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According to the IRS, if you've already taken your RMD, there is still time to replace that distribution and avoid the tax burden. The ability to return the unwanted RMDs only applies to the amount of the RMD withdrawn — and it must be completed by August 31.
Did you take your required minimum distribution before the CARES Act was signed into law? How does the legislation affect your RMD?
This spring, the Federal Reserve lowered the Fed Funds rate to zero percent. This left investors scrambling to find ways to earn interest on their cash. Luckily, there are options available.
Determining what to do with an old 401(k) is an important decision, but it does not have to be complicated. The Wall Street Journal recently reported about 30% of workers leaving jobs elect to cash out their 401(k) accounts and pay taxes – and often 10% penalties! Is that the smartest option?
Having money left over in a 529 account may be viewed as a problem, but it is a problem most of us would love to have.
Did equity markets fully recover from their March lows? Is the reopening of global economies sustainable, or are we on a path to another shutdown?
The SECURE Act has eliminated the option of "stretching" distributions of an inherited IRA over the beneficiary's lifetime. If you have named a trust as a beneficiary of your IRA, it may be time to review, rethink, and revise.
As a financial planner, my focus is on helping our clients achieve their goals, which means maximizing every dollar. This requires a complete understanding of the client's current tax situation, foresight on how their taxable income will look in future years, and some educated guessing on where tax rates may be. The goal is to pay as little tax as possible.
You may have decided to wait until the extended deadline of July 15 to file your 2019 tax return. If so, you may wonder what the "Married, Filing Separately (MFS)" designation is all about. What does it mean, and does it make sense for you?
The COVID-19 pandemic has affected all aspects of the economy. But what impact has it had on the residential real estate market? Are fewer homes being sold? Are prices declining? Some of the results might surprise you.
There is no way to sugarcoat the numbers. The severity of the hit to our economy is unprecedented. Today's headlines may grab your attention, but what does this all mean about our future?
In the investment world, real estate is generally dominated by office buildings, industrial warehouses, retail stores, and apartment buildings. Given that the real estate market had a significant downturn during the 2008 recession, how is real estate holding up during this pandemic?