Many types of retirement plans are available today, but you have only so much time to put money into them. If you have a Roth IRA, it can be easy to think your money is secure. Unfortunately, just because it offers options that other plans do not will not make it safe from mistakes that…
Avoid Mistakes With Qualified Charitable Contributions
October 23, 2022
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By Elliot Raphaelson From Tribune Content Agency If you have reached 70 1/2, have a traditional IRA, do not itemize your tax return and make charitable contributions, you should consider taking advantage of the Qualified Charitable Deduction (QCD) option to save on income taxes. For example, if you contribute $10,000 to a qualified charity, and…
The Savings Game: Rules Regarding Inherited IRAs, and Other Reader Questions
By Elliot Raphaelson Q: My dad passed away in April 2020. He left me his traditional IRA. He was 80 and was taking required minimum distributions. I understand from your columns and others that I am required to take required minimum distributions each year because of the SECURE Act. I was under the impression that,…
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