We Answer the Common Question: What is my Earned Income when calculating IRA contribution limits? Your level of Earned Income determines whether you’re eligible to contribute to your IRA (or how much you can contribute to a Roth). But what exactly is Earned Income, and how much of it do you have? What qualifies as Earned Income for IRA computations? […]
What Exactly Is Earned Income? Read More »
On March 9, 2022, President Joe Biden signed an executive order outlining a government approach to address the development of Cryptocurrencies and Digital Assets across the US financial system. The cryptocurrency market capitalization surged from $14 billion just five years ago to over $3 trillion at the end of 2021. It is estimated that 16%
Cryptocurrency Executive Order Read More »
Is it Possible Men Fear Retirement More Than Death? According to a 2019 survey, 42% of men over the age of 21 are somewhat or very afraid of death. While this number is not small, it becomes more interesting when compared to the results of another 2019 survey: 87% of men over 50 fear lack of
Today’s Retirement Forecast: Daunting or Optimistic? Read More »
What is a Roth conversion? A Roth conversion is the conversion of the tax type from Traditional to Roth. Funds and/or assets transfer from a Traditional account to a Roth account. Because the person who has a Traditional IRA or 401(k) likely took an income tax deduction when they contributed to their retirement account, the IRS never collected
Possible Elimination of the Backdoor Roth Conversion Read More »
We are down to the last few weeks of 2021, but there is still time to take smart year-end tax actions. Your IRA will thank you. Charitable Contribution Deductions Don’t forget charitable contribution deductions. Select the charity of your choice and make a contribution before the end of the month and take the deduction on this year’s tax return,
4 Year-End IRA Tax Planning Tips Read More »
Consumer Price Index After our government pumped over $100 Trillion into the economy, it recently announced that the Consumer Price Index jumped 6.5% from this time one year ago. The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods
Inflation Is on Fire! Read More »
Wedding Bells Do you hear wedding bells ringing? If so, this article might be a good read for you. There are three IRA benefits available only to married couples. Keep reading and we will go into all of the benefits and potential perks that you can take advantage of using your Self Directed IRA! Spouse’s
IRA Accounts Provide 3 Extra Benefits to Married Couples Read More »
Retirement Planning Naming a beneficiary is a very important aspect of planning your retirement, especially in the face of unexpected events. When establishing your IRA, HSA, or Solo 401 (k), it is a good idea that you: Name a beneficiary Name a contingent beneficiary Review the beneficiary you selected whenever you have a life event
Naming a Beneficiary: Four Key Points Read More »
The IRA-LLC, (and 401(k) LLC) also called the Checkbook IRA accounts represent about 4% to 6% of the Self Directed IRAs, and sometimes these accounts can be a good idea. However, Checkbook IRAs and Solo 401(k)s come with a list of risks that their providers sometimes forget to mention. Accidental Comingling Using personal funds will
Is a Checkbook IRA Always the Best Option? Read More »
There are three classes of IRA and 401(k) beneficiaries. Eligible Designated Beneficiaries These can be spouses, minor children, disabled or chronically ill, any person within 10 years of age of the decedent, and any beneficiary older than the decedent. Non-Eligible Designated Beneficiaries Any living person not listed above in the eligible designated beneficiaries section. Non-Designated (or Non-Human) Beneficiaries
When Must Your IRA Beneficiary Take Their Distribution? Read More »
