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Articles – Personal Finance

Tax Strategies for Retirement Plans

What Is the Most Tax-Efficient Way to Take a Distribution from a Retirement Plan? If you receive a distribution from a qualified retirement plan such as a 401(k), you need to consider whether to pay taxes now or to roll... Read more

Tax-Advantaged Alternatives

What Tax-Advantaged Alternatives Do I Have? A strong savings program is essential for any sound financial strategy. We take Benjamin Franklin’s saying to heart, “A penny saved is a penny earned,” and we save our spare cash in savings accounts... Read more

Tax Deductions

What Tax Deductions Are Still Available to Me? Tax reform measures are enacted frequently by Congress, which makes it hard for U.S. taxpayers to know which deductions are currently available to help lower their tax liability. In fact, a former... Read more

Tax-Advantaged Investments

How Can I Benefit from Tax-Advantaged Investments? For many people, tax-advantaged investing is an excellent way to reduce their taxes. And while many of the traditional tax-advantaged strategies have been eliminated, there are still alternatives left that can help you... Read more

Tax Deferral

What Is Tax Deferral? “Tax deferral” is a method of postponing the payment of income tax on currently earned investment income until the investor withdraws funds from the account. Tax deferral is encouraged by the government to stimulate long-term saving... Read more

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

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