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Avoid the 10% Early Withdrawal Penalty – What every Traditional IRA owner should know

By admin
June 23, 2017
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Avoid the 10% Early Withdrawal Penalty – What every Traditional IRA owner should know While it is not a good idea to tap retirement accounts prior to retirement age, sometimes it cannot be avoided. What can often be avoided, however, is the punitive 10% penalty for early fund distributions. Outlined here are exceptions to the 10% penalty rule for Traditional IRAs. It is one thing to be taxed on retirement …Read More

There’s Still Time to Fund Your IRA

By admin
January 13, 2017
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There’s Still Time to Fund Your IRA Looking for a last minute way to reduce last year’s taxable income? Consider funding a Traditional IRA or Roth IRA. Here is what you need to know Remember that you have until you file your tax return to make a contribution to a Traditional IRA or Roth IRA for the 2016 tax year. The annual maximum contribution amount is $5,500 or $6,500 if …Read More

Indirect IRA Rollovers. Change is Coming

By admin
May 2, 2014
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Indirect IRA Rollovers. Change is Coming A recent Tax Court ruling makes the use of indirect rollovers from one IRA to another a risky proposition. To ensure no trouble with the IRS, rollovers of this type should probably be handled directly by financial trustees. Here is what you need to know. Topline: When rolling over funds from one IRA to another (typically Traditional IRAs, Roth IRAs, SEP IRAs and Simple IRAs), …Read More

Tax-Free Roth IRA Withdrawal Options

By admin
April 4, 2014
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Tax-Free Roth IRA Withdrawal Options – What every Roth IRA account holder should know While Roth IRAs are funded in after-tax dollars, making a mistake on fund withdrawal could still subject you to tax and penalties on withdrawal of earnings. Here are some tips. You must take care to plan your retirement plan withdrawals to avoid a potential 10% early withdrawal penalty. Unfortunately, each retirement account type has different rules. …Read More

Take an IRA Deduction Now. Pay Later.

By admin
September 23, 2013
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Want to reduce your taxable income using a tax deferred contribution to an IRA but don’t have the funds to do so? If you expect a tax refund, here is a technique that may help. Here is a tax planning tip for those who file their tax returns early and wish to contribute to a tax deductible IRA, but do not have the funds to do so. Say you want …Read More

Still Time to Make IRA Contributions for 2012

By admin
May 20, 2013
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Remember you have until April 15th to fund last year’s IRA contributions. Here is what you need to know. Remember you have until you file your tax return to make a contribution to a Traditional IRA or Roth IRA for the 2012 tax year.  The annual contribution limit is $5,000 or $6,000 (if you are age 50 or over).  Prior to making the contribution, if you (or your spouse) are …Read More