Posts Tagged ‘tax planning’
2018 Retirement Plan Contribution Limit Increases
The beginning of the New Year brings increases to the contribution limits for 401k, 403b, and 457 plans. You can now contribute up to $18,500. This is an increase of $500 from 2017. Additionally, if you are over the age of 50, the catch up contribution of $6,000 per year is still allowable which means…
Read MoreHow do I split an IRA in divorce?
When an IRA needs to be split in a divorce it’s best to use a trustee-to-trustee transfer between the spouses IRA and former-spouses IRA. IRAs are split in accordance with the divorce decree so make sure the decree specifies the dollar amount or specific securities in the IRA that should be transferred. Review the process…
Read MoreWhen Must RMDs Be Taken?
Your first required distribution from an IRA or retirement plan is for the year you reach age 70½. However, you have some flexibility as to when you actually have to take this first-year distribution. You can take it during the year you reach age 70½, or you can delay it until April 1 of the…
Read MoreRules of an Inherited Traditional IRA
When inheriting a traditional IRA in a non-spousal relationship, you have different options based on the age of the original account holder of the traditional IRA. If the account holder was under 70 1/2 you have three options: Life Expectancy Method: annual distributions over your life expectancy based on your age in the calendar year following…
Read MoreRetirement Planning (It is never too Early)
Retirement is one of the biggest experiences that you will have in your lifetime. The planning takes many years of hard work and persistence. The headaches and uncertainty can be reduced with homework, investment plan, and a long term commitment. Retirement planning is a continuous process that even goes on in retirement. To get…
Read MoreCLIENT ALERT: House Passes the American Health Care Act
On May 4, 2017, the House of Representatives passed the American Health Care Act (AHCA). With some changes, this is essentially the same law that was pulled from consideration by the House back in March. Compared to the Affordable Care Act (ACA or Obamacare), the AHCA repeals the health insurance mandate for both individuals and…
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