Tag Archives: IRA

If you are an American looking to stash away some money for next year, you need to take advantage of this unknown tax break that has been recently updated by the IRS to reduce liability next year. The condensed term saver’s credit from the retirement savings contribution credit offers up to $1,000 in credit to […]

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Retirement Income CARES Act

The Internal Revenue Service has announced that anyone who already took a required minimum distribution (RMD) in 2020 from certain retirement accounts now has the opportunity to roll those funds back into a retirement account following the CARES Act RMD waiver for 2020. The 60-day rollover period for any RMDs already taken this year has […]

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Saving to retire?

Saving to Retire?

If you plan to retire by building a savings plan through an IRA or 401 (k) plan, there is a good chance that you can qualify for a special tax credit. The Saver’s credit is available to pensioners and can help reduce your tax liability. The Saver’s Credit, also known by its extended name, The […]

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Retiree Deductions: The Big Five

Years of hard work will pay off in retirement, or at least that’s the goal. One thing that’s for sure is retirees are often entitled to special tax benefits. After age 50, the IRS loosens its grip on your money, allowing you a little bit of room to maneuver. The sweet spot is after age […]

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Having an IRA savings in place is a great way to prepare for retirement. However, sometimes situations may arise in which you will need to withdraw your funds before you’ve reached retirement age. Typically, if you take money from your individual retirement account prior to age 59 ½, you’ll be subject to a 10% early […]

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What is a Direct Transfer?

When you chose to move funds from one retirement plan, such as an IRA or Keogh plan, it is called a direct transfer. You can also perform a direct transfer from one company plan to another, or move your money from a company plan to a personal plan. During a direct transfer, you never handle […]

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Know How to Figure Your AGI

Learning the math behind your tax return may seem overwhelming. However, understanding the three different levels of income can make things a little easier. The three amounts are: total gross income, adjusted gross income (AGI), taxable income. Adjusted Gross Income One important term to familiarize yourself with at tax time is adjusted gross income. This […]

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Saving for retirement is an important part of life. There are a variety of options you can use to ensure you have the appropriate funds to support you in your golden years. If you’ve opted to contribute to an Individual Retirement Arrangement (IRA) you should be aware of how your contributions will factor in at […]

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There are many different types of retirement savings available. An individual retirement arrangement, also known as an IRA, is one type of personal savings which can be favorable at tax time. There are a few different kinds of IRA savings, including traditional and Roth IRAs. Typically, IRAs are arranged with a bank, insurance provider, or […]

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Rolling Over Your Retirement!

Withdrawing money or assets from an eligible retirement plan and transferring it to another eligible plan can result in a rollover, provided the transfer happens within sixty days. The actual transaction is not taxable, however it is reported on your tax return to the IRS. Some distributions are not eligible to be rolled over. These […]

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