Perhaps you’ve heard about individual retirement accounts (IRAs) but know little about what they are or how they can help you reach your retirement goals. To get you started, let’s take a ...
Tag: iras
Do I Have to Pay Capital Gains Taxes on Roth IRAs?
roth ira taxed on gains When you’re saving for retirement, there are a variety of accounts you could use. The Roth IRA, or individual retirement account, is one of those options. Roth IRAs offer more ...
New Law Allows Tax-Free 529 Rollovers to Roth IRAs
secure act 529 Using a 529 plan to save for a child’s education comes with a lot of advantages. All earnings generated by the after-tax investments are tax-free for qualified educational expense...
Can IRAs Reduce Your Taxable Income?
Yes, you can lower your taxable income and your tax bill by opening and contributing to an individual retirement account (IRA). But it depends, first and foremost, on the type of IRA you have. LetR...
Features and Benefits of Sep IRAs and Roth IRAs
There are a variety of individual retirement accounts (IRAs) on the investment landscape these days. Here’s a breakdown of two of the less-traditional types, the Simplified Employee Pension (SEP...
Tax-free rollovers from 529 plans to Roth IRAs may be allowed in 2024
Maskot | Maskot | Getty Images Americans who save for college in 529 plans may soon have a way to rescue unused funds while keeping their tax benefits intact. A $1.7 trillion government funding bill p...
Robinhood Has a new Plan as it Fights for Survival
So now they want to roll out retirement accounts. Robinhood (HOOD) – Get Free Report, the trading app that fueled the revolt of amateur traders against Wall Street elites in early 2021, introdu...
Tax Changes Boost Retirement Contribution Limits For 401(k)s, IRAs In 2023
High inflation in 2022 has increased income limits and contribution amounts for IRAs and 401(k)s as … [+] well as other retirement plans in 2022 (Photo Illustration by Scott Olson/Getty Images) ...
Do Traditional or Roth IRAs Pay Off More In The Long Run?
Image shows a person starting to compare a traditional IRA to a Roth IRA. Which option is best for your largely depends on your current and future tax rate. When saving for retirement, you’ll typicall...
Investors can contribute up to $22,500 in a 401(k) and $6,500 in IRAs in 2023
If you’re eager to save more for retirement in 2023, there’s good news from the IRS: higher limits for your annual 401(k) plan and individual retirement account contributions. The employee...
Backdoor Roth IRA: Pros, Cons, and Examples
Contents If your income exceeds the limits to contribute directly to a Roth IRA, you may have heard about the so-called ‘Backdoor Roth IRA,’ which allows traditional IRA conversions to Rot...
IRS Changes Guidelines for Inherited IRAs, Causing Confusion and Pushback
Figuring out the most efficient way to navigate the tax impact of inheriting individual retirement accounts has become more complicated since the Internal Revenue Service issued proposed new rules in ...
The Strategy Rich People Are Using to Max Their Roth IRAs
A mega backdoor Roth is a unique 401(k) rollover strategy that’s designed for people whose incomes would ordinarily keep them from saving in a Roth Individual Retirement Account. The advantage of usin...
How to Minimize Your Heirs’ Tax Burden on Inherited IRAs and 401(k)s
The stretch-IRA strategy largely went away after the Secure Act of 2019, leaving heirs less maneuverability on taxes. Financial pros have some solutions. Illustration by Barron’s: Dreamstime(5) ...
How does the big change coming to 401(k)s impact my retirement plans? Here’s what you need to know about the accounts vs. Roth IRAs
How does the big change coming to 401(k)s impact my retirement plans? Here’s what you need to know about the accounts vs. Roth IRAs As with other major financial matters in your life, it pays to...
Can IRAs Be Held Jointly by Spouses?
Retirement planning is a very integral part of an individual’s long-term financial goals. Coming up with a retirement plan involves determining when you expect to retire as well as figuring out ...
Can I Invest My Traditional IRA’s RMD in a Roth IRA?
If you don’t need your required minimum distributions (RMDs) from your traditional IRA for living expenses, can it be reinvested in a Roth IRA? Yes, it can—assuming you are eligible for a Roth b...
4 Mistakes Clients Make With Roth IRAs and Their Estate
Roth IRAs are popular accounts for investors to leave to their heirs because of these accounts’ tax-free status and lack of required minimum distributions (RMDs) during the original owner’...