Thursday, December 19

Tag: Individual Retirement Accounts

To Lower Your Taxes in 2024, Make These Moves Now
30Dec By adminNo Comments
Money

To Lower Your Taxes in 2024, Make These Moves Now

A new tax year is a great time to make smart tax moves and avoid dumb ones. This difference matters a lot because taxes are often the largest factor affecting investment returns in a portfolio. They also matter to your retirement savings, your home and your donations, among other things. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Read More
A generous new rule for leftover 529 money: Roll it into a Roth for your child
18Dec By adminNo Comments
Money

A generous new rule for leftover 529 money: Roll it into a Roth for your child

I was on the phone with one of my girlfriends — the best way to find out about financial stuff, honestly — and she told me that there was a new rule that would allow parents to rollover unused funds from a 529 college savings plan into a Roth IRA for their child.I was like: No. Way. It didn’t seem possible. First, as many college-savings sufferers know, there are restrictions on withdrawing the money you deposit into 529 plans. Generally, you have to use 529 savings for qualified education-related expenses, or you get hit with taxes and a penalty. True: there are ways to transfer 529 money to another member of your family without being taxed or penalized. Still, the idea that you might be able to rollover unused 529 funds into a Roth IRA seemed unusually generous and forward thinki...
Read More
How to Donate to Charity, Get a Tax Break and Have Income for Life
1Dec By adminNo Comments
Money

How to Donate to Charity, Get a Tax Break and Have Income for Life

Tax breaks for charitable donations come in many flavors, and this year Congress has a new one for seniors called an IRA charitable gift annuity. It allows older owners of traditional IRAs to donate account funds to a charity and get tax breaks plus income payments for life. Brian and Deborah Smith of Park City, Utah, plan to try this option next year. That’s when Deborah Smith turns 73 and has to begin required withdrawals from her traditional IRA. She will donate $53,000 of her $550,000 account to the Episcopal church where the couple is active and Deborah serves on the board. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Read More
How to Donate to Charity, Get a Tax Break and Have Income for Life
1Dec By adminNo Comments
World

How to Donate to Charity, Get a Tax Break and Have Income for Life

Tax breaks for charitable donations come in many flavors, and this year Congress has a new one for seniors called an IRA charitable gift annuity. It allows older owners of traditional IRAs to donate account funds to a charity and get tax breaks plus income payments for life. Brian and Deborah Smith of Park City, Utah, plan to try this option next year. That’s when Deborah Smith turns 73 and has to begin required withdrawals from her traditional IRA. She will donate $53,000 of her $550,000 account to the Episcopal church where the couple is active and Deborah serves on the board. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Read More
Biden’s ‘Junk Fee’ Crackdown Comes for Retirement Advice
31Oct By adminNo Comments
World

Biden’s ‘Junk Fee’ Crackdown Comes for Retirement Advice

Americans rolling over their money into an individual retirement account from a 401(k) will have more protections on the advice they get as part of a Labor Department proposal released Tuesday. Under a 1974 federal law that governs retirement accounts, employers have a duty to manage 401(k) plans in the best interest of employees, including to vet the investments and fees. Known as Erisa, the law also imposes this fiduciary standard on advisers to act in a client’s best interest when giving advice in 401(k)s.  Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Read More
Biden’s ‘Junk Fee’ Crackdown Comes for Retirement Advice
31Oct By adminNo Comments
Money

Biden’s ‘Junk Fee’ Crackdown Comes for Retirement Advice

Americans rolling over their money into an individual retirement account from a 401(k) will have more protections on the advice they get as part of a Labor Department proposal released Tuesday. Under a 1974 federal law that governs retirement accounts, employers have a duty to manage 401(k) plans in the best interest of employees, including to vet the investments and fees. Known as Erisa, the law also imposes this fiduciary standard on advisers to act in a client’s best interest when giving advice in 401(k)s.  Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Read More
Your Will Alone Won’t Guarantee Your Money Goes to Your Heirs
1Oct By adminNo Comments
Money

Your Will Alone Won’t Guarantee Your Money Goes to Your Heirs

Sept. 30, 2023 9:00 pm ETListen to article(2 minutes)When Dr. James Rocconi’s third wife left him, he rushed to update his will and other estate-planning documents to ensure she would get nothing when he died. But since the handwritten change he faxed to his insurance company wasn’t accepted, his three children from his first marriage ended up in a six-year legal fight with her over the benefits after he died in 2017. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Read More