Qualified Charitable Distributions (QCDs) count toward your RMDs but don’t count as income. If you continue working, your employer’s 401(k) plan may be exempt from requiring RMDs. The IRS has released its final rules on RMDs for inherited IRAs under the 2020 Secure Act. Nonspouse benefici...
Although the CCA only discusses FSAs, presumably, the IRS would apply these same rules to health reimbursement arrangements. Specifically, the CCA provides that: Reimbursements are included in an employee’s gross income if the expenses are not fully substantiated, regardless of the amount of the...
a bonus, there also are some suggestions on how to use the retirement money. Take out the mandated amount. Your traditional IRA or affected retirement account trustee should have been bugging you about this. It’s time to take the nagging seriously and withdraw your RMD. The...Read more ...
The only exception is that you can make a one-time switch from one of the other two methods to the RMD method, which will normally result in a smaller payment. This might come in handy if you go back to work and no longer want to maximize the amount you’re withdrawing. ...
Social Security for the Suddenly Single can be found on Amazon at this link. This book is narrowly-focused on divorcee Social Security strategies and rules. It is also available in a Kindle version. Sterling’s first book, Lose Weight Save Money, can be purchased by clicking this link. The...
Social Security for the Suddenly Single can be found on Amazon at this link. This book is narrowly-focused on divorcee Social Security strategies and rules. It is also available in a Kindle version. Sterling’s first book, Lose Weight Save Money, can be purchased by clicking this link. The...
, for example. And you may have to give up certain lifestyle items that you have become accustomed to as part of this budgeting process. If it turns out that you have the capacity to pay the debt, instead of compromising you’ll wind up with a payment plan to pay the full amount....