Tag: IRA

  • What Qualifies as a “Coronavirus-Related Distribution” from a Retirement Plan?

    What Qualifies as a “Coronavirus-Related Distribution” from a Retirement Plan?

    As you may have heard, the Coronavirus Aid, Relief and Economic Security (CARES) Act allows “qualified” people to take certain “coronavirus-related distributions” from their retirement plans without paying tax. So how do you qualify? In other words, what’s a coronavirus-related distribution? Early distribution basics In general, if you withdraw money from an IRA or eligible…

  • A Non-Working Spouse Can Still Have an IRA

    A Non-Working Spouse Can Still Have an IRA

    It’s often difficult for married couples to save as much as they need for retirement when one spouse doesn’t work outside the home — perhaps so that spouse can take care of children or elderly parents. In general, an IRA contribution is allowed only if a taxpayer has compensation. However, an exception involves a “spousal”…

  • There’s Still Time to Make a Deductible IRA Contribution for 2019

    There’s Still Time to Make a Deductible IRA Contribution for 2019

    Do you want to save more for retirement on a tax-favored basis? If so, and if you qualify, you can make a deductible traditional IRA contribution for the 2019 tax year between now and the extended tax filing deadline and claim the write-off on your 2019 return. Or you can contribute to a Roth IRA…

  • CARES ACT Changes Retirement Plan and Charitable Contribution Rules

    CARES ACT Changes Retirement Plan and Charitable Contribution Rules

    As we all try to keep ourselves, our loved ones, and our communities safe from the coronavirus (COVID-19) pandemic, you may be wondering about some of the recent tax changes that were part of a tax law passed on March 27. The Coronavirus Aid, Relief, and Economic Security (CARES) Act contains a variety of relief,…

  • You Might Still Have Time to Cut Your Tax Bill with IRAs

    You Might Still Have Time to Cut Your Tax Bill with IRAs

    If you’re getting ready to file your 2019 tax return and your tax bill is higher than you’d like, you may still have an opportunity to lower it. If you qualify, you can make a deductible contribution to a traditional IRA right up until the Wednesday, April 15, 2020, filing date and benefit from the…

  • Four New Law Changes that May Affect Your Retirement Plan

    Four New Law Changes that May Affect Your Retirement Plan

    If you save for retirement with an IRA or other plan, you’ll be interested to know that Congress recently passed a law that makes significant modifications to these accounts. The SECURE Act, which was signed into law on December 20, 2019, made these four changes. Change #1: The maximum age for making traditional IRA contributions…