If your household income last year was $57,500 or less, you could be leaving money on the table this tax season. Uncle Sam offers a tax credit that can be worth up to half of what you contribute to a traditional individual retirement account (IRA), Roth or workplace retirement plan. The Retirement Savings Contribution Credit [...] [...more]
The U.S. “fiscal cliff” is bad news for retirement security – whether we fall off it or not. If the White House and Congress don’t steer clear of the cliff, taxes on income and investments will jump, beginning January 1. And if a deal is reached in Congress, it could herald entitlement benefit cuts, higher [...] [...more]
Ed Slott is one of the nation’s top experts on IRAs and retirement saving. An author, public speaker and CPA, he emphasizes the importance of strategies for minimizing the tax burden on retirement saving. Ed recently published a brief book laying out fundamental principals for young retirement savers, called Fund Your Future: A Tax-Smart Savings [...] [...more]
Washington’s fiscal cliff offers a tax hike for just about everyone to hate. If Democrats and Republicans can’t strike a deal on an extension of the Bush-era tax cuts by the end of the year, tax rates on income, capital gains, dividends and estates all will jump. A dividend tax hike could hurt some seniors, [...] [...more]
Q: Your recent column on converting a traditional IRA to a Roth states that if you pay the conversion taxes out of the Roth IRA you just created, you’ll protect more of the assets remaining in your traditional IRA and the assets in our taxable account, but you’ll end up with less in your Roth. [...] [...more]
