Required Minimum Distributions For Beneficiaries

Those fortunate enough to be named a beneficiary of a retirement account will want to know the nuances for reporting income on their tax return. This is specifically important when the account holder passes away before or after the time they are supposed to take required minimum distributions (RMDs). What are required minimum distributions? Traditional […]

Did You Recently Inherit An IRA?

If you did inherit an IRA account from a deceased relative that was under the age of 70 1/2, you’ll be prompted to elect a distribution option. The options are to take a lump-sum distribution, open an inherited IRA based on the life expectancy method or open an inherited IRA based on the 5 year […]

Year End Tax Planning Strategies For 2014

Many taxpayers often review tax planning strategies after the New Year. Before you say goodbye to 2014, there are several tax savings strategies that you may be able to implement now. If you wait until after December 31st, it will be too late. Harvesting investment losses to offset capital gains Investors can reduce their taxable […]