You open an individual retirement account known as an inherited IRA on inheriting a tax-advantaged retirement plan like an IRA or 401(k). The heir needs to transfer such assets from...
Posted by Jim McClaflin, EA, NTPI Fellow on 07/24/2021
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
An irrevocable lifetime trust can offer benefits that are not available with a revocable trust. This article touched on how an irrevocable trust can protect property from creditors,...
Posted by Daniel P Vigilante CPA and Profit Consultants on 04/21/2021
If you own or plan to invest in ETFs or mutual funds, you need to know what capital gains distributions are, how they can affect your investments, and how they can be taxed. This is...
Posted by Dennis Jao on 02/07/2021
2021 is right around the corner, but there is still a short time to lower your 2020 tax bill, increase your savings, help your community, and secure your financial future in the process....
Posted by The TaxAdvocate Group, LLC on 12/25/2020
Many forms of retirement benefits like annuities and pensions are reported on Form 1099-R. As long as you get a $10 or more distribution on your retirement plan, you will get copies...
Posted by The TaxAdvocate Group, LLC on 11/30/2020
The Roth IRA is a self retirement account in which money grows tax-free, and withdrawals during retirement are tax-free.Individuals who are at least fifty-nine and a half years old...
Posted by Daniel P Vigilante CPA and Profit Consultants on 10/01/2020
A common line says, "Seventy may be the new 40" but, the Internal Revenue System or the (IRS) have so many things to say about it especially for the older Baby Boomers who...
Posted by Unifirst Financial & Tax Consultants on 11/12/2019
Formerly known as the retirement savings contribution credit, the saver's credit offers a special tax reduction for low and modest-income taxpayers who save for their retirement....
Posted by Carmen Garcia on 03/28/2021
