posted by Elliot Kravitz, ATP on 05/17/2020
Many of the best retirement savings strategies use employer-sponsored retirement plans, such as a 401 (k) or individual plans, such as an IRA or Roth IRA. These retirement vehicles...
Whenever young people start receiving their pay checks from their first job, that is usually the time when they open their IRAs or individual retirement accounts. But in reality, IRAs...
Posted by Flynn Financial Group Inc on 12/29/2019
What is the Required Minimum Distribution (RMD)?Required Minimum Distribution is the amount that qualified owners and participants must withdraw from a traditional, SEP, or SIMPLE...
Posted by YourIRSTaxAdvocate.com on 11/13/2019