When there is a mix of pre- and after-tax dollars, you cannot withdraw (or convert) just the non-deductible funds and pay no tax.

What if an RMD gets erroneously converted? Is there a fix? Yes.

If you have earnings, you can’t just take out the after-tax contributions to avoid paying taxes on a withdrawal. Instead, a pro-rata rule treats part of your distribution as taxable.

Health Savings Accounts (HSAs) may be one of the biggest tax breaks currently available.

After-tax contributions are worth considering as they can significantly boost your retirement savings and can sometimes be funneled into Roth accounts while you’re still working.

Any distribution from any Roth IRA follows the ordering rules – contributions first, converted dollars second, earnings last.

You may need your IRA money to make homeownership happen, and there is a special break in the tax code that can help if you qualify.

There is still time beyond the April 15 deadline. Here are three retirement account moves for the 2024 tax year that are still available to make in 2025.

The distribution rules for taxation of Roth IRA distributions can be complicated, but if they are followed, the reward is tax-free withdrawals in retirement.

If you don’t fix the error by that date, the tax consequences are serious. Having a tax filing extension for 2024 does NOT give you more time.

There is still time! You can still make a prior-year (2024) IRA or Roth IRA contribution up to the tax filing due date, April 15, 2025.

Do you get a separate elective deferral limit for your pre-tax and Roth contributions to each plan?

Tax season is upon us! If you are thinking about making a contribution, here are 10 things you need to know.

Health Savings Accounts (HSAs) continue to become more popular. Here is what you need to know about taking tax-free HSA distributions.

Explore Roth IRA conversions, their tax implications, and essential considerations for effective retirement planning.

Personal finance includes managing your money as well as saving and investing. It encompasses budgeting, banking, insurance, mortgages, investments, and retirement, tax, and estate planning.

Planning an IRA rollover across calendar years? Learn how to report it, avoid tax mistakes, and stay within rollover limits to protect your retirement savings.

Discover the IRS tax relief and retirement withdrawal options for victims of Hurricanes Helene and Milton. Learn about penalty-free IRA withdrawals, extended tax deadlines, and SECURE 2.0 benefits.

Understand the tax rules behind NUA strategies. Learn how timing, cost basis, and Roth conversions impact long-term gains and penalties.

Learn how IRA withholding works, your options, and the risks of underpayment. Make informed tax choices with this essential IRA distribution guide.

Knowing which dollars are available tax-free and which dollars are still bound by a 5-year clock could save some heartache when it comes to tax time.

More and more Americans have retirement savings in Roth 401(k)s. With their rising popularity come some complicated tax issues.

Learn the 12 key rules for Qualified Charitable Distributions (QCDs) to maximize tax-free charitable giving from your IRA in 2024.

Learn about penalty-free 401(k) & IRA withdrawals under SECURE 2.0. Understand eligibility, limits, repayment options, and tax implications.

Learn how the 5-year rule impacts non-spouse beneficiaries of inherited Roth IRAs. Know when distributions become tax-free and what ordering rules apply.

Discover when a reverse rollover from an IRA to a 401(k) makes sense. Learn how this strategy can help you minimize taxes and maximize retirement benefits.

Understand Roth 401(k) to Roth IRA rollover rules, 5-year clocks, and tax implications to avoid costly mistakes and maximize retirement savings.

Discover four strategies to reduce your RMD tax bite and maximize your retirement savings. Learn about Qualified Charitable Distributions, the still-working exception, Qualified Longevity Annuity Contracts, and Roth IRA conversions.

Guess what’s on sale right now? Taxes. The taxable income brackets for 2024 (ordinary income tax rates) are as follows.

If you exceeded the 2023 limit for 401(k) deferrals, time is of the essence to correct the error. If you don’t act quickly, the tax consequences can be serious.

IRAs are an important, but often overlooked, part of your overall tax planning. As the deadline for filing 2023 tax returns approaches, it is a good time to incorporate your IRA plan strategies with your overall tax plan.

Prepare for the 2024 tax season with our comprehensive to-do list. Learn essential tax filing tips, gather necessary forms, and maximize your deductions with expert advice.

Learn whether 529-to-Roth IRA rollovers are subject to state tax. Explore state-specific rules and their tax implications under SECURE 2.0.

SECURE 2.0 established a six-year SOL on the 6% excess IRA contribution penalty and a three-year SOL on penalties for missed required minimum distributions (RMDs).

Learn the key rules when a trust or estate is named IRA beneficiary—how it affects ownership, RMDs, tax treatment, and account setup.

Discover essential 2024 tax tips from Certified Financial Advisor Christian Cordoba to reduce your taxes and grow your wealth. Learn about tax deductions, tax-efficient investing, and more.

Wondering where to report 2025 Roth IRA contributions on your tax return? Learn key details, deadlines, and tax implications for Roth IRAs.

Explore financial aid options for disabilities, including tax deductions, credits, ABLE accounts, and special needs trusts to ease financial burdens.

In less than 26 months, nearly two dozen TCJA provisions are slated to expire unless Congress intervenes. The ramifications? We stand at the brink of one of the most impactful tax reconfigurations in recent memory.

The IRS has now said that rollovers done before April 15, 2024 can count as Roth IRA contributions for tax year 2023 if the 529 beneficiary has not already maxed out on his 2023 IRA contribution limit.

When it comes to our retirement accounts, we frequently complain about the negatives, such as the many IRA rules that are way too complicated and confusing. Let's change it up and take a few moments to give thanks for those IRA rules that work well and help us save for our families’ futures.

A Health Savings Account is a tax-advantaged medical savings account that helps people pay for qualified out-of-pocket medical expenses. What are the withdrawal rules for HSAs? Are there special considerations that must be taken into account?

Roth IRA distributions are taxed in many different ways depending on if they are contributions, converted funds, or earnings. Learn the steps to determine tax on Roth IRA distributions, including rules for contributions, converted funds, and earnings. Maximize your tax efficiency now.

Did you inherit an IRA from someone who is NOT your spouse? If this is your situation, proceed with caution! For non-spouse beneficiaries, a wrong move can result in disastrous consequences.

Learn from James Caan's mistake with the IRA same-property rollover rule to avoid hefty tax penalties.

As advisor questions come in about the SECURE Act, SECURE 2.0 and the tax code, I get it when they ask, “Where does it say that?” But the “Where does it say that?” question is not an easy one.

Taxpayers naturally seek to use benefits offered in the Internal Revenue Code. Sometimes, though, Code provisions offset each other, reducing the expected tax savings. Fortunately, savvy planning can help seniors receive the best of both worlds.

Discover the 7 essential rules for inherited IRAs that non-spouse beneficiaries need to know. Learn about contributions, distributions, taxes, and more.

Learn about Required Minimum Distributions (RMDs) and Qualified Charitable Contributions (QCDs), their tax benefits, deadlines, and rule changes under SECURE 2.0.

In the past, a person needed to route after- or pre-tax dollars through a traditional IRA, but this is no longer the case. With "Mid-Air" Roth Conversions, it can be done from company plans. Read more.

If you are thinking of buying an NFT (non-fungible token) with your IRA funds, you may want to reconsider. In Notice 2023-27, the IRS said that NFTs associated with “collectibles” are prohibited IRA investments. This could expose you to significant taxes and penalties.

Understand required minimum distributions (RMDs), IRS updates, tax penalties, and smart withdrawal strategies for inherited retirement accounts.

As already-complicated IRA rules spiral further into an abyss of confusion, it comes as no surprise that irregularities exist. Here are three such random anomalies and exceptions baked into the “arbitrary” lines of the tax code.

What are the tax consequences when a Roth IRA is split in divorce? It is our (Ed Slott's team's) opinion that the inherited IRA should continue using the original beneficiary’s single life expectancy (the son’s).

Beginning in 2024, SECURE 2.0 requires that certain high-paid 401(k) participants who want to make catch-ups must make them on a Roth basis. This means that the contributions will be made on after-tax pay, but the contributions and associated earnings can be distributed tax free if certain conditions are met.

Employees with very high compensation cannot have their retirement plan benefits based on all of their pay. Instead, the tax code allows only compensation up to a certain dollar amount to be taken into account.

Do you have an IRA you are thinking about converting to a Roth IRA? Inheriting a traditional IRA will have very different tax consequences than inheriting a Roth IRA. Converting your IRA to a Roth IRA is really a gift to your beneficiaries.

It's never too early to start looking at your tax obligations for the coming tax season. The information in this article is for the 2023 tax year, which most taxpayers will file in 2024.

With tax season officially upon us, make sure to keep these 7 tips in mind when filing.

Whether you're taking a DIY approach to filing your taxes this year or working with a professional, here are 5 filing tips to help make things a little easier.

A donor-advised fund can help you maximize your charitable deductions for the year. But did you know it also comes with additional tax benefits? Read on to learn more.

A clear explanation of this valuable exclusion and how it helps most homeowners.

A look at the estate tax advantaged trust, the Intentionally Defective Grantor Trust.

Like a traditional IRA or 401(k), a 414(h) plan lets you save money for your retirement while also providing you with some tax benefits.

Your employer may offer you a Roth 403(b) plan. Before you start contributing, it’s important to understand where your money’s going and the tax implications this type of account will have on you now and into retirement.

You know you have to pay taxes, but did you know when you choose to pay them could make a big difference in your tax return? Start the new year off right with these must-know facts about your taxes (Psst, especially if you're a business owner!)

As Thanksgiving approaches, QCDs are a great way to get some tax relief, as well as make a difference to those who need it most by giving of what you have.

Learn the 3 exceptions to the pro-rata rule for IRA distributions. Discover how to reduce taxes with rollovers, QCDs, and QHFDs.

Whatever your reason for giving this year, it’s important to know how your charitable contributions can impact your financial plan. In fact, being strategic and intentional in your charitable contributions can create tax benefits for both you and your chosen charity.

With all the incredible benefits that come with Roth IRAs, it's no wonder more and more people are converting to it.

QCD's are a great way to give back to the community while also providing you with some tax relief.

Major disasters, like Hurricane Ian, cripples the economy. The Government can offer aid, such as the pushing back of taxes for a certain period of time.

Roth IRAs are an incredible way to build tax-free money for retirement, and now more 401(k) plans offer Roth contributions. Find out how to withdraw from these without penalty.

Charitable donations are used as tax write-offs, but they must be qualified distributions that abide by the guidelines.

ERISA is a federal tax and labor law that establishes minimum standards for pension plans in the private industry. Read how it applies!

Inflation is on the rise; are these new taxes the solution?

This article details the top three provisions in the Inflation Reduction Act that the average American will benefit from the most.

Mega backdoor Roth IRAs are complicated retirement savings strategies. But for the right person, they could offer a big tax advantage.

Compare 403(b) vs. 457(b) plans to determine the best retirement savings option. Learn about contribution limits, tax benefits, and plan eligibility.

Helping your clients with the year-round effort to maintain your tax strategy.

Having a tax-focused understanding of your investments is an important component of preserving wealth. Here are a few tips for high-earners.

While they’re both worth getting excited over, it’s important to understand the fundamental differences between tax credits and tax deductions.

The 2022 tax season is officially here. If you haven't already, now is the time to get prepared to help lower your taxes.

The CARES Act provided economic benefits in direct response to COVID-19. Read on to learn five ways you can access these benefits for the 2020 tax year.

The 2020 presidential election results could have a profound impact on your estate and gift tax obligations moving forward. Here's what you need to know at year-end and beyond.

Moreover, legislation passed in 2020 allows tax deductions up to 100% of adjusted gross income (AGI) for cash contributions, this year only. Normally, such deductions are capped at 60% of AGI.

Californians may experience the country's first-ever wealth tax. Here's what you need to know right away about this proposed bill.

Part of the Build Back Better bill is a refundable 30% tax credit for certain types of e-bikes. The desire is to position e-bikes alongside electric cars and electric buses as a carbon-neutral transportation option. There are limits, and we explore them in this article.

The Social Security Administration announced a 2021 Cost of Living Increase of 1.3% on Oct. 13, 2020. Whether you’re currently working or enjoying retirement, here’s how you may be affected.

Required minimum distributions (RMDs) from retirement accounts were suspended in 2020, as part of the federal government’s effort to keep the economy afloat despite medical and financial turmoil. Now they’re back, so most people who are 72 or older in 2021 will have to take at least as much as IRS tables dictate from their retirement accounts this year, and pay the resulting tax. Many IRA owners delay RMDs until yearend, but there are good reasons to act sooner rather than later.