IRS Issues New Guidance on Retirement Plan Early Distributions
Wealth Management
JUNE 26, 2024
Notice 2024-55 clarifies two exceptions to the 10% additional tax.
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Health Savings Accounts – The Other Retirement Plan
The Chicago Financial Planner
OCTOBER 21, 2021
The money goes into the account on a pre-tax basis much like a traditional 401(k) or IRA. This is a great opportunity for those who earn too much to make pre-tax contributions to a traditional IRA. Those who have made the maximum contributions to their 401(k) have another pre-tax savings option available to them as well.
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Weekend Reading For Financial Planners (March 29–30)
Nerd's Eye View
MARCH 28, 2025
Also in industry news this week: A recent survey indicates that younger "DIY" investors are more likely to be interested in working with a human advisor than their older counterparts, suggesting an opportunity for advisors to tap into this demographic (perhaps by setting minimum planning fees that ensure these clients can be served profitably today (..)
Your Retirement Plan and Where You Live
Getting Your Financial Ducks In A Row
APRIL 3, 2023
We’ve covered a lot of ground with regard to how various tax laws impact your retirement plans: pensions, IRAs, 403(b) and 401(k) plans. But we’ve primarily focused on the US income tax laws (the IRS) affect your plans – and there are many nuances that you need to take into account with regard to state tax laws.
Planning For Adoption: Understanding Different Pathways And Their Costs, Tax Breaks, And Financial Assistance Available
Nerd's Eye View
AUGUST 2, 2023
Which means that financial advisors can play an important role in adoption planning – helping clients strategically plan for the costs involved in the process, including accessing tax credits that can significantly defray these expenses. Read More.
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How to Make Charitable Giving Part of Your Financial Plan
Carson Wealth
DECEMBER 20, 2024
Strategic charitable giving not only benefits the recipient but can also create significant tax advantages for the giver. While many people approach their financial planning with careful strategy, its easy to overlook the same level of intention when it comes to charitable giving. It just needs to be given to a qualified 501(c)(3).
Talk to older clients about the tax benefits of qualified charitable distributions
Million Dollar Round Table (MDRT)
APRIL 1, 2025
Would you rather give that amount directly to the organization or withdraw $100,000, pay $40,000 in taxes and have only $60,000 of your contribution left to donate? Obviously, youd choose to avoid taxes and give the full amount, especially if that approach brought additional tax benefits with it. Note: This only applies to U.S.-based
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Avoid the Overweight Retirement Plan
Getting Your Financial Ducks In A Row
NOVEMBER 7, 2022
When you have the bulk of your financial assets in retirement plans, you might accidentally expose yourself to some risks that you haven’t thought about… since retirement plan assets are much more likely to be impacted by changes to legislation – as we have seen in the past. No related posts.
6 Signs It’s Time to Ditch DIY Retirement Planning
Carson Wealth
MARCH 28, 2024
Retirement planning is a journey that generally takes decades to complete and most of us start out along the do-it-yourself path. More than likely, your first step was to enroll in an employer-provided plan such as a 401(k) or setting up an individual retirement account, also known as an IRA.
8 Items That Can Be Crucial For Your Retirement Planning Checklist
Carson Wealth
MAY 29, 2025
Having a retirement planning checklist can help make this final commute the time of reflection and joy it should be. While you simply cant plan for everything, having the essentials in place can give you the confidence and clarity you need to enjoy the freedom retirement can provide.
SEP IRA for the Self-Employed: Tax & Retirement Planning for Small Business Owners
Darrow Wealth Management
SEPTEMBER 19, 2024
Unlike most types of retirement plans, the SEP IRA is funded by the employer. Here’s more on what a SEP IRA is, tax benefits, contribution limits, and important deadlines. The SEP IRA is a straightforward and cost-effective way for small business owners to save for retirement. What is a SEP IRA?
Your Future, Your Way: Navigating Estate & Retirement Planning as an Investor
Zoe Financial
JUNE 20, 2025
This guide consolidates what we’ve learned to help you refine, update, or pressure-test your current retirement and estate strategy with confidence. Getting Started: What First-Time Planners Should Know Even for seasoned investors, key decisions around taxes, estate structure, and long-term income planning can carry significant implications.
Ordering Rules for Roth IRA Distributions
Getting Your Financial Ducks In A Row
FEBRUARY 10, 2025
Did you know that there is a specific order for distributions from your Roth IRA? The Internal Revenue Service has set up a group of rules to determine the order of money, by source, as it is distributed from your account. This holds for any distribution from a Roth IRA account.
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What if Dunning Kruger Explains Everything?
The Big Picture
FEBRUARY 27, 2023
equity valuations: “Baby-boomers’ huge flow of 401K plan contributions helped to drive equities higher; now that ~70 million Boomers are retiring, when do demographics flip this from a huge positive to a net drag?” This demographic cohort is simply not a seller due to retirement – the tax expenses would be too great.
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Effective Implementation Of A Backdoor Roth Strategy: Detailed Nuances, IRS Form 8606 (And When It’s Even Worth Doing)
Nerd's Eye View
NOVEMBER 1, 2023
There are many tax planning strategies that allow financial advisors to demonstrate the ongoing value they provide to clients in exchange for the fees they charge. Advisors also can support the backdoor Roth process by communicating with clients' tax preparers about the strategy and why they are recommending it for their mutual client.
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How to Maximize Tax Deductions for the 2025 Filing Season
Harness Wealth
JANUARY 29, 2025
April 15 marks the IRS tax return filing deadline for 2025. Although this is the traditional tax filing deadline, given the spate of recent natural disasters (such as the California wildfires and Hurricane Milton), the IRS is granting certain filing and payment extensions beyond this date.
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Establishing Solo 401(k) Plans For Self-Employed Workers: Options, Contribution Limits, Deadlines, And More!
Nerd's Eye View
NOVEMBER 23, 2022
Among the several different types of retirement plans that are available to self-employed workers, solo 401(k) plans can offer the most flexibility and the ability to contribute the highest amount of tax-advantaged savings.
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The Latest In Financial #AdvisorTech (May 2023)
Nerd's Eye View
MAY 1, 2023
This month's edition kicks off with the news that robo-advisor Betterment entered into a $9M settlement with the SEC for misrepresenting its tax-loss harvesting practices in its client agreements and marketing materials compared with its actual practices (e.g.,
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Weekend Reading For Financial Planners (Dec 24-25)
Nerd's Eye View
DECEMBER 23, 2022
”, a series of measures that will have significant impacts on the world of retirement planning. A review of financial planning actions, from tax-loss harvesting to charitable giving, that have a December 31 deadline.
Weekend Reading For Financial Planners (Nov 5-6)
Nerd's Eye View
NOVEMBER 4, 2022
A recent study shows that while many consumers have expressed an interest in ESG investing, such funds within retirement plans have received limited allocations from investors. ” to pass by the end of the year, while passage of other proposed tax measures appears to be less likely.
Making Sense of RMDs
Carson Wealth
MAY 15, 2025
Act have affected millions of Americans inheriting or leaving behind a retirement account. While required minimum distributions (RMDs) for the account owner are delayed, there is now a 10-year window for many people who inherit these accounts to take their distributions. The SECURE Act and SECURE 2.0
Tax Savings Tips for Startups
Harness Wealth
APRIL 16, 2025
Let us face ittech startups encounter a unique set of tax challenges that can make or break their financial future. The complex interplay between traditional tax regulations and the innovative nature of tech businesses demands smart planning from day one.
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Tax Strategies for High-Income Earners 2025
Yardley Wealth Management
FEBRUARY 4, 2025
The post Tax Strategies for High-Income Earners 2025 appeared first on Yardley Wealth Management, LLC. Tax Strategies for High-Income Earners in 2025. In this comprehensive guide, we’ll explore proven strategies to help you minimize tax liability while staying compliant with current regulations.
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When is the Best Time for a Roth Conversion?
Darrow Wealth Management
APRIL 21, 2025
While a Roth conversion may never make sense for some individuals, for others, early retirement years may be the best time to convert pre-tax accounts to tax-free Roth. Your current and projected future tax rate is often a main component of the decision, but there are other considerations and benefits as well.
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Exit Planning for Founders: How to Minimize Taxes in an Acquisition
Harness Wealth
APRIL 30, 2025
Without proper planning, taxes can unexpectedly take a large bite out of the proceeds, potentially reducing financial security and the legacy. When you understand various exit strategies and their tax implications early, you position yourself to make informed decisions that maximize after-tax value while ensuring a smooth transition.
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5 Ways to Transform Tax Season Into an Opportunity with Grayson Blazek, Ep #237
Financial Symmetry
APRIL 9, 2025
Tax planning might not top everyone’s list of leisure activities, but in the middle of tax season, theres a hidden opportunity. In this episode, we talk about five strategies you can use during tax season to create opportunities to help you reach your financial goals.
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Make Tax Time a Happy Time!
MainStreet Financial Planning
MARCH 7, 2023
It is March…that means you have just about 5 weeks left to get organized and submit your tax return. The tax deadline is April 18, 2023 (some taxpayers in disaster areas in California, Georgia and Alabama have an extended deadline). Gathering all your documents is crucial to complete a tax return free of mistakes.
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The Role of Financial Advisors in Managing Healthcare Expenses
WiserAdvisor
JULY 2, 2025
Selecting the right plan depends on individual medication needs, and advisors conduct cost-benefit analyses to reduce out-of-pocket spending. For individuals enrolled in a high-deductible health plan (HDHP), an HSA offers a structured way to build a healthcare reserve that grows with age and changing needs.
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Reversing a Roth IRA Conversion
Harness Wealth
APRIL 16, 2025
Roth IRA conversions present a significant challenge for retirement planners: pay taxes now or later? Moving funds from traditional IRAs to Roth accounts triggers immediate taxation but promises tax-free withdrawals in retirement. The absence of required minimum distributions during the owner’s lifetime.
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More reasons to keep on rolling (to an IRA, that is)
Getting Your Financial Ducks In A Row
MARCH 6, 2023
On the flip side, there are certain things that you can’t do in a 401(k) (or other Qualified Retirement Plan) that you can ONLY do with an IRA while you’re under age 59½. Of course you would have to pay tax on the distribution, but otherwise you can take the money from your IRA for these purposes.
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Mega Backdoor Roths: A How-to Guide
Harness Wealth
JANUARY 9, 2025
Backdoor strategies are retirement contribution methods that allow individuals to bypass income limits and contribute to tax-advantaged retirement accounts. The strategies typically involve making after-tax contributions to a traditional IRA or 401(k), then converting those funds into a Roth IRA or Roth 401(k).
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The Best Way to Take Required Minimum Distributions (RMDs)
Darrow Wealth Management
OCTOBER 24, 2022
For example, what’s the best time of year to take required minimum distributions, how to reinvest it, or if you can avoid paying tax on RMDs. Here are some of the most common RMD questions and planning opportunities for investors. How to take RMDs and avoid any taxes (legally of course).
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Massachusetts ‘Millionaires’ Tax Applies to Sudden Wealth Events
Darrow Wealth Management
NOVEMBER 17, 2022
In November 2022, proponents of the Massachusetts ‘millionaires’ tax (question 1) won their bid to nearly double the income tax rate on individuals with taxable income over $1M a year. As proposed, the new legislation would increase these tax rates to 9% and perhaps even 16% , respectively, starting in 2023.
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History of the Individual Retirement Arrangement (IRA history)
Getting Your Financial Ducks In A Row
OCTOBER 17, 2022
This original IRA was not deductible from income for tax purposes, and the annual contribution limit was the lesser of $1,500 or 15% of household income. 1978’s Revenue Act implemented the Simplified Employee Pension IRA (SEP-IRA), which provided for a contributory retirement account, primarily for small businesses. billion by 1981.
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Roth IRA vs Traditional IRA: Understand the Difference
Good Financial Cents
JANUARY 24, 2023
While they do share some similarities, there are enough distinct differences between the two where they can just as easily qualify as completely separate and distinct retirement plans. Either plan is an excellent choice, particularly if you’re not covered by an employer-sponsored retirement plan. Not exactly.
Secure Act 2.0 to Bring Sweeping Changes to Retirement Rules
Darrow Wealth Management
DECEMBER 23, 2022
Congress is once again poised to make sweeping changes to the retirement and tax rules in the last two weeks of the year. retirement changes. Raise the required minimum distribution age. IRAs: the $1,000 catch-up limit will be indexed by inflation for tax years starting in 2024. 529 plan to Roth IRA rollovers.
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IRA Charitable Distributions – If You’re Less Than Age 70½
Getting Your Financial Ducks In A Row
APRIL 18, 2022
We discussed the IRA Qualified Charitable Distribution (QCD) option for folks age 70½ or better in other articles. You can always make charitable contributions of any money you wish… the question is, what will such a move do for you tax-wise? Tax on this amount is $4,545 (2022 tax tables). Photo credit: jb.
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5 Common Retirement Planning Mistakes
Carson Wealth
JUNE 28, 2023
Your retirement income plan may be sending up bubbles, too, whether around Social Security, retirement account distributions, taxes or somewhere else – and these holes need to be patched up right away. So, to help your retirement plan be more airtight, let’s look at a few of the common leaks.
8 Things to Consider Before Rolling Over Your 401(k)
Getting Your Financial Ducks In A Row
FEBRUARY 24, 2025
Photo credit: jb Employers have been giving us lots of opportunities to make this decision of late: when leaving an employer, whether voluntarily or otherwise, we have the opportunity to rollover the qualified retirement plan (QRP) such as a 401(k) from the former employer to either an IRA or a new employer’s QRP.
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3 Birthdays You Need to Know for Your Retirement Accounts
Integrity Financial Planning
OCTOBER 17, 2022
There are rules and regulations that can help you avoid higher taxes and penalty fees and help you structure your income to minimize taxes. Know these 3 ages that can help you get the most out of your retirement accounts. Age 59½ is the earliest you can withdraw funds from an IRA account and pay no early withdrawal penalty tax.
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Major Tax Changes Are Coming in 2026. Are You Ready?
Darrow Wealth Management
JULY 1, 2024
The 2017 Tax Cuts and Jobs Act (TCJA) brought sweeping changes to the tax code, impacting every taxpayer and business owner. Here’s a summary of the major tax law changes coming in 2026 and some steps individuals and business owners can take to prepare. For some, this may lead to more taxes paid on capital gains.
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Retirement planning for women: Can future taxes actually ruin your goal?
Envision Wealth Planning
MARCH 24, 2022
Retirement planning for women can be trickier than most people may think. Most women I talk to are more concerned about paying less in taxes today than when they retire. For example, what if a $2,400 refund leads you to pay $100,000 more in taxes over your life? From the money that has already been taxed.
Required Minimum Distribution (RMD) Reminder
MainStreet Financial Planning
DECEMBER 8, 2022
We would like to take this opportunity to remind you about your annual Required Minimum Distribution (RMD). As you may know, the Internal Revenue Service (IRS) requires that you take an annual distribution from your retirement accounts starting with the year in which you turn 72 years old and every year thereafter.
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Retirement Planning: What Will Work Best for You?
Your Richest Life
APRIL 15, 2024
Do you have a plan in place for your retirement? For many people, the extent of their retirement planning includes signing up for the plan at work – which is often more of a starting point than a comprehensive retirement plan. Some 457 plans can allow for Roth contributions and in-plan rollovers.
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