Traditional 401(k) plans are very attractive for individuals looking to reduce theirAGI or MAGI. The potential of tax deferral and reduction of current taxable income offer ways to soften tax liabilities. Many have also found this a better option than a traditional IRA due to the maximum annual...
Unlike Traditional IRAs, 401(k)s, 403(b), pension plans, etc., there are no required minimum distribution (RMD) rules on assets in a brokerage account. Retirees who don’t need the income can preserve wealth to pass onto heirs and avoid unnecessary tax consequences, and the reinvestment ri...
As taxpayers, many of us have faced difficulties in dealing with the IRS – and it can be a daunting position to be in. One way to deal with these issues is to hire a CPA or Enrolled Agent to help you through the process. Another way is to deal with it yourself. The problem is t...
you leave it outright to a beneficiary or outright to a trust. We now have to operate within the Secure Act. A couple questions that come in based on this do beneficiaries get the RMDs during the 10-year period the answer is yes. So if we do leave let’s say a mi...