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He Turned 73 With His Own IRA and the IRA He Inherited From His Wife. One Withdrawal From His Own Was Supposed to Cover Both. The IRS Fined Him on Hers
9+ hour, 3+ min ago (437+ words) A 73-year-old retiree followed a perfectly legal IRS shortcut for combining retirement account withdrawals, then got fined for a distribution he thought he had already taken. The rule he missed is written in plain sight, and it catches surviving spouses…...
He Spent Down the Roth First to 'Save' the IRA for His Kids. He Left Them a $120,000 Tax Bill Instead of a Tax-Free Account
11+ hour, 13+ min ago (540+ words) Saving the Roth for the kids sounds generous, but a rule most retirees missed in 2020 turned that good intention into a six-figure tax burden spread across a decade of their children's peak earning years. Life After Work desk. Editor: David…...
6 Money Missteps Amid Inflation That Erode Boomers' Retirement Income
7+ hour, 28+ min ago (378+ words) Retirement inflation can quietly drain Social Security income. Learn the costly budget mistakes baby boomers make and ways to better protect retirement savings....
She Inherited Her Mother's $180,000 IRA at 58 and Was Told She Had 10 Years to Empty It. Nobody Told Her the IRS Also Wants a Withdrawal in Each One of Them
13+ hour, 41+ min ago (730+ words) Inheriting an IRA comes with a 10-year deadline most people know about and a year-by-year withdrawal requirement almost nobody sees coming until the IRS penalty notice arrives. Life After Work desk. Editor: David Beren. The stretch IRA that once let…...
For Twenty Years He Made IRA Contributions the IRS Never Let Him Deduct. One Form Filed Every April Is the Only Thing Standing Between Him and Being Taxed on That $150,000 Twice
17+ hour, 35+ min ago (505+ words) If you have a traditional IRA and your income was too high to deduct the contribution, you’ve been quietly building a stash of after-tax money inside a pre-tax account. That stash is called basis, and the only thing separating you…...
He Moved a $500,000 IRA to a New Broker and Missed the 60-Day Window by Two Days. The IRS Has a Waiver, and Almost Nobody Asks for It
20+ hour, 21+ min ago (959+ words) A single missed deadline turned a half-million-dollar retirement account into a potential six-figure tax bill, but the IRS quietly offers a way out that most taxpayers and even many advisors never think to use. The check for $500,000 sat on the…...
He Converted $120,000 to a Roth at 63 to Get Ahead of the RMDs. Medicare Later Read It as Income and Charged Him $2,400 More in Year One.
1+ day, 6+ hour ago (659+ words) A perfectly legal Roth conversion strategy that his CPA approved left one retiree blindsided when Medicare priced his premiums two years later, and the form designed to fix exactly this kind of situation turned out to be completely off limits....
The First $100,000 Is the Hardest: Here’s How a TFSA Can Do the Rest
2+ day, 9+ hour ago (648+ words) The first $100,000 can feel stubbornly unimpressed by your efforts. Early contributions do most of the work because the portfolio is still small. An 8% return on $10,000 produces $800. The same return on $100,000 produces $8,000 without requiring one additional hour of work, one skipped…...
In the Three Years Between Her Last Paycheck and Her First Social Security Check, She Converted the Whole IRA. By the Time the Government Started Paying Her, There Was Nothing Left for It to Tax
2+ day, 10+ hour ago (787+ words) Between her last paycheck and her first Social Security check, a retiree had a narrow window where her taxable income was entirely her choice. She treated it like a job, and what she built on the other side surprised even…...
Erin Moriarity Explains Why Retirees Love Brokerage Accounts
2+ day, 13+ hour ago (577+ words) “Taxable brokerage account” may not be the first thing that pops into your head when you think about retirement. But as financial pro Erin Moriarity explains in a new video, a well-funded brokerage account can offer big-time benefits for retirees....