Navigating the IRS’s finalized regulations for Inherited IRAs is crucial for effective estate planning and tax management. Understanding these rules ensures you handle your inherited retirement accounts appropriately, avoiding costly mistakes, and optimizing financial outcomes. Key considerations include: Revi...
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...
The IRA rules are so complex that taxpayers and their advisors often fall into tax traps that can lead to substantial taxes on inherited IRAs. But in several recent instances, the IRS has provided relief when IRA owners were unaware of how...
Retirement plans, like IRAs and 401(k) plans, allow you to save for your future. However, if you don’t follow the IRS required minimum distribution rules, you might receive tax penalties for not starting to withdraw your money by a certain age. If you’re an IRA beneficiary, the rules...
Do I Have to Pay for an IRA Transfer? Whether you have to pay for an IRA transfer depends entirely on your financial institution. Each investment firm has its own rules about what fees they charge (or don't charge) for transferring money somewhere else. As such, some firms may charge yo...
Social Security for the Suddenly Singlecan be found on Amazon atthis link. This book is narrowly-focused on divorcee Social Security strategies and rules. It is also available in aKindle version. Sterling’s first book,Lose Weight Save Money, can bepurchased by clicking this link. The book ...
While most IRS agents act very professional and follow the rules, there are some IRS agents that abuse their position. One IRS agent from California was indicted for suggesting to delinquent taxpayers to refinance their mortgage to obtain the necessary funds. It turned out he was getting money ...