Translations from Your Trusted Advisor.
Last week the IRS released Notice 2018-83 which provides cost of living adjustments for retirement plans for 2019.
Dana Bull, CPA •
Age 62. The magic age at which you become eligible to start receiving social security benefits. But should you? There are many complexities when it comes to Social Security and understanding the rules for collecting Social Security can help you take advantage of the retirement benefits to which you are entitled. I will outline some of the considerations for when to begin receiving Social Security benefits.
Nora Tellifson, CPA •
Roth IRAs are very popular for many reasons: qualified withdrawals from Roth IRAs are not taxed, there are no required minimum distributions from Roth’s once you reach age 70 ½, and there is no age limit for making a Roth contribution. The problem that many taxpayers run into is that there is an adjusted gross income limit for making Roth contributions that phases out beginning at $186,000 for married couples and $118,000 for singles in 2017. This income limitation makes Roth IRA contributions off limits for many taxpayers. In a Roth conversion, traditional IRA contributions are converted to a Roth IRA, and there is no income limitation for a conversion. Here are a few of my favorite scenarios for a Roth conversion.
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