Bob Richards“Once thought to be relatively obscure, IRD deductions are becoming more common. Big-ticket IRD items such as distributions from IRAs, 401(k)s, 403(b)s, and other tax-sheltered retirement plans of affluent baby boomers have been growing in past decades and will be worth millions when owners bequeath them to estate beneficiaries. Distributions from these plans constitute [...]
Bob RichardsMost contributions are pre-tax. Your can contribute right up to the plan’s limit, deducting all that money from your income before you pay taxes. Pre-tax, or deductible contributions, can generally be rolled over, following the rules. But with some plans and IRAs, you can also put in additional money. Now, because these contributions are [...]
Bob RichardsFrom IRA to IRA Here you transfer funds from a traditional IRA to another traditional IRA, or from a Roth IRA to another Roth IRA. The way you make the transfer dictates how much work you will face when you do your taxes. When you ask your bank or other IRA custodian to do [...]
Bob RichardsWhile everything in an IRA or qualified retirement plan grows tax deferred, it makes sense to own certain investments outside of an IRA in order to maximize the lifetime tax benefit. Fort example, if you hold shares of IBM for 20 years, the dividends are currently taxed at a maximum of 15% and current [...]
Bob RichardsIf you do need to take your funds for use, you may qualify for a tax break that the tax law provides to some taxpayers. Taxpayers who were born on or before January 1, 1936 may be eligible for a little known tax break when receiving a lump sum distribution from an employer pension [...]
Bob RichardsSome people retire or leave a company and have significant amounts of employer’s stock in their qualified plan. In such cases, the tax law provides special optional tax benefits on that employer’s stock. This stock is referred to as “Net Unrealized Appreciation” stock or “NUA shares” because these shares have hopefully been purchased at [...]
