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As 2017 Winds Down…
Can you believe it, we’re only a month away from the end of the year! For many of us, we’re pretty busy with our normal activities (work, school, etc.) and then we have the holidays to prepare for too. It seems like there’s no time for anything else and yet there may be some very […]
Is a Backdoor Roth IRA Right for You?
First of all, what is a Backdoor Roth IRA? It’s merely a way to contribute to a Roth IRA when your income exceeds the contribution limit of $183,000 (for a couple filing jointly). The Backdoor Roth IRA procedure removes this restriction. It involves a simple two-step process. First you contribute up to $5,500 to a […]
Plan Now to Minimize Your Taxes
There are a number of ways that many of us can us to lower our tax bills. These include Traditional IRA and 401(k) contributions, gifting, charitable contributions, income deferral, offsetting investment gains with losses and so on. Many of these techniques can be implemented late in the year when your tax situation is more clearly […]
IRA Rollover Rules Change in 2015
As a refresher, IRA rollovers are simply the transfer of funds from a retirement account such as a 401(k) into an IRA, or an IRA-to-IRA transfer. There are three ways to accomplish this rollover or transfer: Direct rollover – The administrator of your account may issue your distribution in the form of a check made […]
When am I required to start withdrawing from my IRA?
Generally, for the year in which an individual turns age 70 ½ an individual must start taking distributions from their retirement accounts. Whether these amounts are needed for funding your retirement, the IRS requires that you begin taking the distributions.