Are you thinking of an IRA rollover? Getting these three rules right is critical if you want to avoid a big tax bill. THE 60-DAY RULE Your rollover must be completed within 60 days of withdrawal, or it’ll be taxable. You’ll also get hit with a 10% early distribution...
IRA
Leave Excess Retirement Savings For Grandchildren Without A Big Tax Bill
Naming grandchildren as beneficiaries of traditional IRAs used to be a popular estate-planning strategy. Grandchildren had their lifetimes to empty an inherited IRA, which also let them stretch out income-tax payments on the assets. NO LONGER Under 2020 required...
Individual retirement accounts can be important tools in retirement planning
It is never too early to begin planning for retirement. Individual retirement accounts provide tax incentives for people to make investments that can provide financial security when they retire. These accounts can be with a bank or other financial institution, a life...