Avoiding the 10% Penalty in Five Easy Steps
What is the 10% penalty? A 10% early distribution penalty applies to taxable distributions made before age 59 ½. Distributions made after age 59 ½ are not subject to the 10% early distribution penalty. There are three categories of exceptions to the 10% early distribution penalty. Some exceptions apply to both IRAs and employer plans, […]
Choosing the “Right” Tax Professional – Five Things to Know
Why do you need a tax professional? Managing taxes during retirement will be the single most important factor in determining your ultimate lifestyle. In addition to a financial planner and estate planning attorney, a qualified tax professional is an integral part of any planning team. Ask for references Have you ever stopped to think about […]
Don’t Forget Your Beneficiary Form!
Here’s a scenario. You have been contributing to your IRA for years. The market is up, and you are watching those investments grow. Maybe you have rolled over funds to your IRA from your company plan. You may now have a significant balance. So far, you have taken smart steps toward a secure future. Don’t […]
Fixing Missed 60-Day Rollover Deadlines with Self-Certification
If I miss the 60-day deadline for completing an IRA rollover, is there any way to save the rollover amount from tax? Failing to complete a 60-day rollover on time can cause the rollover amount to be taxed as income and perhaps subject to a 10% early withdrawal penalty. However, the deadline may have been […]
Choosing the Right Tax Professional in 5 Easy Steps
Why do you need a tax professional? Managing taxes during retirement will be the single most important factor in determining your ultimate lifestyle. In addition to a financial planner and estate planning attorney, a qualified tax professional is an integral part of any planning team. Ask for references Have you ever stopped to think about […]
