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

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

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.

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.

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.

If you take a distribution from your traditional IRA, in most cases you will owe taxes. The good news is that there is a lot of flexibility when it comes to withholding on your IRA distribution.

The NUA tactic enables an eligible person to pay long term capital gains (LTCG) tax on the growth of company stock that occurred while the stock was in the plan. But there are finer points to NUA.

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.

With a QCD, you can move IRA funds to the charity of your choice tax-free. Here are 12 QCD rules you must know.

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

If a person already had a Roth IRA for 5 years AND is over 59 ½, there is no conversion clock to worry about. For these people, Roth IRA distributions will be both tax- and penalty-free.

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.

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.

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.

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).

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.

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.

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

Did you make a Roth IRA contribution for 2023? The deadline for making a prior year contribution is the tax-filing deadline, not including any extensions you might have. For 2023, that deadline is April 15, 2024.

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.

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.

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.

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

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.

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.

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

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.

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.

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.

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.

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.

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.

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

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.