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News
Turning 73 This Year? Watch Out for This Tax Torpedo.
1+ day, 24+ min ago (502+ words) Your tax bill could give you sticker shock if you're not prepared for this. Turning 73 means you'll have to begin taking required minimum distributions (RMDs) from your tax-deferred retirement accounts, but that could cost you in unexpected ways, including Social…...
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
1+ day, 22+ hour 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…...
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
2+ day, 4+ hour 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 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.
2+ day, 17+ 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....
She Converted $60,000 to a Roth in March and Paid the Tax the Next April. The IRS Charged Her a Penalty for Every Month in Between
3+ day, 20+ hour ago (749+ words) A retiree executed a Roth conversion flawlessly, filed on time, and paid every dollar owed. The IRS still charged her a penalty covering nearly the entire year, and the reason had nothing to do with the conversion itself. Life After…...
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
3+ day, 22+ 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…...
I Asked ChatGPT To Show Me 3 Real Ways To Lower Lifetime Taxes With Retirement Accounts - AOL
1+ week, 12+ min ago (311+ words) Most people treat retirement accounts as a simple savings vehicle — put money in, let it grow, take it out later. Done. Well, not so fast says ChatGPT. The real power of retirement accounts isn't just growth -- it's the ability to…...
Just one in five people believe they will be able to fully retire
1+ week, 9+ hour ago (444+ words) JUST ONE IN five adults expect to fully retire and stop working in the traditional manner, according to new research from Irish Life. The Life100+ report is based on nationally representative research among over 2,000 adults and examines how the prospect of…...
Turning 73? The RMD Deadline You Can't Afford to Miss.
1+ week, 2+ day ago (422+ words) Using a traditional IRA or 401(k) to save for retirement can make a lot of sense when you're in a higher tax bracket or need the up-front tax break on contributions these accounts offer. But there's a reckoning to be dealt…...
I???ve submitted my retirement paperwork. Now what?
1+ week, 5+ day ago (541+ words) You’ve spent decades working for the federal government. You’ve saved, planned, filled out the paperwork and finally picked your retirement date. And then you wait… And that’s when it feels like your procedural questions begin all over again: What’s happening…...