Thishardship withdrawalwas allowed for those economically affected by the COVID-19 pandemic. The account holder has three years to pay taxes owed on withdrawals vs. having to pay them in the current year. In addition, the withdrawals can be repaid and no taxes owed. The repayment amount doesn...
Calculating minimum IRA withdrawalKenneth Hooker, Globe Staff
Save for Retirement:Contributing to tax-advantaged retirement accounts like Traditional IRAs, 401(k)s, or Health Savings Accounts (HSAs) can reduce MAGI. Your primary goal may not be to reduce your taxes when saving the for the future, but these select retirement or savings vehicles have adde...
Stocks and bonds will bring in the current market price minus your brokerage fee. Your retirement IRA may have a healthy balance, but if you withdraw it before you turn age 59-1/2, you have to factor in taxes and early withdrawal penalties. To calculate an immediate sale price of your a...