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fixed annuities

Category: Tax Planning

Withdrawing Before Age 59.5

What Happens If I Withdraw Money from My Tax-Deferred Investments Before Age 59½? Withdrawing funds from a tax-deferred retirement account before age 59½ generally triggers a 10% federal income tax penalty; all distributions are subject to ordinary income tax. However, there... Read more

Retirement Plan Taxes

When Must Taxes Be Paid on IRA and Employer-Sponsored Retirement Funds? Traditional IRAs and most employer-sponsored retirement plans are tax-deferred accounts, which means they are typically funded with pre-tax or tax-deductible dollars. As a result, taxes are not payable until... Read more

Charitable Trust Tax Benefits

What Are the Tax Benefits of Charitable Trusts? Americans give freely to support the causes they value, from churches, education, and the arts to medical research. Fortunately, current tax laws encourage and even reward philanthropy. Beyond the basic tax deductions... Read more

Required Minimum Distributions

What Is a Required Minimum Distribution? A required minimum distribution (RMD) is the annual amount that must be withdrawn from a traditional IRA or a qualified retirement plan (such as a 401(k), 403(b), and self-employed plans) after the account owner... Read more

Retirement Plan Limits

How Much Money Can I Put into My IRA or Employer-Sponsored Retirement Plan? IRAs and employer-sponsored retirement plans are subject to annual contribution limits set by the federal government. The limits are periodically adjusted to compensate for inflation and increases in the cost... Read more

Gift Tax

What Is the Gift Tax? The federal gift tax applies to gifts of property or money while the donor is living. The federal estate tax, on the other hand, applies to property conveyed to others (with the exception of a... Read more

Estate Tax

What Is the Estate Tax? The estate tax is a tax on property that transfers to others upon your death. Estate taxes are assessed on the total value of your estate — your home, stocks, bonds, life insurance, and other... Read more

Capital Gain Tax

What Is the Capital Gain Tax? Capital gains are the profits realized from the sale of capital assets such as stocks, bonds, and property. The capital gain tax is triggered only when an asset is sold, not while the asset... Read more