By Elliot Raphaelson Q: I recently inherited a traditional IRA from my deceased mother, who was 76 and had been taking RMDs each year. Based on everything I had read, I thought that I did not have to take any required distributions (RMDs) in years one through nine, but I would be required under the 10-year…
The Savings Game: IRS Guidance on Inherited IRAs, and Other Reader Questions
The Savings Game: Roth Advantages Reviewed
By Elliot Raphaelson Based on reader inquiries, many readers do not understand when funds are available after a Roth conversion. When you make a Roth IRA contribution, it is understood, by most, that after you pay the income tax in the year of the contribution, there is no tax or penalty associated with the withdrawal…
Growing Your Nest Egg with a Roth IRA
A Roth IRA is a fantastic vessel for anyone wanting to save for retirement. One of the best things about a Roth IRA is that while your contributions are not tax-deductible, your contributions grow tax-free. While a Roth IRA is an excellent way for future retirees to set themselves up for a better tax situation…
The Common Mistakes You Should Avoid When Building Your Tax-free Nest Egg
A Roth IRA is a fantastic vessel for anyone wanting to save for retirement. One of the best things about a Roth IRA is that while your contributions are not tax-deductible, your contributions grow tax-free. While a Roth IRA is an excellent way for future retirees to set themselves up for a better tax situation…
7 Roth IRA Secrets You Have To Know
Pop quiz. What’s the greatest wealth-building tool? Dave Ramsey says it’s income, while Daniel Mollat wrote a book entitled, “Stock Options: The Greatest Wealth Building Tool Ever Invented.” For my money, it’s the Roth IRA. What’s a Roth IRA (And Why You Need it In Your Life) Roth IRAs were first introduced in 1997 and are…
Backdoor Roth IRA’s, What You Should Know Before You Convert
If you are considering a backdoor Roth IRA, chances are your income has put you over the threshold of making a direct contribution. So when you can’t just walk in the front door with your Roth money, what do you do? Luckily, there is another way for getting money in your Roth IRA, even when…
A Very Unreliable Tax System
Commentary The Internal Revenue Code should be considered a contract between citizens and the government. When Congress makes changes to the law, prior promises should rarely if ever be withdrawn or modified. Government should never subsequently punish taxpayers for arranging their transactions as allowed by the existing tax law at the time of a transaction….
It’ll Work Out Better in the Long Run
Dear Dave, My wife and I are having a financial disagreement. I would like to go ahead and fully fund our Roth IRAs, even though we have about $10,000 in car loan debt. She, on the other hand, thinks we should pay off the debt first. We can probably have either one completed by the…
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