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
The required minimum distributions (RMDs) of IRA and other qualified retirement plans are more complicated than they should be. Several little-known rules can help or cause taxpayers...
The beneficiaries of a trust generally pay tax on the distributions they receive from the trust income, then the trust pays for the tax itself. However, these beneficiaries are not...
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
